Global Banking and Markets Credit Risk Management Intern Review

I interned within the Global Banking and Markets Credit Risk Management division, however I gained exposure to multiple business lines including compliance, market risk, quantative management and Sales & Trading. The first week was aimed at getting you accustomed to the bank, and emphasised expanding your network, whether it be within your internship class or with exisiting employees. Training relevant to your business line was also provided alongside presentation skills with leading experts from within their fields taking workshops. Within the first week, networking sessions/drinks were also organised including drinks on the first day on the bank's roof top terrace overlooking St Pauls!

Naturally with any new job, one must learn the basics before they are able to 'dive in at the deep end'. For this reason, not until close to the end of the internship, did I feel particularly 'helpful'. However, this is expected, and shouldn't deter any future applicants. A lot of emphasis is put on learning your craft to begin with, which is even more vital for someone like myself who came from a non-finance background. I would emphasise the need to ask questions, whether that be here at Bank of America or at any other bank for that matter. For the first couple of weeks, I was conscious of treading too heavily and taking up to much of someone's time, but I soon realised that the overwhelming majority at this institution are more than happy to spend 30 minutes with you over a coffee to discuss any questions that you may want to ask.

Undoubtedly, the biggest highlight of my internship was the support given to me by my manager. Throughout the whole process, I felt welcomed, and they would deal with any problems that I might have had in an efficient and prompt manner. There is a lot of emphasis at Bank of America Merrill Lynch to ensure that you find the correct job, which aligns to your skills. This was one of my biggest surprises during the process - the acceptance that candidates will have other interests besides the division that they applied to. Interns are encouraged to visit other departments and learn about how the bank interacts as a whole. I feel I have had a much more well rounded experience because of this fact.

As I have already alluded to, in the first few weeks on my internship a lot of emphasis was put on reading and learning about the various financial metrics. I soon realised that it was not enough to state if a ratio went up or down, but it was important to state why this was happening. This is were that extra reading comes in handy! For this reason, the actual 'workload' may seem to be quite minimal at first, with a larger emphasis on learning. However, interns are kept exceptionally busy, especially during the start and middle periods of the 9 weeks, through presentations from various senior figures from across the bank or insights into other divisions. Having never previously interned in an investment bank before, I feel that my knowledge of what actually goes on within one has significantly improved. After my initial learning phase I completed internal ratings reports for banks ("scorecards") to assess the bank's exposure to these entities. I also completed a larger credit assessment memo, which involved pulling in various information from all around the bank to give a more thorough assessment of a bank. The majority of my time towards the end of my internship was taken by my final report, which I presented to senior management in my final week.

As I have stated prior, due to the nature of the job, it is hard to be given to much responsibility at first, however you are guided through processes step by step, which do impact the bank's business, whether it be in the assessment of a company's internal rating to determine the maximum exposure or being involved in meetings with senior leaders to discuss current events affecting the industry, and more specifically the bank itself.

Having come from a scientific background (Physics), I feel that I have greatly improved my ability to deliver clear concise information, when it is needed. Due to the nature of the direction, that the banking industry is going towards, information is needed in a clearer and more concise format than ever, so that decisions can be made quickly. In writing my assessment of companies, emphasis was placed on my need to make my writing more 'punchy'. I feel this is a vital skill, that I have worked on, and will greatly benefit me in my masters research report, which I am due to start soon.

Everyone is usually very busy, but people are more than happy to be approached and asked a question, or even for a coffee to discuss their role in further detail. People were also ready to have a joke and a laugh, which is always appreciated!

HR did a fantastic job of ensuring that there were plenty of opportunities for interns to meet one another, or senior business members from outside of your own division. They were always on hand to help with any onboarding issues or merely just for a casual chat. Even if you do not actively go looking to other areas of the bank to learn about their function, through the 'Masterclass Sessions' organised within a variety of divisions, you will be able to determine whether your division is the right one for you.

A lot of emphasis is placed upon personal training and development at BAML. Within the first week, experts from their fields are assembled to speak to the intern class, so they can impart words of wisdom for the ensuing weeks! In addition to this, all employees within the bank must undertake various compliance driven online training courses, as well as online training tailored to your own division. In terms of Risk and Compliance, various training sessions were also run for all employees during my 9 weeks covering a variety of subject matters.

Management encourages their staff to gain experience and move around divisions, however, some transitions are easier to make than others, but theoretically any move is possible.

Always something going on for those who want to do something, although remember a lot of interns will often be quite tired on week nights, but always an opportunity to do something at weekends.

In terms of cost of living, unless you are living at home, you will be spending quite a lot on food and accomodation. However, I never felt once under pressure financially, as you do get paid well by the bank. The bank's own cantine is reasonably priced and local coffee shops do also offer discount to BAML employees. The bank recommends Claredale House as accomodation for the duration of your stay in London, and for that reason a lot of interns, from other banks in addition to BAML, also stay there. So there is always someone around to go into the centre with or just to go for a drink with in nearby Shoreditch.

Plethora of bars close to the office and where I stayed (Bethnall Green) was only a stone's throw away from Shoreditch.

Within the first week all interns take part in a volunteering day, and there are numerous clubs and iniatives that interns can join. I personally participated in the JP Morgan Corporate Challenge and also played for the bank's touch rugby team.