We asked former intern Heewad Sarwari to share his experience during his internship at Clearwater. Here’s what he had to say…
Tell us a little bit about yourself…
My name is Heewad Sarwari, and I hold a cum laude BSc in International Business Administration from the Vrije Universiteit Amsterdam, and a cum laude MSc in Finance & Investments from Erasmus University in Rotterdam. During my bachelor’s, I spent an exchange semester at Singapore Management University, which broadened my global perspective on business and finance.
What was your onboarding experience?
On my first day, I was assigned a buddy, an experienced analyst, who guided me through the internal systems and resources and served as my first point of contact for any questions. During my first week, I had informal coffee chats with all team members in the Dutch team to get to know them and learn about the projects they were working on. Within a few weeks, I was assigned to a project team, where I had regular updates with both the team and the client.
What does a typical day as an intern look like?
A typical working day as an intern largely depends on the project or pitch you’re working on, as well as the phase the project is in. As an intern, the goal is to gain exposure to a variety of tasks and sectors, while also being assigned to a dedicated project team, ensuring live deal experience and continuity throughout the internship. The workweek always includes a start-up meeting on Monday, where the entire team discusses bandwidth allocation for the week ahead. This meeting provides the opportunity to volunteer for tasks that interest you or offer learning opportunities. Additionally, there’s an all-staff meeting on Thursday to review project progress. You’ll also likely have a weekly update with your project team as well as with the client for the project you’re assigned to. Furthermore, there are sector meetings on trends and deal origination, which you can contribute to based on your sector interests.
During my internship, I had the chance to join a deal team right at the start of a new project. This allowed me to contribute to marketing materials, such as the teaser and IM, which deepened my understanding of the business model, strategy, and sector dynamics of the company. In addition, worked on valuation materials - setting up CCA and CTA analyses - and conducted sector and buyer research, both for strategic and financial potential buyers. I appreciated the trust and responsibility I was given early on. I was able to work independently but always felt supported by the team. The combination of ownership, collaboration, and continuous feedback made it a steep and rewarding learning curve.
Before joining Clearwater, I gained work experience in the finance team of a real estate company in Amsterdam. I started at Clearwater as an intern in 2024 and transitioned into an Analyst role in December.
In my spare time I like to stay active - whether that’s by playing football, going to the gym, or enjoying outdoor activities. I also enjoy spending time with friends, whether it’s catching up over a drink or just relaxing together. Whenever I get the chance, I love to travel and explore new places - it’s a great way to reset and get inspired by different cultures and perspectives.
What made you want to join Clearwater?
During my bachelor’s, I developed a growing interest in M&A, especially after choosing the corporate finance track and taking courses in areas such as valuation and M&A. I was drawn to Clearwater because of its strong reputation as a pan-European M&A boutique and its involvement in cross-border deals, which I found particularly exciting. The opportunity to work in a fast-paced, international environment with ambitious and experienced professionals played a significant role in my decision to apply for an internship here.
What process do you have to go through to become an intern?
The recruitment process for an internship at Clearwater consists of two steps. First, you apply by sending in your CV, cover letter, and (pre)university grades. The colleagues responsible for recruitment then conduct a screening, after which selected candidates are invited for a round of interviews at Clearwater's office in Hilversum.
The interview includes both personal and technical questions. The interviewers took the time to understand my personality, interests, motivation to work in M&A (specifically at Clearwater), as well as my past (work) experience, achievements, and knowledge of M&A processes, financial statements, and valuation analyses.
What was your onboarding experience?
On my first day, I was assigned a buddy, an experienced analyst, who guided me through the internal systems and resources and served as my first point of contact for any questions. During my first week, I had informal coffee chats with all team members in the Dutch team to get to know them and learn about the projects they were working on. Within a few weeks, I was assigned to a project team, where I had regular updates with both the team and the client.
What does a typical day as an intern look like?
A typical working day as an intern largely depends on the project or pitch you’re working on, as well as the phase the project is in. As an intern, the goal is to gain exposure to a variety of tasks and sectors, while also being assigned to a dedicated project team, ensuring live deal experience and continuity throughout the internship. The workweek always includes a start-up meeting on Monday, where the entire team discusses bandwidth allocation for the week ahead. This meeting provides the opportunity to volunteer for tasks that interest you or offer learning opportunities. Additionally, there’s an all-staff meeting on Thursday to review project progress. You’ll also likely have a weekly update with your project team as well as with the client for the project you’re assigned to. Furthermore, there are sector meetings on trends and deal origination, which you can contribute to based on your sector interests.
During my internship, I had the chance to join a deal team right at the start of a new project. This allowed me to contribute to marketing materials, such as the teaser and IM, which deepened my understanding of the business model, strategy, and sector dynamics of the company. In addition, worked on valuation materials - setting up CCA and CTA analyses - and conducted sector and buyer research, both for strategic and financial potential buyers. I appreciated the trust and responsibility I was given early on. I was able to work independently but always felt supported by the team. The combination of ownership, collaboration, and continuous feedback made it a steep and rewarding learning curve.
"As an intern, the goal is to gain exposure to a variety of tasks and sectors, while also being assigned to a dedicated project team, ensuring live deal experience and continuity throughout the internship."
What advice would you give to somebody wishing to be an intern at Clearwater?
I think it’s important to have a genuine interest in M&A and a strong eagerness to learn, both in terms of financial analysis and strategic considerations. While you don’t need to know everything beforehand, having a solid foundation in financial analysis and a curiosity about what drives value in a business will be very helpful. It’s also important to be proactive and not shy away from asking questions - the learning curve can be steep, but the team is always willing to help. Finally, since you’ll be working closely with others, being a team player and maintaining a positive attitude really makes a difference.
What did you enjoy most about being an intern at Clearwater?
What I enjoyed most about my internship at Clearwater was the combination of a steep learning curve and a genuinely open, down-to-earth culture. From day one, I felt part of the team - you’re encouraged to speak up, take ownership, and truly contribute to the work. At the same time, your colleagues are always willing to help out or explain things, whether it’s a technical finance question or guidance on structuring a slide.
The setup of our office really supports that atmosphere. Everyone sits in smaller rooms of two to three people, and unless someone’s in a call, the doors are open - making it easy to check in with colleagues or have a quick chat. That informal environment makes learning feel more natural and the workday more enjoyable.
Beyond the work itself, I also valued the opportunities to connect with colleagues outside of work. During my internship, we ran the Singelloop in Utrecht and participated in the Zuidas Business Run - fun, active events that offered a great way to spend time together. The combination of a supportive culture, the freedom to take on responsibility, and regular social initiatives makes Clearwater a place where you grow both professionally and personally.