How many deals are interns usually staffed on at their BB? Was on 5 deals at a given time during my recent summer internship at a BB in M&A and was wondering whether that was too much? I did have crazy days where I'd easily go to bed by 1-4am. The deals weren't all active at the same time, but at least 2 were eveey given time and I had to keep my eye on my inbox for the othrr 3.
Thanks!
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Based on the insights from Wall Street Oasis, being staffed on multiple deals as an intern at a Bulge Bracket (BB) bank in M&A is not uncommon, though the number can vary widely depending on the bank's deal flow and staffing needs. Here's what you need to know:
Staffing Variability: At a BB, interns can be staffed on a range of deals. The number of deals can vary based on the group's activity and the intern's capacity. Being on 5 deals, especially in M&A, indicates a high level of trust in your capabilities and a robust deal flow within your group.
Workload Management: It's typical for interns to experience fluctuating workloads, where some days are extremely long, as you described. The staffing on multiple deals, even if they are not all active simultaneously, requires constant attention and readiness to jump into action, which can lead to late nights.
Comparison with Peers: While there isn't a specific 'normal' number of deals for interns to be staffed on, being on 5 deals suggests you were highly engaged. This is generally seen as a positive sign of your performance and the bank's confidence in your abilities.
Learning Opportunity: Being involved in multiple deals provides a rich learning experience, offering insights into different stages of deal-making and exposure to various aspects of the M&A process.
Feedback and Evaluation: Given your experience, it would be beneficial to seek feedback from your supervisors or mentors at the bank. They can provide insights into how your workload compares to typical intern responsibilities and offer guidance on managing multiple projects effectively.
In summary, being staffed on 5 deals during a summer internship at a BB in M&A is indicative of a busy but potentially very rewarding experience. It's important to manage your time effectively and communicate with your team about your workload to ensure you can perform optimally on each task.
Sources: How many hours do ib summer analyst interns work?, Advice for summer and return offer rate?, Has Anyone Worked at Both a BB and EB?, Will virtual interns this summer get staffed / insight on live deals?, How did your MBA Summer Associate Recruiting go?
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I find it extremely hard to believe you were “staffed on 5 deals” as an intern. Doing 1 off tasks here and there for a dead deal doesn’t really count as being staffed.
At my bank 2 live deals and a pitch is considered adequate staffing levels. If you are the sole analyst on more than 2 live deals at once you’re going to hate your life, especially if they’re in a similar stage.
Even from just a logistical standpoint there is no way you’d be able to make all the meetings for 5 deals at once, this something I struggle with when only on 2 deals sometimes.
TLDR: No way you were on 5 “live” deals at once, anything over 2 isn’t fun.
I will say, with how my banked worked - 5 deals in a coverage group where you are running materials and buyer out reach, near impossible.
Working on 5 M&A deals where you are primarily responsible for only models and maybe an assisting hand on materials involving the model - very possible, but would still be a lot
Being on 5 deals as an intern is a lot different than as a FT analyst. You were likely analyst #2 or even #3 on all of those deals, it's not really comparable when your work is doing light ppt edits, research while the main analyst is spending 12h/day in the model and churning out math pages.
When you are main analyst, you can be on anywhere from 1 deal (if a huge live deal that's ruining your life) to 4-5 (maybe 2-3 near-term projects that aren't quite at life ruining stages yet, and then a handful of long dated or slow burn projects)
Also sorry to say, bed at 1-4am is not unusual in IB
Thanks for your response. I think it's best if I just write my experience and you can tell me if it's relatively normal
Sorry when I say deals I didnt mwan live deals I meant projects: so split between 3 live deals and 2 live pitched
Deal 1: business A was looking to sell and they wanted us to explore all possibilities. I was analyst 2
Deal 2: business B was a live acquisition and I remember them faffing about prices / doing some kind of independent valuation to please the board. I was working just with VP and analyst
Deal 3: business C was struggling and looking for ways to grow via m&a. It wasnt a pitch as they already were a client but weirdly this was very very busy, the MD was very demanding. And the analyst on this was getting bombed on another deal so made me do a lot. I was analyst 2.
Pitch 1: i was staffed on this very suddenly and we had under a week to get a pitch sorted. There was a MD associate 3rd yr analyst and then me.
Pitch 2: lots of work but it was more slow burning so easier to deal with
Not sure if this workload is standard or not. I just struggling with juggling all 5 plates, yes not all were active at the same time. But 2 or 3 were. I just prefer to do one thing at a time perfectly and move onto the next.
Also found it a bit annoying that things would come in onky after 6pm so if I finished my work for thr day I had to stick around until 10ish to see if I woukdnt get extra work
You're never going to be doing one thing in IB - 2-3 deals active at once sounds normal and like they were utilizing you properly. Learning to balance a dozen different deadlines and competing seniors asking for stuff is a huge part of being an IB junior. You are never going to have clearly defined tasks or workloads in IB
Consulting may be better for you if you want to work on 1 project at a time.
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