Day in the Life of a Goldman Sachs Investment Banking Intern (THE HONEST TRUTH)

Summary

Peter, a former investment banking summer analyst at Goldman Sachs, offers insight into the demanding yet rewarding world of investment banking. He explains the roles of different team members, from MDs to analysts, and details a typical day, which includes client service, deal execution, and extensive work on financial models and presentations. The video also touches on the intense work hours, with Peter averaging 80 hours per week, and shares his personal experiences, including the challenges of all-nighters and the camaraderie built during a team rafting trip.

Takeaways

• 🏦 Investment banking at Goldman Sachs involves advising companies on significant financial transactions such as IPOs and mergers and acquisitions.
• 👔 The corporate finance advisory team is a key part of investment banking, focusing on client service and live deal execution.
• 📈 Investment bankers handle a variety of deals, including equity and debt financings, and M&A, which can be pivotal moments in a company's history.
• 💼 A typical deal team consists of a Managing Director, Vice President, Associate, Analyst, and during summer, a Summer Analyst.
• 🌆 The workday for an investment banking intern can start as early as 8:30 a.m. and extend late into the night, often involving long hours and high workload.
• 📊 Analysts and interns are responsible for building financial models, creating presentations, and conducting market research.
• 🍔 Lunch breaks are often short and taken at the desk, with work continuing throughout the meal.
• 📑实习生的工作内容多样，包括制作公司简介幻灯片、参与会议讨论、以及协助准备客户服务提案。
• 📈实习生有机会参与到真实的交易中，如IPO路演准备，这提供了宝贵的学习和实战经验。
• 🌏不同地区的工作文化和工作时间有所不同，例如纽约的工作时间可能最长，亚洲地区可能面临更严苛的工作时间要求。
• 📈实习生的工作时间可能非常长，平均每周工作80小时，极端情况下可能达到100-120小时。
• 💡对于有志于投资银行领域的实习生，建议要反应迅速、努力工作、并且能够交付承诺的任务，同时要学习如何制作出色的演示文稿和财务模型。

Q & A

What is the primary role of an investment banker?

An investment banker primarily advises and helps companies execute significant financial transactions, such as mergers and acquisitions, and financings like IPOs or debt offerings.

What are the two main types of deals investment bankers work on?

The two main types of deals are financings, which include equity financings like IPOs and debt financing, and mergers and acquisitions (M&A), which involve advising clients on acquiring, selling, or merging with other companies.

What is the structure of a typical investment banking team?

A typical investment banking team consists of a Managing Director (MD) at the top, a Vice President (VP) who acts as the quarterback of the deal, Associates who drive the deal process, Analysts who do the actual work like building models and making presentations, and Summer Analysts who assist with tasks like presentations and research.

What does a summer analyst at Goldman Sachs typically do?

A summer analyst at Goldman Sachs assists with tasks such as presentations, profiles, formatting, pulling research reports, and sometimes a bit of modeling. They are there to learn from the deal team and act as apprentices.

How does the day of an investment banking intern at Goldman Sachs start?

The day of an investment banking intern at Goldman Sachs typically starts with waking up early, checking emails, getting dressed in business casual, and arriving at the office around 9 A.M. to start work.

What is the significance of the pitch deck mentioned in the script?

The pitch deck is a presentation used by investment bankers to pitch potential acquisition targets to a client, outlining the strategic rationale, company profiles, valuations, and other relevant information to convince the client of the merits of a potential deal.

What does the term 'golfers' refer to in the context of the script?

In the context of the script, 'golfers' refers to summer analysts who are there to assist and learn, rather than take on primary responsibilities, similar to how caddies assist golfers.

What is the average workweek like for a summer analyst at Goldman Sachs?

A summer analyst at Goldman Sachs typically works about 80 hours a week, with days starting around 9 A.M. and often extending to midnight or 1 A.M., with some days being worse and involving all-nighters.

What was the speaker's worst experience as a summer analyst?

The speaker's worst experience was pulling two all-nighters in a row to prepare historical financials normalized for the last 10 years by quarter for the CFO of a software company.

What are some tips the speaker gives for someone aspiring to be an investment banking intern?

Tips include being responsive, working hard, delivering on commitments, learning how to make great presentations, being on point with formatting, and practicing modeling skills by rebuilding analyst models.

How does the speaker describe the work-life balance for an investment banker?

The speaker describes the work-life balance for an investment banker as intense, with long hours and high expectations, but also mentions the importance of enjoying the work and lifestyle to be fulfilled in the role.