Claire Moraña, COL ’27, Bicol, Philippines
This summer, I had the wonderful opportunity to intern with the Equity Capital Markets (ECM) team at the investment banking arm of one of the Philippines’ largest banks. Over the course of the internship, I gained hands-on exposure to the inner workings of equity issuances and navigated the fast-paced, detail-oriented environment of investment banking—and when they said fast-paced, they really meant fast-paced.
On my very first day, I was immediately tasked with preparing a market update on recent developments in the equity markets over the past week. It felt overwhelming at first, with the sea of unfamiliar finance jargon flooding through the articles and resources I was reading through as I wrote the points for the market update. But as the weeks went on, those unfamiliar terms gradually became part of my working vocabulary, and I found myself reading and analyzing market news with much greater ease and confidence.
My work involved preparing pitch materials for prospective equity issuances, building valuation models, and conducting industry and company research. These tasks introduced me to key industry tools such as the Bloomberg terminal and refreshed my knowledge of S&P Capital IQ which I had utilized in a previous internship—and, thanks to my Penn account, I could freely access through my laptop. Learning how to use the Bloomberg terminal was a learning curve. It was intimidating. I even remember spending the early days of my internship fumbling through its many commands and keyboard shortcuts. But through repetition, trial-and-error, and the occasional use of Bloomberg’s online live support, I became more efficient at finding exactly the information I needed as I went on with my work.
Beyond my day-to-day tasks, the internship also offered valuable learning opportunities which helped me understand the broader investment banking landscape. Regular teach-ins provided context and the fundamental knowledge needed on how the other bank’s divisions beyond ECM—such as debt capital markets, mergers and acquisitions, and execution—interact and work together to offer high quality services to their clients.
Speaking of clients, one of my most memorable experiences during the internship was sitting in on external calls with clients and other bankers from other investment banks. What I remember being one of the highlights of my internship was being in the lead arranger’s room during a pricing meeting of an equity issuance. These experiences offered me a front-row seat to how high-stakes conversations are held in the industry–how ideas are pitched, concerns are addressed, and negotiations are carefully managed. Observing such interactions reminded me that while technical skills are vital in investment banking–or any finance role, the ability to clearly communicate that knowledge is what ultimately builds trust and drives decisions.
Another thing I also highly value is the camaraderie that was developed among the interns in the ECM team and even with our supervisors. Lunch breaks spent exploring the area’s food scene became a routine I always looked forward to everyday. We had the chance to connect beyond work tasks and share our experiences navigating the steep learning curve of our roles. It was so fun talking about financial models one minute, then Japanese food the next!
This internship was such a formative experience that sharpened my technical skills, deepened my understanding of capital markets, and taught me how to adapt in a fast-paced environment. I gained not only transferable skills I could carry to my future professional endeavors, but also bonds that I know will last beyond the summer—the kind you can’t model on Excel. I came in unsure of whether I had what it took, but left with greater confidence in my abilities and a clearer sense of my professional aspirations. This opportunity to grow both professionally and personally was made possible through the invaluable support of Penn Career Services–and for that, I am truly grateful.
This is part of a series of posts by recipients of the 2025 Career Services Summer Funding Grant. We’ve asked funding recipients to reflect on their summer experiences and talk about the industries in which they spent their summer. You can read the entire series here
