Mod Note: Each day we'll be posting the top WSO forum posts of 2014. This one was originally posted on 7/14/14 and ranks #34 for the year by total silver banana count. You can see all our top ranked content here.
We’re wrapping up our discussions on technology from a Wall Street perspective. Part 1 covered internet, hardware, telecom and semiconductors… Part 2 is going to cover 5) networking, 6) software, and 7) Other Tech where we fail to touch on all the remaining topics.
More and more networking and hardware are being valued much in the same manner/way. When you think of networking the biggest player that should jump out for your average person is Cisco Systems – the $130B networking giant.
As you can imagine there are a lot of mature product categories in this space and when you hear the word mature it usually means slower growth, less deals and more maintenance work and tuck-in acquisitions.
Positively, there are still some bright spots in networking and this post would not be doing the space justice without mentioning some of the hotter pieces of networking IE: Palot Alto Networks for example. So lets go ahead and break down, in simple bullets, what networking comprises of starting with CSCO since it has the vast majority of the product lines.
Mod Note: Each day we'll be posting the top WSO forum posts of 2014. This one was originally posted on 11/17/14 and ranks #33 for the year by total silver banana count. You can see all our top ranked content here.
Hey guys. I just recently accepted a BB IB job in London and wanted to share my journey. I'll try to include practical tips.
I started the search 6 months ago and had never even considered banking before. The only reason I went for it was because it sounded challenging, which I like. I go to a non-target and live in a small European country, so my CV looked pretty scary in the beginning. I also never studied finance, so "M&A", "EBITDA", "valuation", and "model" all sounded gibberish to me. I must say Brian's M&I website is a treasure chest for a beginner; it's all human language and it paints a good picture in your head.
After M&I I read "Investment Banking" by Rosenbaum, which equipped me with basic technical knowledge, great book.
Then I recalled my startup experience. Find a problem - find a solution. The problem for banks was to find the "right" person and hire them. The solution? Well - I had no idea what "right" meant yet, but I knew that being "right" was more important than being smart or technically sound or amazingly beautiful or whatever. It's the same with your startup product. It can be best-looking on the shelf but if it's not "right" for the consumer they will never pay you. I really cannot overemphasize this enough. Any firm looks for a specific breed, which you need to become if you want the job with them. And to do that you first need to understand exactly who they look for.
Mod Note: Each day we'll be posting the top WSO forum posts of 2014. This one was originally posted on 12/7/14 and ranks #32 for the year by total silver banana count. You can see all our top ranked content here.
We have done these in the past, if you’re looking for a different sector we have already covered the following:
For this sector we’ll talk broadly. The metrics are easy to understand for most people and it should make for a quick read.
Same Store Sales/Comparable Store Sales: For apparel companies (and a plethora of other consumer companies as you’ll see) you’ll be tracking monthly sales metrics by store across all geographies. This data is available on a monthly basis. **Note same store sales figures are on a monthly basis so if you work in consumer IBD get ready for those early morning releases
I spoke with a guy a few days back who'd done pretty well in an MM PE firm, and when I asked him for advice on how to build a career in the industry, his advice was "if I were graduating business school now, I'd probably join a different industry." Part of the reasons were personal (his experiences seem to have jaded him) but largely he argued that the industry's become so mature and competitive that there's just not as much money to be made.
Mod Note: Each day we'll be posting the top WSO forum posts of 2014. This one was originally posted on 4/6/14 and ranks #31 for the year by total silver banana count. You can see all our top ranked content here.
Hello Monkeys, I am currently in the process of transferring and was frustrated by the lack of a centralized source of information about transfer friendly schools for IB, so I made one for the website. Anyone who has some value to add related to placement from any of these schools, please comment so I can make this more detailed and useful for students looking to transfer.
Note: I will intentionally leave out schools with really low rates of transfer because for most applicants, they're unrealistic to consider.
Here's My List:
Northwestern (12.5% transfer acceptance rate) - Solid school for IB, especially in Chicago, but placement is decent in NYC as well. Overall, more people are interested in consulting (MBB's are big on campus) and there are generally 50 or so people in a class interested in banking.
Mod Note: Each day we'll be posting the top WSO forum posts of 2014. This one was originally posted on 5/13/14 and ranks #30 for the year by total silver banana count. You can see all our top ranked content here.
We have gotten a few requests to do a post on what separates a good analyst from a bad analyst. We’re going to try and address this in a few different ways but lets go ahead and jump in the from the beginning.
Backdrop: Everyone who lands an investment banking analyst gig is generally intense. They worked hard, got strong marks and prepared for their interviews appropriately. There are always a few people who were simply slotted into the position because their mom or dad is a large figure at the firm but lets go ahead and assume you obtained your position the old fashioned way. The work ethic way.
When you enter your class remember this: 80% of the people you are with are not going to be in Wall Street positions by the end of year 3. This is a rough number, if you’re at a great firm such as GS M&A, the percentage will be lower but lets use that as a proxy.
Mod Note: Each day we'll be posting the top WSO forum posts of 2014. This one was originally posted on 1/23/14 and ranks #29 for the year by total silver banana count. You can see all our top ranked content here.
The investment banking side of the business is pretty well-known - you have the overworked analysts, the jaded associates, the pushy VPs, and the directors/MDs at the top. However, all these guys are the same species - they are all bankers, and while they have very different roles, they ultimately are all investment bankers at the end of the day.
The trading floor is different - you have the alpha-male trader banging his phone down on one side, the over-eager sales guy shmoozing with clients hungover but desperate to move an axed trade, and the quiet research analyst hunched over reading a 10-k from 2004 in between. Yes, the trading floor has many different types of monkeys wandering about, and its fun to see where traders, salespeople, and research analysts all fit within the beautiful ecosystem known as a trading floor. Lets take a look at each of these roles, how they fit in, and what the future holds for young monkeys of each of these unique specimens.
Mod Note: Each day we'll be posting the top WSO forum posts of 2014. This one was originally posted on 1/6/14 and ranks #28 for the year by total silver banana count. You can see all our top ranked content here.
Once upon a time you had virtually no responsibilities and days were spent watching SportsCenter and eating Cocoa Puffs and the hardest decision you had to make was where and with whom you were going to pregame later that evening. Life was great...
Mod Note: Each day we'll be posting the top WSO forum posts of 2014. This one was originally posted on 5/29/14 and ranks #36 for the year by total silver banana count. You can see all our top ranked content here.
I’ve been reading WSO for a while but never really posted so I figured I may as well start now.
I am a freshman at a liberal arts non-target. For a while I’ve been interested in the markets and economics and have been absorbing and using as much knowledge as I can. My fascination with business goes back farther, I started a product review website when I was 16 that gave me a crash course in the real world (I promise this all relates to finance). I made over 900 cold calls that summer to just about everyone in the industry to try and get someone to partner up with me and let me feature their product. The first calls were a disaster, then I quickly learned how to sell.
Mod Note: Each day we'll be posting the top WSO forum posts of 2014. This one was originally posted on 1/21/14 and ranks #27 for the year by total silver banana count. You can see all our top ranked content here.
Note from Patrick: I'm excited to introduce Ben as a new contributing writer at WSO! A Wharton graduate, Ben has worked full-time in both investment banking and private equity.
Today I woke up at 10:30am. Right on time.
I stayed up later than I planned last night because the party was way better than expected. That happens a lot in Brazil. But I still had time to write for an hour and walk Copacabana beach for a bit before my yoga class. Now I’ve got a solid two hours to get some work done before heading to the gym at 3pm.
At age 26, I live on the beach in Rio de Janeiro with some of my closest friends. I have 100% control over my time. And I am happy every single day.
I can’t say that about myself when I was in finance.
If you are on this site, you are one of the most intelligent, driven, hard-working people on the planet. You can succeed at anything. Which means if you are interested, you can live your dream life.
Some of you may have heard that Harvard Business School does not teach introductory accounting classes anymore. One of the reasons is that they use an online accounting software from a BYU professor, who is now providing his course for free.
Has some pretty good exposure and some top endorsements, so it might be worth checking out. Linked below.
Mod Note (Andy): Each day we'll be posting the top WSO forum posts of 2014. This one was originally posted on 2/7/14 and ranks #4 for the year by total silver banana count. You can see all our top ranked content here. This one is from the post "Is banking worth it in this political environment?". This is a great comment for anyone who hasn't seen it.
Here goes a book... and not because I need to defend myself, but because I think I have a perspective a lot of people can relate to but can't necessarily put their finger on.
I don't look down on "ordinary" people. I am an ordinary person. I just have a general distaste for ignorance, laziness and entitlement. The last of which is all too prevalent on Wall Street, as well as other places. And your “average” person is all of the above. They are lazy from adolescence and beyond. They spend their formative years picking their nose and smoking pot. Once they reach a certain age they are forced to do something. Maybe they get a college degree, but most don't. They work in sales at a cable company, as a manager at a warehouse or in corporate offices at an electronics company. It has nothing to do with their job or what they do. In fact, they chose their particular profession because thats what happened to wander in their direction. This is all fine. I have no beef with it, nor should anyone really give a shit if someone does have beef with it. Everyone has their own priorities and makes their choices accordingly. There’s nothing wrong with choosing a less financially lucrative career if that’s just not as important to you as say spending time with your family or reading literature or traveling or even sitting on the couch watching college football. To each his own.
I'm on a 4 hour flight back from my last final round <span class='keyword_link'><a href="http://www.wallstreetoasis.com/guide/consulting-case-interviews">consulting interview</a></span>, so feel like it's a great time to write this. I have...
Hey everyone. The ink has just barely dried on my accepted offer to join a boutique private equity firm as an analyst, but I think now is a better time than any to tell you how I made the jump to private equity from a VERY non-target background.
Keeping with the theme of my article from two weeks ago (regarding cold emails and helping/mentoring the younger crowd) I wanted to take some time to discuss the difference between a boss and a leader and how having one or the other can drastically change your future and career over the...
The topic of getting hired at a hedge fund directly out of undergraduate compels many students. The response to the question: “Is it possible to get hired at a hedge fund directly out of undergraduate?” typically goes along the lines of “it’s a shot in the dark, but yes [insert cliché...
Inspired by a few of the other people (@"OpsDude", @"TheGrind", etc) who have posted AMAs on their b-school experience, I'm going to write about my experience at Cornell's Johnson School. If you're only interested in M7 MBAs, or you're HSW or bust, feel...
Comp season has passed in my firm. I know it's ongoing at the big banks and happens at various times throughout the year for the big funds. A few observations based on my experiences and conversations with people who work in the industry.
If you've been working for 5 years or less,...
There’s been a couple of threads that have popped up lately about the CPA exam and whether it would be worth it for the authors try and pass it in lieu of other things, or in their spare time. Some of the comments by other posters lead me to believe there’s a lot of misinformation or...
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...
WSO is now accepting applications to be a Campus Rep at your school for the second half of the 2014-15 school year. We are looking for motivated students with a solid work ethic and strong communication skills who are willing to commit until May 2015 (and beyond). Phone interviews will be...
<i>Mod Note: Throwback Thursday: this post originally went up on 3/18/14.</i>
<em>Mod Note (Andy):This is being reposted with permission from HBS professor Deepak Malhotra </em>
[quote]Hi Andrew, In case this is of value to WSO, my HBR article on “15 Rules for...
Hello Wall Street Oasis,
I recently turned research analyst at a global macro hedge. Now comes the part in my career where I have to figure out how currencies move. Indeed, I'm not attending to summarize the 20 years of knowledge in Soros' head. Rather, I like to question those in IBs...
Hey, I hope everyone is doing well. I'm planning on applying to MBA programs this fall and had a brief question about whether my <span class='keyword_link'><a href="http://www.wallstreetoasis.com/forums/canadian-grades-to-gpa"...
Little background for context: Non-target school with only wealth management internship experience. Have learned some valuation and modeling on own.
Question: I'm an American citizen but I also have a British passport. As I understand it this means I can legally work in the EU. That being...
Why do adjustments for changes in working capital items on the cash flow statement always differ slightly from the actual changes you calculate when comparing 2 balance sheets?
I've always used the figures calculated from balance sheets for when calculating <span...
Would greatly appreciate some eyes on my revised resume. A bit of background: I graduated with a BBA two years ago from a Canadian business school, and joined a rotational program at one of the large Canadian telecom companies. I'm presently working as an Acquisition Marketing...
So it appears that almost every <span class='keyword_link'><a href="http://www.wallstreetoasis.com/finance-dictionary/what-is-the-bulge-bracket-BB">bulge bracket</a></span> has increased its incoming analysts' salaries to the $80-85k range (from...
There's a lot of talk about S&O salaries, but anyone know specifics for Federal S&O? About to start Full-Time next summer as a first-year business analyst. Also, any concrete word on bonuses would be a bonus,...
What brings me to WSO? I'm in my 20s about to hit the big city at a bank. I'm a mix of excited and anxious and would love to meet some other people in a similar place or with experiences I could learn from. Also, I've been reading WSO posts for a couple years now and have benefited a...
<em>Mod Note (Andy): This was originally posted on 1/17/15 on his blog</em>
There are lots of reasons why we try to start and run businesses. Some of them are emotional but the financial rationale for starting and staying in business is a simple one. It is to not just to make money,...
I accepted an offer in mid November at a big four in advisory knowing that if I eventually got something better (i.e.IB, AM) I would renege. I now have to offers that I would much prefer. I was wondering if anyone has advice on what to say if and when I do renege and how I should say it. Also, I...
I was recently invited to interview for Apollo's <span class='keyword_link'><a href="http://www.wallstreetoasis.com/guide/wso-internship-guide">summer internship</a></span> in <span class='keyword_link'><a...
I've heard numerous times now for numerous different jobs in banks (Not just <span class='keyword_link'><a href="http://www.wallstreetoasis.com/finance-dictionary/what-is-investment-banking-division-IBD">IBD</a></span>), the pattern's always...