Feel like an idiot, lost on technical stuff
So I’m 5 months in to a Southern California IB role. I’ve gotten decently fast at updating decks, taking good notes, scheduling calls, rolling forward simple stuff. I got put on a mandate 5 months ago and it just came alive again and I got assigned dealing with part of the raw client data, cleaning/reconciling, etc. and I have no idea how to do it. I understand a DCF/LBO but I’m so far out of my wheelhouse with this stuff, just have been staring and asking dumb questions but feels really disheartening. Anyone been in this spot?
Hey there, don't beat yourself up! Everyone starts somewhere, and it's completely normal to feel out of your depth when you're thrown into the deep end with something new, like handling raw client data. Based on the most helpful WSO content, here are a few steps you can take to get a grip on the situation:
Ask for Help: It's better to ask those "dumb" questions now rather than later. Most people are willing to help if you show that you're eager to learn. Remember, the only dumb question is the one not asked.
Online Resources: WSO has a plethora of resources that can help you understand the technical aspects of finance. Dive into the WSO Courses or WSO Academy for tutorials and guides.
Mentorship: Find someone in your firm who has been in your shoes and ask for guidance. A mentor can provide invaluable insights and tips on how to manage the data effectively.
Practice: Get your hands dirty with the data. The more you work with it, the more comfortable you'll become. Practice makes perfect, or at least competent!
Stay Organized: Keep your work and thoughts organized. This will help you manage the data more efficiently and make it easier to spot errors or inconsistencies.
Take a Break: Sometimes stepping away for a moment can give you a fresh perspective when you return.
Remember, everyone feels incompetent at times, especially when facing new challenges. It's part of the growth process in any career, especially in high-stakes environments like investment banking. Keep pushing through, and you'll come out stronger on the other side. Swing from those vines with confidence—you've got this!
Sources: Anyone else get overwhelmed by their career sometimes?, Feeling incompetent because I can't code?, Help. Feeling Lost, From BO to FO and back again, or, how I learned to stop worrying and love technology, Life after PE - the other road
The default advice is spend time reviewing past models/analysis. That is good, obvious, advice but can also sometimes exacerbate the issue of feeling overwhelmed and disheartened. Opening v78 of a model for a business that you haven't spent anytime with isn't always the best spot to start as you are completely missing any business- or transaction- specific information that has informed what you're reviewing. I liked to click through versions of the early drafts to get an idea of the starting point and how it evolved.
That aside, if you're being tasked with cleaning up due diligence files, my advice is keep it simple and show your work. For example, with the raw client data:
There is a common misconception that fancy, complicated formulas drive good analysis but it is really good organization and structure that do that.
Learn to use SumIF and start by building out a monthly schedule of all their sales / expense data, by product / service & geography.
Why are you asking these moronic questions? Just stay an idiot, that's what I'd love to see in my analysts. Everyone is confused, noone has a clue what's going on, everyone slips and falls on their face, I laugh and tell people about it
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