Summer Internship Series: Morgan Stanley

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 – kushal.mehta@stern.nyu.edu!

Summer Internship Series: Stifel

Sam is an MBA2 specializing in finance, business analytics and strategy.  At Stern, he serves as a VP of Mentorship with the Private Equity & Venture Capital Club and VP of Communications with the Entrepreneurship & Start-Up Association in addition to other leadership roles on campus. Sam graduated from the University of California, Berkeley in 2015 with a Bachelor’s in Molecular and Cell Biology.

NYU Stern’s “Summer Internship Series” sheds lights into Sternies’ internships. Posts are written by rising MBA2s who are currently working at their summer internship.

I recruited in the fall with a class of nearly a hundred Stern students for Investment Banking. Unlike most of my classmates, I did not secure my internship offer in the second week of January. After on-campus interviews and final round interviews had finished, I was without an offer and faced with the difficult task of recruiting in the Spring recruiting cycle. Instead of perceiving my process as failed and broken, I stayed positive, doubled down on my interview preparation, invested time in networking and moved forward. In the subsequent weeks, I went through a series of first round and Super Day interviews and in the second week of February was relieved to receive an internship offer at Stifel. 

I started my internship in June and was fortunate to be placed with the group with which I had the most interactions during the recruiting process, the Global Technology Group. The Global Technology Group at Stifel had recently acquired a boutique middle-market technology, Mooreland Partners, that specialized in middle-market technology M&A deals. As a result, the Global Technology Group grew to over 100 investment bankers around the world and significantly enhanced its senior experience across sub-verticals. I sat  (virtually) in New York City, the global headquarters, and worked with colleagues in San Francisco, London, China, Japan, Germany, Brasil and Israel among many other nations. Over the course of the summer, my staffers exposed me to each of the four verticals in the Global Technology Group: Software, Electronics & Industrial Technologies, Tech-Enabled Services and Internet & Digital Media while maximizing my interactions with as many bankers in the group as possible.

One of the amazing parts of my internship was working with over thirty investment bankers in New York City from all levels: first year Analysts through seasoned Managing Directors. I gained exposure to senior leadership across the firm in Consumer Retail, Healthcare, Gaming and Technology through programmed virtual, yet intimate, fireside chats. In these small group settings, the other Summer Associates and I gleaned valuable insights into how many of the senior bankers built their careers – some of them had transitioned from MBAs into Investment Banking themselves. It was a nice way to learn more about the future of the career path and how the responsibilities will increase at each level in Investment Banking.

Overall, I got to see two live sell-side processes, a buy-side process, an endless number of pitches and multiple cross-collaborations between different coverage groups across through firm. It was interesting to observe different stages of the deal process through different deals. For example, one deal showed me how a deal is initiated through an exclusive advisory agreement and management call with the C-suite team while another deal exposed me to a more advanced staged of a deal after a confidential information memorandum (CIM) had been completed and the deal team was going to market. In all, the experience helped me see how deals progress through managing day-to-day transaction execution.  In addition to working on live deals, I worked on client facing marketing material that the group uses to garner interest from investors, sponsors and strategics. I had the opportunity to dig into some interesting sub-verticals in the group including Cyber Security and Enterprise Software to update the materials with the latest market research and competitive analyses. It was an incredibly stimulating and educational experience that showed me the role of Investment Bankers in advising companies on strategic and financial decisions.

While my process was atypical compared with many of my peers and classmates, it taught me a few valuable lessons that I will take with me into the future of my career. For one, struggling to secure an offer instilled in me the importance of perseverance in approaching adversity. It is important to stay positive when working toward a goal and to control what is in one’s control: attitude, preparation and execution. The experience also inculcated in me a deep appreciation for the power of the Stern community and brand. I owe a lifetime of thanks to the alumni, office of career development, MBA2s and my MBA1 peers who provided moral support and constructive feedback throughout the process. I’m thankful to the Stern network, in particular Serena Lu, an ex-Stifel investment banker and Stern graduate who helped me navigate the recruiting process on-campus for Stifel. Lastly, I’m grateful for my friends and family who made the hard work, late nights, early mornings and everything in between worth the challenge and effort.

Summer Internship Series: Macquarie

EF_HeadshotEvan Foo is a rising MBA2 and interning at Macquarie this summer. He is specializing in Finance and Leadership & Change Management and is a member of the Asian Business Society, Graduate Finance Association, and the Stern Private Equity Club.

NYU Stern’s “Summer Internship Series” sheds light into Sternies’ internship experiences. Posts are written by rising MBA2s who are currently working at their summer internship.

Stern Transition
Growing up, I did not imagine I would one day be working in a bank. My journey has taken me from a budding entrepreneur in Silicon Valley, a venture capitalist for the Singapore government and a CEO of a wireless speaker business to becoming a student of finance at Stern and in Wall Street. Prior to Stern, I had developed a keen understanding of early stage business and finance, but wanted the complete picture of the corporate lifecycle, and resolved to learn firsthand Wall Street’s role in shaping global companies and markets.

With its reputed strength in finance and location in the heart of New York City, Stern provided the perfect opportunity to make this transition. Connecting these dots in my career led to my summer in investment banking with Macquarie being an ideal platform for continued development.

Choosing Macquarie
One of the first considerations when recruiting for investment banking is to understand the nuances of each firm, and where your fit lies. I was first attracted to Macquarie because of its unique merchant banking function, under the Principal Transactions Group (PTG). Macquarie not only provided transaction advice and debt financing, but could also use its balance sheet to make equity investments in companies. Macquarie thus offered the best of both worlds and slightly more. The stability and resources of a bulge bracket bank, the work experience of a boutique (through leaner deal teams) and the ability to forge unique relationships with clients and sponsors.

The second is to determine what you want from your summer experience. The leaner teams at Macquarie provided the hands-on experiences I was looking for. Being able to work directly with Managing Directors, build models and interact with clients were big draws for me. Having gotten along well with the bankers from the firm and demonstrated technical competency for the job, I was offered a summer associate role in the Financial Institutions Group (FIG). The managing director of the fintech team was from Stern, and I looked forward to working with him.

Macquarie Experience
Walking past the revolving doors for the first time, tales of endless summer work and play from predecessors set the foundation on which expectation was built. My peers comprised of former investment managers, bankers, models, and engineers, yet everyone started on a level playing field during the first week of training. Soon we would be caught up in the whirlwind of work, volunteering, baseball games, charity runs and summer outings to managing directors’ homes, all of which presented various aspects of life in the industry. Staffers (typically Vice Presidents in charge of assigning projects and managing work flow within a group) protected our time for such events that not only provided reprieve from work but also an opportunity to deepen relationships with colleagues outside the work environment. Playing soccer with colleagues before dipping into the pool on a hot summer day was a personal highlight. All in a day’s work.

Food menu from a summer party.
Food menu from a summer party.

The workspace was aptly called the bullpen, the arena where everyone sat, from analysts to managing directors. Observing first-hand how a managing director operates and manages clients daily was already a key learning point for me. My day-to-day responsibilities throughout the internship would evolve from due diligence and industry research to managing analysts, building financial models, and co-leading a cross-border buy-side deal. The buy-side transaction offered the deal experience I had so desired, as I was involved in a critical stage of the deal and worked directly with a managing director. Another project with the PTG team was a welcomed bonus and it provided additional exposure across groups.

Take-aways
Walking past the revolving doors for the last time, it was comforting to know my contributions were appreciated and recognized by my team. Our buy-side progressing to the final phase made all the hard work pay off. Make no mistake about it, investment banking is a demanding job, the people we work with and the contacts we can call on make all the difference. I am therefore very thankful for the support provided by the Stern banking community in my group, firm, cohort, and across Wall Street, that has helped define my recruiting process and summer experience. In the same way, I hope to pay it forward.

Summer Internship Series: Loop Capital Markets

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Oyinkansola Ayobiojo is a rising MBA2 and interning at Loop Capital Markets this summer. She is specializing in Finance, Strategy, and Global Business.

NYU Stern’s “Summer Internship Series” sheds light into Sternies’ internship experiences. Posts are written by rising MBA2s who are currently working at their summer internship.

My first three weeks interning at Loop Capital Markets have been great. I have the unique opportunity to sit on the equity capital markets (ECM) desk, which is in between the sales and trading (S&T), and mergers and acquisitions (M&A) groups. I spend about half of my day on projects for ECM and the other half on projects for the healthcare M&A team. My typical day starts at 7:30am with a research call where I listen to the traders discuss the global markets and research analysts discuss their specific companies as well as their rationale behind new reports and/or buy and sell ratings. Listening in on these calls has been an amazing learning opportunity and helps me to better understand the conversations I overhear the sales teams having with investors throughout the day.

On the ECM desk, my responsibilities include creating client materials and case studies on recent equity offerings, updating market data, as well as drafting selling points for equity issues that are about to launch. My team also has weekly calls with coverage investment bankers and research analysts to better understand how we can all work together to win new business and specifically, how the ECM team can position itself to pitch a company on upcoming equity offerings. On the healthcare M&A team, we advise biotechnology companies. I have been assisting the team with live private placements and buy side engagements. Getting up to speed on the biotechnology industry with absolutely no science background has been a bit challenging. However, knowing that these companies are developing treatments for life-threatening diseases has been motivating because I know that helping raise capital will positively impact lives in the future.

One of things I enjoy the most about working at Loop is the culture and the people. My experience at Loop has been unlike the horror stories I have heard about investment banking in the past. The people are very friendly and willing to answer any questions that I have. I work closely with the head of ECM and that has been instrumental to helping me better understand the IPO process. There is no “face time” and unnecessary long nights. All the interns are encouraged to work hard, but smart, and to learn about all aspects of the business, which is something that I will be focused on doing over the next seven weeks. My plan is to shadow some traders and to learn more about the public finance arm of Loop. Additionally, Loop’s lunch room is always stocked with healthy and organic fruits and snacks, which has helped me to stay on track health-wise. I also really love the firm’s location—it is downtown, right on Wall Street and across from the Seaport District! It is such a beautiful location and I typically try to take a 15-minute break to walk by the water!

Overall, I am happy with my decision to join Loop this summer in their New York office. I have been able to explore New York more this summer and was fortunate to attend the Toigo Foundation Annual Gala, where I got to hear Michelle Obama speak! The Toigo Foundation helps MBA students of diverse backgrounds break into the finance industry and then works with them to accelerate and develop their careers. The Foundation raised almost $300,000 at the gala and I am so fortunate to be a Toigo Fellow, and was even more surprised to see my face in front of the stage at the gala! The gala has been one of the highlights of my summer so far and I look forward to more amazing experiences this summer.

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