Posted in Internship Experience Stories, Total Reads: 417
Name: Deepankar Mathur
College: XLRI Jamshedpur
MBA Batch: PGDM Global Business Management, 2015-17
Summer Internship Industry: Investment banking
Location: N.M. Rothschild, Mumbai
Profile: Global Financial Advisory, Summer Intern
Brief Project Description & Responsibilities:
As a summer intern at N.M. Rothschild, I was allotted a primary project for the course of two months which required fundamental analysis of a large Indian conglomerate. The recommendations coming out of this project were supposed to assist the senior bankers in future. Along with this project, I was required to help the bankers perform their daily tasks. Mergers and Acquisitions is the bread and butter of Rothschild’s India operations and helping bankers in their daily tasks helped me get a complete sense of background work that goes behind M&A deals, and the way of life at an Investment Bank.
What was the overview of the project? Elaborate with some details
My primary project required me to financially analyse a large Indian conglomerate and suggest ways to help improve its financial fundamentals and shareholder returns. In order to improve the returns on equity and returns on capital employed of the group, I was required to understand the business activities and plagued areas of operation pulling down the financials and bottom-line for every major subsidiary. I was required to link the effect of any and every change in the financials of the firm with the business activity that led to that change and compare their peers’ performance in the similar macro-economic environment. Based on this analysis, I proposed a 16 step recommendation for the group and its subsidiaries, which I believe would lead to increasing the returns for the shareholders. Alongside this, to assist the bankers, I was involved in preparing pitch books for clients, company profiling, and conducting desk research to identify potential investment opportunities for clients in the power T&D and FMCG industry.
Share your daily routine & overall summer internship experience.
My daily routine may seem extremely hectic to others, but it was something that made me truly feel part of the Investment banking industry. Beating the early morning Mumbai traffic by taking a Mumbai local, I used to reach office by 9AM. My average day would start with looking for any latest news updates involving the firm I was analysing as part of my primary project, or any other company my work was linked with while helping other bankers. Rest of my day, and evenings would go into building my financial models, reading brokerage reports, preparing presentations or updating databases to keep track of investment opportunities or helping other bankers in their activities. Even though the official work hours are from 9AM to 6PM, Monday to Friday, none of the bankers or the interns were required to limit themselves to these office hours. The work took precedence, which meant working late till midnight during weekdays and working during weekends as well. However, the passion and love for finance kept everyone going.
How was the selection process conducted?
The selection process was a three round process. The first round involved shortlisting of candidates based on their resume and profiles. The next two rounds were interview rounds. The Rothschild interview panel consisted of senior bankers. The panel did not visit campus at Jamshedpur to conduct the process and rather preferred to take interviews virtually. The two interview rounds revolved around understanding the candidate’s strength of fundamental concepts of Accounting, Corporate finance, valuations and economics.
What were your key learnings from the summer internship?
My Summer internship experience helped me gain a strong foothold on my concepts of Finance, and how these concepts are applied practically by bankers when they are working on big deals. Even though I worked at Rothschild for just 2 months, but I had some of my best moments of working in a professional environment here. No one can have the stamina for working 15 hours a day, 6 days a week for 10-15 years of their career in an IB UNLESS they have the passion to do so. It is impossible to work in an investment bank without the right motivation, and passion to do great things. Working in an IB gives tools to positively effect a change in activities of large number of stakeholders. Decisions made sitting in a meeting room at Rothschild have abilities to change stock performance of an equity. A wrong decision made once, can have catastrophic long term effects on client’s business operations, Rothschild’s respect and eliteness and one’s career. Stakes are always high while working at Rothschild everyday. However, there is one thing that makes everyone working at Rothschild to keep going forward – viz, the satisfaction that comes with a successful deal making headlines of major national newspapers and media networks.
Three tips would you give to your juniors
1. Focus on building strong concepts in Management Accounting. Try to link concepts to company’s Balance sheets, P/L and cash flow statements in their annual reports. Spend time linking how a change on one statement would effect change on the other two statements.
2. Spend some additional time studying concepts of Corporate Finance and portfolio analysis, which is generally covered in later trimesters of the first year.
3. Keep tab on latest news related to Corporate deals, mergers and acquisitions, stock market performance, GDP , inflation indices, etc.