How to do an M&A internship? What do you need to know to succeed in the recruitment process in this sector? Victor, an M&A intern at the company In Extenso Finance & Transmission, gave us all the secrets to a successful interview. He also lifts the veil on his daily life within the company.
In Extenso was created in 1991. It is the leader in accounting, consulting and professional services for VSEs and SMEs. It supports different stakeholders (artisans, traders, business leaders, etc.) in the management and development of their businesses. The group has more than 100,000 customers operating in several sectors of activity and achieved, in 2020, a turnover of 405 million euros.
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Victor’s journey
Can you present your journey?
I obtained a scientific baccalaureate, specializing in mathematics. I then turned to an ENS Cachan D2 preparatory class where I followed half of the courses at the University in economics at Paris Panthéon Sorbonne and the other half in prep.
Following these two years, I joined Grenoble École de Management in the first year of the PGE. For my second year, I opted for the associative route which allows GEM students to only have classes in the mornings and to devote their afternoons to associative projects. For my part, I was a consultant and accountant within the school’s Junior Enterprise, GEM Junior Conseil, during my L3. In the second year, I also held the position of head of the division corporate finance which aimed to provide an offer on financial matters to our customers.
For my gap year, I had the chance to discover the investment banking side of M&A thanks to my first internship at In Extenso Finance & Transmission, a leading player in the field of business consulting and one of the leaders in M&A operations small cap In France.
M&A recruitment processes
How did the recruitment process go at In Extenso for the position of intern M&A Analyst?
I first applied on the company website by sending my CV and cover letter. I was then contacted for an interview which took place in two stages:
- Part fit : where I had to answer classic presentation and motivation questions. This is a part that should not be neglected in favor of the technical part. If your interlocutor feels that you are not compatible with the spirit of the company or that you have absolutely not informed yourself about the company and its various activities, this can seriously penalize you.
- A technical part. This phase of maintenance varies from one structure to another. Generally several major themes are discussed during the interviews: questions on accounting and financial analysis, valuation methods, M&A processes as well as the resolution of practical cases. During this stage, you must show that you have a good mastery of these different elements. It is therefore obvious that the key to succeeding in interviews is to review your technical knowledge and practice well beforehand. There are many resources available on the Internet.
The M&A internship
How did your internship go? Have you noticed a difference between the image you had of M&A and the reality?
I had wanted to do an M&A internship for a long time. This is indeed an area that interests me given that I have a real appetite for topics relating to strategy. My experience at In Extenso went very well.
There is no real difference between the image I had of M&A and the reality. I had spoken a lot with alumni of the school who had done their internship in this field and who had explained to me that it is a very demanding sector which requires a lot of adaptability. During my six months of internship, I worked on several missions. This allowed me to strengthen my knowledge on the different themes relating to our clients’ sectors of activity.
What is a typical day like in M&A?
As you might imagine, there is no typical day in M&A. It depends on the missions, which remain very varied and interesting. I also work with many different clients and engagement directors. This allowed me to strengthen my adaptability and work with various managers whose management techniques may be different.
What were your missions during this M&A internship?
During my internship, I participated in the execution of high balance sheet transaction files, entrusted by our clients. I was also involved in the drafting of strategic and financial analyses, information memoranda, reports as well as valuation reports (DCF, stock market multiples, comparable transactions).
With experience and increased autonomy, I was able to take part in customer meetings. I was therefore involved in each stage of the transactions thanks to direct contact with our clients, but also with lawyers and even with investment funds.
M&A professions
Why did you choose the job of M&A Analyst?
For several reasons. It is certainly a very demanding environment, but one which allowed me to quickly improve my skills and perfect my technical and analytical knowledge. It is a transdisciplinary sector with a strong strategic dimension.
After the M&A in investment banking, I discovered the part corporate during my second gap year. And the complementarity between the two dimensions (corporate and investment banking) is very interesting.
Advice for successful M&A recruitment processes
Any final advice for those who want to apply for M&A?
My advice is to find out beforehand about the profession and to know what effort it involves. It is also very important to prepare properly for the technical part, without neglecting the part fit. The competition can be very tough, so it is essential to make an impression by showing your interest in the field and your deep enthusiasm for joining the company.
Finally, I strongly recommend that you get in touch with people who have been in this sector before you and who can provide you with more details and practical advice.
