How to maximize your impact during an M&A internship?

You've landed your first M&A internship and now you're wondering how to make a good one? First and foremost, it's also important to arrive perfectly prepared for your first day as an intern.

Read more: How to Prepare Your First M&A Internship?

As you know, M&A is a very stimulating profession, but above all a very demanding one. That's why there are a number of things you need to do to make the most of your first M&A experience, right from day one.

Familiarize yourself with the working environment

Every company has its own culture and way of doing things, and it's essential to understand the environment you'll be working in as soon as you arrive.

To do this, take the time to read internal manuals and consult previous work (pitch-books, IM, etc.).

Reading these documents is crucial for several reasons. Firstly, it helps you understand the company's standards and expectations, so you'll be better prepared to respond to your superiors' requests. What's more, it gives you an idea of the types of projects you could be working on and the specific skills you'll need to develop. Sometimes, a learning document is passed on between trainees, which is also very instructive as it adopts the point of view of those who have gone before you.

Don't hesitate to take notes on what seems relevant to you in the various documents you've read and when your managers answer your questions. This will help you familiarize yourself more quickly.

Take effective notes and keep track of your work

As said earlier about reading internal documents, note-taking is an essential skill in M&A.

During meetings and deal reviews, take note of key points, questions asked and feedback received.

This will not only help you retain important information, but also show your superiors that you are attentive and committed. What's more, these notes can serve as a reference for your future projects, as in some structures they will be used as the basis for writing assignments (IM, pitch or other), making it all the more important for you to be rigorous about them.

So we advise you never to throw away your notes, or any work you do, and even to make summaries that you can re-read later.

Since you'll be carrying out a variety of tasks that may cross-reference or repeat themselves in the future, it's crucial to keep track of your sources at all times, and never delete previous versions of your work (in case you need to use a backup of a buggy file, for example). These documents can serve as a reference for future projects and help you save time.

For example, if you've already carried out a sector analysis, you can reuse and update it rather than starting from scratch.

Take initiative and be rigorous

As you're no doubt aware, investment bankers are often very busy and sometimes gloss over certain details in their explanations, so don't hesitate to take the initiative in your work.

Show that you're proactive and that you're looking to go beyond expectations. For example, if you notice an error in a document, correct it immediately without waiting to be asked. This kind of action will demonstrate your thoroughness and commitment to the team's missions. However, when you hand in your work to your superiors, discuss your initiative to make sure you've made the right choice (and your undeleted job backups will make sense if you haven't).

From this stems the rigor you need to apply every day, to make sure you're asking the right questions and not missing any details or taking the wrong initiative. So make sure your PowerPoint presentations are graphically consistent and data accurate. A well-structured, visually appealing presentation is essential for communicating your ideas effectively; always check the figures in your graphics to avoid mistakes.

We also advise you to produce summaries of the various Dataroom presentations you may come across. These summaries should be clear and concise, enabling anyone who reads them to quickly understand the essential points.

Curiosity, a valued quality

Curiosity is one of the most highly-appreciated ancillary qualities in M&A. Don't remain passive, and ask pertinent questions to understand strategic decisions. Show that you're interested in the project and want to know more.

For example, ask your manager to explain certain concepts or to give you more details about what's at stake in the deal. If you can't find the answers by yourself, ask them (or simply ask them to help you with your research).

If you can and feel comfortable, try to come up with ideas. For example, you could suggest a new way of presenting data, or an additional performance indicator. This shows that you're interested in the business and looking to add value to the team.

Don't hesitate to support the team by offering your help on various topics. Even if a task isn't part of your direct responsibilities, show that you're willing to help. This reinforces team spirit and shows that you're flexible and adaptable.

Managing hierarchical relationships

Hierarchical relationships are often portrayed as difficult in M&A. While this may have been the case a few years ago, today this tendency has largely disappeared and is only present in certain teams in the marketplace. So, maintaining a good relationship with your managers is essential.

• Communicate with senior analysts and associates

Keep analysts and associates informed of your progress at all times, and anticipate their needs. Show that you're organized and know how to manage your time, by sending regular updates on the progress of your tasks and asking for feedback after each important deliverable.

Feedback is essential for you to improve and progress. Show that you're open to criticism and that you're looking to improve. For example, after submitting a job, ask your manager what you could have done differently or better, and incorporate this feedback into your work as quickly as possible to improve your working speed (you won't have to go back over it), the quality of your work and your attention to detail.

For example, if your manager tells you that you need to be more precise in your analyses or that you should have taken more notes, work on this.

• Interacting with VPs and Managing Directors

With VPs and Managing Directors, be concise and make key points, avoiding superfluous details. These people often have busy schedules, and it's important to provide them with concise, relevant information. Prepare your presentations in advance and be ready to answer their questions clearly and concisely.

Arrange meetings with your superiors

Communication is the best way to get things moving in a team. If you feel that something isn't quite right at your placement, don't hesitate to ask for a meeting with your manager. Misunderstandings or things left unsaid can lead to unpleasant situations that could easily be resolved and improve your first M&A experience.

In any case, if everything is going well on your side, we still recommend a mid- and end-of-course review to find out more about your strengths and areas for improvement. This interview is an excellent opportunity to discuss your overall performance and receive advice for your future career. Prepare questions in advance and be ready to discuss your achievements and challenges.

Conclusion

Your first M&A internship is a wonderful springboard. Managing  It enables you to acquire cutting-edge technical skills, develop your network and demonstrate your ability to work under pressure.

By preparing thoroughly, remaining proactive and making the most of your experience afterwards, you'll make a noticeable difference on the financial recruitment market.

Don't overlook the impact of a first internship on finding the next ones (and your future job). Finance is a small world, and it's common for a bank to call your previous employer before recruiting you.