Erin Parker. JP Morgan & ibankinginternship.com
Upvoted by Quora User. works at Investment Bank year 2005 - 20… • Nick Huber. former Goldman banker
I can tell you what an entry-level banker in a bulge-bracket leveraged finance group does. For more check out my ibankinginternship.com site.
7:30am Get up, throw on a suit as fast as possible, stumble out of the door and walk to work.
8:00am Group-wide meeting with everyone from interns, analysts, to the Managing Director(s). The VPs and Executive Directors discuss new and current deals, where those deals are in the pipeline, and any issues. Group discusses the markets, what to encourage clients to do, practices to avoid. After the meeting, grab a double-shot espresso at the Starbucks off the block to avoid falling asleep at desk.
8:30am Start responding to emails. Emails are about deals. Analyst is handling about 5-10 deals at any one point in time in a group like high grade syndicated loans. Emails can be questions from clients and range from, "Please send me the info memo" to "Confirm the following pricing tables for the loan for X client".
9:30am Client calls and client meetings. You're usually meeting to discuss where you are on the syndicate, what needs to be done next, and to negotiate / finalize which banks are "leading" the transaction, what fees those banks get to charge, and the interest the client needs to pay. The morning is pretty crazy, you're going to be juggling talking with people on the phone, meeting with people in person, and trying to get some powerpoints and models done. You usually spend the whole morning juggling calls + meetings + your own work.
12:00pm Grab lunch and eat it at your desk while trying to get some powerpoint deck with new pricing tiers done or some comps model for a client.
1:00pm More calls and meetings. Your VP drops by your desk and asks you to start putting together the funds flow model for a deal that's about to close. The funds flow model shows what banks stepped in to continue the transaction,
what their new levels of commitment are, which fees got paid to whom, and how much in fees your bank gets at the end of the day. It'll take at least 2 hours to do correctly because back-office takes forever to get you the right data.
4:00pm Meetings and calls begin to calm down and you finally have some kind of time to actually crank. On your to-do list you still have to turnover a powerpoint pitch for a new client, a quick comps model update on your general comps sheet, a 50+ info memo of which you actually write 15 pages but proof read the whole thing, and a couple credit agreements to read for current deals so that you're "in the know" when your client calls you about them.
6:00pm DINNER! You order dinner online and wait until it's delivered to your office. You order something like Turkish Lamb with Rosemary & Spices if you're cultured and something like Outback Steakhouse if you're not. If you're "free" you can eat it with a friend or two in the conference room. If not, eat at desk.
7:30pm You're half asleep from dinner and don't want to get work done. You find a way to pass the time away. walking around the floor talking with people. reading random stuff on the internet. anything to not go back to work for another 30 minutes at least.
8:30pm The office is finally quiet and you can actually get work done, with few people to throw additional work at you. You start edging into work by finishing off the last emails of the night. Then you crank until very late with your headphones on trying to finish that list of 20 things you didn't get done this morning including a 30 page powerpoint deck, some research for your VP about a space he's not too familiar with, some kind of financial model, and proofreading of the legal docs in your deal.
1:00am You giddily walk out of the revolving doors, flag a cab, and GTFO. At least you get FIVE FULL hours of sleep!