A Day in the Life of an Investment Bank Intern

E&M student John Rogers is currently off campus interning at Quarton Partners Investment Bank in Birmingham, MI. We reached out to him to hear about his experience. Here’s what he has to say:

I’m an investment banker now, and do you know how much money I see in a day? None. That’s right, NONE! Do I follow the stock market all day? Do I have my eyes glued to CNBC? Do I design complicated mathematical models for asset pricing and derivative? Nope, none of that either. That might be hard to believe, but it’s the truth.

One might ask then, “What do you do?” And to that I would have to say lots of googling. I work at Quarton Partners Investment Bank in Birmingham, MI. This is what is called a sell-side firm, which means Quarton is hired to represent companies that are trying to sell assets, securities, or their entire business. What I do here is basically sales. We develop a narrative (a compelling story) that shows other businesses and investors why buying our clients is a great idea. It involves some financial statement analysis, some financial modeling, but predominantly it’s all basic research.  This especially applies as an intern.

Now that sounds pretty simple. And to some extent it is, but if it were that simple everyone would be doing it. When I say research I mean macroeconomic, market, and firm level research that determines and gathers information on all relevant characteristic that might impact the operation of a company and thus its price. We use specialized tools such as S&P Capital IQ data service. This is an online data base of millions of companies and relevant information about them such as financial statements, mergers and acquisitions history, and industry news. It’s a crucial tool in my day-to-day work. However, this is not the only tool. A lot of research involves finding industry publication and research reports put out by government agencies and other firms. FRED, the BLS, the Census Bureau, and BEA are also used and cited frequently.

I go back to this may sound easy, but try doing it 12+ hours a day, 5 days a week. It’s a long day, no doubt. It’s also rewarding though. I, for instance, started out doing small research projects. The first one I was assigned was creating a geographic map of a company’s product distributors; something I never thought I’d be doing at an investment bank. These unexpected responsibilities have been a great part of the job.

This internship and the work done here at Quarton has really been a growing experience. There is a lot to be learned about business acumen, routine, and discipline. Believe me, all jobs have their ups and down and days where you feel like you accomplish or contributed nothing, but every day you’re learning a little bit. Even if that little bit is how not to do something, it’s valuable.

My experience has been that real work in the real world clarifies career paths and opportunities. The best advice I can give is that there is no substitute for hard work and experience, and you should seize every opportunity and learn everything you can.

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Krauss Nominated for NFF Scholar-Athlete Award

Economics and Management senior Spencer Krauss is nominated for the NFF Scholar-Athlete Award! Read the entire article at the following link:

http://www.albion.edu/sports/mens-sports/football/4986-krauss-nominated-for-nff-scholar-athlete-award

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Recent Graduate Rob Clark Spotlight

Hi all,

It has been about four months since I graduated from Albion College as a Mathematics/Economics major. During this time I have been working in Chicago as an Actuarial Analyst with Towers Watson, a human resource, risk and financial management company.

My line of business with Towers Watson is Retirement and Benefit Services. Towers Watson works with about 75% of the Fortune 500 companies, helping many of them ensure their employees a financially stable retirement. The idea is to generate retirement income over time in order to help their employees enjoy the quality of life they want during retirement. We consult with companies on how they can design and fund these retirement plans. I have been faced a variety of fun and challenging projects influenced by an uncertain economy, changing retirement plans, and new regulations.

The classes I took at Albion College through the Economics and Management Department have prepared me for this work. Classes such as Financial Management, Financial Markets, Portfolio Theory, Mathematical Economics, along with many mathematics courses, have been a huge help in my every day work as well as covering material on the Actuarial Exams. The E&M department also provided me with opportunities like the Fed Challenge and FURSCA Research where I was able to apply what I learned in classes.

The liberal arts education that Albion College offers along with my athletic endeavors on the men’s soccer team have taught me how to effectively interact with others, which helps with my communication with fellow employees and as a consultant to clients.
I really enjoyed my time at Albion College and am thankful for its help in getting me to where I am now.

If you have any questions, feel free to email me at rdc12@albion.edu.

Rob Clark

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Aaron Croad Update

*Editor’s note: This post is a follow up to Aaron Croad at Ernst & Young*

Hello all!

My name is Aaron Croad and I am closing in on two months removed from graduating from Albion College! My experience at Albion College was great; I was challenged to grow academically; I was pushed to my physical best athletically, and I was placed in the right environment and given the opportunity to grow professionally. Consequently, after being involved with the E&M Department at Albion, along with the Gerstacker Institute, I matured incredibly throughout my four years at Albion and I set myself up for a great start in my professional career. After a great summer internship with Ernst & Young in Detroit, I was offered a job with them in September 2011 to begin soon after graduation. My first day full time with E&Y is August 13th! I am extremely excited for the new challenges ahead. I will be working in their Performance Improvement practice, a division within their Advisory Services. I have to credit my experiences at Albion College for preparing me for what I have accomplished thus far (in order to get the full time job offer) and for what lies ahead.

If you have any questions or want to reach out to me, my email address is aac14@albion.edu.

Thanks!

Aaron Croad

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Summer SOAR Sessions

Hello, incoming students!

We hope you are enjoying your summer before you join us here at Albion!

With the first SOAR session right around the corner on May 30th, we wanted to give you an idea of what to expect.  As well as meeting a lot of other incoming freshman, you’ll get the opportunity to get your first glimpse of what college life at Albion will be like. There will be a lot to do, but the main event will be registration. While signing up for classes, please remember that if you’re planning on majoring in Economics and Management, you’ll want to sign up for at least micro economics (E&M 101). Don’t worry if you have a lot of questions (completely normal!) — there will plenty of professors and upperclassmen there to assist you.

We hope you have a fabulous rest of your summer, and we are eagerly awaiting your arrival in the fall!

 

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Summer Wrap-Up

Things are officially in full swing here on campus.  We have just begun week 3 of classes and our students, faculty and staff are starting to really settle into the daily routines that come with the 15 week semester. Since summer has officially come to a close we want to give you a little wrap up of what our students were up to this summer.  As you may have noticed from our previous blog posts our students were busy in the working world completing internship and gaining real life work experience.  Here is just a glimpse at some of our summer stats.

Internship Host with the most Albion Interns: Ernst and Young
5 Albion students were given the opportunity to work in varying areas at E&Y. 2 of the interns Melissa and Aaron wrote about their experiences and shared them on this blog be sure to check those out to learn what the students were really up to.

Number of Internships out-of-state: 2
We had 1 student in Ohio at Coyle Funeral Home and 1 student in Cooperstown, NY working for Dugout Media.  Matt and Katy also shared their experiences in previous posts find out what life is like for an out-of-state intern is.

Our most out of the ordinary internship was held by Junior, Kimmy Leverenz.  She worked as a research assistant at the cancer research center at the U of M Hospital in Ann Arbor.  Check out her post here!

All of our interns did a wonderful job and many were giving full-time employment offers for after graduation.  With that said, another successful summer is on the books and we are ready to take on the Fall 2011 semester.  We have students around the state, country and world this semester so please check back regularly to find out what they are up to. Check back next week when we’ll be giving you a peek into our jam-packed fall schedule and some exciting new additions to the E and M crew here on campus.

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A Grand Experience in Northern Michigan

This internship completes my requirements at Albion College and as a member of the Gerstacker Institute. I cannot imagine a better place to apply my knowledge and learn so much more about business management, event coordinating, and hospitality than Grand Hotel on Mackinac Island.

 I have learned all the steps to planning a successful event at one of the world’s largest summer resorts. There is a lot of collaboration with in the hotel to make any event, big or small, happen. Reservations, chefs and kitchen staff, convention porters, musicians, the flower shop, general and assistant managers, the convention managers, and many others all work together to make an event happen. I have had the opportunity to take on the responsibility with my own groups, mostly family groups and smaller business groups, to coordinate with the hotel to meet and exceed their expectations.

 My first day at Grand Hotel I was introduced to my files of about 20 groups I would be working with from May through October, and more have been added since then. Everyday I call clients to keep updating plans, whether it is an anniversary celebration planning carriage tours, private dinners, and family slideshows or a business convention with meetings, tee times, and working lunches. I have to find available space for the groups in meeting rooms and private rooms for meals to meet the clients’ needs while fitting them in with many other groups in the hotel at the same time.

 I work with so many great people as well. I have gained so many great friends and mentors throughout this internship and being on Mackinac Island. The island has become a great place to work and live. Most of the employees at Grand Hotel have employee housing about ¾ of a mile up the hill from the hotel. I have my own room, sharing a bathroom with my suitemate. Many of my friends live close by. It often feels a bit like college on the island.

 This has been a wonderful opportunity, and I enjoy so many aspects of what I do at Grand Hotel. With wonderful people in such a beautiful place it is hard not to enjoy going to work everyday.

Amy Sorenson

Albion College Summer 2011 Graduate

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