Recently I was having a conversion with a buddy who just started a grad job at a large insurance underwriter here in Zurich. He was saying how his perception of the world is changing now that the underlying structure of the global economy is gradually revealing itself to him through his work. He...
<em>TBT: Originally posted on September, 2012 </em>
Props to bankerella for an <a href="http://www.wallstreetoasis.com/blog/how-to-be-that-associate">insightful post</a> delving into the mind of the newly-minted first-year investment banking associate. The...
Once again, I would like to express my gratitude to the admins, users and interview guide authors for their commitment and consistent assistance to the WSO community. In 2011, I was thanking the community for the help breaking into investment banking...
As Alibaba's IPO approaches and the road show kicks into high gear, questions about its accounting, value and corporate governance that came up at the time of the filing of its initial prospectus on May 6, 2014, are resurfacing. Alibaba's banking team announced on Friday that their...
Students around the world: WSO is now accepting applications to be a Campus Rep at your school for the 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 for the entire school year (or remainder of if...
<strong>Big Announcement: WSO Resume Template is Out in the Wild!</strong>:
<em>If you're looking for a resume for experienced IB professionals or a <b><a href="http://www.wallstreetoasis.com/forums/wso-private-equity-resume-template">private...
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...
Recently started using one. Love it.
Good article from artofmanliness on the subject (link inside post):
[quote]<b>Shave Like Your Great Grandpa: The Ultimate Straight Razor Shaving Guide</b>
Our very first post on the Art of Manliness was a introductory guide to shaving...
Having helped hundreds of monkeys fix up their resumes, I've found that a few questions come up again and again. These questions account for over 90% of the major mistakes people make on their resume. While these topics are geared towards newer monkeys, if people one day start fixing these...
<em>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</em>
Quick story from the associate...
The next NYC meetup is coming up soon! General admission, all are welcome (though having a respectable drinking record is a plus).
Location: Galway Hooker Pub, we'll be in the Guinness Room (upstairs)
7 E 36th street (between 5th Ave &...
Came across this MM S&T <span class='keyword_link'><a href="http://www.wallstreetoasis.com/guide/wso-technical-interview-guide">brainteaser</a></span> and wanted to share it with you guys:
You have three pancakes. One pancake is burnt on one of...
I'm a non-target with decent internship experience starting to apply to FT <span class='keyword_link'><a href="http://www.wallstreetoasis.com/finance-dictionary/what-is-investment-banking-division-IBD">IBD</a></span> and Equity...
When the Cleveland Browns selected Johnny Manziel in the first round of the NFL Draft in May, it immediately made the Browns’ quarterback situation one of the biggest stories of the offseason.
There was debate when Hoyer was named the starter in late August, but we’re two weeks into the...
From what I've gathered by looking at two descriptions by the same company what I can make out is that Traders are more math and quantitative focused and Execution Traders are more finance and interpersonal focused.
Sorry for the basic question but I didn't see an answer when I...
It’s a truth as universal as it is annoying; if you want all your devices to work with a specific keyboard, well, you’ll probably need either one for each, sign on for precisely one device ecosystem, or get used to swiping in words. Travelers in particular are driven insane by this problem, so...
There is something to be said about The Great American Lager. The King of Beers, except for a brief marketing ploy at the turn of the millennium, has been the title held by AB/Inbev’s own flagship beer, Budweiser since the 80s. I’m not necessarily one to disagree with the moniker for marketing...
We provide relevant insight to address a range of key business issues.
Strategy Development and Execution
- Strategic planning and strategy during uncertainty
- Mergers and acquisitions (sourcing, transactions, and integration management)
- Divestitures (sourcing,...
The PM I have been working with demands a 10% yield on normalized <span class='keyword_link'><a href="http://www.wallstreetoasis.com/finance-dictionary/what-is-free-cash-flow-FCF" rel="nofollow">FCF</a></span> (CFO-Capex) yield... implicitly,...
With no experience applying to <span class='keyword_link'><a href="http://www.wallstreetoasis.com/forums/searching-for-a-summer-internship">internships</a></span>, I started too late last year and was not able to land one. I am working on my bachelors in...
Keeping in mind that alot of people rejected from one bank take offers in another. Just wondering how many people who say "I work in Sales" actually means "I work in Sales as the guy who takes the phone call after you...
I did a few searches throughout the site to get the kind of information I'm looking for but I ultimately decided that my situation never quite fit that of others who posted so I'll lay it all out here and hope for some replies....
Mod Notes (Andy): this was originally posted on 9/26/12
Interviewer: "So... what's your biggest weakness?"
To be honest, I think the biggest weakness question is one of the most bullshit questions you can get during an interview. But people keep asking it, so you’ve got to have a strategy. There are some shops/industries where the best strategy is truth. In most banking/PE interviews, not so much.
My favorite way to answer the biggest weakness question is to imagine the interviewer at their job and think about what they would relate to most strongly. Then I build an answer starting with, “I get impatient/frustrated when....”
Mod Note (Andy): Throwback Thursday: this was originally posted September, 2012
Guys, I'm back from four days spent recruiting at our top targets. Thought I'd share with you how a ballsy college junior with a 3.2 GPA and no internships who met me at an employer information session was able to skip straight to final rounds.
That's right: she figured out how to skip the resume screen, the phone screens, the first-round OCR, and the rest of the process we design so carefully to weed out all but the most competitive talent.
First, she was tidy, friendly, and professionally-dressed. She waited for the first wave of post-session aggression (see my last post for a description of the EIS hustle) to ebb away. She then stepped right up, shook my hand, and said, "I need advice. Could I have a moment of your time?"
Mod Note (Andy): Throwback Thursday: this was originally posted 6/11/12
There are some segments of the economy in which it takes a douchebag to drive value. (This is unfortunate, but empirically observable.) And Auntie Bankerella is worried.
See, over the years I’ve seen douchebaggery decline little-by-little, both on WSO and in my work life. You young monkeys currently entering the prime of your douche years are just not as douchy as we were back in the day.
I’m not saying it’s your fault. Few people achieve their full potential of douchiness naturally; it’s something most of us learn by emulation. Which means my generation hasn’t properly schooled you guys.
Mod note (Andy): Throwback Thursday - this originally went up Aug 2012 while most of you were still playing jv hopscotch. If you haven't read Bankerella's posts, go through each and every one of them now, they're fantastic. fwiw this post also went up on CNBC. Enjoy!
Okay, today's advice comes with a dirty little secret.
One thing a banker girl (or any 20-something single chick working 80+ hours a week in a stressful environment) needs is the ability to occasionally have some fun with with very little advance notice and with no strings attached.
(Sure, the perfect girl is a bastion of sexual morality and never dates anyone casually, but that's just not relevant here.) So as a banker chick, you need to get maximum hedonic return on the few hours you have left to yourself, and let's face it, those hours aren't enough to gently nurture a budding but delicate relationship. You need to be strategic about how you use that time, so you need to find people (or a person) who can do the same.
If you're reasonably hot, you'll have no lack of candidates for the role. It's like a resume screen: you need to apply some sort of quick initial test to focus in on candidates who are more likely to be rock stars.
So here are my rankings, based on my own experiences and the experiences of a few friends.
Mod Note (Andy) - Throwback Thursday - this originally went up July 2012
A while back I mentioned that during the two years of my MBA program at a top-5 school, I'd put a star next to every note I took that I thought was worth carrying forward into my future career.
When I moved on, I threw away the 18 handwritten notebooks, but not before compiling all the starred stuff into a document. Depending on how you look at it ,you could say this document cost me nearly a quarter million dollars (not including opportunity cost). Disappointingly, it is only 11 pages long... and that's double-spaced.
A couple people have since written asking me for the document. It's a pretty personal list, so I can't do that. But I will share a few juicy tidbits here.
Mod note: "Best of Bankerella" - this was originally posted 6/22/12
Do you want to go to a top b-school? You should have a 99th percentile GMAT.
This is hugely controversial. I have no idea why. If you’re already assured of getting into your top school because you’re so awesome or your dad’s name is on one of the buildings, go ahead and flame me. This post is not for you. If you already got into your top school with a sub-99th percentile score, awesome -- but this post is not for you.
If you currently lack certainty around getting into your top school, here's why you need a 760+ score:
This is all representative of commonsense (but ultimately bad) advice I got during undergrad and followed blindly during internships. I sorted it all out by the end of my analyst program, but this was frequently accompanied by discomfort, late nights, and general suck.
You might disagree with my stance here. In fact, if you do, feel free to tell me in the comments. I'd very much like to hear that there are workplaces where the following work habits are rewarded rather than punished.
1: Turn changes as quickly as possible.
This is sometimes a recipe for disaster. The earlier you finish, the more time your boss has to second-guess everything. If you know your boss will iterate until the last moment and beyond, it often pays to build in a small amount of downtime for yourself. The finished product will be just as good (or bad), and you'll be slightly more rested for the next shit show they throw at you.
2: Never turn down a project.
Good general principle, but don't be dumb about it. It's nice to accept projects and workstreams up front from a wide variety of people so that your big workload is evident to all. This reputation can last a lot longer than the workload itself, giving you a chance to pick good projects and do well on them. On the other hand, use this reputation to parry anything likely to turn into a fire drill.
Also, I should say that I got no dog in this fight and couldn't care less where the talent comes from. Just trying to get some hard data out there so that, in the future, people can use it as an objective data point as they consider life choices. And so that working professionals can get back to doing what we truly enjoy doing on WSO: dicking around.
~10% of all individuals in the sample:
Georgetown (Yes, I was surprised too. I scrubbed these numbers personally and stand behind them. I am also not aware of any bias in the sample that would cause this. I think Georgetown might actually place more than anywhere else. Thoughts?)
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!).