Not Half-Baked Advice... No Crumbs, Just the Dough
What You Learn in 3 Months of Investment Banking (Sell-Side M&A):
It’s a Sales Job:
Many students underestimate just how much of a sales role investment banking is. As an intern, you’ll contribute to the pitch—your firm’s opportunity to persuade potential clients to choose its services. Behind the scenes, I worked alongside my team to adjust EBITDA, conduct analyses, and highlight favorable metrics in slide decks to enhance client appeal. During buyer calls, the team presents the client’s company in the best possible light, emphasizing its growth potential and strategic fit within the buyer’s portfolio. From there, the effort shifts to persuading buyers and sellers to agree on terms.
This role highlights the importance of active listening, making clients, stakeholders, and buyers feel valued, and skillfully guiding everyone toward a favorable deal—skills that are critical for a successful investment banker and future MD.
The Entire Deal Process:
Scrolling through WSO can be helpful, but it doesn’t capture all the intricacies of M&A. As an intern, you’ll experience everything—from creating the slide deck the Managing Director (MD) pitches to prospective clients to understanding the details of the kick-off call after securing them. You’ll be involved in sourcing buyers, drafting teasers, and learning how they’re sent alongside non-disclosure agreements (NDAs), developing the Confidential Information Memorandum (CIM), sending and receiving Indications of Interest (IOIs), preparing the Management Presentation and Letter of Intent (LOI), and culminating in the most rewarding part (after due diligence): signing the Purchase Agreement.
Navigating these complexities as an intern gives you both a broad perspective and a deep, technical understanding of the entire M&A deal cycle.
Reputation is Key:
As an intern, you’ll likely help showcase your bank’s closed deals in pitch decks to highlight its expertise in different industries. You’ll conduct thorough due diligence and analysis on clients’ financials to mitigate risks such as regulatory scrutiny or items that could lead to deal failure. You’ll maintain a professional presence and demeanor, as you represent the face of the company. You’ll also ensure attention to detail to avoid mistakes, respond promptly to client requests and assigned duties, and organize tasks based on time sensitivity while communicating your progress with the team.
All these efforts contribute to the firm’s reputation as a meticulous and reliable institution. These actions not only foster a recurring and growing client base but also establishes you as a valuable contributor to your firm.
Most importantly, you learn to cut the back vent stitching on your suit jacket—you’ll get grilled for it if you don’t.