<p>Few Questions:</p>
<p>1) What does a typical i-banking summer internship pay?
2) For what years are they available (i.e. soph, junior, senior)?
3) How tough are they to get?
4) Why isn't UChicago on Goldman Sachs' recruiting calendar?</p>
<p>1.) Anywhere from $5000-$6000. For most banks it is just the prorated salary of a full-time analyst.</p>
<p>2.) Junior year is pretty much the only year they are available. If they are satisfied with your performance then they can offer you a full-time job.</p>
<p>3.) Tough. But manageable if you come from a target school, 3.5+ GPA, good extracurriculars, personable</p>
<p>4.) You would have to ask GS.</p>
<p>This will probably sound like a stupid question, but what exactly does investment banking involve? I've heard everyone talk about how it fetches a high salary, yet it seems that it's assumed everyone knows what's involved in the job.</p>
<p>It would be much easier to get one if you have good connections. Start networking!</p>
<p>What major do you have to be to get an I-banking internship? Engineering, business, pharmacy, etc?</p>
<p>And what kind of work does I-banking involve?</p>
<p>I see Zero is back with his ibanking obsession.</p>
<p>Actually Junior year is not the ONLY year they are available. I know of multiple sophomores that are working as summer analysts in the city. One of my freshman friends got an offer at GS. Not through connections - she went thru the interview process like any other interviewee. I myself got one at CSFB, though I used the connection card for this one. But then again, I'm in Penn so its probably not the norm at other schools.</p>
<p>I'm guessing any sophs applying for the jobs have to have super high GPAs...cause I'm sure that most of the companies specify juniors and seniors.</p>
<p>You really need to wow the interviewers during the interview. Show them you know your shi*. You have to be prepared and confident. I know of a junior girl getting an ASSOCIATE level summer internship (which are reserved for MBAs). Granted, she's super-smart and has done internships in the past. But anything is possible.</p>
<p>What kind of **** will you have to know...considering you're (and I say "you're" in a general context) a second-year student, chances are you haven't learned any hard financial skills yet (unless you're a Biz major) nor had any other internships...</p>
<p>So would it consist of reading up on your own about bond valuation, DCF valuation, etc...? Or something else?</p>
<p>You learn bond valuation and DCF in sophomore year??!! wow. Considering getting a book and just doing some case studies from the data you can gather online a nice valuation can be made. </p>
<p>Anyways, it is possible to get internships. Try and get back office jobs. It shows commitment. You will probably have write down the P/L, looking at the stuff and seeing if everything is correct etc. They give out these jobs. Try and be persistent. In UK they actually have headhunters that will give high school students and first year college students back office jobs. Should be possible in the US too. Try and call up the human resource offices. Look in the websites.</p>
<p>Just another thing: if a school is not listed under an i-bank's "Campus Events," does that mean it's not recruited from?</p>
<p>What types of majors do they hire? I might be interested in this field, but I'm not quite sure what it involves. thanks</p>
<p>Can we move all those "What is I-Banking?" questions somewhere else?</p>
<p>sry jpps1. u dont have to answer my ?. there IS no other I bank threads so i just thought id post it here. I really don't mind if you don't answer my ? :)</p>
<p>Wikipedia has a great entry on this (as do many other sites)...but since you asked nicely...</p>
<p>"Investment banking" is pretty much an umbrella term for a whole slew of financial services. I'll run down a few of them:</p>
<p>Corporate Finance: This is what many people mean when they say "investment banking." Basically is what it sounds like--helping companies finance projects, raise capital...involves lots of financial modelling and client meetings. Typically, you'll start out as an analyst (more financial modelling than anything), and eventually become an associate (usually you need an MBA to be an associate, but not always).</p>
<p>M&A/Underwriting: Another prototypical "investment banking" job. Sort of an offshoot of corporate finance, it involves helping companies with mergers and acquisitions of other companies (hence M&A) as well as issuing new securities (underwriting).</p>
<p>Equities and Fixed Income Research: What it sounds like--you investigate companies and help to properly value their stocks and bonds, among other research tasks.</p>
<p>Sales: These guys are on the phone with the big investors in the firm, who are almost 100% institutional (mutual funds, other banks, etc...). They try to sell them issues that the i-bank is pushing for that day/week, which oftentimes involves newly underwritten securities.</p>
<p>Trading: This is where the fun is (at least for me). Traders are responsible for market-making in securities (either Fixed Income or Equities) as well as getting the best prices for institutional investors or extremely wealthy clients. Most i-banks now have a prop trading desk as well, which means traders in that area are trading with the i-bank's own money. It's a high-pressure, fast-paced job--but the hours and pay are better than others.</p>
<p>Almost any major will get you into some branch of i-banking, but ideally one should major in Finance, Economics, Statistics, Math or Accounting.</p>
<p>Hey thanks for your help :)</p>
<p>Do you have to major in Finance, Economics, Statistics, Math or Accounting to get a I-banking job?</p>
<p>What if you major in pharmacy or engineering?? Would you have the knowledge necessary to do the job?</p>
<p>Jpps: If it is not listed then it either doesnt recruit there or it doesnt list it on the website but a phone call to the career service office at the respective college should tell us whether they do or dont. Sometimes they do not list it on the website but alumni do go there are have presentations. </p>
<p>Engineering is excellent for ibanking. For both M&A and for S&T. For S&T try and stay on quantitatve fields especially for fixed income divisions. For sales it really doesnt matter however quantitative abilities is essential. In M&A doesnt matter what you do, just go to a prestigious college. Simple valuation stuff that takes a few weeks of hard studying to teach.</p>
<p>what does M&A and S&T stand for? how much math is required? beyond calc4?</p>