Capital Markets Intern interview advice

I recently had a final round interview to a leading IB corporate finance team (i.e M&A and IPO team) in my region and narrowly missed the spot. However, they asked if I'd be interested in their capital markets internship (mainly DCM) and I said sure. They're basically looking for interns for the following three teams:

  1. Debt Capital Markets helps corporates, banks and sovereigns to raise debt capital from international markets.
    As an intern, you will have an opportunity to work with investment bankers in client and project teams
  2. Markets Equities is responsible for sales, trading and research in Equities, Exchange Traded
    Derivatives and ETFs. As an intern, you would be working mainly with our Equities Research team on projects
    and helping analysts on their daily work
    3.** Client Advisory** provides tailored product neutral strategic financial advisory to the largest corporates and
    institutions. Our goal is to enhance strategic dialogue with our core customers and ultimately to create new
    business opportunities for the bank. As an intern, you will have an opportunity to work with investment bankers
    in various interesting client projects.

I'm not sure if the idea is that you try each one out as it is a bit longer internship. So my questions is which one of these teams would be most useful when considering exit opportunities so to speak?

Any advice on interview prep would be appreciated as well. I know there will be a member of each of those teams present and have 4 days to prep. I've done few IB corporate finance interviews so fairly prepared in that regard. However, I am clueless when it comes to capital markets. Probably should look at bonds, exchange rates, gdp growth etc.?

 
 
Best Response

They might ask you things like where do you think we are in the market, what markets do you like or not like, what asset classes do you like etc. It's an internship though so it might not even get to that. They probably will test you on some basic real estate concepts like seeing if you understand cap rates, debt yields, LTV, giving you some basic assumptions and seeing if you can calculate a property value on the fly etc.

 

if they dont directly ask you questions on the market or any technical questions, I think its worth sneaking in a few points without feeling the need to elaborate too much. (Fed raising rates in 2018 multiple times (cost of borrowing increases, Current stage in cycle (pre recession or strong 2018?, yellen being replaced, etc...) just to show that you are interested and follow the market or will start to follow the market more closely.

 

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I was a SA at PNC last summer, given in Asset Management. My superday was 8 interviews with a few technicals in each interview. If you're interviewing for Pittsburgh, cultural fit will be very important and will carry more weight than most technical questions. I'm not familiar with what questions you'd be asked for Capital Markets, so I don't know what to prep for, but any guides you can find online will be more than sufficient. You won't get grilled as you would elsewhere. PNC likes to think of themselves as very different from other banks in terms of values, work-life balance, and culture, and I think those are important things to know before your interview.

 

Nvm if you've already gone thru 1st rounds. 1st round was pretty technical - calculating EBITDA and EV questions, questions on what you know about RBS - firm CEO, share price, recent transacs, etc. Second/final round consisted of 5 interviews back-to-back, mostly technical, 2 brain teasers, used MS excel to figure out income statement line items, other EV/Multiples questions, accounting questions, behavioral questions, and what I love about tech M&A (any recent deals I've been following), etc.

 

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