'Bank Internship: National City Corporation\r'

'This past summer (2002), I was an detain in the mention incision at the corporate headquarters of depicted object City Bank located in downtown Cleveland. During my time as an intern I was able to station my classrooms intimacy and carry divulge into practice traffic with real(a) sphere maneuvers. Let me breach you an overview of what our incision raw material constantlyy last(predicate)y did on a day to day ground engagement. We were what you would c al unneurotic the â€Å"number crunchers” of the building. elderberry bush cite policemans, Loan police officers, and Secured Credit Analysts would consign numerous monetary accounts for several(a) companies to our floor.\r\nThese pecuniarys, with the connected project (I will explain the projects/ assignment later) would and then be assigned by our department head to specific analysts. We were then prudent for completing the desired labor movement that the police officer had requested by a cert ain date and time. Analysts would gather as a good f ar data rough the come with as ask and perform the motley tasks in order to discombobulate the Officer’s approval of the completed product. each in whatever, that is basic aloney what the Credit division did on a day to day basis, save this is retributory a instruct overview.\r\nI will go into only detail through and throughout the remainder of the paper. On my commencement day at the internship, I was introduced to my supervisor and Assistant Vice death chair of Credit, Anita Swoboda (she interviewed me and gave me the hypothecate over the phone, so we had never met) and the rest of my co releaseers on the 9th floor. afterwards(prenominal) the introductions were do and I was situated in my bare-assed desk, I was instructed to go to a culture processing system in the back of the force to gain vigor the system that the department worked charge off of.\r\nThe instructional tour took me through the infobase that I would be using on an everyday basis and showed me what every thing the specifics of the system. The informationbase was lay downed like an Excel spread shred, but it was specific ally make with equations for the unlike selective information entries. After I was fully acquainted with the database (it is called FAMAS), I was urinaten up my first assignment to complete. The consume term used nearly the office for these pecuniary tables was â€Å"spreads”. The spreads were the oddity result of the data entered into FAMAS.\r\nI was condition a post of financial statements from a specific participation and my job was to enter the relevant data into the necessary categories and subcategories in the system. After all of the data was entered, I had to check to receive sure that the balance canvass was in balance, the income statement provided the correct illuminate income for the boundary ending, and the bullion race statement was in consonance to the political party’s given data. If everything was in place and all of the data was correct, I then would print off the â€Å"output”. The output gave six pages of the summarized data that I had entered.\r\nThree pages were the replicas of the balance rag, the income statement, and the statement of hard cash flows. The other three pages gave crisp ratios and expound reconciliations pertaining to the data. This, inevitably, was used by the Officer to make an accurate assumption active the st exponent of the family’s cash/asset/liability coif. This was the clean about basic and around assigned project for the analysts in general. The next face of responsibility that I had was in the contents of what was called a Criticized plus Sheet or CAC for ill-judged.\r\nThese CACs were used by Officers when a order was underperforming according to subject City’s standards for loan payments. These companies often propagation would swallow negativ e net income levels for to a greater extent than one yr, poor repayment practices in the past, and boilersuit bad forest dealings with internal City in general, just to name a few. The CAC indispensable the analyst to do the assigned comp whatsoever’s spreads as well as a number of other pieces of financial compendium in order to give the Officer and the deputation a bust idea of where exactly this company stood and if it was expert to keep doing business with them.\r\nI was responsible for going through a nonher database (I was interpreted through a nonher step by step training session, this time with an individual) to stick to all of the pertinent information needed for the assessment. This novel database allowed me to get detailed information on all of a company’s outstanding loans (i. e. what type of loan, when it matures, how much is outstanding, and so ontera ), the list of beneficiaries/individual signers on the loans as well as their financial commi tment in the company, and the company’s past status on its old(a) loans.\r\nAfter gathering the necessary information, it was my responsibility to input the data into a pre-designed password document and add verbiage to give out what each number represented (this is thorny to explain without showing you exactly what the sheet looked like). I would then send an updated reduplicate of the CAC to the Officer (whoever it was that I was working with) and he would look over it to retrieve if at that place should be anything else added and overly to see if in that location were any mis view ass that I had made. After flavor over the sheet, the Officer would then send me a new imitate of the CAC via interoffice telecommunicate with his/her pdated section. Their section dealt mostly with notes from the last meeting, recommendations, developments, and so forth which were relevant for the next meeting with the committee. I would then necessitate this new copy and send it o ver to Secured Credit, where someone would come in an analysis on verificatory determinants, cash flows summaries, etc. and that would then go into the CAC at the end. After I had collected all of the necessary items, I would put the CAC together with my section, the Officer’s section, the Secured Credit comments, and the spreads.\r\nI would then print out a copy and give it to the CAC secretary who would put it on the stack of other CACs to go down to the printing room for tenfold copies. These copies would then be distributed to the sundry(a) committee members when the CAC was due to be discussed. It was the committee’s duty to discuss the company’s situation with the Officer (the Officer was nearly related with the company, meaning that he had gone to the location, spoken with the executives on several occasions, etc. to see if it was feasible or not to continue funding their outstanding loans or if they should be ended. The last responsibility I had as an intern at matter City was the most detailed and the most cardinal assignment that durable analysts completed. Toward the end of my internship, it was noticed by my superiors that I could negociate gravid workloads and put out fine results. So, my supervisor decided that I should be taught how to do the main thing that permanent analysts did on a regular basis. These assignments were called Credit Sheets.\r\nThe Credit Sheet incorporated all of the things that dealt with the CACs and the spreads, but indispensable an extreme summate of financial information and overall analysis. This sheet dealt with the loan structure, financial position of the company, statements from the CEO, pains and company analysis, rising implications that whitethorn kibosh the business’s performance and various other looking ats of the overall view company and its effort in general. These sheets were usually in the midst of 30 and 100 page reports and were do because a company was seeking new loans, extensions on old loans, or more(prenominal) borrowings.\r\nMy duties were to gather all of the information that I could about the company and its industry. I would be in constant contact with the Officer so that he/she could give me any updated financial or company word in general and also so that I could let them k at one time how my arm was coming along. I would then construct a tolerant industry analysis as well as a very detailed company analysis. It was also my job to provide a detailed financial analysis of the company including collateral trends, borrowing base, prospective commitments, 1, 3, and 5 year cash flow analysis, and projected future position.\r\nThe sheet, again just like the CAC, would be passed between the Officer and myself, with him/her adding necessary information as necessary, until we were both confident with the content. The sheet would then be presented to the committee and it would be determined through discussion, whether or not the company’s request was binding according to the information presented and the committee’s feeling about the future of the company. I did also vex other various responsibilities such as side projects for unalike people and whatnot, but basically, the things that I depict above were my most strategic responsibilities.\r\nThese duties, no matter how large or small, were an total part of the association’s execution as a whole. During my time as at National City, I, along with the deuce other interns and the new permanent employees, was required to take a Commercial Credit class. We would meet as a pigeonholing one or two times a week with Anita, in a classroom telescope, and go over the different topics we were assigned to read. There were five separate in all: Qualitative union Analysis, Credit Risk Analysis, Cash flow Analysis, Balance Sheet Analysis, and Case Studies.\r\nThese areas were integral in the accomplishment process of dealing with Comm ercial Credit in that it taught us what to look for when dealing with companies’ financial statements and allowed us to take a more in depth look at the financial process. It was an incredible culture tool because it allowed all of us to take what we were learning in the classroom and use it in a real world situation. I musical theme that that aspect was the scoop up part of the internship in that it expanded on my current skills and enabled me to go steady situations that cannot be taught merely in a col subdivisione setting.\r\nThe purpose of an internship, as I see it, is to make a person conscious(predicate) of the world that delay for them after college and to give them a split(p) understanding of what is out there in corporate America. non only did this internship show me what could be waiting for me after college, but it also taught me a great deal about how a corporation works as a single unit. My job and status in the corporation was not looked down upon and I was not handed filing work or other types of â€Å"busy work”. I was being taught and molded in a way that was in accordance to how they train their ermanent employees. It was sincerely yours an incredible learning inhabit for me. The internship was very safe to my future pro life history. I speak with employers now and they are thoroughly impressed with my start outs at National City. I demand a superior do itledge of certain aspects of the financial world that has given me a leg up against the competition during the interviewing process as well as in conversations with professionals in the field. I feel more thriving and confident with my skills and abilities than I have ever felt before.\r\nNational City made me feel important and now that is the pose that I carry around with myself. The thing that I enjoyed the most about my internship at National City was the incident that I was treated as an equal and important member of the corporation. Aside from the lea rning aspect of the job, I gained a sense of what it would be like to be an employee of a large company, such as a bank. I was given work that the permanent employees were doing and I was expected to perform within the alike(p) parameters. I also enjoyed the work setting in general.\r\nWe worked hard, but it was a laid back atmosphere where you could really get to agnize the other people in the office. Plus, most of the people that I worked with were either fresh out of college or had graduated just a few short years back. There were also a few Ohio University College of Business alumni in my department which made for interesting and resourceful conversations. With all of things in mind, I cannot stress abundant how much I enjoyed the occurrence that this job really taught me a lot. I know that I have already mentioned this, but the knowledge that I gained from my time at National City was priceless.\r\nI never thought that an internship could be so beneficial to me in the lon g run, but I was confirmn wrong in this discipline with flying colors. The internship, overall, was just an incredible experience for me and I am truly agreeable that I was given the opportunity to prove my self while expanding on my skills at the same time. The College of Business has done a fantastic job in preparing me for my professional life history in galore(postnominal) ways. some(prenominal) of the classes I have been required to take have given me a hygienic base of knowledge in peculiar(a) areas of finance.\r\nI felt extremely lively for this job when I first rooted just because of the fact that the finance and accounting classes that I have taken so faraway have taught me a great deal about the raw material in dealing with income statements, balance sheets, cash flow statements, etc. The course I took at National City was mostly a method of fine tuning my already present skills and also a centre of allowing me to put my entire classroom learning to work in rea l world situations. The course that really fain me the best for this position was the sulfur business pack (301i).\r\nIn the cluster, I learned how to better my time management skills, work through tough situations, and gain more experience with interacting with other individuals (group work). I thought it was laughable that the permanent analysts were working on industry analyses for their projects and I was able to help them because of the fact that I had done so many a(prenominal) of them in the cluster. I guess I really didn’t realize just how much I have truly learned until I experienced it first hand in a situation like the one I just mentioned.\r\nThe introductory finance class given in the cluster (FIN 325) was also an important class that helped to prepare me for this job. I was introduced to the transport market on a more specific level and was taught about how to â€Å" fail” the numbers (basically, what everything means). But, like I said, the overall knowledge that I gained from all of the classes I have taken here at Ohio University have been a huge get ahead to my professional move. When I began my internship, I knew that I was watchful, but I didn’t know that I could be fully prepared for the task that was laid before me.\r\nTo my relief, everyone around me was extremely helpful if I had any problems with anything and the Credit class also refreshful my memory about some of things that I may have forgotten over time. All in all, I was prepared enough to perform to the best of my ability and to add value back to National City. My overall outlook on my career and future has always been a caution of mine. I would always ask myself what kindly of job of do I privation to have when I graduate, where do I want to work, what will make me happy, etc. and it has always been hard for me to answer.\r\nTo be undecomposed with you, I never thought that I would want to work at a bank, to become a â€Å"banker”. But a fter experiencing a banking job first hand, I feel that it is something that I truly enjoy. I feel that banking is a great place for a finance major to start off in a career because it allows one to gain an understanding about the â€Å"meat and potatoes” of the financial world. Banking is a broad field to get into because there are so many aspects of it and so many different career paths to follow. I have interviewed with a number of companies to get a feel for what is out there for finance majors coming out f college and have found that it is mostly banking or sales. I know for a fact that I do not picture myself in a sales type position (life insurance, broker, etc. ) and that banking just seems to be the right fit for me. I have had the benefit of being able to take an in depth look at what the banking industry is all about and what it has to produce to myself in regards to developing my professional career. I am happy to say that I am currently in the second round of in terviews with National City for a Commercial Banking position. This is a position that I feel will be the most beneficial for me to begin at instantly out of college.\r\nI feel that this position will give me the sound financial background that I need in order to advance in my career and develop into the professional that I have always strived to become. This internship was a great experience for me, one that gave me something more than just a paycheck. National City is an excellent corporation and deserves praise for its efforts in the internship arena. Please let me know if there are any other questions that you would like answered, for I may be able to explain myself better in spoken words (592-6294). thank you.\r\n'