Auditing an investment bank and training at PwC

I spent the last week on training, spending about 8 hours a day going through the content that any successful intern should know with a Senior Manager.  We had these sessions in rooms with about 20 interns. Excel was a big portion of our training, as we were encouraged to become more efficient in our work. To my surprise, a significant number of associates at the Firm are able to navigate their computer without ever touching their mouse. This seems impossible to me, but then again, being able to type without ever looking at the keyboard seemed just as hard back when I was nine. However, not everything from last week was work; as PwC is a strong believer of work hard and play hard. On Friday, PwC invited all workers and interns to Madison Square Garden for Promotion Day. We had the opportunity to hear from our CEO, Market Leaders, and from Trevor Noah, host of the Daily Show! After which, we had happy-hours/social events that lasted about 4 hours; first near the Empire State (everyone at the firm) and later in a boat near the financial district (everyone in my team -Banking and Capital Markets). It was a wonderful first week.

Going forward, I will be spending my time between Madison 300 in midtown Manhattan and Goldman Sachs Tower in Jersey City. as there will be tasks that I can only do at home office, while others at the client (most of them). While most audit internships have their interns work in multiple clients from different industries within a few weeks, an audit internship in a major city is quite different. This is because in big cities, audit teams become more specialized. In fact, in some cases, audit associates can spend series of years with the same client, as this have complicated business operations and financial products. As a member of the Banking and Capital Markets team, my client is an investment bank, and my first assignment surrounds its broker-dealer operations. Right now the team is working in assessing the key risks of our client, and trying to understand their business processes. This is because we have just started this year’s audit. Even though I am an intern, I am being given meaningful and challenging work. Tomorrow I will sit in a meeting with one of our senior associates and the client’s internal audit team to learn more about how derivatives are sold and the process through which commissions are recorded in this bank. Our main goal is not to make sure that the client is taking appropriate risks, but that the recognition of revenue through each activity is appropriate.

I will blog more about the work itself in the future, but to conclude, I wanted to talk about my team. Despite our client being able to bring billions of dollars in their IB operations, we are a team of only 12 individuals in this office as of now. This means that we all get to collaborate in about everything that we do. In fact, we don’t have an office, but a conference room, where we sit around a big table and talk through the challenges that we encounter.

For the first time, I am in a group of people where having an accent is the normal, as there are more people from outside the US than there are US Citizens. We have a SA from Madrid, a SA from Pakistan, a Partner from the UK, an associate from Russia, an associate from Portugal, a manager from Canada, and and intern from Mexico (me), while the rest of the team are US citizens (one of which lived 10 years in the UK). I really like where my career is going.

 

 

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