Summer Analyst Review

The internship was well organized, enabling us to get acquainted with our team immediately and to begin doing real work. Teams and interns were kept up to date regularly via weekly catch-ups with our team. We also had an analyst 'buddy' only an instant message away who was able to answer any immediate questions as they arose. I felt that I was given extensive latitude to learn, work hard, and interact with senior management. Compared to friends' experiences at other investment banks, R&Co interns were given significantly more responsibility and greater access to top dealmakers. I was very pleased with the virtual internship overall and would highly recommend it to any student interested in M&A.

I felt that we were highly valued by the teams with which we worked. Once you have proven to a team that you are capable, you will receive more and more responsibility and have the opportunity to materially impact live M&A mandates. This is a responsibility that few other summer interns get, especially on a 5-week virtual program. I felt that R&Co valued its interns as employees and not merely as coffeemakers, which is precisely what you want if you are a student passionate about investment banking.

Since the opportunity was virtual, guidance was self-directed, by and large. Besides projects for the team, where the usual back-and-forth editing process between bosses and interns would take place, interns were treated as full employees and were given the responsibility of using R&Co resources to resolve issues on their own. If you are a self starter, this is what you want: it was our responsibility to call up tech support, not HR, to resolve issues; it was our responsibility to undergo supplementary training for certain software that we found to be useful to our workflow; and it was our responsibility to liaise with overseas teams to obtain examples of past work. While this could be uncertain and difficult at times, I feel that the experience only sharpened my self-reliance and boosted that relentless drive to get things done at all costs. However, if you are not a self starter, the process will be more difficult.

What I learned during the internship is benefiting my studies in 2 ways. First, at the level of content knowledge: I am an economics student, so the intensive training we did in analyzing financial statements, discounting cash flows, and valuing companies is immediately and directly relevant to my studies. Second, and more broadly, at the level of soft skills: the internship pushed me to learn how to communicate concisely and effectively, how to take responsibility for projects, how to communicate my workload honestly, and how to be polite and firm in asking for what I need. While the first benefit is tangible, the second is invaluable.

The virtual internship was fairly well structured. It consisted of 1 week of training and 4 weeks on the desk. While what occurs on the desk is obviously team-specific, I can speak to the training portion. It was organized well: we got 2 days of introduction to the firm, its procedures, senior dealmakers, and its key points of contact; we participated in 2 days of intensive modeling and financial valuation practice; and we finished the week with a peek into the archives of R&Co's centuries-long history. I was pleased with the structure overall. One area I would've liked to have seen is socials for interns organized by HR, but I also recognize the logistical and legal difficulties of organizing that during the pandemic, so I am not too distressed by their absence.

I felt like a valued and respected member of the team who was performing a small, if not insignificant, role in facilitating multi-billion pound deals. I never felt like my contributions were not appreciated and I think the entire intern class appreciated the extensive dealflow that R&Co provides. Make no mistake, as an investment banking intern at a boutique firm like R&Co, you will work long hours and you will occasionally have to perform tedious work. This is standard in the industry. That being said, if you are passionate about M&A and have reflected honestly on whether the career is one you will enjoy--and are not merely in it for the 'prestege'--then R&Co is an exceptional place to intern with one of the friendliest, most diligent teams in Europe.

The firm invested a lot of time and effort in my development, even virtually. I was walked through DCF models by analysts, given industry overviews by associates, and given candid thoughts on the terms of deals by assistant directors. I was also given responsibility immediately: I was able to participate in the deal process directly from my second week on the desk. There is always the worry that lean teams with high workloads will have no time to teach you anything, but I did not find that at all--someone was always a message or video call away who could help me with any problem I was experiencing.

Very much so. If you are unsure of whether a career in investment banking is right for you, this virtual internship is an exceptional introduction to the hours, responsibilities, and opportunities you will find at an investment bank. As interns, we felt like (new) full time employees in the responsibilities we were granted and our interactions with senior managers. Bosses are always friendly and respectful without being fake or concealing precisely where work falls short, which I value immensely. I felt like the process was an adequate window into what a real career at R&Co is like--not sugar coated nor distorted in any way.

Well with respect to hard work, I think the internship was extremely clear in demonstrating what the firm expects. I also feel that the company's desire to be a long-term partner to clients, rather than a mere M&A facilitator, came across well. Finally, the company's appreciation of correctness and accuracy in every single line of text on every single powerpoint slide was extremely clear. The only areas where I remain uncertain of company culture are in CSR and office decorum. The latter is obviously going to be lacking in any virtual internship. For the former, I am unaware of which charitable initiatives the firm's employees are involved in.

Very helpful. This is a no-frills internship: HR does not force you to sit through extensive presentations on "company culture" or give you multiple pointless projects to do that a client will never see. You hit the desks and you work on M&A, it's as simple as that. You see how the sausage is made. This is something I am grateful for: if HR were to heap presentations and unrepresentative benefits on interns, it would be utterly pointless--and even counterproductive--in deciding what you really want to do with your career. This internship gets down to exactly what it is like to work at R&Co. Certainly, I'm pleased with it.

We get paid adequately for the experience. Unlike other firms, following the shortening of the internship due to COVID, we were paid pro rata (i.e., paid 5 weeks' salary for 5 weeks' work) rather than paid 8- or 10-weeks' worth. Glassdoor salaries are accurate. Further, remember that hours are long in investment banking and, as a result, hourly pay is fairly low, especially compared to comparable fields that are more 9-5 like tech or wealth management. This means you should not be surprised to make less than GBP 15 per hour before taxes and deductions.

Within the team, yes. The team organized weekly drinks sessions and networking events for us to interact with others, which was nice. HR also sets you up with a "mentor", who is a newly-minted senior, from some team other than yours, and who can provide advice and guidance throughout the internship, and can connect you with others throughout the firm. There were no large networking events, though, and interns networked among themselves for the most part.

They were alright. Although I did have some exceptional 1 on 1 chats with folks in the firm, I am not sure whether it is even possible to have a larger networking event on a video calling platform that isn't mostly awkward and where you can truly form connections with new people. This is a structural issue of virtual internships in general. I also would've liked to see more events organized by HR solely for interns from across the bank to get to know one another.

There is a gym on site and a sports group that plays every now and again, both of which were not operating during the pandemic. Although they may exist, I am not aware of any affinity groups within the firm. And I know that each team tends to organize its own socials, some of which include summer BBQs and ski trips. Nonetheless, compared to a bulge bracket bank, the amount of external amenities is much lower, as one might expect for a medium vs large firm. Don't anticipate being pampered as though you are at a startup.

Yep, if you are interested in investment banking then this is definitely an internship for you. It gets down to the point of what investment bankers do all day. The team is kind while also expecting a lot. The people are extremely smart. And you get to work on live deals almost from the beginning. If you are considering a career in M&A and would like to see whether the lifestyle really is for you, then this is 100% an internship you should apply for.