Welcome.
This is a two-day, self-paced prep for your Goldman Sachs IG Capital Markets summer internship. You'll learn enough vocabulary, mental models, and desk-fluency to follow conversations on day one, ask smart questions, and not freeze when someone says "10s are at T+95, IPT wide of fair value."
Work through the 11 Learn modules in order. Each has a short lesson and a 5–12 question check-yourself quiz. Two Final Exams are available — a Standard (38 questions) for an essentials check and an Advanced (110 questions across 11 sections with easy/medium/hard difficulty pills) for the real test. Use Flashcards for terminology drilling and Calculators to practice the math you'll see on the desk.
Every quiz has a "Drill missed" button — get something wrong, the app re-presents just the questions you missed until you get them right.
Module 10 walks through real Deutsche Bank credit-strategy notes published May 2026 — IG technicals, the US/Iran war overhang ("Fog of War"), and the leveraged-loan software stress ("Software Glitch"). She'll learn the live vocabulary the desk uses right now.
Your progress is saved automatically. Close the tab and come back anytime.
Two-day schedule
| Day | Modules | Focus | Time |
|---|---|---|---|
| Day 1 — Foundations | 1–4 | Rates, credit, accounting-lite, market landscape | ~5 hrs |
| Day 2 — The desk | 5–9 | Workflow, pricing, Bloomberg/Excel, terms, soft skills | ~5 hrs |
| Day 2 evening | 10–11 | Current market color (May 2026, real DB notes) + issuer cast by industry | ~2 hrs |
| End | Final exams + flashcard review | Lock it in | ~2 hrs |
Module 10 walks through three actual Deutsche Bank research pieces from May 2026 (Weekly Technicals, "Fog of War," "Software Glitch") and explains every unfamiliar term — fund flows, BDCs, SaaSpocalypse, RAMageddon, the Strait-of-Hormuz overhang. By the end you can sit through the morning meeting on day one and follow the conversation.
Culture you're walking into
- Be early. First in, last out — especially the first month.
- Don't speak on pricing calls unless asked. Listen. Take notes by hand. Ask the analyst after.
- Email matters. Short, no typos, clear subject lines, reply fast.
- Don't lie about what you don't know. Say "I'll find out and come back in 10 minutes." Then do it.
- Two-up principle. Your VP and MD should both know what you're doing without having to ask.
Flashcards
Click the card to flip. Drill until you can answer cold.
Calculators
The four numbers you'll work out by hand on the desk. Play with the inputs until the relationships feel automatic.
1. Bond yield from Treasury + spread
Every US IG bond is priced as Treasury + spread. Move the spread up — see what happens to the yield (and the coupon if issued at par).
2. New Issue Concession (NIC)
NIC = where the new bond prices minus where the issuer's existing curve trades. Positive = premium paid to investors. Issuers want zero. Investors want as much as they can get.
3. Leverage (Debt / EBITDA)
The single most-used credit metric. Higher leverage → lower rating, all else equal.
4. Interest Coverage (EBITDA / Interest)
How many times over the company can cover its interest bill. Bigger = stronger credit.