Haven’t seen too much on this lately. Any info on comp/hours . Additionally what are the best banks for this ? What is done day to day? Finally how does the group differ from traditional back office roles? Any insight is greatly appreciated.
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I did a Credit/Lending Risk Mgmt Internship for an IB team and received FT offer. This was for a BB in NYC. I would not consider my team to be BO or MO because of the work they did. Am sure different risk groups are more BO or more FO based on their involvement with other teams and whatever they actually do. Several CFA's on team and I know for a fact higher ups had Series Licenses (not sure if because job needed them to have it or they had it from past jobs)
Base pay for all interns was the same. However, hours were very different due to workload so overall pay was different due to overtime. Pay was 30 an hour for SA. Work was very interesting because it was essentially checking other team's work. I was in a lending group and we had to go over models and assumptions for Middle Market or IB clients/firms. My team and I made sure to verify with the actual relationship managers, product/coverage team, AND the client that the assumptions in models and rationale behind deal were correct. We were making sure that if we went through the deal, it was a good deal for our BB in terms of not only making money but protecting ourselves and maintaining a good relationship with firm, covenants and terms made sense, inputs for payback models and financial data from lendor was correct, etc. Think of it as a Mortgage officer making sure that the people taking out the loan were actually going to pay back but on a different level and size.
Was pretty fun IMO because I got exposure to a lot of teams and got to sit in meetings with CFO's. I interacted with some pretty cool IB teams like Financial Sponsors Group and was able to sit in on their floor to check out what they did. When I was not sitting in on meetings and going over models, I was updating Financials from previous deals to make sure whoever the BB lent to still had projected cash flows within the original model that was made when the credit was originated. I was also going over covenants and the actual legal docs behind the credit.
My experience was great and FT time is 65k base + 10k signing + overtime but according to my team and experience from summer, overtime is MAYBE 10 to 20 per week depending on deal fow from other teams, if we have meetings with clients at absurd hours, or just random things that come up and need to be addressed.
Based on your comment it is safe to assume you did not accept the FT offer? If yes, I am curious how easy/difficult was it to recruit for FT IB Analyst and how your experience, BB brand name, etc. contributed.
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