Response 3

Graduation Year: 2008
Major: Finance & Accounting

What company did you intern with?
Deutsche Bank REGLL (Real Estate, Gaming, Leisure, and Lodging) Investment Bank

Where were you located?
New York City

What was your position?
Summer Analyst

What were your basic responsibilities?

• Filing documents as they came in via internet
• Updating comps tables
• Updating hotel transaction database every day
• Creating charts and graphs in Excel from numerous sources
• Speaking with clients to get specific documents
• Editing pitchbooks, CIMs, and A4s

How many hours did you work per week?
I averaged 92 per week over the summer.

Describe a typical day of work.

• 9:30 – get to work, check email and speak with managers about important tasks for the day.
• 10:30 – begin to update hotel transaction database as events occur throughout the day, and make edits to pitchbook/CIM that manager has started since morning
• 12:00 – quick lunch break
• 12:30 – check email, speak with managers about progress and begin to create graphs, charts, company and property writeups and descriptions
• 2:30 – check email, write emails, get on one or two conference calls with managers and client
• 4:30 – check email, make 2nd round updates of the day to pitchbook / CIM, sit down with managers to discuss progress and what the rest of the night will look like
• 6:30 – dinner break
• 7:00 – check email, write emails, conference with managers about weekly outlook, make final updates on day's hotel transactions
• 8:00 – make 3rd round edits to pitchbook / CIM, manager leaves for the night
• 10:00 – check email, write emails, sit down conference with remaining team about night's outlook, send 3rd round book to manager via car
• 12:00 – receive 4th round edits via fax, make updates to tables, charts, graphs and pitchbook / CIM, finish emails
• 2:00 – leave for home

  What did you like best about your internship?
  My experience was a little different – usually interns work on 8–10 projects over the course of the summer, while I really only worked on one live, sell–side for a vineyard REIT. I had a tangible, final product at the end (a 200–page Confidential Information Memorandum) and I knew that the biggest investors in the world (Blackstone, Cerberus, Farrallon) would be looking at the graphs, charts and writeups I did.
  
  I got to speak with the CEO, CFO and COO of our client on a daily basis (they didn't know I was an intern) and get their thoughts on the vineyard and wine industry.
  
  I learned a TON – not as much about investment banking, but about vineyards. This is one great part of the job, learning as much as possible about unique, niche sectors.

  What did you like least about your internship?
  The hours are grueling – there was a period of 3 days where I didn't change my boxers once and got 10 total hours of sleep. Much of what is done is pointless or scratched from the final product – you realize that while you're working on it, but it doesn't matter, the tasks (however pointless) still need to be done. In I–Banking, your job is your life – you can be called in at any time, and are expected to break and / or drop previously made plans if something arises – I experienced this on numerous occasions.

  What did you think of the company as a whole?
  I think this is fantastic company to work for – the people are extremely nice and understanding and want you to succeed as much as possible. In my group there was absolutely zero competition for spots, salary, etc.

  Can you offer any tips for interviewing with this particular company?
  Just be a smart person – demonstrate that you have the will to do what ever it takes to get a job done, show that you are extremely detail oriented and that submitting tasks knowing that there are mistakes makes you very uneasy and uncomfortable. It is not necessary that you know how to do an LBO model, accretion / dilution model or 20-year DCF with property roll-ups. However, know the basic ways of valuing a company (not necessarily the exact steps you take when valuing the company) and know why each one is used (this is the MOST important part). Know the strengths of each valuation method and for what particular instances they'd be used. Most importantly, BE CONFIDENT. Walk into the interview knowing that you know what you're talking about, this will go a very, very long way.

  Considering your experience, would you recommend this internship to other students?
  Absolutely.