Investment Banking Analyst Job Goldman Sachs – Kenji graduated from Cornell University and worked as an investment banking analyst at Goldman Sachs in their New York headquarters during the summer of 2019. In this article, he will provide a breakdown of a typical day during his 10-week internship.
Before we begin, a little background information: The investment banking division of Goldman Sachs is divided into two main sections: advisory and financing. Consulting advises companies on what to do with their money, so that means M&A, restraint and activism. While financing is about raising money for a business, it also deals with structured finance, equity offerings and leveraged finance.
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Depending on which side you are on, your schedule will vary. For those in finance, the average day starts about 2 hours earlier as it is tied to the market. In New York, markets open at 9:30 in the morning, so financiers need to be there well in advance of opening to prepare for the next day. On the other hand, although consultation departments usually arrive two hours later, the working hours of both parties are equally long.
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The average working day was 15 to 16 hours, and since she worked financially, she had relatively early hours. The day started around 7:30 in the morning. m. and would end at 11:30 p.m. m., with coffee and lunch breaks along the way. Let’s get into the details.
On a normal day I would get up around 6:30am. m. and my goal was to be in the office by 7:15. m. I would have a quick breakfast on the way.
Once in the office, I started catching up on emails, seeing what happened the night before, and starting to put together market updates (this task would rotate between interns).
The idea behind the market update was to inform the team about the most significant events of the previous day or week. It would take me about an hour to find relevant news on how interest rates were moving, when the next Federal Reserve meeting was, and any worthless political or business activity. For the most part, it focused on interest rates as they affected the stocks, bonds, derivatives and other financial products we worked with.
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I got the information primarily from the Bloomberg terminal, which is a standard tool for collecting financial data. If you’re curious, the annual subscription to the terminal costs about $24,000, which shows how necessary it is, as investment banks are willing to pay a lot for it.
I then did a market update presentation that lasted about 15 minutes between me speaking and team members asking questions. Then I might take a 15-minute coffee break with a colleague.
After that I usually went back to my desk to check emails for assignments or feedback on my work. Normally, I would get feedback from my analyst or collaborator on the desktop PowerPoint and ask me to make changes. These would be in accordance with
In case you are unfamiliar with the investment, the banking hierarchy is as follows: summer analyst (me), analyst, associate, vice president (VP), and chief executive officer (CEO). As you can imagine, the lower your level, the more it will be.
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On a good day, I might continue working, but usually an analyst would come to me and ask for a favor, like help with an urgent PowerPoint presentation or if he could check some numbers on Bloomberg.
At 11am I had an internal call with some of the senior bankers and people from other divisions (like the research team) or from another office (like London) to discuss things like the live deal, how it’s going over time. , how we can present it to the client, etc.
As an intern, I took notes to summarize the call in an email. He would occasionally confirm a number or two in a call, but generally didn’t participate. To be honest, I didn’t know much with 5 weeks of experience, especially compared to a banker who has been in the business for 10 years.
I spent the next hour summarizing the call into an email and redoing the edits I had received that morning.
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I’ve listed lunch here as a rough guide, but to be honest, lunch times varied by job. Sometimes he had meetings or other things, so he couldn’t eat until later. On a good day, lunch was 30 minutes. I usually went down to the cafe and ordered something to take away, which I then ate at the table. A bit depressing but that’s what everyone did, as an intern there are no big client lunches with champagne and all the things he likes to put on movies.
I would then complete my presentations and send them to analysts and associates for review. Then they would give me a few more, but smaller changes, and then send it to the big guys, the VPs, and the CEOs. They usually haven’t had much to say, other than we’ve changed a few things here and there, so that’s the general back-and-forth that goes on with the work.
In the afternoon there will probably be another meeting with the client, perhaps to discuss a proposal he has been working on. Usually the person with the highest rank does all the talking, so it’s probably the CEO or VP. As an intern, I would again take notes and prepare everything so that I could report back to a later meeting via email. Most likely, the client asked for something else or the senior bankers asked for something else, so that would be another task that would come to the intern as well.
As a break, I might try to organize a coffee chat with one of my colleagues to get to know him better. This is quite typical in investment banking as networking is a big part of the internship to make connections outside of your department. In my case, the VP told me I had to go out for coffee with all my team members, which I did. It was between 20 and 30 coffees that I tried to consume in the first 5 weeks of my internship.
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By the end of the afternoon, the meetings for the day were over and I could finally start working on the most important tasks. This could be things like creating or updating an Excel model, for example creating a useful template for tracking the progress of deals, or updating a pricing model that was used on a previous deal to be current for the next deal. Here I would get a change to apply some of the things I learned in college, some accounting and finance.
From 7:00 p.m. From now on, I began to hope that I would be able to leave before 10 p.m. that night.
At dinner time, the buffet is closed, so I go for a drink, usually at the food court right next to the office. I would eat at my desk again but this time it would be a bit more relaxed as the markets were closed and there would be no urgency as there were no more meetings that day.
At night I finished the work that took me a long time. Basically, this would include all comments on the PowerPoint table, Excel template, emails and anything else. This is also the case when an analyst or associate asks if you are busy. They only ask this out of courtesy because as an intern you can’t say no to what they ask of you. So I did everything I was asked to do in PowerPoint or Excel, and the dream of leaving the office at ten in the evening quickly faded away.
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This is when I do my last round of “Need help with something?” whoever stays in the office and I hope they just tell me to go home. I was pretty tired after 11:30pm most days so the work I did wouldn’t be great. Unless I had something really urgent, I would try to go home.
Sometimes I had to stay and my worst day in 10 weeks was probably staying in the office until 2am when the team asked for help with something that was due the next morning. If it could be avoided I would be out of there before midnight.
I could go home at midnight. Goldman offered a free taxi service, but I lived in a dorm near the office and wanted some fresh air, so I walked.
Usually Saturdays were completely free as an intern, but every Sunday I went to the office and put in 6-14 hours depending on the workload.
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So that’s a day in my life! Take this as a rough guide as it would change a lot for my daily schedule, especially if there were live offers. Although in reality
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