One feels a strange mix of emotion at the end of an intense summer internship. A feeling of relief as work winds down combined with a tinge of reluctance at putting a pause on newly formed professional relationships. Would I return full time to Credit Suisse?
Of the myriad factors to consider when choosing a full time job, the strongest pull to join Credit Suisse would be the people. Throughout the summer, I have received help and friendship from many bankers in CS. They have been open and honest with advice, providing important insight into the ins and outs of an investment banker's life. Not only has everyone in the office been polite and kind, they have taken the time to teach me so much about the financial industry. Their amiability alone confirms that the working environment will be a pleasant and conducive one.
As for the nature of the work, we have all learned about job satisfaction in our MO classes. Task significance, autonomy and task variety make for vital intrinsic motivation. Investment banking offers all of these. First, you are staffed on multiple projects at once. We work on M&A deals, IPO launches, follow-on offerings and pitches. We also have to prioritize and manage our time efficiently so that deadlines on multiple projects are met. It is altogether challenging and stimulating. Task significance is a given. All projects represent significant milestones in a company's life cycle - bankers advise on important strategic and financial decisions and get the chance to mingle with the CEOs and CFOs of billion-dollar institutions. One couldn't have a more satisfying out-of-college experience.
All in all, it has been an inspiring and privileged summer. As a college student with minimal work experience, the opportunity to see and learn from industry experts has been mind-blowing.
So the answer to the question, is yes.
Showing posts with label Credit Suisse. Show all posts
Showing posts with label Credit Suisse. Show all posts
Saturday, August 14, 2010
Sunday, August 1, 2010
Sunset on internship
The sun is setting on my summer internship. With just two weeks left to go, my feelings are mixed regarding the end of my stint at CS. I feel reluctant to leave the people I have spent an entire summer building up good relationships with, yet excited that senior year is about to begin.
The culture at CS is amiable yet professional. You'll probably never meet a more diverse workforce than the one at the Technology, Media and Telecom (TMT) group at CS. Even though I am in America, I am surrounded by people from every corner of the globe - there are people from Nigeria, India, Singapore, America, the Netherlands, Canada, France, Australia and Bulgaria. It is stimulating to work on a daily basis with people of such different backgrounds and nationalities. For this reason, I deeply appreciate the CS company culture. It makes an effort to hire employees from different nations and of different backgrounds. People can be themselves instead of trying to fit into a corporate mold.
One thing I am grateful for at the TMT group at CS is that our group head has taken the effort to organize weekly lunches through the summer with various high-level people working throughout the bank. There was the head of equity capital markets, the new chief of branding and communications, and just last week there was the head of fixed income. The head of fixed income is such an inspiring figure. Not only does he manage risk-taking at CS effectively, he also finds time to liaise between CS and the government. In a time when governmental regulation has increasing potential to affect the industry, it is vital that every bank has someone who can effectively communicate the bank's position to government officials. He has even had long conversations with Barney Frank and Nancy Pelosi.
The group will be deciding if we receive return offers on August 6. That's only a week of real work left before our fates are decided. Onwards and upwards I say.
The culture at CS is amiable yet professional. You'll probably never meet a more diverse workforce than the one at the Technology, Media and Telecom (TMT) group at CS. Even though I am in America, I am surrounded by people from every corner of the globe - there are people from Nigeria, India, Singapore, America, the Netherlands, Canada, France, Australia and Bulgaria. It is stimulating to work on a daily basis with people of such different backgrounds and nationalities. For this reason, I deeply appreciate the CS company culture. It makes an effort to hire employees from different nations and of different backgrounds. People can be themselves instead of trying to fit into a corporate mold.
One thing I am grateful for at the TMT group at CS is that our group head has taken the effort to organize weekly lunches through the summer with various high-level people working throughout the bank. There was the head of equity capital markets, the new chief of branding and communications, and just last week there was the head of fixed income. The head of fixed income is such an inspiring figure. Not only does he manage risk-taking at CS effectively, he also finds time to liaise between CS and the government. In a time when governmental regulation has increasing potential to affect the industry, it is vital that every bank has someone who can effectively communicate the bank's position to government officials. He has even had long conversations with Barney Frank and Nancy Pelosi.
The group will be deciding if we receive return offers on August 6. That's only a week of real work left before our fates are decided. Onwards and upwards I say.
Thursday, July 29, 2010
Work-Life Schmalance
Balance, schmalance. Let me start off by saying that work-life balance as an investment banking analyst or associate is next to non-existent. Given the harsh demands of the job, we spend an inordinate majority of our waking hours in the office cranking spreadsheets, memos and pitchbooks.
Our schedules are not our own. We live and breathe at the mercy of work's ebb and flow. Your time is never yours. Carrying a blackberry around may seem cool, but it virtually connects you to work 24/7 and puts you at the beck and call of your superiors.
As analysts right out of college, the hours are still manageable. Young and energetic, ready to pour our souls into our careers, we are fully committed to performing the best we can at work. The story is a little different for associates. At a later period in life, associates are looking to start families, commit to relationships and build a home for themselves. Associates who are thinking of having children, or who have just had children, find little time to give to their families because of their work.
So why do so many people still fling themselves at the industry? Firstly, and I loosely quote a VP, you have to be greedy for money to be in the industry. Compensation is obviously a major draw for most joining the industry. Secondly, and I quote another analyst now - "you get in and you get out". People join for the exit opportunities, whether it be to hedge funds or PE shops. The experience sets you up for life (arguably).
It is a tough decision. I think when you choose investment banking, you are not choosing a job but a lifestyle. You must think about whether you are willing to cede control of your schedule, whether you are ready to lose touch with a few friends along the way, and whether you can handle a family/relationship in addition to work.
Our schedules are not our own. We live and breathe at the mercy of work's ebb and flow. Your time is never yours. Carrying a blackberry around may seem cool, but it virtually connects you to work 24/7 and puts you at the beck and call of your superiors.
As analysts right out of college, the hours are still manageable. Young and energetic, ready to pour our souls into our careers, we are fully committed to performing the best we can at work. The story is a little different for associates. At a later period in life, associates are looking to start families, commit to relationships and build a home for themselves. Associates who are thinking of having children, or who have just had children, find little time to give to their families because of their work.
So why do so many people still fling themselves at the industry? Firstly, and I loosely quote a VP, you have to be greedy for money to be in the industry. Compensation is obviously a major draw for most joining the industry. Secondly, and I quote another analyst now - "you get in and you get out". People join for the exit opportunities, whether it be to hedge funds or PE shops. The experience sets you up for life (arguably).
It is a tough decision. I think when you choose investment banking, you are not choosing a job but a lifestyle. You must think about whether you are willing to cede control of your schedule, whether you are ready to lose touch with a few friends along the way, and whether you can handle a family/relationship in addition to work.
Sunday, July 11, 2010
Investment Banking Week 2
Work has been interesting so far. I am staffed on a number of projects - some live some otherwise. The live deals are obviously the most exciting since they are actually going to happen, but the pitches give me a sense of how much work actually goes into clinching a mandate.
A little on the work environment at CS - I think the Technology, Media and Telecom (TMT) group is a great group. Everybody, and I mean everybody, is nice, friendly and helpful. Even the senior bankers are polite when asking for help and I feel I work with them instead of for them.
It has been a little hard to juggle personal/social life and the internship. I work 16-21 hours most days, having hardly any time to do anything else. It remains to be seen whether such a lifestyle is sustainable and/or desirable.
Also, banking is a lot about personalities of the Managing Directors. Since MDs are the ones bringing in the revenue, they dictate what kind of work gets done and how they want things to be done. Different MDs have different requirements for their Powerpoint formatting. So we get exposed to different kind of management styles. There are directors who go for the big picture, and others who like to get down into the details. Having the chance to work under MDs with different working styles is an enriching experience.
Bear with my shameless promotion of CS, but I think CS is in great shape post-crisis. It constantly ranks top 3 in the leveraged finance league tables, beaten only by Bank of America and J.P. Morgan, both of which have humongous balance sheets. CS is known for its execution. Furthermore, CS now ranks 2nd in global M&A deals. It is exciting to be part of an up and coming financial powerhouse in such a conducive market for investment banking.
A little on the work environment at CS - I think the Technology, Media and Telecom (TMT) group is a great group. Everybody, and I mean everybody, is nice, friendly and helpful. Even the senior bankers are polite when asking for help and I feel I work with them instead of for them.
It has been a little hard to juggle personal/social life and the internship. I work 16-21 hours most days, having hardly any time to do anything else. It remains to be seen whether such a lifestyle is sustainable and/or desirable.
Also, banking is a lot about personalities of the Managing Directors. Since MDs are the ones bringing in the revenue, they dictate what kind of work gets done and how they want things to be done. Different MDs have different requirements for their Powerpoint formatting. So we get exposed to different kind of management styles. There are directors who go for the big picture, and others who like to get down into the details. Having the chance to work under MDs with different working styles is an enriching experience.
Bear with my shameless promotion of CS, but I think CS is in great shape post-crisis. It constantly ranks top 3 in the leveraged finance league tables, beaten only by Bank of America and J.P. Morgan, both of which have humongous balance sheets. CS is known for its execution. Furthermore, CS now ranks 2nd in global M&A deals. It is exciting to be part of an up and coming financial powerhouse in such a conducive market for investment banking.
Sunday, June 20, 2010
Investment Banking Week 1
It's been a week since my internship started at CS. Although I've not been given any actual work, I can feel it is going to be a busy summer. We're constantly warned about the hours, and I can see analysts treating the office as their home.
Part of training has been a series of speakers advising us on a multitude of job-related topics ranging from dignity at work to do's and don'ts for the summer. We're bombarded with all kinds of well-meaning exhortations, solicited or otherwise, including:
- Any time you have to leave your desk for an extended period of time, inform somebody (even if it is for 20 minutes).
- Ask a lot of questions. Ask a lot of questions. Ask a lot of questions.
- The only reason we're in this business is to do deals. Don't forget that.
- The most important thing is your attitude.
- The return offer is yours to lose.
- (My fave) Don't whine. If your boss gives you work at 4 pm on a Friday, don't go 'but I had plans...' Unless you have a wedding or a funeral, you don't have plans.
There's so much to learn and absorb, that even though we've had 5 days of training I don't feel prepared for what will be expected of me. However, in my short 5 working days I have already gotten a taste of the IB lifestyle. On Wednesday I was supposed to meet some friends in NYC for dinner. However, we were given homework that day and all had to stay past 11pm to complete it. I canceled on my friends. I have long known that in investment banking your time is not really yours, but this was the first time I experienced it. I guess I will stop making plans for the next 8 weeks.
What has most impressed me throughout the training process so far is the rousing speeches given by senior bankers. They all have a genuine passion for the business and the company, and have keen insight on their respective industries. I hope to find my passion too, and one day be able to call something I'm passionate about my career.
Part of training has been a series of speakers advising us on a multitude of job-related topics ranging from dignity at work to do's and don'ts for the summer. We're bombarded with all kinds of well-meaning exhortations, solicited or otherwise, including:
- Any time you have to leave your desk for an extended period of time, inform somebody (even if it is for 20 minutes).
- Ask a lot of questions. Ask a lot of questions. Ask a lot of questions.
- The only reason we're in this business is to do deals. Don't forget that.
- The most important thing is your attitude.
- The return offer is yours to lose.
- (My fave) Don't whine. If your boss gives you work at 4 pm on a Friday, don't go 'but I had plans...' Unless you have a wedding or a funeral, you don't have plans.
There's so much to learn and absorb, that even though we've had 5 days of training I don't feel prepared for what will be expected of me. However, in my short 5 working days I have already gotten a taste of the IB lifestyle. On Wednesday I was supposed to meet some friends in NYC for dinner. However, we were given homework that day and all had to stay past 11pm to complete it. I canceled on my friends. I have long known that in investment banking your time is not really yours, but this was the first time I experienced it. I guess I will stop making plans for the next 8 weeks.
What has most impressed me throughout the training process so far is the rousing speeches given by senior bankers. They all have a genuine passion for the business and the company, and have keen insight on their respective industries. I hope to find my passion too, and one day be able to call something I'm passionate about my career.
Friday, April 30, 2010
What I'm Expecting for my Summer Internship
I am a BBA and will be interning with Credit Suisse’s investment banking department. As a summer analyst, my role will be to support deal teams in whatever industry or product group I am assigned to. Above a summer analyst, there are analysts, associates, VPs and MDs.
I will be placed on an industry group (telecom, healthcare, retail, etc.) and work on a variety of projects throughout the summer. Projects could include creating a pitch book to present to clients, working on valuation for M&A deals or researching undervalued companies that can be sold.
From the internship, I am expecting to learn a lot about the industry I am assigned to. I will learn about how to value companies and about business strategies that govern M&A decisions between companies.
I am excited about the chance to work in New York, at a big bank and be immersed in a completely new environment. I cannot wait to start seeing how the real world works and leave the protective fences of academia.
However, I am nervous about working with new people. Since the internship requires frequent teamwork, I will need to adapt to a variety of working styles within a short period of time. Also, investment banking is highly stressful and demanding and I wonder if I will be able to perform under pressure.
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