In this Interview, Stefan Bauer talks about his path to become an intern at Deutsche Bank Management Consulting and gives interesting insights into his daily tasks & experiences.
What was your path to Deutsche Bank Management Consulting?
After graduating from high school, I decided to pursue a degree in European Business. Following my first two years of study in Regensburg and the UK, I moved to Luxembourg to gain practical experience in institutional banking. During my time in Luxembourg, I was not only able to get a first insight into the world of finance but also developed a deep interest in the tremendous changes the financial industry is currently going through.
During my research for internship positions in financial services consulting, I came across DBMC’sjob posting on Deutsche Bank’s website and applied directly via the application portal. After a challenging application process, which included an online assessment, an interview with HR, and three interviews with DMBC team members with different levels of experience, I was more than happy to accept the offer to support the team for three months in their Frankfurt office.
Why did you join DBMC?
We live in times in which banks must redefine their role within society and adapt to technological changes in order to remain competitive. Megatrends such as digitalization, the increasing demand for sustainability, and the changing requirements of a new generation of customers are forcing the industry to transform like no other. When I applied to DBMC, I was looking for an opportunity to work on the most pressing and exciting issues the financial sector is facing. I wanted to join an institution with a global reach and a wide range of products and services to get the most out of my internship. As Deutsche Bank undergoes one of the largest transformations in its history, DBMC’s role as a strategic partner to senior management is more important than ever. After getting to know several team members and learning more about the projects as well as the impact the team is having on the bank, I had the feeling that DBMC would be a great place for me to learn more about the financial industry.
What projects (if not confidential) were you working on and what tasks were you entrusted with?
During my time at DBMC I was staffed on a project focusing on the future of work at Deutsche Bank. Due to changing expectations and requirements of both, the employees and the bank itself, the project was initiated to create a new and more flexible working environment for the future. Facilitated by the outbreak of the Covid-19 pandemic, the aim was to create a hybrid working model. Over the course of three months, I supported the project team out of the Frankfurt office. Since the project affected various businesses of Deutsche Bank, I was able to get a better understanding of a bank’s organization and how different divisions and functions operate. Due to the global focus, I also had the chance to work with DBMC team members from London and New York. From the first day on, I felt like I was part of the team and was entrusted with a diverse and challenging set of tasks, including the preparation of Steering Committee presentations, project management documents as wells as the development of a business case as basis for a senior management decision. Other tasks included the identification of risks and dependencies within the project as wells as the preparation of workshops. My team members always gave me the opportunity to develop myself and take on responsibility. Not only was I able to participate in workshops with experts from different areas of the bank, but I also got the chance to proactively support and drive the conversation.
What have you learned during your internship / where do you feel you have developed the most because of the internship?
DBMC is a great place to develop yourself and learn from a very diverse group of people, ranging from former external consultants to bankers as wells as fresh graduates. From day one, I was able to benefit from the extensive experience of my project team members. As a consultant technical skills (e.g. PowerPoint and Excel) are essential to work effectively and efficiently. During my time at DBMC, I had the chance to improve these skills considerably with the help and feedback of my colleagues. One of the key learnings in this regard was not only the technical part, but also how to communicate and illustrate ideas in a way that creates more value for the project. What I really liked about working at DBMC was the culture of knowledge sharing. Colleagues with special expertise in a certain field share their knowledge with the rest of the team.
During many workstream meetings with experienced colleagues from all over the bank, I also learned more about driving and steering conversations to get the most out of it, even in difficult situations. In addition, my internship helped me to develop an impact-driven mindset and taught me to critically ask myself what I want to achieve with a certain meeting or task to maximize efficiency.
What advice would you pass on to other potential interns? (Alternatively: Would you recommend this internship to fellow students? If so, why?)
If you are interested in banking and want to explore the financial industry from different angles, there is hardly a better place than DBMC. The range of projects are as diverse as the bank’s product and service portfolio. Whether your interests lie in sustainability or digital implementations, there will be the right project for you. When you apply for an internship make sure to do your research on the bank’s transformation initiative as it is at the core of Deutsche Bank’s strategy and starting point of many DBMC projects. Furthermore, I can only recommend that you ask all the questions you have during the application process to figure out if you are a good fit for the bank and even more importantly, if Deutsche Bank is a good fit for you.