Credit Suisse in NYC
written by David Johnson
Seung Hyun Ko, an Economics and Information Systems double major, recently had a great experience interning for Credit Suisse in New York City. Ko worked within the investment banking division in the product coverage group, and shared insights he gained from this opportunity.
Where did you intern this summer?
I interned at Credit Suisse in New York City as part of the product coverage group in the investment banking division.
What was your role at the firm?
I worked as a summer analyst, which means I am essentially part of a support crew for the associates and higher level bankers. We are assigned many different tasks, and are responsible for whatever needs to be done. There is a lot of multitasking on the job. I would prepare presentations, spreadsheets, and other materials for the others to use.
All the desks within the firm are different, however I was involved in the valuation side of the work. There were existing, complex financial models that I would use for valuations, and I would also build my own models in Excel on a more basic level. We would compare our results with the other financial models to make decisions and pass them on to the other bankers. What made you want to get in to investment banking?
My father worked for IBM for a period of 35 years. He was a computer guy in a very manufacturing based company, and I had always planned on working for such a company. Most of the companies in Korea are very manufacturing based. Initially I majored in Information Systems, then I took some accounting classes. My wife suggested that I take a look at investment banking as a career path, and so I began to explore. it. I like the fact that my opinion matters within the realm of banking, rather than the very strict chain of command relative to most companies. Within investment banking, you are able to formulate your own opinion and are not "told" to think a certain way as you try to ascend the hierarchy. What was the culture like?
I worked 106 hour weeks, every week. At 730 am I would be promptly seated at my desk, and worked until 1-2 am the following morning. Monday through Saturday, and most Sundays as well. Each desk has a different culture, and product group was more quant oriented. We would build models and calculate numbers. It was more laid back than the traditional investment banking side of things. What were the highlights of your internship?
The main highlight of my internship was the presentation. At the end of your internship you give a presentation to executives and higher-level people within Credit Suisse, an extremely intimidating experience. You are expected to give a summary of your entire experience, and show what you have learned throughout the course of your time spent working. At the end, the executives and managing directors ask some pretty difficult questions. Your presentation is printed and distributed to various people as well. To whom would you recommend this internship?
I strongly recommend this internship to Econ students, and to finance students as well. Macroeconomics theory helps with a lot of the intuition happening on the job. There wasn't a whole lot of Information Systems related work, and I don't feel that accounting would particularly help this line of work either. Statistics students, math students, econ students who have a vested interest in banking would be wonderful for the job. If accounting students wish to do investment banking they are probably more interested in the corporate finance side of things. What are some tips related to getting this internship?
It is important to have a good GPA, however it's not crucial and can be offset by good experience if low.
Academic experience and relative work experience play a huge role on your resume.
During my PwC internship the months previous I was able to meet with a lot of professionals. Networking is key.
Ko graciously agreed to answer any questions that one may have with regards to his experience and can be reached at [email protected]