Money, Death, and Wall Street: Is there really a change on the horizon?

As an outsider it can be easy to shake your head at the death of a Wall Street analyst, to say: "just quit" or to label any and all demises "categorically senseless" or espouse the media's buzzy "it's a suicide contagion!"

All are valid, and yet, none tap into the very essence of what makes Wall Street the sort of environment where the workload would become too much, the pressure unbearable and the hours so long that one might lean towards killing themselves over just walking away from the job.

The only certain element in all of this is working on Wall Street can be an extremely tough gig.

"I think the working conditions of Wall Street banks are a constant -- they've always been bad, they'll probably always be bad," says Kevin Roose, author of New York Times bestseller Young Money: Inside the Hidden World of Wall Street's Post-Crash Recruits.

But Roose, who spent three years post-recession shadowing eight young workers at financial firms like Goldman Sachs and J.P. Morgan for his book, says the interesting thing is this: despite all the chatter surrounding working conditions and the shuddering economy, the Wall Street post-crash and the Wall Street of today still look similar.


Moving to London, advice please

Hi, I currently work in Singapore, and am moving to London to join a BB firm (IBD Associate). My office will be located at Liverpool Street Station.

1) Which area should I stay?
I have a couple of friends in London who recommended Shoreditch area. Things to consider would be whether, in the event the underground is not working, whether there are buses to get to work or whether I can walk. I also expect long working hours, so would prefer reasonable commute options when I end work late at night (not sure if transport home is covered). Lastly, I would probably be spending most of my time in office rather than at home, so would not want to pay through the roof and not enjoy the area.


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Webinar: OCR - from the perspective of the recruiter -- 5pm ET, 9/3/15

WEBINAR DESCRIPTION

On Thursday September 3rd, 5pm ET Wall Street Mentor Vanessa will be hosting a webinar entitled "On Campus Recruiting - from the perspective of the recruiter", with a q&a session to follow. Vanessa is a former Goldman Sachs intern program manager and has done recruiting at numerous OCR events.

What she will cover: On Campus Recruiting Process & Timeline / Analyst Mentors / On-campus Interview / After The On-campus Interview / Q&A

WATCH HERE

If you missed the webinar, it will be available on the homepage in exactly 1 month, for 24 hours October 3, 2015 before going into the WSO Video Library.

When: 
September 3, 2015 - 5:00pm to 6:00pm
Event type: 
WSO Webinar

WSO Caption Contest - September 2nd... Collect Silver Bananas and Win a Free WSO T-Shirt

WSO Caption Contests are back! You guys know the drill, all you have to do is leave a comment in this post with a caption you think is most fitting for the cartoon posted below. The winner will be determined by the community based on the number of Silver Bananas awarded to each comment. In the event of a tie, the admins of the site will decide the winner or send out multiple free shirts if we can't decide. Wall Street jokes welcomed and encouraged!



Beijing Blunders: Bull in a China Shop!

I have generally steered from using my blog as a vehicle for rants, not because I don't have my share of targets, but because I know that while ranting makes me feel better, it almost always creates more costs than benefits. It is true that I have had tantrums (mini-rants) about the practice of adding back stock-based compensation to EBITDA or expensing R&D to get to earnings, but the targets of those tend to be harmless. After all, what can sell-side Equity Research Analysts or accountants collectively do to retaliate? Refuse to send me their buy and sell recommendations? Threaten me with gang-audits?

This post is an exception, because the target of the rant is China, a much bigger and more powerful adversary than those in my mini-rants, and it is only fair that I let you know my priors before you read this post. First, I am hopelessly biased against the Chinese government. I believe that its reputation for efficiency and economic stewardship is inflated and that its thirst for power and money is soft-pedaled. Second, I know very little about the Chinese economy or its markets, how they operate and what makes them tick. It it true that some of my ignorance stems from the absence of trustworthy information about the economy but a great deal of it comes from not spending any time on the ground in China. So, if you disagree with this post, you have good reason to dismiss it as the rant born of ignorance and bias. If you agree with it, you should be wary for the same reasons.

The Chinese Economic Miracle: Real or Fake?


Bankers decide to take their talents to...Cleveland?

By now, I'm sure all of WSO is sick of the Wall Street vs. tech debate, but this article from Bloomberg is saying that bankers are not only leaving for tech but also smaller banks in cities like Cleveland.

Wall Street banks have been bleeding talent to hedge funds, buyout firms and technology companies. Now they're facing another predator: smaller lenders in states like Ohio and Rhode Island.
U.S. regional banks are luring executives from global rivals with an ease and frequency unseen before.

WSO Campus Representative Program

WSO is now accepting applications to be a Campus Rep at your university for the 2015-16 school year. We currently have 42 reps signed up but would love to add 20-30 more.

We are looking for motivated students with a solid work ethic and strong presentation/communication skills who are willing to commit for at least one semester, or ideally until May 2016. The time commitment we ask is 12-15 hours/month. Phone interviews are continuing into September so get your applications in soon!

Our Campus Reps help us by spreading the word on campus, meeting with and giving presentations to student clubs and organizations, organizing meet ups, social media activity, university partnerships, and other on campus and online activities. Perks that reps can receive include free WSO guides, free access to our Video Library & Job Board, letters of recommendation from Andy, prize money for the top reps, and more.

Click inside the post for more information and to formally apply >>>


Biggest and most common BS you've seen on a resume? Funny

Maybe I'm the only one here who absolutely hates cocky people but anyways I just thought mention somewhat of a rant. A classmate of mine was talking about how he has recruiters calling him all the time, etc. So I asked in a non-confrontational way if I could see his resume so I could know more of what to put. In work experience he put he's been a PM for 8 years (He's 20 mind you) so I asked him more about it and says he uses Merrill edge lol. I asked how much AUM ballpark figure he has because I figured someone being that bold would be upfront and his response was "I would never disclose info on behalf of my shareholders" I then responded with "oh really what licenses do you have? 7? 63? 65?"


PE/VC is now the most represented industry at HBS

Venture Capital and Private Equity has surpassed Consulting as the top industry experience at HBS class of 2017, accounting for 17% of incoming students.

For the first time ever, Harvard Business School is enrolling more students with backgrounds in venture capital and private equity than those in consulting or any other field. For this fall's incoming group of MBA students, 17% of the entire class-or 166 out of the 940 first years-will hail from VC and PE firms versus just 16% from consulting, down two percentage points from last year. That's an even more significant decline in consulting types from the Class of 2012 when incoming students with consulting backgrounds accounted for 22% of the class.

WSO NYC Commercial Real Estate Happy Hour/Meet Up

Happy hour is geared towards CRE professionals however all are welcome.

Date/Time: Thursday, September 3rd @ 7PM

Location: Galway Hooker - 7 E 36th Street, between 5th and Madison

How to find the group: Mention "WSO" or "WallStreetOasis" at the door and they'll direct you to where we are located.

When: 
September 3, 2015 - 7:00pm
Event type: 
WSO Happy Hour

My Valuation Class: The Fall 2015 Model Preview

It is almost September and as the academic clock resets for a new year, I get ready to teach a new valuation class. With three hundred registered students, it is about as diverse a class as any I have every taught, with a mix of full-time and part-time MBA students, law and engineering graduate students and a few dozen undergraduates. And with a market meltdown framing discussions, it will be interesting to see how the class plays out. As always, I cannot wait for the class to start and as I have, each semester, for the last few years, I invite you to follow the class, if you are so inclined.

Setting the table

Valuation is an intimidating title for a class, stirring up visions (and nightmares) about spreadsheets, accounting statements and financial theory. This may be the default version of the class and it serves experts in the topic well to preserve this air of mystery and intimidation. I have neither the expertise nor the desire to teach such a class, and I hope that you will not only take my class, no matter what your background and experience, but that you will also learn to enjoy valuation as much as I do. The best way for me to start describing my class is to tell you what it is not about, rather than what it covers. So, here we go: