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Rough Draft 1) Bulge Bracket/tier 1 boutique 2) Wannabe Bulge/Reputable Mid market (i.e. Banc of America, Wachovia, Piper, Sg Cowen, HLHZ, Bear, DB) 3)Semi reputable Mid market (i.e. Thomas Weisel, Montgomery Company, Savvian, Revolution Partners, HSBC, Peter J Solomon, Needham, SVB Alliant, WR Hambrecht, etc.) 4) Duff would fall here...

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Well there are distinct departments within Duff & Phelps. There is an IB department that does some private placement work, but it represents only about 20% of Duff & Phelps. Much of the IB department only came to the firm last year when Duff & Phelps acquired a small IB boutique called Chanin Capital Partners.

The other 80% of the firm is involved with business valuation consulting. They advises clients on issues such as financial reporting requirements and valuations of intangible assets. Hours in the B-Val group are easier than IB.

 
bicoastalWell there are distinct departments within Duff & Phelps. There is an IB department that does some private placement work, but it represents only about 20% of Duff & Phelps. Much of the IB department only came to the firm last year when Duff & Phelps acquired a small IB boutique called Chanin Capital Partners.

Is the IB dept in one particular city or spread throughout the country? I am interested in both the IB and Val groups but I don't want to ask about IB in an office that is purely Val.

 

You will still do a tremendous amount of DCF valuation in Duff and Phelps valuation group as well as comparable company analysis. They are the largest private valuation companies I believe, and are very good in this niche. You can get great exposure to valuation. The hours are not as bad as banking, but you will still put a good amount in.

 

I know an alumni (go to non-target in Midwest) that worked there. He didn't like it and moved on after a year or so. He lateraled to another bank called W.Y. Campbell. He didn't like the culture and said the deal flow was pretty bad. He worked in their IBD.

 
lotus6how is the pay in d&p's valuation advisory?

I have a friend who just started last year. I believe she got $57k base. Bonus potential is pretty negligibile compared to Street numbers.

 

A friend once said "You work like a banker and get paid like an accountant" at D&P

"Greed, in all of its forms; greed for life, for money, for love, for knowledge has marked the upward surge of mankind. And greed, you mark my words, will not only save Teldar Paper, but that other malfunctioning corporation called the USA."
 

Does anyone have new information about this company? I know that it is a company driven around valuation, but any thoughts about their investment banking arm? Any info would be appreciated.

 

Working for them this summer. The people I met and interviewed with were generally very nice and relaxed people. As for reputation? Quite lacking, but it doesn't bother me much.

I'll be glad to discuss them more once I start working for them.

 

I'm really not sure whether their recruiting cycle is over for the summer, but my guess would be that it is. But hell, give it a shot anyways. Where are you looking to work? I know their Philadelphia (my office) is done, but hiring additional people via networking isn't unheard of (my friend helped his non-target friend get CS TMT in San Francisco a while after he got his own offer).

 

Much better lifestyle than HLHZ... which is their most direct competitor. Base salaries are similar to IB. Bonuses are not. Although bonuses are better than Big 4 valuation or transaction services, but significantly less than IB. Also, D&P is known to fast promote talented people...

 

anyone care to comment on the exits of D&P's valuation group? I've heard that it really just depends how you spin the experience, which for the most part seems to parallel ibd, minus the prestige/recognition.

 

i am also interested in DP, specifically the business valuation group. Anyone know of comparable valuation shops to DP, other than HLHZ? I'm thinking about getting a gig in valuation b/c the work seems interesting and hours are a lot less.

 

Avg hours are 60 a week or so, expect base salary of ~60K. Can't tell you about bonus structure because I don't know. Spend a couple of years and you will develop very strong modeling skills, no question.

 

shouldn't you be studying xeno? >

Comparable valuation shops...

I know that Management Planning Inc. is a small shop in Princeton. Wealth and Tax Advisory Services (WTAS) is a small branch of HSBC (spinning out this winter I believe) that also does everything a Big 4 does besides auditing.

The Big 4 all have in-house valuation/due diligence branches.. called Transactional Services. (Accounting/M&A/Financial Due Diligence)

 

How well will a stint at Duff and Phelps as an analyst place into the top business schools assuming a top 40 undergrad (non target) with a 3.73 gpa?

 

I work in valuation at a competitor to D&P and I am not impressed by their work.

There have been many great comebacks throughout history. Jesus was dead but then came back as an all-powerful God-Zombie.
 

On Bloomberg's global M&A league tables, Duff and Phelps is credited with 4 deals so far this year. 3 of those are fairness opinions, the other had a total deal value of $2.6 million.

Every news item they have is about some employee being quoted in an article or appearing at a conference, as opposed to any actual deal-related work. Most of their work is more analogous to what the Big 4 do in their various transaction advisory groups. When I was in valuation at the Big 4 we regularly pitched against D&P or reviewed their work for audit clients; on several occasions we found pretty significant technical errors in their work.

There have been many great comebacks throughout history. Jesus was dead but then came back as an all-powerful God-Zombie.
 

Does anyone else think Duff Man, the Duff Beer guy from The Simpsons when they hear Duff & Phelps? Just me.

Actually interviewed with them last year. Typical lower middle-market chip on the shoulder attitude, bragging about this deal and that deal. I mean didn't get the offer so congrats, but still, didn't like like the overcompensating attitude from the team I met with.

But your case may be different so good luck man.

Ace all your PE interview questions with the WSO Private Equity Prep Pack: http://www.wallstreetoasis.com/guide/private-equity-interview-prep-questions
 

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Currently: future neurologist, current psychotherapist Previously: investor relations (top consulting firm), M&A consulting (Big 4), M&A banking (MM)

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