Internship Review at Bank of America Merrill Lynch

The Role

Role Description

Summer analyst in IBD (or M&A) have the same work as analyst. Working on presentation, pitches and models to value company

1. To what extent did you enjoy your work placement or internship?

★★★★★★★★★☆

Rated 9/10

Very meaningfull work, the most mundane work was given to full time analyst so we, interns, had the most interesting part. Lots of opportunities to meet Bofa others employees and all the interns were very friendly in IBD. Also internships in Investment banking division (ie M&A) at Bofa are really special because you do not rotate on one or two desks during the summer. Instead you have a staffer which give you work depending on team needs (and needs are HUGE!). Usually the staffer is really helpful and will try to give you assignment with the team you want to work with. This is a great thing because if you want to work with some specific teams, for instance Healthcare or Real Estate, you can ask the team directly for work, then they will call you staffer so you can actually work with the team you want if you stay proactive. This way almost everyone received an offer from the team they wanted to join.

2. To what extent did you feel valued by your colleagues?

★★★★★★★★☆☆

Rated 8/10

Highly valued, people are always understanding and they tell you when they are happy of your work. Otherwise they try to be constructive if something is wrong. One guy was not really cool though, he made me stay late even if not needed twice, but he was really nice and respectful apart from that and he's one among a couple dozen. Some other interns were also handed boring work, but this is a small minority and usually once you prove yourself they give you interesting things to do. Just try to stay away from comps!! ;)

3. To what extent were you given support and guidance by management/your supervisor(s)?

★★★★★★★★★☆

Rated 9/10

It really depends on your needs. Bankers are really busy but they will always take some time to explain you something if you ask for help. You should not ask stupid questions or come every 5 minutes though, but usually it goes well. You will also be told early if they like your work or not, and usually during the mid-review, it starts to be clear who is going to get an offer and who is not. In the latter case, you will be given advices on what to do though, so you still stand a chance providing that you are smart and proactive

4. How busy were you on a daily basis?

★★★★★★★☆☆☆

Rated 7/10

Highly specific issue. In some group everyone was busy until 1 am, in some other you could leave at 10 pm. It really depends on the amount of work you undertake and the people you work with. The more you work, the more you learn and the more likely you are to get an offer because you will be exposed to a lot of people. But if you do not want to work you can also manage to avoid being staffed and leave early everyday. This is not the goal of this kind of internship though so you should look for another job in such a situation. On average, interns would leave around 11pm, with high variations depending on people/team/day

5. How much responsibility were you given during your placement?

★★★★★☆☆☆☆☆

Rated 5/10

Lots of responsibilities. You get the work of a full time analyst, and if you are good then you will get even more interesting work. Opportunity to really learn a lot .

6. To what extent did/will the skills you developed, and training you received, assist you in your degree studies and beyond?

★★★★★★★★★☆

Rated 9/10

Definitely. This is really like being in a full time job. More than the technical skill which are also valuable, you learn how to interact, network, talk and behave in a corporate environment. You will take coffees with MD or have lunch with senior guys so it is important to act responsibly and this is really efficient in terms of training. You also develop self-confidence for being treated like a full time employee. This is really a strong experience and one should really take the opportunity to do it. But more than anything, this is about what you do with it and if you are not proactive, eager and willing to learn a lot and meet people, then this going to be a very long summer with little interest except money. Baml gives you a lot of autonomy so if you do no efforts, you will take nothing from the internship.

The Organisation

7. What was the general atmosphere in your office?

★★★★★★★★☆☆

Rated 8/10

Great atmosphere, everyone was really helpful, friendly and even if bankers are really busy, they will always take some time to take a coffee with you if you ask.
This is banking not marketing though, so it remains serious and busy. But employees are under 30 so very young environment and really good atmosphere across the floor

8. How well organised was the overall work placement or internship set up?

★★★★★★★★★★

Rated 10/10

Very well organised. cf previous questions for explanation on the "staffing" but lot of autonomy in terms of team choice and work. There is 0% chance that you end up working with a team you do not like and you will always get some work if you ask for. If you do not want to work, it is still possible though, but just be ready to take less from the internship than some other would (and also, you will not get a job at the end!)

9. In terms of personal training and development, to what extent did the company or firm invest in you?

★★★★★★★★★☆

Rated 9/10

One week and a half of training, lots of speech from very senior people and lots of opportunity to meet and even work for another division if you want to. For instance in my division (M&A) some interns spent a few days one the trading floor with sales teams or with the DCM and Levfin teams.

10. What were the perks on your work placement?

★★★★★★★★☆☆

Rated 8/10

• Subsidised Canteen
• Company Car
• Subsidised/Company Gym
• Financial Bonus
• Company Parties/Events
• Healthcare/Dental

11. How appealing are future employment prospects within the organisation?

★★★★★★★★★★

Rated 10/10

I got a job offer, so did rougly 70-80% of the intern class in M&A

Other Information

12. Was there a good social scene amongst any fellow placement students/colleagues?

★★★★★★★★★☆

Rated 9/10

Very good, no problem for anyone and nothing to say about that.

13. What was the cost of living and socialising in the area you worked in?

★★★★★☆☆☆☆☆

Rated 5/10

London is really expensive for everything, and the city of London is even worse but the pay is really good so this should not be a problem for anyone

14. What was the Nightlife like in the area you worked?

★★★★★★★★★☆

Rated 9/10

West end and shoreditch in 5mn by cab from the office, a little bit more by tube but still way better than in canary wharf. Saint Paul area is very nice

15. Were there many opportunities to get involved in activities outside of work?

★★★★★★★☆☆☆

Rated 7/10

Charity work and a few other stuff, but mostly for full time employee. Pub every friday evening but I do not know if it really fits in this category ;)

In addition to these questions, is there any extra information you would like to leave about your experiences on your work placement that other students may be interested in?

Even though there is a lot of speculation over lay off at Bofa atm, BAML really tries to focus on Europe, and especially on invesment banking divison/M&A because of low capital needs. In addition this is a very profitable unit so no major theat of laid off there. Different story for IBD in the US or Sale&Trading though, but this should be the same for any other bank given the current economy

Review 49/58 for Bank of America Merrill Lynch

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