Offer Accepted - Then Nothing.

A few months ago I interviewed at a small boutique IB for an analyst position. Interview process was easy, phone interview followed by in-person interview (some technicals and a modeling exercise). Got a call a few days later saying I got it and asked when I can start. Called a few times that night to discuss starting date details and was going to give my two weeks notice the next day, but got no answer/returned messages. Pretty much gave up when I hadn't heard from anyone in 2 weeks after attempting to follow up several times.


Building Wealth Through IB vs Owning a Business

Jeez this is an ambitious question. Which choice would have the greatest odds of making someone really wealthy?
1. investment banking, working your way up, etc.
2. starting in money management (prop firm, hedge fund, etc.)
3. is this even possible but Forming your own investment bank, commercial bank, insurance company, etc.
4. forming a tech startup


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How I Broke into Finance: BB S&T

Many prospective monkeys on WSO find value in learning what one must do to "break into Wall Street" because as many of you know, getting your foot in the door is probably the most important single event for a career in finance. Then once you're in, with some networking, hard work, and natural talent, you can more or less choose your own path in the industry. However, the truth is that the process is rarely formulaic; more luck determines our fate than we would like, as is shown in my story. So without further ado...

This is the story of how I got my BB S&T summer internship in college.


Personal Investing: 4 Reasons Why 3 Funds Are All You Need

I'd guess that many of the monkeys here were attracted to finance initially because of an interest in stock investing. Maybe you received some shares as a gift when you were young, or you wanted to become the next Warren Buffet, or you just enjoyed the challenge and potential rewards that come with picking winning stocks.

My parents were not financially adept enough to get me interested in investing at a young age, and the first finance book that I read was A Random Walk Down Wall Street, which effectively immunized me against making too many boneheaded financial decisions.

After devoting a decent chunk of time over the past couple of years to reading about different investing styles, however, I decided to just stick to low cost index funds. And probably no more than 3--here's why...


Prime Brokerage Stories: Letting Go of the Past

This is the fifth in a series called "Prime Brokerage Stories," real life experiences from a close family member who worked in this area of the Street for 30 years. For an introduction to PB so it all makes sense, see here: http://www.wallstreetoasis.com/blog/what-is-prime-...

Our prime brokerage group handled not only prime brokerage clients, but also other more 'sophisticated' customers. This included proprietary trading for smaller broker dealers, who at least thought of themselves as professional traders.

These broker-dealers are known as 'introducing brokers' ("IBs" to us guys who worked at a clearing broker dealer). I believe the name comes directly out of the regulatory statutes which refer to them as 'introducing brokers'.


MOOCs and Books: Spanning the Digital Divide

Mod note: This was originally posted on August 30, 2013.

As those of you who have followed my blog for awhile know, I post just before the start of a new semester about my upcoming classes and ways in which you can, if you so desire, be part of the experience.  In just under a week, on September 4, I will start the fifty first iteration of my valuation class to the second year MBAs at the Stern School of Business at New York University.  I am just as excited today, as I was when I taught my first version of this class in the 1980s, and I have learned and continue to learn about valuation, each time I teach this class.


LinkedIn Files Secondary Offering

Well this is surprising. Yesterday LinkedIn filed paperwork to bring a secondary offering of as much as $1.15 billion if the full shoe is exercised. Listed under Use of Proceeds: We kinda just want the dough.

Seriously. The company is taking advantage of an extremely liquid market and the fact that their stock has basically been unstoppable since their IPO in 2011. This secondary will raise more than twice what the IPO raised, and the company is giving up less than half the shares.

I know Patrick has been long forever, and I've never really taken a serious look at the stock. I always thought it was overvalued, but what do I know? I finally broke down and bought some AMZN the other day after maintaining the same belief about it for the past several years.


3 Tips for Building a Successful Career in the Financial World

The workplace has changed over the years and in order to be successful in it, you have to play by a new set of rules and view your career differently. You have to be accountable for yourself and not rely anyone or anything. Your company can merge or acquire another company tomorrow and lay you off.

The workplace is too unpredictable to stay stationary - you have to constantly change. Although there are endless opportunities in the financial world, it's very cutthroat. In order to stand out, you have to be able to take risks, over-deliver for your employer and build up a significant rolodex of people in your industry (and clients).

Here are a few tips to help you grow your career in the financial world:


Blackstone Tops Vault’s 2014 Banking Employers Rankings

Looks like Blackstone vaulted (lulz) to the top of the list this year, jumping Goldman as JP Morgan sunk down to 3.

Vault:
The VAULT BANKING 50 is compiled using a weighted formula that reflects the issues banking professionals care most about, combining quality of life rankings (such as culture, satisfaction, work/life balance, training, and compensation) with overall prestige.

1. The Blackstone Group - New York, NY
2. Goldman Sachs & Co. - New York, NY
3. J.P. Morgan Investment Bank - New York, NY
4. Houlihan Lokey - Los Angeles, CA
5. Evercore Partners - New York, NY
6. Morgan Stanley - New York, NY
7. Centerview Partners - New York, NY
8. Greenhill & Co., Inc. - New York, NY
9. Perella Weinberg Partners - New York, NY


The Most Outlandish Office Politics Story, Pt 2

See Part 1 here.

Part 2
And rest in peace to my mother fucking homeboy, but hold your tears, he ain't die, he just a fuck bitch - Freddie Gibbs

Now, you are probably wondering how a group of analysts are going to try and take down some members of management. It actually isn't that hard when they are both extremely full of themselves and think they are smarter/better than they actually are.

We began keeping close tabs on them and how often they were meeting while excluding us. They began to become even more separated from the group. We noticed a huge influx in "external client meetings" - which was odd because when we would keep in touch with our clients, we would ask simple questions like, "Did your meeting with Analyst 4 and our Director go well?" Almost always, the answer returned with, "Ya, it went great and we will get back to you guys about exploring those additional consulting opportunities."


Franz Kafka & Hanging Your Own Shingle

Anyone here a fan of Franz Kafka? He wrote a great story called "The Metamorphosis" and the story's main character, Gergor Samsa is in quite a pickle, work-wise, and fears for his livelihood:

I will get dressed immediately, pack my samples, and be on my way. Will you all, will you let me go catch my train? Now you see, sir, I'm not stubborn and I'm happy to work; traveling is difficult but I couldn't live without it. Where are you going, sir? To the office? Yes? Will you report on everything truthfully? A man can suddenly be incapable of working, but this is the precise moment to remember his past performance and to consider that later, after resolving his difficulties, he would work all the harder and more diligently.

The passage goes on for a while with Gregor pleading for his job, citing family difficulties among other hardships. What strikes me as peculiar, is that Gregor is a salesman, someone who presumably has some business contacts and perhaps a book of business. Why doesn't he go out on his own? It's a very Kafkaesque situation from a professional standpoint.

This got me thinking about what it would take to go out on your own in one of the industries commonly discussed here on WSO. In particular, what would it take to start your own research firm?


What Squash Made Me Realize About Interviews

I recently started playing squash. A great game and tremendous fun, even if I'm still a total novice who can lose a match to an intermediate player in just a few minutes. It's a game where it's very important--the most important thing, if you're a beginner--to simply not make too many mistakes. I'm easily at the stage where the vast majority of the points I lose are lost simply because I'm so low on the learning curve, and I haven't mastered the basics that intermediate players have.

This made me think of all the mistakes that I've made and that I've seen other people make in the interview and application process. So much of interviewing well is simply not making any terribly glaring errors, and to be strong in the fundamentals. I've certainly "lost" more than a few interviews due to a bad mistake or two, and I know that I've advanced to the next rounds in several not because I was particularly passionate about the job, but just because I didn't screw anything up too badly. Here are 10 basic things to keep in mind while interviewing this fall. In fact, it may be enough to get you the job you want: