A Look Into Bank of America's Internship & Application Process
My name is Vrushal Mody and I am a current third year MORSE student at the University of Warwick. I completed a Market Risk summer internship (now converted to a full time offer for 2021) at Bank of America, London.
My summer experience at Bank of America was quite different than a normal summer internship. I started the process with the usual application, numerical, video interview followed by an assessment centre.
The assessment centre was a first for me, and therefore I took a lot of time to prepare. I reached out to friends who had been through this for advice and help. One of the things they suggested was to reach out to current graduates working at the firm, in my division or even outside, and just speak to them about their experience and role.
When I look back on this process, it was a time of great learning and development for myself. Getting better at communication, reaching out to people, asking the right questions, as well as learning about the industry, the finance field and the latest developments going on. I got to learn so much from the current graduates not only about how to ace the AC, but also genuine experience on how the field and how Bank of America is. The work outside of work life, the culture, the growth opportunity and the most importantly the people.
Of course, these things I would learn on my own during the internship, but it helped tremendously in building a genuine passion to work at the firm, something which I believe comes across during interviews and ACs. I would recommend anyone reading this to not be afraid to reach out to people, using LinkedIn or any other form, and just learn about things you are interested in or going into.
Whether or not you have an AC coming up, these skills will be super useful to you, and the connections you make, as well as the learning you get, will stay with you, and help you somewhere ahead definitely.
The AC started at 9am and ended at about 2pm, consisting of 3 interviews, a group, and an individual presentation, and numerical. That day passed quite fast, but I do remember a couple of standout points that I think highlighted my day. Firstly, the interviews became more conversations than interviews. I asked my interviewer questions, I learnt about their role and work at the company, I passionately explained my conversations with the graduates, and why I was genuinely interested in joining Bank of America, as well as my university experiences.
I always tell people that these interviews are just a way for them to find out more about you, so make the interview into a conversation, and be completely into it. You must get across your passions and interests, as well as why the firm is where you want to work. I think one of the fondest memories from the AC is becoming good friends with a couple of the other students. Post the AC we left together and stayed in touch after as well. These connections and networks stay with you, so when in an environment with new faces, speak to people and learn from their experiences. I regularly speak to my friend from the AC and we will be starting our first job together at Bank of America this summer as well!
I interned in the Market Risk department. I did not have much knowledge about the area, but I knew it seemed very interesting, and very related to what I studied, although that should not limit anyone in applying. Market Risk is for anyone interested in the market! This function within Bank of America works closely alongside the traders in assessing their positions, working for the firm to minimise the risk of loss to the firm. We essentially work for the firm, so although it is not a client facing role, there is heavy communication with the traders. This gives the role a sort of middle office position, which I think puts me in a perfect place to learn about Bank of America, but also about how traders work and what things they need to consider. I think the best thing about Market Risk is the fact that any movements in the Market are a part of this division, and therefore this division requires and builds in you a strong sense of market research and knowledge. The skills I will gain in this role will put me in a perfect place for the future.
The internship was completely virtual, which was obviously not ideal, but it brought about a lot of new positives. We got to work with interns in the United States, learning about their experience. We also had more time to network with the current employees in our division, and learn about the division, rather than the team we were assigned to. Although we did not get to work on any specific project, the networking and learning was immense, and I think that put me in a great position to start full time.
Overall, I really think Bank of America is a great place to work. They focus on a lot of ESG work, they have a great culture within their firm, and they really push you to take responsibility, speak up and keep growing/learning no matter your position. There is a sense of working together in the firm and this really came across in the people.
I am beyond excited to start full time in this journey, and I am very happy to speak to anyone who wants help or has any questions! Feel free to reach out.