Investment banks are always looking for young university graduates that obtain their degrees in Economics and Finance to join them in banking internships. While many graduates might be looking to start careers in Accounting, Banking, Share Market Trading, Company Financial Officer and the like, the opportunities that exist in the Investment sector are very attractive.
What is an Investment Bank?
There is a certain amount of glamour as an investment banker, probably due to the way the job is portrayed in movies like “The Wolf of Wall Street” and “Wall Street”. A life of bacchanalian pleasure and high living. It’s as far from the truth as you can imagine. Investment banking means you are helping individuals, companies, businesses and governments in raising financial capital. There are a number of activities that investment banks are involved in:
- Raising Capital
- Assisting with mergers and acquisitions
- Sales and trading
- Retail and Commercial Banking
It’s really high finance at its best and the amount of work that goes on in a bank behind the scenes can be rather exciting. Investment banking internships are sought after positions because one of the reasons people like working for institutions like banks is that they have solid business practices and stable employment conditions. Nearly every bank offers young graduates the opportunity to learn the business through an internship or a vacation program. The latter is usually offered to a university student in his/her penultimate year. Banks ask prospective interns to make a quality submission giving reasons as to why they should be given the opportunity. That means a bit of competitive spirit.
What does an Intern do?
The period of the internship varies from one establishment to another, but on average you can expect to be working at the bank for about 10 weeks. You will be working alongside seasoned bank professionals who will teach you about the company as well as the daily work involved in banking. In addition to the work aspect, the bank will provide a training programme for the time you are there as an intern. Interns are placed in a specific department where you will be able to concentrate your efforts and develop a proficiency while you get involved in many aspects of financial transactions. These could include stock offerings, mergers and acquisitions and debt financing.
As an intern, you are still considered to be a valuable member of teams that include senior managers, analysts, associates and even the managing director. You are expected to be involved in client presentations and creating financial spreadsheet models from information you have gathered. You will also be working on various projects to support our customer relationships. Of course, there are the usual daily banking responsibilities.
While a prospective intern doesn’t need a financial or accounting background, you will need to be comfortable working with figures and making calculations as well as have an interest in financial services. Money makes the wold go round, they say. Would you like an opportunity as an investment banking intern to help spin the wheel?