I'll be interviewing for FT offers with these two banks and want to hear what you guys think. I know Bear is getting hit hard lately. What are their best groups? For Merrill, if I get a position it will likely be in the Tech group. How is their activity? They looked solid in Tech deals through Q2 2007 for the Americas. I know these guys aren't GS/MS but some good insight would be appreciated.
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Hey gnomes, congrats. Just curious, did your position at EMC help a lot in getting interviews?
Yeah, I've been able to network a lot with the guys in CorpDev and several of them have either lots of connections with bankers (ie- met them on a lot of pitches/roadshows for target acquisitions) or were in the field and moved to the easier lifestyle of corporate finance at a F500.
if ML tech in SF - make sure to be in Tech M&A vs. Tech. Makes a big difference in quality of work/deal flow.
as for Bear - strongest groups are TMT, Healthcare, Lev Fin.
Good to hear tmt is strongest at bear; in all likelihood that's where I'd end up. Thanks for the heads up on ML too; I've heard their generalist programs are a lot better than their industry groups, save for healthcare.
are you interviewing for bear in SF or NY?
Interviewing at bear in NY
bear tmt is strong in nyc - verizon, disney, etc. relationships are based out of nyc. sf is more of a pitch shop than nething else.
Just wanted to give an update-
Had the Bear TMT interview on Friday. 3 30-minute interviews. First one was very informal, just basically a look up and down the resume and Q&A about the analyst program. 2nd one was totally the opposite. All technical/accounting questions. Was unprepared for one debt question that I answered incorrectly at first but worked through eventually, but likely caused a ding for me. Third guy was in the middle, asking a few Qs about financial statements (if you can only have 2 of the 3 statements, which do you take; where should you look in a 10-k or 10-q to get a real idea of the financial performance; etc.). Last one went very good; went about 15 minutes over time and we seemed to get along well.
All in all it was worth going. Seems like a good group of guys in TMT but I likely shot myself in the foot with the debt messup. As a nontarget I really think I had to ace these first-rounds for a 2nd chance. Haven't heard back yet so I'd assume that's that for Bear.
Interviews coming up with ML, JP, UBS, CS, Jefferies, Pacific Crest. I'm also applying to CorpFin rotationals at GE, EMC, & Raytheon. Any help with ML especially would be great as they are up next I believe.
Anyone got the answer to these two questions? I'd appreciate it.
Hi gomes3pc,
Could you share with us the debt question you received? Thanks.
How is Bear? I heard they were firing a bunch of people after the subprime debacle.
they shut down the mortgage lending unit as did other banks. i have not heard of mass firings elsewhere.
My debt question was something like this: "You just issued $20M in debt to finance an acquisition. How will this affect all three financial statements, as well as the value to the shareholder." Like an idiot I said it would not influence EPS and thus shareholders would not be adversely affected but then realized of course the income expense on the P&L would reduce net income and thus EPS. As soon as I said it I knew it was wrong and backtracked but it sure didn't sound good at first.
As far as the other 2 questions go, you pick the B/S and P&L because you get the cash flow by starting with net income and then can get all the other adjustments by finding the changes in assets/liabilities from the balance sheet from this year and the last year. To find the true level of performance, always check the notes to the financial statements. Stuff like FIFO/LIFO changes and the like can improve or radically change results, and it also has to disclose non-financial statement impacts like operating leases.
Despite messing up the debt question I did get a call-back for final rounds next Saturday. Will let you know how it goes.
debt to finance an acquisition question is basic accretion/dilution analysis (one that you will perform a lot in M&A), and it won't necessarily reduce EPS since you are making an acquisition (buying a company with some earnings or earnings potential). It depends on the relative P/E's versus the interest cost on whether EPS goes up or down over the next couple of years
For which two statements you pick, it really depends, but for banking you are correct. For certain types of investors, the cash flow statement of a company can reveal a decent amount of information that is buried in balance sheet/IS line items that cannot be understood without the cash flow statement (in theory this shouldn't be the case, in practice it often is)
The question was more geared "which of the two can you use to compile the third?" You can't make a I/S with a CF and B/S, but you can make a pretty reliable CF with the I/S and the B/S from this period and hte last.
If I could only pick one I would pick the cash flow statement....what are you talking about dude?
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