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Wall Street Oasis » Blogs » M Friedman's blog
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Q&A with CompBanker, Part 2
 

M Friedman's picture
M Friedman
     
 
(King Kong, 1,007
 
Points)
 on 1/24/12 at 1:21pm
Christian Bale Equilibrium

I just read through our whole interview for the third time, and wow, there is some seriously thought provoking, downright great advice. If you thought part 1 was hearty with information, just go ahead and read part two below; where CompBanker talks about the specific advice he would give to Monkeys, and even what he does in his precious free time.

Hopefully a lot more of these to come with our experienced users, but for now, sit back and enjoy the final part of CompBanker’s interview.

--

MF: Besides WSO, what do you do in your free time to decompress?

CompBanker: Ever since completing my two years as an investment banking analyst, I’ve been determined not to squander my free time outside of work. Many years ago I gave up video games and watching TV which frees up a ridiculous amount of time. Now, I try to focus on activities that improve me somehow.

I play in multiple soccer leagues, which is a great substitute for an otherwise boring trip to the gym. I’m also an avid reader and try to read at least one book a week. I used to read finance books such as Liar’s Poker, but nowadays I prefer a wide mix of genres. I’ve come to rely on the WSO community for book suggestions and it has yet to let me down! I’ve also been teaching myself a 2nd language for a number of years now and am getting ready to move onto my third. Sometimes I even combine hobbies by reading books in my 2nd language. Beyond this, I’m frequently partaking in happy hours with friends and hitting the bars on the weekend.

While not a weekly thing, I always try to take advantage of a long weekend or a holiday to travel. I’ve now lived in three cities since graduating and many of my friends are spread throughout the country and world. Having people to visit gives me a great excuse to jump on a plane and spend 72 hours exploring a new city. It’s also fun to show up in the office on Monday with a tan (sunburn) in the middle of winter.

--

MF: Why do you take the time to give good advice on WSO?

CompBanker: I still don’t really know the answer to this one. I’ve always jumped at the opportunity to act as a mentor, I suppose Wall Street Oasis has been a great avenue to do so on a large scale. WSO was still in its infancy when I was going through recruiting and I could have desperately used some guidance myself. Looking back, I said some incredibly stupid things while interviewing for jobs. I’d like to think that I can help others avoid similarly embarrassing moments.

To me, WSO is more than just giving advice to inexperienced professionals. I believe that to be a leader in your field, you need to have a firm understanding of what is happening with your competitors/clients/service providers/etc. WSO gives me the perspective of the industry directly from the source (other professionals). No newspaper or publication is a substitute for this. Finally, this is a community. I’ve met a tremendous number of interesting people from all walks of life and daresay even made a few friends. To me, that is time well spent.

--

MF: In a few sentences, what advice would you give to anyone just about to graduate college

CompBanker: The best advice I can give to a recent graduate is that at some point you need to stop preparing for the future at the expense of today. I once read a book called “Stumbling on Happiness” by Daniel Gilbert. The premise of the book is that we continually make sacrifices in pursuit of things that we think will make us happy, but that we ultimately end up resetting our goals immediately upon achieving them. I really took this book to heart and I think it has made a significant impact on how I perceive my life and my career. I used to think making $100+K/year would afford me everything I ever wanted. Then all of a sudden it became $200K, then $300K, etc. The reality is that I get most of my enjoyment from pursuing hobbies that I’m passionate about such as playing soccer and reading; things I could do on a $50K/year salary. Now it’s important not to take this advice to the extreme and drop out of school to drink beers every night and watch football. The goal, as with everything in life, is to achieve a balance.

--

MF: What advice would you give to the entry level analyst?

CompBanker: I was an M&A analyst at the height of the boom period in 2007/2008. We were working at absolutely capacity, and the bank often turned away live deals because it was executing as many as it could handle. This meant that 100 hour weeks were common and all-nighters happened once a week. Not a day went by where I didn’t get a serious urge to quit. Looking back, I couldn’t be happier that I stuck it out. While sticking it out for two years may not be the best choice for everyone, I encourage analysts to put in a good-faith effort before quitting. It is almost impossible to realize the profound career and personal benefits of the analyst program while going through it.

This may seem contradictory to my advice above, but again the objective is to recognize the point at which you need to stop singularly preparing for the future and seek balance. My analyst years enabled me to build a business skillset and perspective that was vastly more developed than those of my non IBD/consulting peers. It also positioned me to obtain a job in PE which I truly enjoy. For me, leaving banking was the catalyst in my decision to pursue personal interests rather than exclusively professional ones.

--

MF: If you feel comfortable enough to do so, I want to open up the chance for you to talk about anything you may wish to. What do you want people that read the WSO front page to know?

CompBanker: One thing that is rarely talked about on WSO that is worth mentioning is that above all else, the PEOPLE are what make or break your experience. I’ve had the pleasure of working with some amazing people, including tremendous mentors and eventually good friends. Having fun co-workers who you enjoy working with (or for) makes all the difference in the world.

--

For those who missed part one, check out: http://www.wallstreetoasis.com/blog/qa-with-compba...

See my WSO blogs here.
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Comments

euroazn's picture

Great again! Thanks

euroazn
      HF
 
(Senior Orangutan, 480
 
Points)
 on 1/24/12 at 1:28pm

Great again! Thanks CompBanker, it really means a lot to us.

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txjustin's picture

Bravo, excellent read. Great

txjustin
      O
 
(Neanderthal, 2,473
 
Points)
 on 1/24/12 at 1:28pm

Bravo, excellent read. Great perspective for young monkeys or aspiring monkeys.

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Flake's picture

You're my hero. Yes homo.

Flake
      ER
 
(Neanderthal, 3,667
 
Points)
 on 1/24/12 at 1:40pm

You're my hero. Yes homo.

Under my tutelage, you will grow from boys to men. From men into gladiators. And from gladiators into SWANSONS.

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WallStreetOasis.com's picture

Thanks again - would love to

WallStreetOasis.com
      EN
 
 
(Human, 12,192
 
Points)
 on 1/24/12 at 1:41pm

Thanks again - would love to do more of these with the more experienced members on the board. These interviews are great, as are the Q&A threads.

WSO Conference 2013

Private Certified User Chat

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In reply to WallStreetOasis.com
CompBanker's picture

WallStreetOasis.com

CompBanker
      PE
 
 
(Almost Human, 8,737
 
Points)
 on 1/24/12 at 1:49pm
WallStreetOasis.com:

Thanks again - would love to do more of these with the more experienced members on the board. These interviews are great, as are the Q&A threads.

Happy to contribute. I, too, would love to hear the background stories of the other experienced members whom I haven't yet had the pleasure to meet. There are many very interesting people on this board and I think knowing someone's background can make their posts much more meaningful.

CompBanker

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cairog's picture

thanks for the great insight!

cairog
     
 
(Chimp, 11
 
Points)
 on 1/24/12 at 1:49pm

thanks for the great insight!

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Value_added's picture

Thanks again CompBanker and M

Value_added
      O
 
(Senior Orangutan, 462
 
Points)
 on 1/24/12 at 2:09pm

Thanks again CompBanker and M Friedman. Great interview and insight.

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Ben Shalom Bernanke's picture

Hats off to both CompBanker

Ben Shalom Bernanke
      AM
 
 
(King Kong, 1,438
 
Points)
 on 1/24/12 at 2:31pm

Hats off to both CompBanker and M Friedman!

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eriginal's picture

These are great, I'm really

eriginal
      AM
 
(Senior Gorilla, 907
 
Points)
 on 1/24/12 at 3:19pm

These are great, I'm really enjoying your "everything in moderation" philosophy.

"One man with courage makes a majority." — Andrew Jackson

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ram15's picture

Thanks for the info

ram15
      IB
 
(Senior Monkey, 95
 
Points)
 on 1/24/12 at 8:48pm

Thanks for the info CompBanker! Much appreciated.

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USCstudent26's picture

Compbanker, you never cease

USCstudent26
     
 
(Senior Baboon, 194
 
Points)
 on 1/24/12 at 9:21pm

Compbanker, you never cease to amaze me. Great insight and points to offer to young aspiring soon to be bankers like me.

Hope to follow your footsteps!

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Mr. Hansen's picture

Looking forward to more of

Mr. Hansen
     
 
(Gorilla, 519
 
Points)
 on 1/24/12 at 9:36pm

Looking forward to more of these. CompBanker, thanks for your contributions. We could always use more people like you.

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Hooked on LEAPS's picture

M Friedman wrote: MF: Besides

Hooked on LEAPS
      ER
 
(Senior Gorilla, 805
 
Points)
 on 1/25/12 at 1:35am
M Friedman:

MF: Besides WSO, what do you do in your free time to decompress?

CompBanker: Ever since completing my two years as an investment banking analyst, I’ve been determined not to squander my free time outside of work. Many years ago I gave up video games and watching TV which frees up a ridiculous amount of time. Now, I try to focus on activities that improve me somehow.

I play in multiple soccer leagues, which is a great substitute for an otherwise boring trip to the gym. I’m also an avid reader and try to read at least one book a week. I used to read finance books such as Liar’s Poker, but nowadays I prefer a wide mix of genres. I’ve come to rely on the WSO community for book suggestions and it has yet to let me down! I’ve also been teaching myself a 2nd language for a number of years now and am getting ready to move onto my third. Sometimes I even combine hobbies by reading books in my 2nd language. Beyond this, I’m frequently partaking in happy hours with friends and hitting the bars on the weekend.

CompBanker, don't take this the wrong way, but how do you deal with so much structure and productivity in your life? I'm still a student, so I'm not talking from experience, but if I had a job where I had to work 80 hours per week, all free time would be spent doing very unproductive and spontaneous things.

You have your way. I have my way. As for the right way, the correct way, and the only way, it does not exist. - Friedrich Nietzsche

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TheBenevolent's picture

great stuff. hopefully I have

TheBenevolent
      IB
 
(Senior Orangutan, 450
 
Points)
 on 1/25/12 at 2:47am

great stuff. hopefully I have the same attitude about not wasting free time like I did in college when I go from 80+ to ~55-60 hour work weeks.

soccer, jiu jitsu here i come

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upod01's picture

Wow. Great advice . I hope

upod01
      IB
 
(Orangutan, 275
 
Points)
 on 1/25/12 at 6:58am

Wow. Great advice . I hope that I have the opportunity to work with someone with your mindset when I begin working

When luck shuts the door you gotta come in through the window - Doyle Brunson

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Maximus Decimus Meridius's picture

Great read, as could be

Maximus Decimus...
      ST
 
 
(Gorilla, 658
 
Points)
 on 1/25/12 at 7:38am
You must be signed in to read advice below.
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Wasserstag526's picture

Great stuff, plenty of food

Wasserstag526
      CF
 
(Senior Baboon, 207
 
Points)
 on 1/25/12 at 8:28am

'We're bigger than U.S. Steel"

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aempirei's picture

Hooked on LEAPS

aempirei
      IB
 
(Gorilla, 725
 
Points)
 on 1/25/12 at 11:14am

My name is Nicky, but you can call me Dre.

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In reply to aempirei
duffmt6's picture

aempirei wrote: Hooked on

duffmt6
      IB
 
 
(Neanderthal, 2,472
 
Points)
 on 1/25/12 at 11:39am

"Social cohesion and puritanical morality place roughly on my list of concerns between whether I'll pick up jock itch at the gym this week (not likely, since I don't go the gym) and whether it'll rain in Christchurch, New Zealand next Tuesday."
-Eddie

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U Accrete Me's picture

When I grow up I want to be

U Accrete Me
      IB
 
(Senior Baboon, 175
 
Points)
 on 1/25/12 at 12:45pm
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aempirei's picture

^ You have an awesome

aempirei
      IB
 
(Gorilla, 725
 
Points)
 on 1/25/12 at 1:19pm

My name is Nicky, but you can call me Dre.

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c_z's picture

great post!

c_z
      IB
 
(Baboon, 152
 
Points)
 on 1/25/12 at 10:55pm
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Febreeze's picture

awesome post. i feel more

Febreeze
     
 
(King Kong, 1,158
 
Points)
 on 1/27/12 at 11:21am
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Culcet's picture

Compbanker's a cool dude. SB

Culcet
      EN
 
(Senior Orangutan, 410
 
Points)
 on 1/29/12 at 7:45am
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Immortal1's picture

Great read!

Immortal1
      IB
 
(Chimp, 10
 
Points)
 on 7/15/12 at 8:03pm

"I want the last check I write to bounce."

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Our staff, contractors, Internet service providers and others involved in this site follow this policy or similarly strict policies regarding your Information.

Disclosure

The Company is committed to fully disclosing our policies regarding the collection, use, maintenance, disclosure and security of personal information obtained from users of our site. The term "personal information" includes a name, address, email address, or any other information which could be used to contact you directly or to identify you personally.

Use and Disclosure Limitations

The Company only uses personal information about its Web site users for specific purposes. We do not share user information with third parties except when we have told users about the disclosures, when we have prior consent, or when required by law.

Use Policy: When the Company gathers personal information from users, we ask for permission first. We also disclose, at the time of collection, how the information will be used by us. Personal information is used for activities such as auto-completion of commonly-used forms and helping us contact you when you solicit information from us.

Disclosure Policy: We do not normally disclose personal information to anyone outside of the Company unless we have previously informed users about the disclosures. However, some data may be used from time to time by outside contractors, including auditors or consultants, to assist us in carrying out necessary financial or operational activities. These uses will be consistent with this privacy policy and all contractors using this potential personal information must agree to safeguard it, to use it only for the authorized purpose, and to return it or destroy it upon completion of the activity.

The Company might be required to disclose personal information in response to a valid legal process such as a subpoena, search warrant or court order.

Although unlikely, it is possible that we may have to make certain disclosures to ensure the security of our Web site, to protect its integrity, or to take precautions against potential liability. In any of these situations, we will take any reasonable steps to limit the scope of the data disclosed.

Web Logs: The Company maintains standard Web logs that record basic information about visitors to our Web site. These logs contain: * The Internet domain from which you came to our Web site. * Your IP address. An IP address is a series of numbers which uniquely identifies your connection to the Internet. Although it is possible in some instances, certain types of IP addresses may be used by interested persons to identify users but we do not attempt to identify users in this way. * The type of browser (e.g., Internet Explorer or Netscape) and operating system (e.g., Windows 98) you use. * The date and time you visited the site, and the pages you saw.

We use Web log information to design our Web site, identify popular features, and in similar ways. We do not try to identify individuals from Web logs or to link Web logs to other user information. However, if someone tries to damage our Web site or use it in an unauthorized or illegal way, we may share Web log information with law enforcement agencies. The Company may provide aggregate information such as the number of users who visit particular pages of the site, or the number of people who link to certain external sites from our site, to other parties.

Changes to Privacy Policy

The Company's features and services will change over time and our information-gathering practices and policies may also change.

While our philosophy of protecting user information from inappropriate uses and disclosures will not change, this policy will be updated occasionally to include any change that materially affects the collection, maintenance, use, or disclosure of personal information.

Forum Topics

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  • Please help, thanks in advance. Can someone please give me a rundown on the following: - how the equity section on non-traded public REIT's balance sheets works - clarification on some of the line items on the proceeds from financing section on the cash flow statement like...
    Public Non-Traded REIT Balance Sheet/Cash Flow Questions
  • Not that he ever really went anywhere, it's just been a long time since we've heard anything from him. And that's because he's been busy doing what John Thain does - maximizing shareholder value like it's his job. This is a great interview with Thain from last week, and the...
    John Thain Is Back!
  • Ok. It is probably not the best acting I have ever seen and the fact that Scott Disick´s voice does not mimic Christian Bale´s one bit will probably annoy most on here, however I thought it was pretty funny that they chose to parody American psycho for Kanye West´s new...
    American Psycho parody - Yeezus (Kanye West)
  • Somewhat skeptical on this one - similar to The Hangover sequels but I will definitely be seeing this one what it comes...
    Official Anchorman 2 Trailer Is Out
  • <em>Mod note: <strong><a href="http://www.wallstreetoasis.com/faq/what-are-the-best-qa-threads-and-interviews-with-top-finance-professionals-on-wso ">Click here</a></strong> to see all of our q&a's and interviews</em><P> I figured I...
    Open for Questions - Equities in Dallas
  • When I was attempting my Level II, I was feeling mighty poor.&nbsp;<br> <br> I had just left my role in finance and I wanted to try my hand at something else that had caught my attention - advertising.&nbsp;<br> <br> Weird, I know.&nbsp;<br> <br>...
    How to Pitch to your Firm to Sponsor Your CFA Program
  • Hi fellow monkeys, 1. In short we won a competition (team of 3) like a week ago and we have an upcoming insight day at a midsized firm, which also includes a lunch at a restaurant with an MD (also he is the one who will be with us all day). My two teammates don't really want to land an...
    How should I land summer internship?
  • I graduated in May 2012 and I've been working in a Leadership Development Programme at a big bank for the last 10 months in Treasury Product. I am really interested in Investment Banking and am sure I could prove myself given the opportunity. Are there any chances of getting into a program...
    Too Late To Break In?
  • Can anyone put this in plain English? Trying to figure out how much of the NOLs can be transferred to the acquirer's BS. "The treatment of a target's tax attributes (e.g. NOL) in an acquisition depends on the tax structure of the deal. Indeed, the target's tax attributes may...
    NOLs Transfer on LBO?
  • Hi all - As i have been looking through this site, i have found their seems to be a lack on anything Australian. While that is understandable seeming as the industry is US focused, i thought i'd take the opportunity to try and develop a useful collection of tid-bits and facts by sharing...
    Answering Australian I-Banking Questions!
  • Hi guys, Not sure if this is a silly/stupid questions, but it has been constantly on my mind. I am currently interning at an IB (not super prestigious but not boutique either). It has been a great experience as they are really open to teaching. With this said, what types of mistakes are...
    Internship experience
  • First post on WSO: Looking to move into RE full time. Some criteria: real estate focus with domestic/international travel involved. Do any positions matching these criteria exist? From what I've read, it sounds like IB RE is office based, as are most other positions. I don't mind long...
    Real Estate and Travel
  • I searched the site and realize that most posts about this are very old. I'm looking for current opinions. I've read that people who get into IB through SEO generally get less respect from their peers. My questions are: 1. How do people even know if you got in through SEO or not? 2. Why...
    Question about SEO
  • Thoughts on this? Heister brings up a good question: <em>"Who else is going to the job? Which senior Goldman partner is planning on retiring and needs to shield millions in stock options from taxes?"</em> via Bloomberg: <strong>Obama Says Bernanke Has Been at Fed...
    Bye Bye Bernanke? Who Would Be Next?
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Highest Ranked Content

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<em>Mod note: make sure to see the great comment below by CompBanker</em> I come from a small town where nobody had ever heard of consulting or IB. I was fortunate enough to attend a top target college (a good Ivy) and land a gig in IB at a BB/EB. I'm starting full time this...
Finance Culture - Personalities
<strong>Background</strong> I randomly discovered WSO nearly seven years ago just weeks after I secured a FT MM IB position. The website was extremely nascent at the time with only a few thousand registered users. The majority of the users were college students with only a handful...
How WSO has enhanced my IB/PE career
After over one year in the making, the <strong><a href="http://www.wallstreetoasis.com/2013-wso-compensation-report-full">2013 WSO Compensation Report</a></strong> is here! Access to the FULL 108 page 2013 WSO Compensation Report is <strong>100%...
2013 WSO Compensation Report has Arrived
Where do i even start..I learned so much from this forum. The brutally honest opinions, sincere willingness to help, the technical information and random tips on everything has been absolutely crucial for me landing this offer. Coming from a non-target I didnt get that 3rd year SA position at...
Thank you WSO! Got my FT Offer! ADVICE NEEDED
When I first started as a PE analyst, I constantly struggled with judging the amount of time I should spend on reviewing sourced deals. How much time is enough to really get a handle on the company’s revenue streams? How granular do I need my analysis to be on industry threats? With this...
Misguided Efforts: A Cautionary Tale
Fellow Primates, We are looking for 1-2 students on each campus to help WSO in its sales efforts to student clubs/career centers, and overall promotion at your school both online and on the ground. Below is a description of the position and benefits...thanks in advance for your help! <a...
WSO is Looking for Campus Reps For Summer/Fall 2013 (and beyond)
Many of the questions that have come in surround recruiting for front office Wall Street careers from a non-target so we’ll start with some ideas for recruiting, move on to interviewing, preparing for the job and finally long-term career management advice. Before we begin, it has been...
Stand Out as a Non-Target: Recruiting (Part 1 of 4)
Any Asset Management people here who could give me some insights on it, such as the nature of the work, the pay, the hours, the potential for career advancement, ect? I was looking into IB before but I've decided that I would rather pursue a career that's more intellectually...
Asset Management a better choice than Investment Banking?
<img src="//img.pandawhale.com/48721-Sexually-Oblivious-Female-Meme-Ze2w.png" alt="Sexually Oblivious Female Meme - Favorite Position? I would like to be a CEO.">
If you could be the richest person in the world with your dream job only as a public virgin forever would you do it?
<em>Mod Note: Blast from the Past - "Best of Eddie" - This one is from June 2011.</em> <em><strong><u>Freeriding</u> :</strong> The illegal activity of buying a stock and selling it before paying for the purchase.</em> - <a...
Come On and Take a Free Ride
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