Two 4-week rotations in DCM Private Placements and CEE Corporate Finance. First rotation focused on credit analysis of European clients, drafting engagement letters and preparing pricing sheets. DCM offers friendly hours and good exposure to active deal flow. Second rotation in M&A involved preparation of company profiles and market updates, drafting a request for proposal and ultimately helping to prepare a valuation presentation for a fairness opinion. Hours are unpredictable, depending on the project timeline, however the challenging nature of work keeps the energy levels high.
Great programme, thoroughly organized and plentiful of different activities. Nature of work is challenging and demanding, but at the same time extremely rewarding both intellectually and financially. Teamwork, cooperative approach to problem solving, high pace environment, steep learning curve and commitment are the words that best describe the position.
Atmosphere is really friendly and hierarchy levels are quite flat. It is more of a skill and willingness of an analyst himself/herself which decides the level of exposure to the people in the bank. Relationships are created mainly through informal networking events or dinners in the office since most of the junior bankers take late dinners on their desks. When it comes to business, it gets more professional, but not too much, even with more senior members of the team.
Analysts and interns are assigned with a line manager who takes care of a more high level issues arising throughout their time in the bank, and interns also have buddies who deal with more technical questions. People are very supportive and understanding and encourage to ask as many questions as possible from day one.
Work entails long hours - 9.30am til 10pm on quiet days and past midnight in busy times. However, everyone manages their own time, and as long as the work is done, you are not expected to sit there for the sake of sitting. Also, dinners are long - sometimes can afford a nice 2-hour dinner in the city, and then come back to finish off work.
Quite a lot. I was working on three projects that a starting analyst would be expected to work on, and I reported straight to the director which is quite an uncommon procedure of how work is normally distributed. Attending conference calls and live meetings was also very helpful for keeping your nose in the deal throughout the entire time I was there.
The skills and competences developed will help not so much in the academic, but more in the commercial sense. The placement involved workshops and seminars on all the major sources and tools used in investment banking industry around the world which is cornerstone for an analyst to find information and teach himself/herself. Also, social skills that are specific for investment banking improve by attending the networking events.
It was a lot of fun in the office, but I guess that depends more on your team rather than department/bank as a whole. Offices have TVs which helps digress from your computer screen when having a coffee and keeps everyone open for discussion on the ongoing issues in the world.
RBS runs one of the best internship programmes in the city with massive amount of time and dedication invested by HR and other bankers. Interns get high exposure to the most senior members of the bank, and obtain extensive professional on-the-job training of the most popular sources and tools used in IBD. Weekly lunch and learn sessions help interns familiarise themselves with different divisions in the bank and what they do.
See previous comment, RBS has designed one of the most personally rewarding programmes.
Majority summer interns in IBD got the job, whereas the percentage was way lower for Markets interns (S&T, Research)
There was competition, but all on normal levels. Everyone seemed and acted very friendly and got along nicely together throughout the entire internship.
London is quite expensive for going out in general, and I was renting a flat in the city so it was more than that. However, interns are invited to a number of networking events where snacks and drinks are served for free. There was at least one social event organized every week for the interns.
London is great for its nightlife, and while you are in the bank, you get to know a lot of nice places to go to. There are nice, fancy clubs and bars, as well as more casual venues which serve everyone's interests quite easily. It is more an issue of time rather than places to go.
Social events, community service projects, independently-organized events. sports events, etc etc. The activities are plentiful whilst you're in there, and there will always be something coming up if you are looking for something.
Internship (1-4 Months)
Banking - Investment, Business Analytics
Central London and City
31st August 2011