What’s it like to get an internship at an investment bank

Wall Street is a world of its own. Beyond the hustle and bustle of New York City, you will find some of the smartest people in the country. They work crazy hours making deals and crunching numbers. It takes a certain breed to make it in the finance industry, which finds its home on Wall Street.

Throughout the summer, 925 will take a look into what it takes to get started in various industries through the stories of interns at different banks, museums, retail companies, consulting and accounting firms, and everything in between.

To start off this series, 925 spoke with an intern who is a rising senior at Boston College. Her process finding an internship was a little different than most others. She offers a great perspective on getting started in the world of investment banking.

What exactly is investment banking? 
Investment banks act as agents for companies in various different deals such as raising funds, acquiring another company, being acquired, going public, et cetera. A big part of the business is mergers and acquisitions, and issuing new shares of stock to raise funds. One of the main roles of an analyst is valuing companies using various modeling techniques.

When and why did you decide to go into this industry? 
I decided kind of late in the game (over winter break) that I wanted to go for it. I am not in the business school, so I didn’t have many finance classes and I didn’t know if I could realistically get an internship at an investment bank. I definitely had luck working in my favor because not many people got hired at big banks spring semester.

But I also studied the mergers and inquisitions guide over break and went over the behavioral questions until I could recite my answers in my sleep.

How did you feel going into the internship process? Intimidated, excited, etc.?
I was very intimidated. Especially since I found out I had an interview on the Friday night before my Monday morning interview. I prepared all weekend, but it was also my first interview (ever, I think), so I was very nervous. But, everyone I met along the way was very nice and helpful and made me much less stressed.

Did you find it difficult to find connections? How did you go about it?
I really only networked at the bank where I am working (and really only once I had the internship). At my bank, there is a pretty big Boston College  network, so I started by talking to the people I had met throughout the interview process. This included a few first year analysts and a few seniors who had worked at the bank the previous summer and were returning full-time.

At the end of each conversation, I would always ask for other people I should speak to, which led to quite a large group. I think sending an email is a good first step, and asking to set up a 30-minute phone call and giving specific time slots works best. I would always have questions prepared but also talk a little about myself and let the conversation flow naturally. In general, I found that people were very nice and willing to talk!

Did you use your schools Career Services in your search?
Yes, I used a database resource to apply for different internships and I used their drop-in hours a lot for resume critiques. At a certain point though, once your resume has been critiqued five or six times, the changes become very subjective.

Did you go to any super-days? What was that experience like?
I actually did not. I was hired on campus and my whole interview process took two days. It was very simple.

What was the hardest interview question you got asked?
“What motivates you?” It caught me quite off guard. I asked a follow-up question to clarify, and then pretty much winged it.

Where are you working? (Ex: mid-size bank, large international bank)
A bulge bracket international bank. [A bulge bracket bank is one whose clients are usually large corporations, institutions, and governments.]

How much are you making this summer?
I get a prorated annual salary plus overtime (and free dinner if I stay in the office past 6:30!)

How much do you think you will have to work?
I expect about 80 hours a week. I’ve heard from past analysts that the first few weeks are pretty light, but later in the summer you will have some late nights.

One girl I talked to detailed a hellishly long week she worked where she was in the office from 9am to 2am every day for an entire week and also had to work the weekend. But most analysts said that they didn’t have to work weekends.