Participating in Different Types of Investment Banking During my Summer MBA Internship
by Zachary Canter, MBA ‘13 (12/7/12)
I spent this past summer interning as a summer associate in the Investment Banking Division of a global banking and financial services company in New York City. The bank’s internship program is different from most Wall Street banking programs in that its interns rotate through two separate work groups over the course of the summer. I rotated through the Real Estate, Gaming, Lodging and Leisure Group (REGLL) and the Financial Sponsors Group (FSG).
This opportunity to rotate through the two groups was meaningful and valuable to me. It offered me the chance to learn about different client industries, to participate in different types of investment banking (REGLL being a traditional coverage group, and FSG being a hybrid of Product and Coverage), and to meet and work with separate teams of bankers. It provided me with a broad professional experience, as well as the opportunity to develop an internal network within the bank.
The work was demanding and rewarding. I was given real responsibility, on lean deal teams, and on live deals. I was expected to contribute from day one, and I was held accountable for my work product as if I were a full-time banker. My responsibilities included building and updating financial models. I also drafted and updated deal memoranda, including investor presentations, lender presentations, and rating agency presentations. I reviewed internal credit documents and conducted general research as well. I received excellent coaching and mentoring, and I learned a great deal about investment banking. I worked on average about 80-100 hours/week (I have done the math; there are 168 hours in a week).
My success during the summer, as measured by my ability to add value to the processes I worked on, gain and digest first-hand investment banking experience, and ultimately convert my summer internship into a full-time job offer was, in no small part, a product of the (hugely relevant) academic experience I gained during my first year at Johnson.
The building block approach to learning at Johnson, beginning with accounting, strategy, and finance during the Core, and continuing with valuations, intermediate accounting, and the Investment Banking Immersion in the spring semester, prepared me very well for the types of projects on which I worked.
The Investment Banking Immersion in particular, replete with working in teams on a variety of investment banking projects, was especially good training, as it acclimated me to many of the investment banking practices that were part of my summer work.