<em>Ugh. Why did she say no suit. Everybody has a goddamn suit.</em>
I'm fidgeting with my hands outside of the auditorium as I feel the countless glares fixed on the only freshman who was toolish enough to show up. To make matters worse, I'm sticking out like a sore...
I've been a long-time WSO reader and have read countless AMA's that have helped me out along the way, and with FT recruiting in full swing I thought it'd be cool to share my story and give whatever advice I could to people in similar situations to myself.
So first I'll...
By popular demand we’re doing a new overview, this time focusing on healthcare (Finally!). We’re going to keep this simple and stick with three basic buckets. 1) Healthcare Equipment, 2) Bio-Technology and 3) Pharmaceuticals. If there is a lot of demand for an additional space (or...
<em>Throwback Thursday: This was originally posted July 2012</em>
This is all representative of commonsense (but ultimately bad) advice I got during undergrad and followed blindly during <span class='keyword_link'><a...
I recently received a question from a young monkey looking for a SA position. They asked, "what do you think gave you an edge over the other applicants when you interviewed for your current position?" Below is my response, but I am curious to see what other monkeys would have said....
<strong><em>Le Violon d'Ingres (French idiom): A second skill beyond the one by which a person is mainly known.<br></em></strong><br> A few years ago, I was young, green and eager to do well in my financial services consultancy role. But...
Given that we have built up relationships with hundreds of companies and finance recruiters, we thought instead of just a simple job board (which you can find <a href="http://www.wallstreetoasis.com/finance-jobs">right here</a>), we would also create a WSO Applicant...
A <span class='keyword_link'><a href="http://www.wallstreetoasis.com/company/wells-fargo-and-company">Wells Fargo</a></span> employee sent an email to the CEO, John Stumpf, he also CC'd 200,000 other <span...
Proprietary ("prop") <span class='keyword_link'><a href="http://www.wallstreetoasis.com/finance-dictionary/trading-overview">trading</a></span> is an industry that keeps itself under wraps and as a result, there has never been a great...
[quote] <b><span class='keyword_link'><a href="http://tinyurl.com/3dfq69b" target="_blank">Blackstone</a></span> to Spin Off Financial Advisory Business</b>
Business to be Combined with PJT Partners, Paul J. Taubman to Become...
After interviewing on campus with a mid-sized accounting firm, I received an email from the interviewer/ recruiting manager stating that she wants me to formally apply through the firm's website (even if she had my resume on hand and officially applied through my uni's career website) and...
No real construction experience.. i develop a bit and hire a GC.. thinking about cutting the GC out and doing it myself.. i know i can get the financing, how hard can this be? Would prob just do it for a 200-400k project to...
I was wondering what are some marijuana companies in states where the prohibition is gone worth looking at for work? I feel like this could be the new tech. Even these companies need accountants, analysts, and possibly soon traders (once weed is traded on the...
I am a senior in undergrad. I summered at a middle market IB and received a return offer, but just received an opportunity to do PE operations - specifically, doing Corp Dev/Internal M&A for portfolio companies at a reputable, rapidly growing PE shop with 2bn AUM.
My end goal has always...
I have a F500 webcam interview coming up and I need some tips. There is a set amount of time per question, I don't know what the questions are until I start the interview, and there are no breaks or re-dos.
I have a tough enough time preparing presentations to be exactly 3 minutes (or...
Hi, I am a transfer student going to a target school and past summer during my junior year I worked for a boutique ibd and currently i intern at a private equity (doing a lot of modeling). However, my dream is to work for a <span class='keyword_link'><a...
I'm currently deciding between offers from <span class='keyword_link'><a href="http://www.wallstreetoasis.com/company/deloitte" target="_blank">Deloitte</a></span> S&O and Parthenon. The two are quite different, but my main points of...
Living in Colorado currently, state saw $3.5M in tax revenue (medical and recreational combined (2 from recreational)) in January 2014. On track for about $40M in tax revenue on the year. I'll give it 10 years until the rest of the country catches on.
What are your thoughts on Weed...
Today I received my analyst offer from a <span class='keyword_link'><a href="http://www.wallstreetoasis.com/finance-dictionary/what-is-the-bulge-bracket-BB">BB</a></span> in London. I don't want to name it - but let me put it as Tier2 BB...
I'm looking for a book that describes the prominent products available in the financial markets, similar to Fabozzi Global Money Markets.
Here is the TOC
Money Market Calculations 7
U.S. Treasury Bills 23
Hey guys (and fewer gals),
In an F200 <span class='keyword_link'><a href="http://www.wallstreetoasis.com/guide/finance-development-programs-an-overview-of-acclerated-corporate-finance-careers-fldps">FLDP</a></span> program at a CPG company and am faced...
This has been a big year for stock buybacks, continuing a return to a trend that started more than two decades ago and was broken only briefly by the crisis in 2008. Focusing just on the S&P 500 companies, buybacks in the 2013 amounted to $475.6 billion, not quite as substantial as the best buyback year in history (2007, with $589.1 billion), but still significantly up since 2009. As stock prices rise and anxiety about bubbles and real economic growth also come to the surface, it is not surprising that some of those looking at rising prices are trying to make a connection, rightly or wrongly, to the buyout numbers. As a general rule, even insightful stories about buybacks tend to focus on one cause or effect of the buyback phenomenon but miss the big picture. In particular, there have two news stories about buybacks, one in the Economist and one in the Wall Street Journal.
So I've talked to a lot of people in multiple MBA programs, and everyone's advice has emphasized fit. So I asked what differentiates the school from others. Barring a few true differentiators (quant focused school, marketing, etc.), everyone says the exact same thing!
Duke is all about collaboration and teamwork. Ross is really focused on being a team player and working with others. Tepper is known for its tight knit community and working together. Darden can't be beat when it comes to collaborating with teams. And everyone boasts about their alumni being the best. You get the gist. Everyone says the same thing. And when I made a comment about Booth being a quant focused school when I visited, the admissions officer immediately shut me down and kept talking about the collaboration and alumni support.
Bloomberg Institute is launching it’s first finance e-learning product, Bloomberg Market Concepts (BMC), early next year. BMC is a web-based finance course that blends the fundamentals of financial theory with real-world events and data through a series of interactive and engaging tutorials that tell the story of finance from a practitioner’s perspective. To watch an excerpt from BMC, visit http://bit.ly/BMCWSO.
Take the BAT in September to gain free access to BMC upon launch. To sign up for the BAT, visit http://bit.ly/BATWSO.
The San Francisco Giants’ surprising World Series victory in 2012 led to mass celebration and ticker-tape parades in the City by the Bay. It also produced the usual theorizing about how a team could go from being down 0-3 in the National League Championship Series to sweeping the favored Detroit Tigers to win the Fall Classic. And the success of the Giants caused many to ask if their “secret formula” could be learned by teams in the corporate world.
There were the usual clichés about the power of teamwork, players peaking at the right time, plain dumb luck and, of course, divine intervention. But none of these explanations really gets at how the Giants were able to overcome the longest of odds to become the World Series champs.
One particularly common conversation has brought up the mythology that winning teams win by having players who have no egos. In fact, the noted business guru Jim Collins argues that the best leaders are “egoless,” that they are humble, unselfish and have little ambition. We’re here to tell you that is simply not true.
The ego is a natural part of the human condition. Our egos are a reflection of who we are, how we perceive ourselves, our beliefs about our capabilities, and our relationships with others. Unless perhaps you are the Dali Lama or Mother Theresa (and they didn’t work in the business world, being egoless is not likely.
As it turns out, there is no ‘I’ in Team, but there is an ‘M’ and an ‘E.’ Like that of professional sports, the corporate world is defined by individuals who have largely achieved their goals through a strong sense of self and a commitment to success.
I think you all will find this one interesting. Enjoy!
Note: If you could all please input your answers using the previously noted html code it will allow others to answer without having a spoiler. Copy it verbatim and do not stick any " or ' in your answer and it will work.
Below are 10 statements, all either true or false:
1) At least one of statements 9 and 10 is true.
2) This is either the first true statement or the first false stament.
3) There are three consecutive false statements.
4) The difference between the number of the last true statement and the first true statement divides the number which is to be found.
Q2 2014 witnessed a decline in the buy-back binge when for the first time since Q3 2012 buy-back volume recorded a decline. Cash flushed corporates have recorded outflows of $539.3 Billion in share buybacks in the past 12 months and $338.3 Billion alone in the first six months of 2014 – the highest volume since the financial crisis.
Conventionally, blue chip companies have been associated with share buy-backs, however the recent past witnessed buy-backs being championed by the consumer discretionary (34.5% Year on Year growth) and financial sectors (27.5% Year on Year growth) with the IT sector contracting (19.3% Year over Year). As far as the financial sector is concerned for a large section buy-back activity is linked to stress tests (CCAR) and catching up with pre-crisis share valuations and dividends.
Traditionally buy-backs are seen a tool to return value to shareholders in the form of capital - motivated by the lack of better investment opportunities. Investment in long term assets at the face of weak economic conditions translates into capacity build up often acts against the interest of shareholders if faced by economic downturns.
We are looking for several talented student writers to contribute posts to WSO with the goal of raising the level of quality to our forums and homepage.
Internship title: Finance / Wall Street Blogger Intern
Timeline We ask that you commit to post either 24 shorter discussion style posts or 12 blog style posts (or a combination of the two) over a period of 12-16 weeks.
How this differs from our Contributing Blogger Program: This internship is geared more towards students and recent grads. Obviously you have less experience than professionals to draw on for your posts so we're looking for more of a discussion starter style of post. More specifically we want you to research and post up a hot topic relevant to WSO's audience, summarize and/or quote your source, briefly state your opinion, and then open it up for discussion. You will go through the same training that the bloggers go through (instruction doc, videos, short quiz, test post and then afterwards we will set up a phone call to discuss the internship more in detail.
What you will write on:: Hot topics in the financial/business/Wall Street news and other topics relevant to WSO. There is a list of suggested topics you can choose from but if there is a topic of interest you would prefer to write on we are open to hearing your ideas.
It was a mixed week for stocks. Large capitalization stocks such as those of the S&P 500 gained 1.27% (total return) while the smaller issues of the Russell 2000 Index lost over 1%. Advancing and declining issues were essentially tied for the week. Overall the week was led by the Healthcare and Basic Material sectors while Technology and Cyclical stocks took up the rearguard position.
Much has been made of the weakness of smaller stocks this year. So far in 2014 smaller issues have lost money while their bigger brethren are enjoying double-digit returns. What to make of the future?
I'm a sophomore that transferred from a NYC non-target to USC. Just for a little background, USC is only a target for LA groups (which aren't even that big) and a semi-target at best for SF groups. While I love the school (social life, environment, weather), I feel like I've pigeonholed myself to west coast banking as this school only recruits for the west coast. In retrospect, I feel like an idiot for transferring to a west coast school when I wanted to go to NYC banking. However, its not all gloom and doom as I do enjoy the experience here and the tuition has been largely paid by the school through scholarships/grants.
Mod Note (Andy): WSO readers qualify for a $100 discount to Jared's Daily Dirtnap daily market newsletter...just email [email protected] and mention "WSO Monkey Discount" You can follow Jared on twitter at @dailydirtnap
Quick story from the associate training class, Lehman Brothers, 2001.
The businesses would come in and give presentations to the MBAs. Some of them were good, some were bad, some were boring, some were funny. We got about 25 of them, and they all started to sound the same after a while.
I don’t know why this sticks out in my head, but one day we were hearing from the FX research guys. This very European fellow had finished the boring presentation and had moved on to the Q&A. I had mostly tuned out because this wasn’t about trading, and all I wanted to do was trade. Some noob in the back asks the FX research job if his job is stressful.
I’m like, what the hell kind of question is that? Plus, he’s a research guy, so how stressful can that be?
European guy takes it in stride, thinks for a moment, and says, “You know—we are all here to feel a little stress, no?”
To this day, that is one of the most profound things I’ve ever heard.
I think this is where you have to ask yourself, what are you trying to do here? You know that a career in banking or the capital markets is stressful, right? Do you know how stressful? Sure, there are scary stories, like about the banker kid at BofA that actually died, but if you’re like a lot of people, there’s a good chance that you haven’t been mentally or emotionally tested even once in your life, not remotely. Even competitive sports doesn’t really count in a lot of cases—just because it’s physically demanding, doesn’t mean it’s stressful.
One of the biggest problems with having large corporations as clients is that there’s so much crap you’re not allowed to invest in actively in order to prevent any potential allegations of insider trading. There’s also a bunch of rules and paperwork that, honestly, few bankers have time to keep track of.
As a result, a lot of bankers just stick their money in ETFs (or a nice piece of Hamptons real estate) and forget about it. (I admit it, most of my money’s in ETFs right now.)
But let’s face it, we all know that you haven’t made it until you pay more in capital gains tax than in ordinary income tax. Passive investment is boring and is largely for betas and scrubs whose 401(k) is their largest source of liquid capital ( psssh!).