Kushal Mehta is a current MBA2 at NYU Stern. Prior to Stern, he spent 6 years in the Bay Area where he worked at Deloitte in the Audit practice and at Uber in an accounting function. This summer, Kushal interned within Morgan Stanley’s Investment Banking Division as part of their Technology group based in New York City. He holds a Bachelors of Commerce from the University of Toronto.
How intense is Investment Banking? How competitive is recruiting for IB? What do bankers do exactly? After completing my summer internship at Morgan Stanley, I hope I can shed some light onto the questions above – questions that were on top of my mind as an applicant to NYU Stern, and as a MBA1 during recruiting.
Let’s start with recruiting. Make no bones about it – recruiting for IB is not easy. But, with the right attitude and preparation, you will set yourself up for success. There are 2 key factors to keep in mind:
- First, stay organized. IB recruiting is networking heavy, and there will be countless interactions you have with each bank during the process. From managing your calendar, to taking notes post-coffee chats, to sending thank you e-mails – find a method that helps you stay organized through this process.
- Second, do not overlook coffee chats. Many coffee chats (especially early on) may seem casual and non-judgmental, but every interaction with the bank is an opportunity for them to assess whether you are a right fit for them and vice versa. Doing well in these coffee chats is critical to landing interview invites and job offers!
I spent my summer within Morgan Stanley’s Technology group based in New York. Under “normal” circumstances (pre-COVID), MS operates a Generalist Pool model, where all Summer Associates rotate through 2 or 3 different groups of their choice over the course of 10 weeks. Since our internship was mostly virtual, we were placed directly into our top-choice group. Our 10 weeks had 4.5 weeks of training and 5.5 weeks of “on-desk” time (i.e. real work).
When we “hit the desk” in July, each of the interns within the Tech East group was placed on 3 live deals. The best part about this was that every task that I worked on delivered immediate value for my team and the client. There was no business development work or “summer projects.”
Overall, I worked on 1 buy-side process, 1 sell-side process and 2 equity financing deals. It was fascinating to see the different ways in which investment banks deliver value for their clients. For example, we worked with the founders of an 8-year-old startup to help translate their vision into an enticing and attractive pitch for potential investors. In contrast, we also worked with a large public company and its C-Suite team, which comprised of seasoned executives with 20+ years of experience. Getting to work with founders and veteran executives as a junior banker is an experience that is unparalleled and was one of the highlights of my internship.
If you have your eyes set on recruiting for IB, go all in. With the right effort and dedication, nothing is out of reach. Feel free to send me a note out if there are any questions, always happy to help – firstname.lastname@example.org!