We asked an investment banking analyst about how to nail your internship

Most of the 2016 IB interns are settling in to their new desks this week, and as they just begin the path to a (hopefully!) successful career, they will meet people who have been in their shoes and have a lot of experience to share.

The Tab sat down with an IB analyst, who we’ll call Mark, who has been working for Bank of America since his internship there two years ago. Mark has worked many long nights finishing projects and spent his first year working six days a week.

Speaking to The Tab, he had some great advice for those who are just getting started in the field, and reflected on what his experience was like as an intern and how it helps him in his work today.

When did you decide you wanted to go into IB?

I majored in Economics, but wasn’t sure what I wanted to do with it until my junior year. After a sophomore internship in a semi-finance role (mix of marketing and corporate development), I decided I wanted a more in-depth finance experience with large corporations across a variety of industries. After talking to friends and professors, I realized that investment banking would be the best way to develop a strong business/finance foundation.

How did the interview process for getting your internship go?

The interview process is definitely intense and competitive. I found that getting an interview was harder than doing well in one. There are thousands of applicants, so you need to stand out in the pile by getting your name out there. Aggressive networking, attending info sessions, and follow-up calls or meetings are all important parts of this process.

The actual interviews are generally very straightforward. There are a lot of guides out there that detail the standard technical and behavioral questions (Wall St. Oasis, Mergers & Inquisitions, etc.). The most important questions to nail are “Tell me about yourself” and “Why investment banking?” Think of genuine, passionate, and memorable answers, but don’t go overboard. Every interviewer is just looking for someone who’s eager to learn, work hard, and would be enjoyable to work with (including in stressful situations or late at night).

What was a typical work day/week like for you during your internship?

These days the typical IB internship is aimed at showing the type of work and analyses you will do full-time. Most interns leave with a very strong technical skill set, but their hours are usually more limited than full-time analysts (varies by bank). A typical day will be checking in with your teams, working through any work that comes up, and generally working through practice models and learning if you happen to have a lull.

If you have work to do (which is most of the time), tasks include: updating a valuation or operating model for new financial information / projections, turning comments on a client or internal presentation, creating internal memoranda for fairness or credit committees, listening to client calls or diligence meetings, managing data rooms, etc.

What was the most exciting thing you did (projects, presentations, speeches seen) as an intern?

The most exciting work I did as an intern was helping put together valuation and strategy materials for a $100bn+ client who had been approached by an activist shareholder. I obviously wasn’t the full-time analyst, so I didn’t lead all this, but I got a supporting role to work on analyses that went to the board of directors of a massive company. Pretty cool stuff.

When did you receive your job offer? Did you look at other banks before accepting? How soon after graduation did you start working?

I received my full-time offer on the last day of the internship (this is pretty standard). I did not look for other offers, no need to burn bridges and have to start building new professional relationships from scratch when you start full time. Starting with a good reputation on day one is very helpful. I had about a month and a half off until I started training.

Was your job what you expected based on what you had done during your internship?

Yes, I think the internship prepares you very well for what to expect full-time. The only experience that is different is having greater responsibility and ownership for your work. You don’t get the “intern excuse” for mistakes once you start full-time.

Have you had interns work for you since starting your job? Do you act as a mentor for them?

Yes. Most banks are very good about assigning formal and informal mentor responsibilities to full-time analysts duringthe summer. Most try to mentor and teach interns as much as possible, since we received the same help when we were interns.

What is one piece of advice that you would give someone just starting their IB career as an intern?

Be thoughtful about everything you do. I think that’s really the key to success as an analyst (or intern). That means showing up to meetings prepared, asking smart questions, knowing when an answer doesn’t make sense rather than just “cranking through.” Accuracy over volume matter here.

Also, a positive attitude is key. It’s the only way you get through stressful times and it will make people want to work with you.