In the worst case, they will just ignore you or say that they don't have time. Your boss won't view you talking to other teams as something negative, after all, you are there to learn! You just have to force yourself to do it. A few tips to make things easier: try to get to know the junior people first, because they'll be able to give you an overview of the team and identify the more senior "cool guys" who will have time to talk to you.
You can ask junior colleagues in your team for an introduction to people in other teams or departments i.
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You can ask other interns in other teams to ask you to join them for coffee next time they go with the people in their team. You can approach recent alumni, friends of friends, people from your own country if you are from overseas, etc.
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But don't overdo it, otherwise they'll view you as an annoying pest. Try to be more casual and personable sometimes.
Sport is a safe topic, and there is plenty to say over the summer with football and tennis. If you are passionate or curious about a specific area, share this with people around you. Most professionals will realise that your goals are not set in stone yet, and that you are still trying to find your way. For example, if you say that you are interested in working for a private equity firm in the future, they will be able to tell you the best team for joining in the bank i.
Stay in touch with people — having coffee or saying hello when you walk across their desk goes a long way toward making people remember you. When your internship is over, send an email with your contact detail to each person you've met. Ideally, you should try to meet each of them and say goodbye in person.
This will leave a nice last impression. If you haven't done so yet, create a LinkedIn account and invite those people in your network so you'll be able to track them if they move to another bank. Managing Directors are Directors who have been promoted to the next level as well. Director-level bankers' role is very much client-facing, and they now take direct responsibility for profit generation and also for setting the strategies that can help maximise those profits. However, this is not a relaxing lifestyle. Because they rely so much on analysts, they will spend a lot of time training them and showing them how things are done.
Their job will be to divide the work and allocate the tasks between themselves and analysts, and chase up various people to make sure that everything is produced accurately and on time. Associates spend a significant amount of time on the phone and sending emails around, getting things done.
Associates also do a lot of analyst work, creating slides and producing financial analysis. But they usually handle the more complex financial modelling and difficult tasks. This is especially the case in live transactions, where their work will be reviewed by the VPs. Associates will deal directly with internal legal and compliance teams in live transactions, liaise with other banks, accountants, lawyers, co-advisers, etc. They will create agenda topics ahead of meetings, and participate in analyst recruiting.
Associates work at all levels, and occupy a critical in-between position. They often interact with other teams in the bank and have some meaningful client interaction. Yes, but not as long as analysts. A good day starts at a. Expect 70 to 80 hours per week as a guide. However, this is not an easy lifestyle at all - Associates are under tremendous pressure as they have to manage analysts i.
Also if anything goes wrong on a deal or for a presentation, the Associate is always the person who will be held responsible. Associates are promoted to the VP level after three to three-and-a-half years. Becoming a Vice President is a competitive process and promotion is not automatic; in many cases, third-year Associates can be asked to leave the firm. Associates will have to demonstrate that they can manage transactions, that they have fully mastered the technical aspects of the job, and they need to be well appreciated by people in their team and other teams.
The Vice President will divide the work that needs to be done, and allocate it to associates and analysts.
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Vice President will be the main contact points with the clients, the potential targets, the accountants, lawyers and any other party working on the transaction including the financial regulators, internal compliance and legal teams, co-advisors, etc. Therefore, Vice Presidents are really running the show. Vice Presidents also have to start trying to generate deals While analysts and associates will work on "processing" deals and not talk to clients much, Vice Presidents will be allocated a portfolio of clients that they will need to meet regularly and propose ideas to. They will either go to those meetings with Managing Directors for important clients so that they can watch and learn "marketing skills" from them , or will go by themselves for less important clients that Managing Directors do not have time to follow.
Therefore, Vice Presidents spend most of their time on the phone, writing emails and at client meetings, either coordinating work on deals or proposing ideas to clients.
They will do less and less "technical" work and typically are not much involved in financial modelling and the making of presentations, only providing high level reviews for important transactions. Vice Presidents will work with everybody in the organisation, from analyst level to Managing Director level, also work across the organisation i. Working hours spent "in the office" are becoming much lighter at the Vice President level. They have a stronger degree of freedom because they are getting things done by others as opposed do doing things themselves.
Most Vice Presidents tend to come in at 9 and leave the office between 7 to 9 pm. Nevertheless, despite the apparent lighter schedule, there is quite a bit of "hidden" workload because they need to take phone calls, meet clients and answers emails very frequently, which of course involves frequent blackberry checking on late evenings, weekends and holidays.
Vice Presidents are typically promoted to director level after three years sometimes this level is also called "Senior vice-president". Research work : Finding and organising data, in Excel or PowerPoint, from the Internet and the multiple databases that the bank has access to. This can be finding the number of mobile phone subscribers in Lithuania, finding the shareholders of a specific company, or finding out names of the top five companies selling oil pipes in Europe.
Benchmarking : "Comparison" tasks such as comparing the Revenue growth EBITDA margin of the top 25 companies of luxury goods retailers in the UK, or comparing the number of hospital beds of all European hospital companies. Profiles : Preparing a PowerPoint presentation usually one or two slides about a specific company, including business and product description, market shares, latest financials, share price performance, key management bios, calculation of trading multiples, etc. It is not uncommon to be asked to do this for twenty companies, or even more.
A 'Pitchbook' is a fancy word for PowerPoint presentations that are shown to clients to try to obtain their business. As an analyst, you will be asked to create slides that will include various financial analysis, profiles, a presentation about the bank, and recommendations to the client. This involves updating share prices, updating new financials when they are released, calculating net debt, and doing a number of accounting adjustments.
Admin work : Taking notes at meetings, organising conference calls, preparing internal documents, literally running around to print and carry the books before presentations, printing and checking documents for associates, VPs, Directors, or Managing Directors. You may end up working with more senior people, but this will be more of the exception than the rule. Depending on your relationship with your assigned Associate, they can be your best friends or worst enemies. Some associates will dump a lot of work on you you will quickly find out that every person who is your superior has the right to dump work on you , but almost all of them will teach you how to do a good job as an analyst and will be very valuable resources.
They are usually tough, but don't forget that while Associates may dump a lot of work on you, they have tremendous pressure from VPs, Directors, and Managing Directors. You will also spend most of your weekends in the office not all of them -,you will get a break from time to time , although weekend work is much lighter and you will only be in for 4 to 5 hours.
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Overall, expect to work a minimum of 70 and up to to hours per week. The better the investment bank from league table perspective the worse the hours, because they will be extremely busy. You can maintain a social life , but spare time will be scarce and you will have to learn how to manage your time efficiently.
What usually happens is that other analysts will become your best friends and you will support each other through the difficult times. The standard is after three years, at which point you become an Associate. John Rolfe, Peter Troob: A very entertaining story about two fresh graduates of Wharton and Harvard who start their investment career at the hottest investment bank at the time, DLJ bought by Credit Suisse later on.
Overall, it is a gross exaggeration of the life of an investment banker and very very NY-centric, can be vulgar at times , but it will give you a very good idea of how tough the job of an investment banker can be; it is will worth reading. Most investment bankers will have read this book, and it is a fun read before you embark on your investment banking career, highly recommended! Bryan Burrough, John Helyar: A very long book, but also a mandatory read for future investment bankers, especially for those interested in hostile takeovers and private equity. This book relates the true story of a bidding war for RJR Nabisco one of the largest consumer goods companies in the U.