Favour Obijole - Bank of America Summer Internship
In Her Opportunity Story, Favour Obijole shares her insights and experiences as an investment banking Summer Analyst at Bank of America. Applications for the Summer Analyst programs open every year around September - November.
Favour Obijole
Favour is a First-Class Accounting graduate from the University of Ilorin. She recently completed a summer internship at Bank of America where she worked with the Investment Banking Team to achieve its financial goals.
With an exceptional academic background, Favour has gone ahead to become a Qualified Chartered Accountant, and Financial Modeling and Valuation Analyst. She is presently an Equity Investment Analyst at Zrosk Investment Management and an Ex-Fixed Income Analyst at Krosk Partners Limited.
Before the Internship
What inspired you to apply for the Bank of America Internship and what steps did you take to prepare yourself for the application?
I wanted to be at the heart of facilitating deals on a global scale. In terms of the steps I took, I networked a lot and reached out to investment banking analysts and associates at different global banks, as well as previous summer analysts to understand the industry and how to position myself.
Did you have any concerns or fears about applying? If yes, what influenced your decision to continue with your application?
I had this view that it was very competitive and maybe impossible to get in from Nigeria, especially the division I applied to (Investment Banking). However, a close friend of mine who got the opportunity a year prior motivated me to think that it was achievable.
Can you share some insights into the application process and any specific strategies or resources you found helpful in securing the internship?
The application process requires a good knowledge of investment banking and a useful strategy is to network with those in the industry. For resources, I leveraged the Investment Banking Workbook by Joshua Rosenbaum and Joshua Pearl, Wall Street Prep Finance Interview questions, the 400 IBD Questions pack, and also watched a lot of YouTube videos.
Were there any particular skills or knowledge areas you focused on developing before starting the internship to make yourself a stronger candidate?
Yes, I focused on developing my Excel, PowerPoint, and financial modeling skills.
What interviews or processes did you go through to secure a spot in this internship?
After submitting my CV and motivation letter, there was a pre-recorded video interview (called Hirevue), a telephone interview, and finally, an assessment centre (comprised of three 30-minute interviews; 1 Technical and 2 Competency Interviews).
During the Internship
The internship focuses on students in their penultimate year. How did your educational experiences in a Nigerian university (Unilorin) prepare you for the challenges and opportunities you encountered during this internship?
One thing I learnt from my university that was very helpful was resilience. Some of my extracurriculars, like participating in the CFA Research Challenge and also being a member of The Investment Society, Unilorin, allowed me to develop hands-on experience in finance, which came in handy during the internship.
What were the most memorable and challenging parts of your day-to-day work during the internship, and how did they contribute to your overall learning experience?
A memorable day of my internship was when I was taken into a client meeting, this gave me a confidence boost for the rest of the internship.
Did you have the opportunity to collaborate with colleagues or teams from diverse backgrounds, and if so, how did this diversity enhance your understanding of finance?
Of course, Bank of America is a Global bank, and for the most part, I worked with Analysts and Associates from different continents. My experience on every occasion made me appreciate the importance of having different views and perspectives.
Are there any specific training programs, workshops, or resources provided during the internship that helped you adapt to your role and contribute to your professional growth?
Yes, the bank engaged different institutes to train us before and during the internship. We got trained in technical and soft skills, including learning about the culture at the bank.
After the Internship
Reflecting on your experience so far, how has the internship influenced your career trajectory and personal goals?
I have learned that big things can happen from very small places, with the right amount of effort. Regarding my career trajectory, the internship solidified my decision to go into finance, rather than Accounting. The exposure and opportunities the industry offers are amazing. My personal goals are now way larger than they used to be. Safe to say my mindset has evolved and grown positively.
What advice would you offer future applicants to the internship, on standing out and being successful at the application stage and during the internship itself?
Network; Speak to current investment bankers to understand their role from an insider perspective, as well as previous summer analysts.
Research; Spend time studying and learning about the industry, the bank and the division you intend to apply to.
Prepare; Hone the skills highlighted to you as very instrumental to have. Nothing beats preparedness.
Applications will open next year, and I encourage you to apply here
Resources
What resources or materials, such as books, online courses, or mentors, played a significant role in shaping your understanding of finance and personal growth both before and after the internship?
The CFA Investments Foundations Programme was a major finance spark.
Joining The Investment Society, Unilorin (a foremost student finance club on campus) developed my level of knowledge.
The Financial Modeling and Valuation Analyst Programme by the Corporate Finance Institute gave me hands-on experience.
Her Opportunity Story spotlights Nigerian women who have landed transformative opportunities and provides detailed insights for other Nigerian women who would be applying for those opportunities.
Previous Edition of Her Opportunity Story: Read Jewel Owolana’s journey to becoming an African Clerk at Linklaters Africa Clerkship here.