Investment Banking > Associate

Business Description

We have designed these sections to aid you in your understanding of what Investment Banking is, the services we provide to our clients and how we are structured.

What is Investment Banking?

Investment Banking is often referred to in this industry as Corporate Finance. Simply put, investment bankers are key strategic advisers to companies and governments, helping them to facilitate industry change and evolution in the global economy. Our advice is used to connect the right investors with the right companies, to facilitate industry development and to create the most efficient capital structures for companies.

Investment Banking and Citi.

2006 was a great year for Citi in Investment Banking. We were involved in nine out of the top ten deals. These deals include:

What service do we provide our clients?

We provide leadership, guidance and advice on financial transactions across all industries in all corners of the world. People often think of Investment Banking as mergers and acquisitions (M&A), however Investment Bankers also execute leveraged buyouts (LBOs), financial restructurings, divestitures, initial public offerings (IPOs) and privatizations around the world. (Everything underlined will be linked to a glossary). By working with our counterparts in Corporate Banking, Capital Markets, and Global Transaction Services, we are able to provide our clients with the widest and deepest breadth of financial capabilities. These include underwriting and distributing equity, debt, and derivative securities for some of the largest international corporations, financial institutions and governments.

These transactions can often be cross-border and multi-currency. With our global presence, local expertise and deep industry knowledge, we are in a unique position to execute these transactions for our clients.

How are we structured?

The Investment Banking Division is broadly organized into four main groups:

• Industry Groups
• Industry, or “Coverage” bankers blend their deep knowledge of a specific sector (Media, Technology, Consumer, Real Estate etc.) with detailed knowledge of the financials to provide quality advice to corporations on various strategic and capital raising activities. Each of these industries has extraordinary differences in the way they operate — structurally, legally and practically. The best way to service clients within these industries is to specialize in one particular sector. A technology banker, for example, needs to be nearly as technologically savvy as a Silicon Valley executive in order to determine which business combinations make the most sense, or what the key issues are in raising capital for a client.
  
  Industry bankers partner with Product Group specialists to offer unique insights into the deal process.
  
  Currently, our global industry groups include:
• Global Consumer & Healthcare
• Global Communications (Technology, Media & Telecom)
• Financial Entrepreneurs/Private Equity
• Global Financial Institutions Group
• Global Industrials Group
• Global Energy, Power & Chemicals
• Real Estate & Lodging
• Emerging Markets

• Product Groups
• Product Groups comprise bankers with specific M&A or capital markets expertise spanning all industries. Working with their partners in the coverage groups, M&A bankers provide best-in-class advice and transaction execution for our clients in any market. Our M&A practice sits within the Investment Bank, while our Equity and Fixed Income teams reside within the capital markets business.
  
  Mergers & Acquisitions
  M&A bankers advise clients on buying, selling and combining businesses, corporate restructurings and corporate takeover defenses. Our advice is based on in-depth analysis, including:
• Approach tactics: How to initiate and manage takeover discussions.
• Due diligence: Where are the opportunities and challenges for a target organization?
• Valuation analysis: How much is a target organization worth?
• Ability to pay analysis: How much can competitors pay for an organization?
• Combination analysis: The financial implications of buying an organization.
• Contract negotiations: What is the best negotiating strategy?
  
  The execution of these transactions would have a significant impact on a company's competitive positioning and long-term strategy. As a result, clients rely on M&A advisors and industry bankers they trust to help execute their most important transactions.
  We have played a key role in some of the world's highest profile landmark acquisitions, divestitures, restructurings, takeover defenses and cross-border mergers. Our track record, depth of expertise and global capabilities enable us to offer outstanding execution, strategic dialogue, innovative deal and financing structures and a full range of advisory and capital support.

• The Financial Strategy Group
• The Financial Strategy Group (FSG) is the primary analytical corporate finance resource for Citi's corporate clients. Along with client management teams, FSG seeks to develop and deepen relationships with Citi's major clients. The group's activities range from strategic corporate finance dialogues to deal-specific execution support on topics ranging from valuation, corporate structure, capital structure, ratings, financial policies, capital distributions, pension, and risk management. FSG regularly publishes widely distributed reports on corporate finance issues.

• Public Sector/Infrastructure Group
• The Infrastructure team was formed in 2005 to focus on an emerging class of private equity and other investors who favor infrastructure assets. The group provides tailored and unique solutions to clients, offering strategic and financial advisory services on a wide range of transactions and capital-raising activities including M&A, financial restructurings, underwriting and distributing equity, debt and derivative securities. Occasionally, the group makes principal investments on behalf of the Firm in support of these clients.

Each industry group below offers a diverse and exciting experience, and performs a wide range of services including strategic advisory, capital structuring and capital markets execution (IPOs, leveraged loans, investment Grad bonds, high-yield bonds etc… ) in partnership with M&A, Equity Capital Markets, Leveraged Finance and Fixed Income Capital Markets product groups.

• Latin America
• The Latin America Group consists of Investment Bankers located in New York, Mexico and Brazil covering all countries in Latin America. The group is focused on origination and execution of transactions across industries in the following three products: M&A, Fixed Income and Equity, and are focused on five industries: Consumer, TMT, Power and Energy, FIG and Industrials.

• Real Estate & Lodging
• The Real Estate and Lodging Group at Citi is a global franchise that consistently ranks #1 on Wall Street. The group works closely with domestic and international clients in various real estate sectors including office, apartment, retail and lodging. In addition to providing strategic and capital raising advice to the Firm's clients, the group also works closely with other groups within Markets & Banking as many clients in other industries have interests in creating value through their real estate assets.

• Energy, Power & Chemicals
• The Energy Group provides corporate finance solutions to companies across the oil and gas sectors. Our client base spans multiple sub-sectors: (a) Upstream companies own and operate oil and gas reserves and engage in exploration and production activities, (b) Midstream companies own storage and conveyance systems (pipelines) for oil and gas, (c) Downstream companies refine crude oil into finished products like gasoline and diesel, and (d) Oil Services consist of companies that provide equipment/services (e.g., drilling) related to exploration and production. Companies like ExxonMobil, BP and ChevronTexaco are called Super Majors due to their relative size and because their operations encompass multiple sectors (i.e., upstream, midstream, downstream).
  The Power Group covers the large electric and gas companies including utilities (such as Con-Ed, Duke, and Exelon) and power generators (such as Dynegy, AES, and Calpine). They also cover gas distribution companies such as KeySpan and NiSource. Citi is one of the leading Investment Banks in the power sector.
  The Chemicals Group is a franchise within the Global Energy, Power and Chemical Group. The chemical sector touches every segment of the economy and our clients produce materials that are used in products that serve end markets such as personal care, packaging, automotive, electronics, food & beverage, paints & coatings and agriculture. Our clients range from large diversified companies to smaller specialty players, to agricultural chemical companies as well as advanced material and industrial biotech players.

• Consumer & Healthcare
• The Consumer Group is a global franchise that comprises three industry segments: Consumer Products (food and beverage, household and personal care), Retail and Apparel, and Home Building.
  The Global Healthcare Group is a leading provider of investment banking services to a wide range of public and private biotechnology, pharmaceutical, specialty pharmaceutical, managed care and health care services companies.

• Technology, Media & Telecom
• Media & Telecom is an industry-leading franchise focused on the coverage of large and small media and telecom companies around the world. Our coverage universe spans from Cable, Broadcast, Newspapers, Advertising, Publishing, Gaming and Theaters on the Media side to Wireline, Wireless, Directories, Satellites and Towers on the Telecom side.
  The Technology Group is a dominant global franchise that executes M&A, equity and debt transactions for our clients. They cover all the major technology sub-sectors, including IT Services, Communications Equipment, Software, Enterprise Systems, Payment Processing, Semiconductors & Capital Equipment, Internet Infrastructure, Contract Manufacturing, Imaging and Printing, and Consumer Electronics.

• Financial Entrepreneurs Group/Private Equity
• The Financial Entrepreneurs Group (FEG) covers leading financial sponsors providing committed financing to support their leveraged buyouts. It also assists portfolio companies with their exit strategies, including IPOs and sale mandates. The FEG has relationships with the top private equity sponsors, as well as unparalleled market intelligence regarding the latest trends in the private equity market. FEG acts as a coverage and a product group, providing an unparalleled private equity knowledge base.
  As part of the FEG, The Private Equity Funds group is a leading global advisor and placement agent to private equity firms. They fully integrate their efforts leveraging private equity product expertise and relationships with virtually all private equity sponsors and investors.

• Financial Institutions Group
• The Financial Institutions Group (FIG) is a global franchise that consistently generates the largest revenues for the investment bank. The group allows for a diverse experience as it is structured into four coverage/product subgroups: Insurance & Asset Management (IAM), Banks & Financial Services (BFS), Electronic Financial Services (EFS) and Mergers & Acquisitions (M&A).

• Global Industrials Group
• The Global Industrials Group is one of the broadest and most diverse groups in IBD, and each of our six coverage practices is a clear leader in its respective sector. As a result, our associates gain experience in a wide array of products ranging from middle-market sponsor-backed, to the largest "mega-cap" companies in the world. New associates are exposed to all coverage areas.

Roles of an Associate

To give you a better understanding of what you can expect if you join the Invesment Banking division, we asked for some input from our current associates. Below they describe the main tasks they undertake.

Managing Client Relationships: Our associates are expected to develop long-lasting trusted relationships with all levels of contacts at the client. By differentiating themselves through their creative solutions, thoughtful analysis, hard work and responsiveness, they will begin to forge relationships with their counterparts at the company. This will often involve being assigned to a specific niche in an industry or perhaps to a few key clients who regularly require Citi’s advisory services. After repetitive work in an industry, with a client, or on a product, associates will become knowledgeable of industry trends and fundamentals, key metrics for benchmarking and valuation, as well as the competitive landscape. The associate will be expected to contribute ideas that help the CEOs and CFOs of Citi clients define their capital markets and business strategy.

Manage Transactions: Through the course of a transaction, the associate will act as the point for the team, internally and externally. At the outset of a transaction, the associate will help the client define their strategy and establish a project plan, including defining a timeline and deliverables. The associate will help guide both their client and their Citi team through the transaction, gathering information and support from Citi’s product resources, navigating internal approval processes and constantly communicating to keep all parties informed. For the client, the associate will conduct analysis (valuation, benchmarking, precedent transactions, etc.) to use in formulating Citi’s recommendations.

Valuation Analysis: Associates are responsible for defining and leading valuation analysis. For each company, there are unique considerations about the best means to understand the present value of the company. The associate is expected to think through the specific company’s circumstances and, within the context of available information on the company and the market, define the best methodology for valuation. Capitalizing on senior bankers’ extensive industry knowledge, the best associates will engage the whole team in this process, seeking input and feedback on comparable companies, precedent transactions and company forecasts. Although frequently the analyst will take the responsibility of creating the analysis in Excel, it is the associate’s responsibility to guide the work, with an emphasis on accuracy, flexibility and efficiency. Once the analysis is completed, the associate will spend time checking the work for technical correctness and then will begin identifying trends and formulating recommendations.

Training & Mentoring: Associates take the lead in training the analysts. The better trained the analysts are, the more efficient and productive they can be, which is valuable for the deal team as a whole. In this process, associates develop personal and friendly relationships that also turn into [roles?]. Analysts look to the associates for guidance and support, and you will find these relationships to be very personally rewarding. Similarly, associates will begin by working for first- or second-year vice presidents, who recently successfully completed their associate years. The senior bankers on the deal team will invest time in training the associates on the industry and the finance products that Citi offers. It is an apprentice-like business, and training is a fundamental part of the culture.

Our Programs

Investment Banking in North America has two programs you can apply for:

• Full Time Associate Program
• Summer Associate Program

Full Time Associate Program

The full time Associate program commences in August with an eight six-week intensive training program. Our training program is taught by senior level professionals within the Firm in conjunction with clients and consultants who are committed to providing you with the best training program on Wall Street. We approach each module with a practical focus, encouraging Associates to “learn by doing.” The modules include a combination of individual and group homework, exercises, case studies, and presentations. You are tested on your knowledge through a combination of graded homework assignments, presentations and exams. Training is taught in two regions—New York and London.

Citi's most important resource is our people. As such, you'll notice the emphasis on networking, mentoring, and socializing. New Associates are encouraged to get to know their colleagues, and we provide a number of social events during training to help facilitate class interaction.

It is important to note that when you join the Investment Banking Associate program, you will receive an offer directly into a group, and immediately join that group following the conclusion of the training program.

Summer Associate Program

The Summer Associate Program begins in May or June, depending on your start date, with a three-day training program designed and taught by some of the top bankers at the firm. They will share their on-the-job experience, insight and knowledge with you. The three-day program is designed to equip you with the skills necessary to perform like a full time Associate for the duration of the internship, approximately 10 - 12 weeks including:

• Accounting review
• Valuation techniques
• Citi's library and information services
• Use of external information systems e.g. Bloomberg
• An overview of the most important financial products
• End-of-training case study assignment

Our training program is interactive and participative, ensuring that Summer Associates play a full part in the learning experience, thus making the training relevant, stimulating and effective.

To support and complement this training, we will focus on honing your computer and information, and data-gathering skills.

Our junior bankers are also available to you, to offer practical advice on their experiences in working with colleagues and interacting with clients and co-advisors, while on multiple simultaneous projects. Throughout the entire program, they rotate on a “help desk” so that you can contact them anytime with questions.

Following training, you will work to develop broad banking competencies. The majority of time will be spent staffed across the top two groups of your choosing, with the ability to be staffed on one or two assignments in other groups based on your interests and the needs of the Firm. Under the guidance of officers within the groups, you will become an integral member of a team working on financing and advisory mandates as well as new business presentations.

Additionally, a comprehensive mentor program, a busy social calendar, a thorough review process and constant interaction with senior professionals gives you every opportunity to learn about and understand Citi, its culture and its people. Our approach and philosophy is to be selective upfront in order to bring in the best-in-class, and then set you up for success during the summer such that your chances of securing a full time offer are greatly increased. In the past, we have invited more than 80 percent of our Summer Associates to join the firm full time.

Summer Diaries

Name: Melis Ozdogan
Group: M&A, Energy, and Consumer
School: Columbia Business School

Week 1 & 2

The first batch of our summer associate class gathered on the 26th floor for breakfast and the first day of training. Over breakfast, we chatted about our backgrounds and what we did before school, as well as our expectations for the summer. Everyone was very friendly and equally excited. After a warm welcome by the recruiting team, we started technology and valuation training. All the information was a bit overwhelming but we had a chance to relax at the end of the day as we were invited to a reception at Barolo. There, we were joined by summer associates and bankers from across Global Banking. I met and had a great conversation with my senior mentor. He’s an MD in the M&A group and focuses on the energy industry, which is a combination I am very interested in. Overall, I could already tell how collegial and welcoming the culture at Citi was. At the end of the three-day training, I was anxious to get my hands dirty.

Prior to the start of the internship we were asked to identify three groups we were interested in working with. Most of our staffing would be with these three groups; however, we would also have the flexibility to get unique deal experience outside these groups as opportunities came up. I picked M&A, Energy and Consumer as my top groups and was assigned a mentor in each of these groups. In addition to meeting my senior mentor at the welcome reception, my VP and Associate mentors had also reached out to me prior to the start of the program. They all encouraged me to keep in touch throughout the summer and feel free to discuss any questions or concerns.

My first staffing was an M&A pitch with the Energy group. The Director I worked with gave me a lot of background material on Master Limited Partnerships (MLPs) and the analyst forwarded me the model template so that I could familiarize myself with it. Later I had the opportunity to chat with my deal team and other members of the Energy group at a weekly social event where bankers in the group get together and catch up.
Over the second week, I was busy putting together the pitch book and working on the model with the analyst. All members of the team took the time to get me up to speed. In addition, I was staffed on two other deals, one in Consumer and the other in M&A. I couldn’t believe that I had one deal in each of my three group choices already. The Consumer project concerned putting together an industry overview and profiles of potential targets for a client in the food industry, whereas the M&A project was a live deal involving two companies in the energy space.

Week 3 & 4

By week three, I already felt that I was an integral part of all of my deal teams. It is a steep learning curve but it is amazing to see that you can start carrying over what you learn from one project to another even early on. For example, what I learned about MLPs in my first project in Energy was very applicable to my M&A project, which also covered MLPs. I was definitely encouraged to contribute that knowledge to my deal team by both the senior and junior team members. The role of a summer associate can be different across different deal teams since their compositions, as well as group dynamics vary. However, I found one thing to be consistent: as a summer associate, you can take on as much responsibility as you like and can handle. As much as it sounds like a cliché, it was one of the first things I noticed during my first couple weeks at Citi.

This week I also had lunch with an MD I had met during the recruitment process. She became an unofficial mentor for me since we met and it was great to catch up and get advice about the summer from her. It’s really amazing that people here will not only make themselves available when you would like to meet with them but they will also reach out to you to make sure you are getting the experience you should be getting out of your summer.

Between analyzing debt structures and pro forma credit stats of the two companies in my M&A deal, putting together an internal committee memo to approve financing for a Consumer buy-side deal in the restaurant industry and creating a pitch book for my third Consumer deal covering the footwear industry, I was able to attend quite a few social events. Citi organizes many formal and informal events throughout the summer, which really facilitates getting to know both your summer class, as well as bankers across many groups of the investment bank you might not have the chance to work with over the summer. In addition to happy hours organized by groups, so far we have had a group outing to a Mets game, a welcome party for the second group of summer associates, and a women’s breakfast hosted by a senior banker.

Week 5 & 6

We kicked off the fifth week with a very exciting event. Senior women from the bank joined the female summer associates at the Institute of Culinary Education for a private cooking class. We all put on our aprons and chef’s hats and spent a couple of hours cooking and then enjoying a three-course meal together. It was great to meet these very accomplished women and listen to their experience and advice. The candid conversation along with the delicious food we cooked made the night really unforgettable.

Work also picked up considerably. All summer associates are staffed on multiple projects and we are all working very hard. During the recruiting period, bankers I had informational interviews with had all mentioned that one of the most crucial skills for a junior banker was managing expectations and multiple tasks. Juggling several projects at the same time, I can see firsthand how important this skill is. In my opinion, the key is making sure to communicate effectively with all your deal teams about the various demands you are facing.

As far as projects, this week I attended the “green light committee” meeting for the financing of one of my Consumer deals. The conference room was full of bankers from all groups related to the deal including leveraged finance and M&A and it was great to hear their views on the markets and the particular deal. The meeting, as well as the work leading up to it, allowed me to see how different groups in the bank work together to make a deal happen. In the end, the committee approved requested financing and gave us the green light to proceed with the deal!

Since this is pretty much the midpoint of the summer for most of us, we also had our mid-summer reviews scheduled at the end of the week. However, I had to postpone mine because I had a client meeting to attend. My team and I met with a Brazilian company and discussed their international growth plans. Having exposure to the thought process and business acumen of high-level executives is one of the most rewarding aspects of a career in investment banking. In the end, the company really liked the strategic options we focused on and let us know that they would follow up after an internal discussion. This meeting also allowed me to observe how senior bankers interact with clients and how knowledgeable they are about their industry.

My review, which was held during the sixth week, was definitely very helpful. The mid-summer review is an opportunity for both sides to discuss how the summer’s going. My reviewer provided me with official feedback that was collected from the teams I worked with so far and in addition to reiterating positives, also identified areas that would be helpful for me to focus on in the second part of the summer. The official feedback really complemented the unofficial feedback I had received from my deal teams throughout my projects and helped me map out the rest of my summer.

Week 7 & 8

Throughout the program, summer analysts and associates from across the bank have the opportunity to hear from senior executives of Citi through the Distinguished Speaker and Cultural Speaker Series. Speakers including Pam Flaherty, President and CEO of the Citi Foundation (and fellow Johns Hopkins University - SAIS alum) to Chairman and Chief Executive Officer Chuck Prince shared their views on different aspects of Citi’s business, as well as provided advice on career issues in general. With their extensive experience, all speakers were really fascinating and our speaker during the seventh week was particularly special for me. Alberto Verme, Co-Head of Global Investment Banking, is also the senior statesman for Columbia Business School. In addition to addressing the entire summer class, he also hosted a lunch for summer associates from Columbia. Having met him before, I know that he is an extremely down-to-earth person who clearly has a passion for the investment banking business and his clients. Our conversation over lunch was candid and inspiring, as always.

Although I wrapped up my other staffing assignments, my initial M&A assignment is moving at full speed. My team has been very busy putting together materials for a preliminary discussion between our buy-side client and the target. At the end of the sevenmaketh week, I also got staffed on another M&A deal. The project is on financing alternatives for a client in the communications space. This was a particularly lean deal team, which meant that I was able to take an even more prominent role. I had the opportunity to work on the model extensively and present the final product to the client.

On the social side, the major event of these weeks was the Broadway show “The Drowsy Chaperone” that the whole summer class, as well as their significant others attended. The show was very entertaining and meeting fellow summer associates’ families and significant others was great. My husband was also able to attend and met my new friends from work whom he had been hearing about for weeks. After the show, we all went out and caught up.

Week 9 & 10

At this point it was hard to believe that we were approaching the end of the summer. Our time here has gone pretty fast. During the ninth week, we had one of the most fun events of the summer in my opinion: a golf outing at the Scarsdale Country Club. This was my first time playing golf but my team was very supportive and patient and I ended up playing all 18 holes. I really enjoyed the game and plan to take classes in the fall when I’m back at school. The outing was followed by dinner at Frank Yeary’s house. Frank leads the global M&A business at Citi and has been graciously hosting the summer associate dinner for the past three years. At the event I had the opportunity to catch up with my senior mentor, as well as other bankers.

When week ten rolled around, the mood among summer associates was bittersweet. Looking back at how much we have learned and contributed over the summer, we all felt a certain degree of accomplishment and were also looking forward to a couple weeks of vacation before going back to school. At the same time, having built an extensive network across the bank and formed friendships with the rest of the summer class, it is hard to say goodbye. The whole experience for me underscored the importance of culture. Investment banking is a very rewarding career where one acquires and contributes many highly valued skills; however, it is also very demanding. Finding a good cultural fit and working with people who have a sense of humor and from whom you can learn make a huge impact on your ultimate experience. In addition to being a top investment bank, having very strong deal flow and being present in markets across the world, I found that the welcoming culture at Citi really contributed to making my experience here exceptional. I feel that I am coming out of the summer having answered all my questions regarding investment banking, Citi and the groups I worked with.

My biggest recommendation to those looking into summer opportunities in investment banking is to do their homework on the industry in general, as well as the individual banks they are targeting. Talk to second-year students at your school who have done an internship in investment banking. Ask them about their experience and what questions they wish they had asked during the recruiting process. Meet as many people in the industry as possible. Ask many questions. During your internship, get to know your summer class. Don’t just focus on the skills you are acquiring but also make sure you are learning about the culture and the lifestyle such that you can evaluate whether this job and this bank are a good match for you at the end of the summer. Finally, have a sense of humor. You will spend long hours at the office—make sure you are making it fun for you as well as for those around you!

Name: Pradeep Jayaraman
Group: M&A, Financial Institutions Group, and Financial Entrepreneurs Group
School: The Wharton School

Week 1 & 2

I used to work for Citi before business school, but I came into the summer feeling a little apprehensive. Our expectations were tempered a lot by the hype surrounding an investment banking internship, the hard work and long hours. On reaching the Citi premises, we were immediately whisked off to the training room and our training began in earnest. I got to know my peers and the one thing which struck me was how easy it was to get to know them and connect with them.

Training was hectic; while a lot of information was thrown at us, the junior associates put us at ease by letting us know that it wasn’t important to remember everything because we could ask people around us for their input if required.

The associate panel discussions were really helpful as they gave us a great insight into what to expect of the internship. The key takeaways for me were; a. treat everyone with respect b. if you make a mistake own up to it and c. never be afraid to ask questions.

We had our first networking event and a lunch where I got a chance to reconnect with the people I had established relationships with during the recruiting process. The people were very welcoming and laid-back; this was one of the key reasons why I chose to come back to Citi.

On the second night of training all of us had to turn in a placemat (it's like a presentation in one page) on a consumer deal. The assignment was fun—we were assigned to groups of four and were persuaded to work till late in the night. I think the assignment was intended to give us a good overview of Seamless Web - the food ordering system, more than anything else. But the assignment and the feedback session on our finished product helped me a lot over the course of the summer.

Thursday evening after training was over, most of us were happy not to get staffed that evening. On Friday morning, I got staffed on an M&A deal. I felt I had arrived as an Investment Banker!

The project was a fairness opinion advisory assignment. We were advising the special committee of a restaurant chain for a sell-side M&A deal.
I sat in on my first conference call, it was easily the most interesting call I had sat on at a professional level. I felt like the proverbial fly on the wall listening to really important decisions being made.

Week 3 & 4

By the start of week three I had been staffed on three projects in the groups I had put down as my top choices, FIG, M&A and FEG (the Citi name for its Financial Sponsors group) - my projects involved a hedge fund IPO pitch, the fairness opinion deal and an LBO analysis for a sponsor. Those were interesting times. I was pleasantly surprised at the level of responsibility I was given and the amount of analysis which was expected of me. I thought I would get shouted at when I got the wrong shade of Citi blue for my bar graph, but surprisingly people were very nice and seemed genuinely interested in summer associates’ professional development. What impressed me the most was how generous they were with their time toward us as junior bankers.

I also got a chance to meet with my mentors. My junior associate mentor advised me on how to navigate the summer process, how to approach the next ten weeks so that I get out with a full-time offer. My director-level mentor acted as a sounding board for my plan of action as regards to the summer and how I would manage my time during that period.

We had a quite a few social events during this time, but for me the most memorable one was the Mets baseball game. The second wave had just started and I met some of them for the first time at the Mets game. I was feeling really good about Citi by now as I connected with most people I met.

Week 5 & 6

By this time I realized what people meant when they said Investment Banking comprises long hours. I had two straight weeks where I saw little outside of Citi and my Chelsea apartment. But the work is so interesting that one forgets all fatigue and when there are others in the team to help you out I really felt a sense of belonging. By now I had been staffed on six projects. I had had my Wharton outing, which was also on the same day as my birthday.

I got a lot of modeling-related work, worked on companies as varied as insurance brokers and air conditioner manufacturers. My fairness opinion deal see-sawed from being a no-show to on the verge of being announced. I got to sit in on more board meeting conference calls, calls where other banks were making presentations. It was a lot of fun. I came to know quite a few summer analysts, full time analysts, VPs, Directors and MDs. I should mention that at no point did I ever feel inhibited in going to some senior person’s office and speaking to them. This is something which is unique to Citi especially when I compared my experiences with friends and classmates across the street.

Also I had my summer review; I liked the feedback and the way in which it was conducted. The review takes place in front of one of your mentors who you can later speak with to figure out what it actually means.

Week 7 & 8

I felt like a veteran banker. On a more serious note, work was in cruise control. I had a good handle of whatever work had been assigned to me. What gave me a good comfort level were the people around me and how easy it was to tap into the immense wealth of knowledge within the vicinity. If all else fails, I can always fall back on my fellow summer associates. I really enjoy the camaraderie with my fellow summers especially late in the night when some model I keep working on keeps “REF!ing” out.

The fairness opinion deal I worked on got announced! I attended a bowling event for M&A and a dinner event for FIG, meeting bankers from both those groups in a more relaxed and casual atmosphere. We had some lively conversations. I thought I was good at bowling, until I met this senior MD who totally destroyed our team.

We managed to play golf during this period. It was my first time out and I was having more luck in displacing the turf than in connecting with the golf ball. A Senior MD (in the trusted Citi tradition of master and disciple) took me under his wing and actually taught me to play. By the 16th hole I finally managed to connect the driver with the golf ball. The MD drove the cart down the long and winding path of the golf course – we managed to cover every square inch of the course due to some of the atrocious shots I had made. I did manage to salvage some dignity through three half decent drives. Despite me, our team finished second though thanks to the efforts of the MD and another summer associate on our team, and we all won MP3 players emblazoned with the Citi logo.

Week 9 & 10

I felt my main contributions have come as a team player. I have stepped up when required, have been willing take on whatever work was assigned. And above all my attitude has helped me get along with people. I couldn’t remember one nasty moment during my summer or a time when I felt either uncomfortable or intimidated by people or situations.

I also by now had two meetings with my senior mentor—the Global Head of M&A. The times I spent with him were amongst the most eye-opening in terms of how I should look at a banking career and what I would need to be really successful.

Citi is a great place to build an investment banking career. The main selling point of Citi is the immense flexibility it offers in terms of career choices – I have known associates who started off in New York and are now doing stints in places as wide-ranging as Moscow and London. Citi has a strong presence across products and industry groups and the summer program gives a unique bird’s eye view of each of these groups. Lastly, the culture of the Firm is such that while everybody is as intense as the rest of the street; they do it with a smile here.

Who we are looking for

We asked our investment banking recruiters to describe what makes a good candidate and what specific skills they are looking for.

We are seeking candidates who are highly motivated and have superior academic achievement in a wide variety of disciplines, as well as significant work experience. In addition to recent MBA graduates, the Associate program is open to applicants with other graduate degrees.

We are not necessarily looking for people who fit a particular mold. Our professionals come from diverse backgrounds, and as a company we emphasize individuality. These qualities are reflected in the diverse talents and backgrounds of our Associates.

Successful Investment Bankers share many common traits. We are seeking candidates who:

• Take pride in all aspects of their work, recognizing it is a reflection not just of the Firm but of themselves
• Are committed to their own personal success and the success of the institution as a whole
• View our clients as their first priority
• Understand the global nature and demands of business today
• Are analytical and enjoy working with numbers and solving problems
• Want to contribute to the Citi community, through teamwork, leadership and mentoring

The very best Investment Bankers distinguish themselves by their: 

• Ability to win and sustain the loyalty of the most demanding institutional clients
• Confidence and judgment in challenging situations
• Motivation and desire to master relevant industry and product information to differentiate their advice and services from their competitors
• Intellectual curiosity, searching for new and creative ideas, innovative investment banking strategies that transcend product lines and professional levels
• Intelligence and intuition, ability to understand the scope and complexity of our client-driven approach
• Leverage Citi’s vast resources, including product knowledge, deal experience, and geographical expertise, on each client's behalf

Drive and work ethic, which reflects their desire to excel, extend their abilities and realize their full potential.

Recruitment Process

Full Time Associate

Investment Banking begins the formal full-time MBA recruiting process in early September in the form of an on-campus presentation. All students are invited to attend this event to learn more about the culture, the business and the people at Citi.

First round interviews take place on-campus in mid October and successful interviewees subsequently go through either a second-round interview or move directly to the final round (i.e., Super Day). Citi on-campus interviews are typically 30 minutes; Super Days typically consist of four or five 30-minute interviews and are industry- or product-group specific. Offers are group-specific, and extended as soon after the Super Day as possible.

Below is an outline of the recruitment process from application received to offer for a Full-Time Associate position:

Stage 1: Submitted application is reviewed by Graduate Recruitment and the Business

Stage 2: Students are selected for closed list to interview or by bidding for an open interview slot

Stage 3: First round (on-campus interview) 
              2:1 competency-based interviews

Stage 4: Final round interviews (Super Days)
              Four to Five 1:1 competency-based interviews with a combination of Managing Directors and Directors

Stage 5: Offer extended by the Business; follow-up by Graduate Recruitment

Please note: final-round interviews (Super Days) take place in the office where the position is located (i.g., if applicant is interviewing for a position in NY, the final round will take place in the NY office).


Summer Associate

We begin our formal Summer Associate recruiting process in the fall, usually in the form of an on-campus presentation. Over the next few months, we will host numerous events both on campus and at the firm (e.g., Club events, Information Sessions, Days on the Job), enabling students to learn more about the culture, the business and the people at Citi. During these events, students will also have an opportunity to meet bankers across our fourteen industry and product groups. Those students selected for an interview will be asked to provide the top three groups in which they would like to be staffed, should they receive a summer offer.

Students who are interested in working at Citi must apply online, and will be notified by the school career service office if successful in the selection process.

First- and final-round interviews usually take place on campus in early January or February. First-round interviews typically last 30 minutes; final rounds typically consist of three 20 minute interviews. Offers are extended in accordance with school policy.

Below is an outline of the recruitment process from application received to offer for a Summer Associate position:

Stage 1: Submitted application is reviewed by Graduate Recruitment and the Business

Stage 2: Students are selected for closed list to interview or by bidding for an open interview slot

Stage 3: First-round (on-campus interview)
              2:1 competency-based interviews

Stage 4: Final round interviews
              Three, 2:1 competency based interviews with a combination of Managing Directors and Directors

Stage 5: Offer extended by the Business; follow-up by Graduate Recruitment

Please note: Final-round interviews will take place on campus except for candidates based in New York City.

Where

Currently we are recruiting into:

• Chicago
• Dallas
• Houston
• Los Angeles
• Palo Alto
• San Francisco
• New York
• Toronto

Our People

Jane Atherton LLB Hons (Sheffield, UK), Law Managing Director

If asked about your career at a dinner party, how would you describe it?

Always evolving, mentally challenging and extremely varied.

What about your career excites you the most - gets you out of bed in the morning?

The clients. Our business is all about solving our clients’ problems and every day brings another issue to address. It is this variety and constant challenge to find the right solution that makes this job truly exceptional.

How would you describe your team and the people you work with?

I am proud to work with some of the most intelligent, motivated, team-oriented and enthusiastic people in the industry. Citi thrives on diversity and it is this diversity that drives our creativity and strive for excellence.

What other groups do you liaise with regularly within the Firm?

As a Managing Director in charge of client relationships my role is to leverage the vast capabilities of the Citi organization for the benefit of my clients. As a result, I interact regularly with many areas of the firm including Equity Capital Markets, Debt Capital Markets, Leveraged Finance, Asset Back Finance, Global Relationship Bank and the National Coporate Bank as well as my colleagues around the globe. The sheer breath of capabilities and the innovation that exists here at Citi is quite awe inspiring.

What skills have you found to be the most useful in your position?

My job is all about interacting with people, whether they be clients or colleagues. Building relationships both internal and external requires strong interpersonal skills and a willingness to speak your mind. Clients are searching for advice, not affirmation, and having a well-articulated opinion is critical.

Where do you see yourself in five years?

Right here, striving to provide the best advice I can to my clients.

What is the most interesting fact about yourself?

I am a qualified skydiver with over 500 skydives.

Alexandra Ghashghai BA in International Economics, UCLA; MBA, UCLA Anderson School Vice President

What do you consider Citi's competitive edge?

Citi has been able to do what few institutions have: provide the best of everything to all clients, big or small, public or private, U.S.-based or multinational. We excel in all products and services, and we continue to grow our offerings to meet our clients' needs.

How would you describe your team and the people you work with?

At the end of the day, it's very simple: I work with people who are extremely bright, motivated and interesting. Our work is challenging and provides us continuous opportunities for growth, but what really matters is that I work with people who I really enjoy spending time with.

What other groups do you liaise with regularly within the Firm?

In the Industrials group, we are always working with various parts of the bank, including Equity Capital Markets, Leveraged Finance, Investment Grade, Asset Backed Finance, Structured Products, Liability Management, Private Placements and the Global Relationship Bank.

How do you apply your degree to what you're doing now?

As a business school student, I had the opportunity to take a variety of classes that would apply to my career in investment banking, whether it was finance or accounting, options or M&A. Though more theoretical, these courses provided a basis for understanding and discussing these topics. At the end of the day, Investment Banking ends up being its own school; in a very short timeframe, you learn more on the job than you do in any classroom.

Roger Kamau MBA from the University of Chicago Associate

What do you enjoy doing outside work?

Outside of work, I enjoy spending time with friends and family and playing golf. It is important to have hobbies and to take time to develop your passions outside the office. Pursuing other interests will help you become a better, well-rounded individual and allow you to better relate to clients.

What do you consider Citi's competitive edge?

Citi provides client focused, thoughtful, balanced advice which results in strong relationships with senior management. These relationships coupled with our product and industry knowledge make it a leading investment banking firm.

How would you describe your team and the people you work with?

My colleagues are intelligent, hardworking and down to earth. They have the highest level of integrity and inspire me daily.

What other groups do you liaise with regularly within the Firm?

We work across all product groups, especially Mergers & Acquisitions, Equity and Debt Capital Markets.

How do you apply your degree to what you're doing now?

I received my MBA from the University of Chicago. I'm able to apply the team-management and valuation skills I gained from business school on a daily basis.

Sara Schwerin Wharton School of Pennsylvania (MBA); Dickinson College (undergrad) Director

If asked about your career at a dinner party, how would you describe it?

It's intense, challenging, and interesting. By definition, working in M&A means that you are involved in some of the most important strategic decisions CEOs make in the course of their tenure, and those decisions directly impact both the strategic focus of the company as well as its stock price. It is also by definition an advisory business where competitive advantage is defined by giving clients the best advice over time. It requires you to constantly learn new things, and to have opinions.

How would you describe your team and the people you work with?

They are extremely talented, but they are also FUN. You spend so much time at work in investment banking, it is critical to really like the people you work with. Citi is the type of place where nerf balls occasionally fly across banking floors at 2 AM. People here take their work seriously, but they don't take themselves too seriously.

How did your summer internship help you make the decision to pursue a career at Citi?

I had an amazing summer at Citi. Even though the summer program only lasted twelve weeks, I got such a good introduction to investment banking, to the firm, and to the people who work here that it seemed like a risk to go anywhere else full-time. I decided to interview at two other places just to make sure I was making the right decision for full-time; I could not find a place where I fit better than at Citi.