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    So, I've got an internship offer, signed the contract etc. and I was wondering if anyone who has done an internship before in IBD (I am hoping to be placed in M&A) would be able to share some useful things to know, get up to speed on etc. It's just dawned on me I did a lot of blagging in my interviews and really don't know that much !

    So...

    This is going to sound stupid, but what sort of things do I need to know hoe to use on excel, powerpoint ( I do geography!)

    Is there any really basic accounting knowledge that i should know/ is presumed when you turn up?

    Any other advice.

    Thanks you!

    x
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    (Original post by Stapes)
    So, I've got an internship offer, signed the contract etc. and I was wondering if anyone who has done an internship before in IBD (I am hoping to be placed in M&A) would be able to share some useful things to know, get up to speed on etc. It's just dawned on me I did a lot of blagging in my interviews and really don't know that much !

    So...

    This is going to sound stupid, but what sort of things do I need to know hoe to use on excel, powerpoint ( I do geography!)

    Is there any really basic accounting knowledge that i should know/ is presumed when you turn up?

    Any other advice.

    Thanks you!

    x
    They'll give you training. But understanding some basic accounting as to how the balance sheet, income statement and cash flow statement link together would be useful as well as what each line item means. You can pick up books in college library most likely if you don't want to buy an introduction.

    Understanding theory behind modelling is, in my opinion, desirable. if you want to be in M&A then multiple valuation, discounted cash flow and accretion/dilution are useful.

    Excel shortcuts important for speedy navigation - http://www.wallstreetprep.com/commun..._resources.php

    If you are strapped for a time just do some work with excel so you understand how to navigate quickly, and basic functions - high knowledge of accounting and valuation enables you to get more involved more quickly on the desk but it won't be a killer.
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    (Original post by Brown_Bateman)
    or you could work towards at least a 2:1, go out and get some sun and, providing you're at least competent, learn everything you need to along all the other SAs at the start of your summer program.
    This is nothing advice. Sometimes you say relatively useful things; on this occasion you've utterly failed, and really aren't in a position to comment.
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    The following were recommended by the bank I'm interning at:

    Fundamentals of Corporate Finance By Richard A. Brealey, Stewart C. Myers, Alan J. Marcus

    Corporate Finance, By Stephen Ross, Randolph Westerfield, Jeffrey Jaffe

    Investments By Zvi Bodie, Alex Kane, Alan Marcus

    Investment Valuation: Tools and Techniques for Determining the Value of Any Asset By Aswath Damodaran

    Valuation (3rd ed), By Tom Copeland, Tim Koller, Jack Murrin, McKinsey & Co.

    Financial Modeling By Simon Benninga
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    LOLs at the guy reccomending to read books for IBD internship.

    Few things you can do:

    1) Sleep allot
    2) Start bending down on your ankle 5x a day
    3) Learn Copy and Paste shortcuts
    4) Learn how to use GOOGLE.COM
    5) Learn how to create back ups for your work in a file (You will need to learn how to staple, bind, punch also)
    6) Stop DRINKING Coffee. You want to decrease your tolerance. I reccomend you stay away from coffee for at least 3 months. So by the time you need it for an all nighter, it will be effective
    7) Learn how to master power napping for 20min

    Good luck and I hope you get a chance to work on live deals.

    On another note, HOORAY to Paulson & Co on its acquisition of 11% stake in JSE listed AngloGold Ashanti from Anglo American for US$1.28bn. Positive news for the South African mining industry and Metals & Mining M&A in general.
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    (Original post by PortfolioManager)
    LOLs at the guy reccomending to read books for IBD internship.

    Few things you can do:

    1) Sleep allot
    2) Start bending down on your ankle 5x a day
    3) Learn Copy and Paste shortcuts
    4) Learn how to use GOOGLE.COM
    5) Learn how to create back ups for your work in a file (You will need to learn how to staple, bind, punch also)
    6) Stop DRINKING Coffee. You want to decrease your tolerance. I reccomend you stay away from coffee for at least 3 months. So by the time you need it for an all nighter, it will be effective
    7) Learn how to master power napping for 20min

    Good luck and I hope you get a chance to work on live deals.

    On another note, HOORAY to Paulson & Co on its acquisition of 11% stake in JSE listed AngloGold Ashanti from Anglo American for US$1.28bn. Positive news for the South African mining industry and Metals & Mining M&A in general.
    Approaching your internship, did you decide to nonchalantly wing it, or did you think hedging by doing some preparation would be useful?

    (I hope you don't miss the rhetorical inference)
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    I think to succeed in your IBD internship, its more important to learn the basics of formatting in powerpoint/excel (including shortcuts) than learning the specifics of various valuation methodologies. The closest you will come to the latter would be a template sent to you by a 1st analyst to 'play around with'.

    (I hope you don't miss the rhetorical inference)
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    (Original post by PortfolioManager)
    I think to succeed in your IBD internship, its more important to learn the basics of formatting in powerpoint/excel (including shortcuts) than learning the specifics of various valuation methodologies. The closest you will come to the latter would be a template sent to you by a 1st analyst to 'play around with'.

    (I hope you don't miss the rhetorical inference)
    Or, both?

    (There was none, nor wit)
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    Learn to smile like you mean it.
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    (Original post by PortfolioManager)
    LOLs at the guy reccomending to read books for IBD internship.

    Few things you can do:

    1) Sleep allot
    2) Start bending down on your ankle 5x a day
    3) Learn Copy and Paste shortcuts
    4) Learn how to use GOOGLE.COM
    5) Learn how to create back ups for your work in a file (You will need to learn how to staple, bind, punch also)
    6) Stop DRINKING Coffee. You want to decrease your tolerance. I reccomend you stay away from coffee for at least 3 months. So by the time you need it for an all nighter, it will be effective
    7) Learn how to master power napping for 20min

    Good luck and I hope you get a chance to work on live deals.

    On another note, HOORAY to Paulson & Co on its acquisition of 11% stake in JSE listed AngloGold Ashanti from Anglo American for US$1.28bn. Positive news for the South African mining industry and Metals & Mining M&A in general.
    But, start drinking spirit. It's like bodybuilding. Tequila, lime, slam. Repeat. Repeat. Repeat. You'd want to build up your tolerance so that everybody would be impressed by you drinking an MD under the table.
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    (Original post by PortfolioManager)
    I think to succeed in your IBD internship, its more important to learn the basics of formatting in powerpoint/excel (including shortcuts) than learning the specifics of various valuation methodologies. The closest you will come to the latter would be a template sent to you by a 1st analyst to 'play around with'.

    (I hope you don't miss the rhetorical inference)
    Can't wait to start whacking out PIBs with reckless abandon.
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    (Original post by Brown_Bateman)
    Just passing on advice I heard an IBD associate give an intern-to-be.
    I believe his words were
    "[For preparation,] I'd advice you to have as much fun as you can before this summer. Maybe throw in some excel training if you really feel like you must do something. You'll get taught all you'll need anyway and provided you're not retarded (his own words), you should be able to keep up."
    Shame that Associate wasn't the sharpest knife in the drawer.

    Yeah, you get taught everything. But, oh wait, that other intern on your desk knows valuation back to front and you're only getting to grips with it. Your MD makes a snide passing comment about commitment and enthusiasm. Other intern gets place on desk. Great.
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    Thanks guys!
    I'll have a look at some of the books suggested (especially as i was defiantly "winging" some of my valuation/accounting knowledge at interview) and try to improve my excel!

    I have no doubt I am competent, and not a retard, but everyone wants to start on an "equal playing field" right?

    Unfortunately sleeping (but not fun!) is sort of out of the question pre-internship given exams + 3 balls and 4 21sts in May Week!

    This is probably get another stupid question but what sort of things are most important to learn in excel?
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    (Original post by Stapes)
    This is probably get another stupid question but what sort of things are most important to learn in excel?
    Keyboard shortcuts.

    Nothing in Excel is difficult until you start to hit vba, but you won't usually if ever touch that in the course of IBD Excel use.

    Yeah, you get taught everything. But, oh wait, that other intern on your desk knows valuation back to front and you're only getting to grips with it. Your MD makes a snide passing comment about commitment and enthusiasm. Other intern gets place on desk. Great.
    You think too little of your colleagues if you think they're going to judge you that quickly and firmly on prior knowledge.
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    F2+Esc , probably the most used short-cut in Excel in IBD or any other department...
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    (Original post by PortfolioManager)
    F2+Esc , probably the most used short-cut in Excel in IBD or any other department...
    No way Alt+E,S,T is DA BOMB!
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    (Original post by Breitling)
    No way Alt+E,S,T is DA BOMB!
    Sure it is, but in terms of frequency, which is what I was reffering to F2 + Esc wins...
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    (Original post by PortfolioManager)
    Sure it is, but in terms of frequency, which is what I was reffering to F2 + Esc wins...
    Wasn't aware we were having a serious argument about Excel hot keys...

    In response to the original post, I would try and learn the basics of DCFs, LBO models and accretion/dilution models. You'll never get any modelling work at the beginning but if you impress you might get to build some simple models for a book towards the end of the ten weeks.

    My team was really good re this. There were six interns in the team and every couple of weeks one of the analysts did a modelling session with us and then we had to go away, do our own model and then present it to the analysts/associates. Apparently it turned out to be pretty important with regards to which of the six of us were offered jobs.

    I think it is important to read up on all the deals that your bank, or more specifically, your group at the bank, is working on and most of their interesting precedents (because you'll most likely have to do case study after case study on these).

    You don't need to know anything that technical on Excel/Powerpoint - they'll teach you how to use linkpics etc.

    I think an IBD internship is more about being able to cope with the hours, CHECKING YOUR WORK, keeping to deadlines, being able to adapt when things go tits up etc. rather than anything else.
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    ---^ When it comes to excel shortcuts, its a very serious matter...
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    (Original post by Benh842)
    The following were recommended by the bank I'm interning at:

    Fundamentals of Corporate Finance By Richard A. Brealey, Stewart C. Myers, Alan J. Marcus

    Corporate Finance, By Stephen Ross, Randolph Westerfield, Jeffrey Jaffe

    Investments By Zvi Bodie, Alex Kane, Alan Marcus

    Investment Valuation: Tools and Techniques for Determining the Value of Any Asset By Aswath Damodaran

    Valuation (3rd ed), By Tom Copeland, Tim Koller, Jack Murrin, McKinsey & Co.

    Financial Modeling By Simon Benninga
    So basically finance textbooks, including some pretty arduous ones. I very much doubt he'll ever get to reading more than 10% of one of those before his internship starts.
 
 
 
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