December 2, 2013 by texasbbacareerservices
Major: Finance, Track: Quantitative
Graduation Year: May 2014
Where did you this past summer intern?
I interned at Credit Suisse in the oil & gas investment banking group.
What was your role as an intern?
I primarily supported full-time analysts and associates in equity and debt capital raises as well as M&A transactions. I worked with energy companies in all verticals including exploration & production, midstream, downstream, and master limited partnerships. Day-to-day work included analyzing financial statements, researching on FactSet or Bloomberg, and a number of ad-hoc projects for junior and senior bankers. I was staffed on 3 large projects, which I worked on for the majority of the summer with my respective deal teams.
Tell us about your intern experience.
The first week of my internship was training in New York, where we attended a one-day company orientation followed by a week of IBD training. During that week, we reviewed basic valuation and accounting concepts while getting to network with current CS employees. After New York, we went back to Houston where we met the rest of our team. During the summer, we each got staffed on a variety of different projects. I worked on an upstream IPO, an MLP IPO, and an M&A deal. Each of the interns worked on a variety of different transactions, but all got great experience and had the opportunity to work on live deals. I also went to a few client meetings, which was extremely interesting because I got to see how management thinks about and views potential deals.
Tell us about your experience living in a new place for the summer.
I lived in a suburb of Houston during high school, but working and living downtown was a completely new experience. I never liked Houston too much until interning there this summer, but now love it and can’t wait to move back. Most companies have their office in downtown Houston, so I was able to spend time with my friends working at other investment banks and in other industries almost every day. The offices in Houston are connected with an underground tunnel system, and it was really fun to grab coffee or lunch with other friends working close by. Midtown, where most interns and analysts live, has a lot of great restaurants and fun things to do as well. My intern class did a lot of exploring in the city together, and found plenty of exciting things to do.
How did you go about getting your internship?
I applied via OCR as well as on the Credit Suisse website.
What advice would you give to others as they search for an internship?
Definitely go to information sessions and try to meet as many people as possible. Not just to help you get an interview, but more so to help you gauge whether or not the job/the industry/the bank is a good fit for you. Most jobs in finance require long hours, so it is extremely important to make sure you like the people you will be working with.
Aside from networking, over-prepare. McCombs has fantastic resources available to you, and there are so many upperclassmen and alumni that are also willing to help out. Ask what people who were successful in the process did to get their jobs, and then prepare in a similar fashion. For those interested in banking, especially if you are an accounting or finance major, make sure you understand fundamentals and can describe the techniques most commonly used to value companies, and know your story and resume.
Can you describe how your interview went?
I had two rounds of interviews, the first one was on campus at UT during Superweek. This interview was 2-on-1 and consisted of a mix of technical and behavioral questions. The superday was in the Houston office, and consisted of 5 or 6 interviews with people at all levels at the bank. Some of the interviews were more technical in nature, but there was nothing extremely surprising or difficult to prepare for. Everyone was genuinely interested in learning about my background, and understanding why I wanted to work in investment banking. The interview process was also a great opportunity to learn about the company, and ask questions to make sure I was a good fit for the group.
What were the hardest questions they asked in your interview?
The hardest questions I was asked were probably market and some technical questions regarding valuation (i.e., corporate finance methods used to determine the current worth of a company.) Overall, everything could be prepared for well in advance. All of my investment banking interviews were much more focused on understanding your motivations behind doing banking, your interest in energy, and your willingness to work extremely hard.