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11/26/10

In the spirit of thanksgiving, I have decided to host a thread where you can ask all you ever wanted about banking or PE. Please feel free to ask away.

Comments (251)

In reply to ibanking101
11/26/10
ibanking101:

Another thing I commonly hear: The meanest person you work for in IB is the nicest person in PE. Is that true? Where the senior people a lot more nasty toward you?

Both places have nice people and mean people, contrary to popular belief when you go to PE you are not issued a pin stripe suit and buckled shoes and given a license to be an asshole. Senior people in PE are actually probably nicer because you are around them more. In a large bank, you are dealing with more people (product groups, other industry groups, clients, etc.), in a PE group you will develop more of a relationship with the very senior people because you interact with them more frequently. As with any interaction, the more frequently you deal with them, the nicer they will be because they will develop a repoire with you.

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11/26/10

In terms of modeling that is done at the megafund level, can you give an example of some of the complexities? I'd imagine that things can get pretty intense / complicated right? Also, how much of this are you expected to know / understand coming in? While banking is essentially a training ground for PE, I'm fairly certain (from my experiences thus far and from chatting with others), that a ton of the modeling is template based so I'm curious to hear your about your experiences.

11/26/10

Great thread - thanks for putting in the time to respond to people's questions, very informative. You've referenced the relative strength of M&A groups compared to other groups - what advice would you have for those in coverage groups with respect to positioning oneself for PE recruiting?

11/26/10

for post-MBA PE recruiting, what is the cuttoff for pre-mba exp

would they look at you if you did 3i or summit? what about even smaller growth equities w/ 1~3B

In reply to Bernanke23
11/26/10
Bernanke23:

In terms of modeling that is done at the megafund level, can you give an example of some of the complexities? I'd imagine that things can get pretty intense / complicated right? Also, how much of this are you expected to know / understand coming in? While banking is essentially a training ground for PE, I'm fairly certain (from my experiences thus far and from chatting with others), that a ton of the modeling is template based so I'm curious to hear your about your experiences.

Yes, much of the modeling done at banks is template based but you should try your best to do modeling from scratch. You will learn it better if you can do it from scratch even if it takes longer at first. No two companies are identical and although you may be able to bucket all things into COGS or SG&A for instance, companies should be viewed differently (e.g. one company may choose to grow via capex while another grows by acquiring other companies). For the purpose of the interview things never really get too intense, TPG for instance provides a bit of a template so you are not doing it totally from scratch. KKR will give you a blank excel sheet, but they're not really going to examine your excel output, so much as what your findings were after you completed the analysis. The key is to be thoughtful about your sensitivities, think about how an additional 100bps of margin expansion in the out year will enhance your IRR, think about how an additional turn of leverage will impact your IRR, think about how your returns might be impaired if you cannot achieve your desired exit multiple, etc. You should be actively thinking about the business and what the sources of the returns are. Intense modeling does happen, but not in the interview process. Moreover, by the end of your analyst career at a bank, you should be able to check your modeling from just the output sheet, no model is perfect, but if you see something that is just not economic (for instance capex trailing upwards, while D&A drifts downwards), you should be catching these things. If you wanted a monkey to just do a model, you could get some nerd out of MIT to write an algorithm, PE shops want monkeys that may be able to make a judgement call or two.

In reply to 7S
11/26/10
7S:

for post-MBA PE recruiting, what is the cuttoff for pre-mba exp

would they look at you if you did 3i or summit? what about even smaller growth equities w/ 1~3B

Yeah that would probably be fine, just need to have a good story. Both those shops are respectable. You would have a decent chance assuming everything else checked off (good IBD experience, good grades in b-school, etc.).

In reply to zooblar
11/26/10
zooblar:

Great thread - thanks for putting in the time to respond to people's questions, very informative. You've referenced the relative strength of M&A groups compared to other groups - what advice would you have for those in coverage groups with respect to positioning oneself for PE recruiting?

Yeah this has been fun, I'm bored as shit so glad I could help. M&A groups are strong because they just generally involve more analysis, they aren't the silver bullet by any stretch of the imagination. If you are in a coverage group that is fine too. GS is the best example of coverage groups because they do not have an M&A group, so all their M&A is down in-house from their coverage groups. Not all coverage groups are made the same either, some will have a greater degree of participation in the execution of M&A transactions than others. They key is to be as involved in the analysis as you can, and even if you aren't fully in the trenches, you should try to be involved as much as you can such that you can leverage it in an interview. Like I said, it's not just about having good experience, you also need to sell it. Yes, in a coverage group there will be some shitty assignments (think a follow-on equity offering), but there will also be strategic things that the coverage group will be involved in. When this happens, to the extent you can raise your hand and try to be responsible for running the model, you should do this. It's not easy, but you have to be aggressive about seizing opportunity when it presents itself.

11/26/10

Fantastic thread, 10xleverage - I am thankful for a lot of things on this holiday, and WSO is one of them haha.

1. Did you learn a lot during your two-year stint, or were you simply repeating a lot of the type of the work you did at MS?

2. Where do you see the industry going in the next 5 years?

3. To follow up on the good days and bad days: how often did each occur?

4. Any advice on how to do well as an analyst/associate in PE?

Sorry for so many questions - really appreciate the help!

11/26/10

Hey thanks for the advice

what level school/GPA did you have going in? what are the averages of the other associates?

just a quick thought though - might be smart to remove that comment on henry kravis since it's probably easy to tell who you are (or at least narrow it down to a couple) if the office is as small as you described

11/26/10

alright i'm going to sleep, feel free to leave any more questions but i will not get to them until tomorrow. i also know that many of you have sent me personal messages, I will get to those tomorrow as well. I fully expect to not be active on this board at the end of this weekend as I am doing this for kicks, so please feel free to ask away while i am active.

In reply to HappyThanksgiving
11/26/10
HappyThanksgiving:

Hey thanks for the advice

what level school/GPA did you have going in? what are the averages of the other associates?

just a quick thought though - might be smart to remove that comment on henry kravis since it's probably easy to tell who you are (or at least narrow it down to a couple) if the office is as small as you described

graduated summa from an ivy, most of the associates are similar backgrounds.

appreciate the concern but not that stupid, henry can't touch me anymore, nor does henry frequent wall street oasis.

In reply to pepsiholic
11/26/10
pepsiholic:

Fantastic thread, 10xleverage - I am thankful for a lot of things on this holiday, and WSO is one of them haha.

1. Did you learn a lot during your two-year stint, or were you simply repeating a lot of the type of the work you did at MS?

2. Where do you see the industry going in the next 5 years?

3. To follow up on the good days and bad days: how often did each occur?

4. Any advice on how to do well as an analyst/associate in PE?

Sorry for so many questions - really appreciate the help!

couldn't help myself, this will be the last one i answer tonight.

1. combination of both, gotta stay focused on trying to learn new things or else you can become an automaton.
2. banking is a commodity, and PE is becoming banking light. look at how many people are posting on this thread right now, case and point. PE wasn't even a term until about 10 years ago.
3. good days about 10% of the time, bad days about 5% of the time, the rest are a symmetrical spectrum across the middle.
4. work hard, stay hungry, always be learning, don't be a bitch.

11/26/10

thank you again for all the answers today!!

11/26/10
11/26/10

How are more "specialized" groups such as Real Estate, Natural Resources or FIG viewed by top PE firms? I know that FIG modeling / analysis is very balance-sheet driven so some things like Capex or D&A are "foreign" in terms of a FIG analyst's (depending on their focus) day-to-day experience. Have you seen this affect any of your peers and if so, how have they made the transition? Also, did you focus on an industry while at KKR?

In reply to Password_Is_Taco
11/26/10
Password_Is_Taco:

Is this for real, or some guy trying to be funny?
http://www.linkedin.com/profile/view?id=38467731&a...

this is likely a joke since henry kravis can hardly use a computer.

In reply to Bernanke23
11/26/10
Bernanke23:

How are more "specialized" groups such as Real Estate, Natural Resources or FIG viewed by top PE firms? I know that FIG modeling / analysis is very balance-sheet driven so some things like Capex or D&A are "foreign" in terms of a FIG analyst's (depending on their focus) day-to-day experience. Have you seen this affect any of your peers and if so, how have they made the transition? Also, did you focus on an industry while at KKR?

They will pigeonhole you a bit but as long as you are at a top bank you will get a decent look. Goldman FIG places well but that is more or less because it is goldman rather than you are in a fig group. PE firms for the most part want kids that are still malleable which is why they prefer kids from a generalist m&a group, or traditional industry groups like healthcare, tmt, industrials, etc. (basically EBITDA driven businesses). That said, if you are in fig, and you can do all the traditional valuation stuff too, you will be fine. If you do have a specialized skill set though you should watch out as they will likely try to push you into an industry vertical. KKR does have industry verticals and you will focus most of your time in a couple. BX/TPG/Bain are more or less generalist programs while Carlyle will place you in a vertical.

Regarding my peers, yes, it can affect your peers if you are not aggressive about making your preferences clear. 2 years out of school you are too young to get pigeonholed, but if you have a FIG background and do not raise your hand and make it clear that you want to try new things, you will certainly start to see yourself get pushed onto fig assignments because very few other kids will have the same skillset. Real estate and natural resources are also fairly niche skillsets, but I haven't seen the kids there get pigeonholed quite so much as the ones in FIG. To be clear though, the word "pigeonhole" is a bit of a negative term, if you are a fig banker, you have a valuable skillset that very few other people have. Take it for what it's worth.

11/26/10

I have absolutely no interest in PE but this thread is up there with Mr. Pink Monkey's HF thread. Well done!

11/26/10

Here's another fairly specific question... If someone (i.e. me) does do merchant banking before business school as an analyst, is it still necessary to do pre-mba p/e for post-mba p/e? Personally I spend a year out of finance after undergrad and was dinged a year when I made the switch. The bank expects me to make a 3 year commitment in the position. I also want to go to bschool eventually, but it seems like the sweet spot for bschool is after 4 years of WE. I don't want to do another 2 years of PE before bschool since it's essentially what I'm doing right now (and it'll actually make me somewhat of an older candidate... hard to grasp that), albeit the transactions will be a lot larger. Given I just want to keep my options open (the possibility of exploring large/mega cap funds post-mba), should I start recruiting for pre-mba PE positions? Thanks!

11/26/10

Thanks for taking the time to answer these questions. Would you say it's easier for the typical investment banker to get into a top tier hedge fund (SAC, Paulson, Pershing) or a top tier PE shop?It seems like the hedge fund lifestyle is better than PE and allows for more upside and potentially more interesting work. Just wondering why you think so many choose to go the PE route...

In reply to lolercoasterrr
11/26/10
lolercoasterrr:

Here's another fairly specific question... If someone (i.e. me) does do merchant banking before business school as an analyst, is it still necessary to do pre-mba p/e for post-mba p/e? Personally I spend a year out of finance after undergrad and was dinged a year when I made the switch. The bank expects me to make a 3 year commitment in the position. I also want to go to bschool eventually, but it seems like the sweet spot for bschool is after 4 years of WE. I don't want to do another 2 years of PE before bschool since it's essentially what I'm doing right now (and it'll actually make me somewhat of an older candidate... hard to grasp that), albeit the transactions will be a lot larger. Given I just want to keep my options open (the possibility of exploring large/mega cap funds post-mba), should I start recruiting for pre-mba PE positions? Thanks!

It sucks that you were dinged a year but I would say that you should still try to do PE, it's not a big deal in the grand scheme of things. Having a megafund on your resume will significantly enhance both your b-school options and your options post-mba, that's life. Your experience in merchant banking is actually quite similar and you will probably be able to leverage it post-mba, but being a merchant banker at credit suisse doesn't pack the same punch as working in north american buyouts at tpg. I would try hard to recruit at pre-mba positions, it will make things easier for you down the road because your resume will simulate more of the traditional path. that said, you could be a superstar and go to b-school and still place just fine (especially if the market is warmer). i'm just trying to give you generalizations.

In reply to mrbellaiche
11/26/10
mrbellaiche:

Thanks for taking the time to answer these questions. Would you say it's easier for the typical investment banker to get into a top tier hedge fund (SAC, Paulson, Pershing) or a top tier PE shop?It seems like the hedge fund lifestyle is better than PE and allows for more upside and potentially more interesting work. Just wondering why you think so many choose to go the PE route...

Most people choose the PE route because they are scared to break from the crowd. SAC, Paulson and Pershing should not really be grouped together as SAC is a much larger institution and you can recruit at different desks there. For instance at SAC, you could get rejected by their event driven desk, and then try to interview at their merger arb desk, they are very segmented in that respect. Paulson I have no idea about, I don't think they really have a recurring demand for talent like some of the other funds. Pershing does not recruit on an annual basis since they are so small, they probably take a kid or two every other year and are incredibly competitive. I think in years past they primarily have only taken kids from GS and BX PE. The (elite) hedge fund route is a very promising track but is equally if not harder than the elite PE route, if for nothing else there are less spots. That said, don't expect to go to SAC or Fortress thinking you'll be working for a tiger cub, since both these firms are very large (and in Fortress's case, publicly traded). The smaller hedge funds will afford you more upside, but with any upside comes more volatility. If you want to become a 30 year old millionaire, you will not do it working at any of the larger places such as KKR or SAC, that is a certainty. That said, the kids working at KKR and SAC know that their fund won't blow up in the next market downturn. Regarding lifestyle, the top hedge funds will work you fairly hard, maybe not as hard an unpredictably as PE, but one truth about finance or anything in life is that there is no such thing as a free lunch, nobody became a billionaire working 9-5. If you want quality of life go to McKinsey.

In reply to 10xleverage
11/26/10
10xleverage:
lolercoasterrr:

Here's another fairly specific question... If someone (i.e. me) does do merchant banking before business school as an analyst, is it still necessary to do pre-mba p/e for post-mba p/e? Personally I spend a year out of finance after undergrad and was dinged a year when I made the switch. The bank expects me to make a 3 year commitment in the position. I also want to go to bschool eventually, but it seems like the sweet spot for bschool is after 4 years of WE. I don't want to do another 2 years of PE before bschool since it's essentially what I'm doing right now (and it'll actually make me somewhat of an older candidate... hard to grasp that), albeit the transactions will be a lot larger. Given I just want to keep my options open (the possibility of exploring large/mega cap funds post-mba), should I start recruiting for pre-mba PE positions? Thanks!

It sucks that you were dinged a year but I would say that you should still try to do PE, it's not a big deal in the grand scheme of things. Having a megafund on your resume will significantly enhance both your b-school options and your options post-mba, that's life. Your experience in merchant banking is actually quite similar and you will probably be able to leverage it post-mba, but being a merchant banker at credit suisse doesn't pack the same punch as working in north american buyouts at tpg. I would try hard to recruit at pre-mba positions, it will make things easier for you down the road because your resume will simulate more of the traditional path. that said, you could be a superstar and go to b-school and still place just fine (especially if the market is warmer). i'm just trying to give you generalizations.

makes sense... thank you!

11/26/10
10xleverage:

In the spirit of thanksgiving, I have decided to host a thread where you can ask all you ever wanted about banking or PE. Please feel free to ask away.

many thanks for taking the time to do all of this. I have a bunch of questions for you and I'll just list them here.

1. How's KKR's deal-flow generated? As most of their transactions are large, I assume they win deals via auctions mostly, which significantly reduce returns due to higher prices vs. Summit/TA Associates which tend to have much more proprietary deal-flow (ie done exclusively and lead generated by themselves). If that's the case, whats the value add of KKR partners/principals? My impression is that at the senior level you are good if you can generate proprietary deal-flow for your company done on an exclusive basis (therefore theoretically paying a lesser price than an auction, therefore generating a higher return).

2. A) Do megafunds actually tell you that after 2 years you HAVE to leave? If you leave to business school, can you return back after the MBA?

B)Can you get promoted at KKR without going to business school and if so what does it take as an associate to actually get promoted to a senior associate role (as I know very few people get promoted)

3. A) In terms of PE recruiting, I think you're spot on re deal experience. As you rightly said, most people interview after just 1 year, even less sometimes, and dont have enough deal experience - let alone closed deals. So in a way, what matters most is personality and knowing how to model, right?

B) If you want to get interviews at megafunds, do headhunters normally call you? What criteria do these guys use when deciding who to call? bank, group, ranking of a person among its peers, what exactly? Why did they call you and not some other guy?

11/26/10

How does Perella Weinberg, Centerview, Qatalyst, or Rothschild compare for PE placement?

What b-schools do most people go? I assume most go to HBS or Stanford but common for people to not get into either and go to Wharton/Chicago instead?

In reply to 10xleverage
11/26/10
10xleverage:
Antsman:

Hey 10xlevergae, really appreciate what you are doing here for us young monkeys.

Anyway, can you add some color to the prospects of analyst coming from Leveraged Finance groups at banks like JPM and BAML trying to break into Megafunds?

They're good, not great, they will do the job, but they are not GS TMT / MS M&A. You may not get interviews everywhere, but you will get some top notch interviews in the top tier (KKR/BX/Bain/Carlyle/TPG) and certainly get very good looks at the rest (THL, Apollo/Warburg/Providence, etc.). Like I said before, once you are in the interview, you got as good as a shot as anybody. I don't know how BAML has really placed post its merger, as I know it's legacy merrill groups were great, but don't know how the integration has panned out so far. My instinct though is that it still sends kids to top groups. Lev Fin in general is generally pretty good, not as good as m&a, but okay, because you will have exposure to HY instruments and other debt products. Your understanding of classic corporate valuation and corporate finance will probably not be as good as an M&A banker's though, however, you can self-study the details or try to enrich yourself on your spare time on things you think you might be missing out on. The fact of the matter is, everyone has a different skillset and everyone has to complement what they know, a lev fin banker could read a credit doc better than an m&a banker, but an m&a guy could do accretion/dilution irr math better. The latter is more desirable for PE firms, it is what it is. That said, lev fin places just fine.

Thank you. This is the best thread I have seen in nearly a year reading this site.
+1 SB

patternfinder:

Of course, I would just buy in scales.

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11/26/10

A couple quick questions:

1.) Does it weird you out that you could easily get a blow job from any of the male monkeys on here by simply forwarding on their resume to whoever runs pre-MBA recruitment at KKR?

2.) Did you honestly like your job? I mean, I know it's called "work" for a reason, but still, did you honestly like it? I work in PE now as well (much much smaller place than KKR), and I see zero chance of doing this after my two years are up. People are, and I once was, obsessed with PE and high finance jobs in general and read these descriptions about what an Associate does and get all hot-and-bothered. But, really, seriously, I find that it just isn't all that great. Your thoughts?

Not to be a downer, but I feel that people get a little too wet in their panties over the idea of working in PE, so a little bit of reality couldn't hurt.

11/26/10

With all due respect (this is all second hand), I've heard from several friends of mine in PE that the work is not what they expected. Their opinion is that PE associates are mainly 'processors' whereas the real analytical work is done at HFs and the like. Can you respond to this? Much appreciated.

In reply to 10xleverage
11/26/10
10xleverage:
mrbellaiche:

Thanks for taking the time to answer these questions. Would you say it's easier for the typical investment banker to get into a top tier hedge fund (SAC, Paulson, Pershing) or a top tier PE shop?It seems like the hedge fund lifestyle is better than PE and allows for more upside and potentially more interesting work. Just wondering why you think so many choose to go the PE route...

Most people choose the PE route because they are scared to break from the crowd. SAC, Paulson and Pershing should not really be grouped together as SAC is a much larger institution and you can recruit at different desks there. For instance at SAC, you could get rejected by their event driven desk, and then try to interview at their merger arb desk, they are very segmented in that respect. Paulson I have no idea about, I don't think they really have a recurring demand for talent like some of the other funds. Pershing does not recruit on an annual basis since they are so small, they probably take a kid or two every other year and are incredibly competitive. I think in years past they primarily have only taken kids from GS and BX PE. The (elite) hedge fund route is a very promising track but is equally if not harder than the elite PE route, if for nothing else there are less spots. That said, don't expect to go to SAC or Fortress thinking you'll be working for a tiger cub, since both these firms are very large (and in Fortress's case, publicly traded). The smaller hedge funds will afford you more upside, but with any upside comes more volatility. If you want to become a 30 year old millionaire, you will not do it working at any of the larger places such as KKR or SAC, that is a certainty. That said, the kids working at KKR and SAC know that their fund won't blow up in the next market downturn. Regarding lifestyle, the top hedge funds will work you fairly hard, maybe not as hard an unpredictably as PE, but one truth about finance or anything in life is that there is no such thing as a free lunch, nobody became a billionaire working 9-5. If you want quality of life go to McKinsey.

First of all, this is one of the most informative threads in a long time. These type of threads have been sorely lacking lately.

I thought SAC did just traditional long-short equity? I had no idea they did event-driven and merger arb.

Paulson has been recruiting MBA grads lately, mostly from HBS. I know this past year they hired a JD/MBA from harvard. But of course, it's insanely tough to get into.

Do all of your fellow associates at KKR who go to business school, end up at HBS or stanford? I can't imagine KKR people not getting into one of those two schools.

In reply to GutShot
11/26/10
GutShot:

With all due respect (this is all second hand), I've heard from several friends of mine in PE that the work is not what they expected. Their opinion is that PE associates are mainly 'processors' whereas the real analytical work is done at HFs and the like. Can you respond to this? Much appreciated.

^^No you didn't.....haha jk.

But in seriousness, appending to my peer above, you spoke earlier that increased bureaucracy has constrained much of the flexibility that PE had enjoyed. That sounds very unappetizing and if I had the luxury to choose I would like to be more "hands-on" with a potential/portfolio company. Would that be more heir apparent, possibly exclusive, at MM? I guess same could be said about HF (sans discrepancy between PE & HF).

11/26/10

thanks for the great info 10xleverage

any thoughts on banking in Asia? obviously exit ops will be more limited since you're not in NYC, but would appreciate any thoughts on technical skills/deal experience you can get by working there vs. NYC. Also, would appreciate any thoughts on PE in Asia now

11/26/10

This is a deeper question.

1) Would you still be working if it was not for the money or power (are you truly passionate about it)?

2) Do you think your life would have more meaning or more fullfillment if you were a doctor?

The reason I ask is that I am a first year analyst in IBD and have been receiving extremely positive feedback. I am just not sure if this is my passion and I am considering going back to school to become a doctor (Yes, I know I would be giving up a TON of time and money... trust me, I have been hearing it a lot from my parents).

I have a hard time believing that anyone's true passion is in finance, beacaust almost everyone is looking for money or power or prestige. While I understand that PE and Investment banking is an essential part of the economy, is the individual truly making a difference for others? I am having a hard time understanding how they are.

Thanks

11/26/10

My gf wanted me to ask you these:

1. What is KKR policy on flex-time/part-time? When would I qualify?

2. Does KKR have a Woman's Initiative Program/Working Mothers Program? Deloitte has a program in place that allows women to leave the workforce for as long as they want (1-5 years) and still be able to hold their position within the firm. When they come back, they can decide if they want to work part-time or flex-time and progress within the firm that way. Deloitte would sometimes even let you work at home. Does KKR have the same fort of program?

3. When is KKR going to go entirely paper-less?

4. Do you feel like KKR's lack of technology is slowing down your development and progress in your career?

5. I have heard that KKR is at the bottom of the Megafunds and might be fading away after the controversy a couple of years back. I have also heard that KKR is losing their investors like mad due to excessive and unnecessary fees from lack of technology among other things. What are your thoughts on these comment?

6. What did you like most about working in the KKR NY office? The people? The hours?

7. Could you tell me again about how many hours a week you worked during busy season?

8. How many hours a week you worked the rest of the year at KKR?

9. What is KKR employee turnover rate?

looking for that pick-me-up to power through an all-nighter?
11/26/10

Is it still worth it to pursue this career? How is the outlook for jobs compared to 2007 and what's probably the conversion rate from wannabes to who actually make it - big? IB was tough to get in right from the start has it gone a lot tougher, especially for someone without a lot of background or experience? Is MBA route still good enough to SWITCH to IB? Has the lifestyle/thinking changed post the mini-recession that we had? How are the work hours? same as before or worse/better?

11/26/10

What is the best route; P/E, IB, etc; for a graduating senior to gain a thorough background in finance? The idea is to work a couple years on wallstreet, paying my dues, and then have the ability to work anywhere in the country.

11/26/10

Is there a particular advantage to being in a financial sponsors group vs. leveraged finance group? Also, would you say exit oppts for an M&A group are better than the two aforementioned ones?

In reply to JohnWall
11/26/10
JohnWall:

Is there a particular advantage to being in a financial sponsors group vs. leveraged finance group? Also, would you say exit oppts for an M&A group are better than the two aforementioned ones?

10xleverage already answered this. Read the rest of the thread. M&A is the preferred group for PE exit opps.

-MBP

11/26/10

I want to do my 2 years as an analyst on the West Coast, then transition to a West Coast PE firm, ideally a megafund. With these goals in mind, would I be handicapping myself by doing my analyst stint on the west coast?

Also, what groups in CA have the best PE placement? Clearly GS TMT and MS Tech/M&A (Menlo Park) dominate megafund placement, but what next? Many elite boutiques such as Centerview, PWP, and BX have regional CA offices, but then there are other strong BB groups like CS LA. Or would I be best suited going to a bank with a major CA presence like Moelis? I'm not asking you to rank the banks, but, in your experience, what CA groups outside of GS/MS place best on the West Coast?

In reply to wamartinu
11/26/10
wamartinu:
10xleverage:

In the spirit of thanksgiving, I have decided to host a thread where you can ask all you ever wanted about banking or PE. Please feel free to ask away.

many thanks for taking the time to do all of this. I have a bunch of questions for you and I'll just list them here.

1. How's KKR's deal-flow generated? As most of their transactions are large, I assume they win deals via auctions mostly, which significantly reduce returns due to higher prices vs. Summit/TA Associates which tend to have much more proprietary deal-flow (ie done exclusively and lead generated by themselves). If that's the case, whats the value add of KKR partners/principals? My impression is that at the senior level you are good if you can generate proprietary deal-flow for your company done on an exclusive basis (therefore theoretically paying a lesser price than an auction, therefore generating a higher return).

2. A) Do megafunds actually tell you that after 2 years you HAVE to leave? If you leave to business school, can you return back after the MBA?

B)Can you get promoted at KKR without going to business school and if so what does it take as an associate to actually get promoted to a senior associate role (as I know very few people get promoted)

3. A) In terms of PE recruiting, I think you're spot on re deal experience. As you rightly said, most people interview after just 1 year, even less sometimes, and dont have enough deal experience - let alone closed deals. So in a way, what matters most is personality and knowing how to model, right?

B) If you want to get interviews at megafunds, do headhunters normally call you? What criteria do these guys use when deciding who to call? bank, group, ranking of a person among its peers, what exactly? Why did they call you and not some other guy?

1. KKR is a household name so they are on every banker's short list when it comes to pitching new companies / transactions. CIMs come through the door like publishing clearinghouse envelopes so there is never a shortage of new things to look at. Regarding auctions, that is correct, whenever they are at an auction, Blackstone and Carlyle and company are also at the table, and you better believe that returns get bid down. What is the real value of KKR? That's tough to say, KKR can bully the capital markets in a way that many funds (and even many mega funds) cannot. If you can get a larger quantum of debt at a cheaper cost, that is arguably value creative for the LP/GP, although some might say that it is value transfer across the capital structure (I'm not here to debate the ethics of it). Exclusivity is helpful, but most people say you will pay for exclusivity in that it will be priced in. And if it's not priced in, activists can come in (anyone see what Carl did to Dynegy? That exclusive didn't work out so well for BX in the end). Senior people have tons of relationships but big deal, you would too if you were the partner in charge of TMT buyouts at KKR. And it's not like the TMT partner at KKR is getting looks at deals from GS that the same partners at the other megafunds are not getting.
2. A) They generally prefer it, and like anything else, there is a bit of a self-selection process (similar to an investment bank when you are finishing your 2 year program). Many of the kids will make it clear they want to go to b-school, some kids flame out again (at this point though it is rarely due to the fact that they straight up suck), but it might become clear they want a smaller environment or try something different altogether. For some kids it will work out, and they will not want to go to b-school (this happens most frequently I've seen with Wharton undergrads). Others will go to b-school (KKR and most megafunds from what I've seen will foot the bill if you come back), and come back. It's not one size fits all and is very market based. Like I said, in 2006, hedge funds were very hot, now, there are no hedge fund jobs (that's an exaggeration, but you get the point).
B) Yes, be good at eating shit and knowing your role. Work hard, speak up when you have something constructive to say. You are not a junior dealmaker, you are just the finest slave money can buy. There is only one Henry Kravis at KKR, and you are not him. That said, with enough effort and many years, maybe you can be his sidekick.
3. A) I am spot on. Personality matters a lot. If you are annoying, that is a big obstacle. Knowing how to model is a check the box item, any retard can balance a balance sheet (I can be brutal at times, but you should be able to balance a balance sheet 6 months into your job in IBD).
B) Headhunters will generally reach out to you around this time in your first year. If you are in one of the top groups I have mentioned before, just take it easy and it will come to you. They headhunters (CPI, Amity, Oxbridge, McKibben, SG, Dynamics, SearchOne, Glocap, etc.) will bring you in to kick the tires on you. It is important you are on your game for these guys because if you suck here you will not even get a shot at an interview. If you are not in a premier group (GS/MS/top boutiques, top m&a groups), you will still get looks at headhunters, but maybe only after they have reached out to the kids in the top groups. Rankings don't really matter because you haven't been ranked yet. Do not despair, because none of the interviews start until late spring/summer. It is important though that if you haevn't heard from all of these headhunters, that you pro-actively reach out to them in early spring (feb/march) to set up a time to talk and make your interests clear. As you'd expect, the less of a top group you are in, the more leg work you will have to do. If you are in gs tmt, sit back and don't suck and you will at least end up at silver lake partners .

In reply to HappyThanksgiving
11/26/10
HappyThanksgiving:

How does Perella Weinberg, Centerview, Qatalyst, or Rothschild compare for PE placement?

What b-schools do most people go? I assume most go to HBS or Stanford but common for people to not get into either and go to Wharton/Chicago instead?

These boutiques are a cut behind the top and will not give you as good options as the top tier (Lazard, BX, etc.) You will probably get looks at 2nd tier PE shops like Apax/New Mountain Capital/Crestview etc. As far as b-schools, kids at megafunds will typically go to HBS and Stanford as you would expect. Like I said, more kids from TPG/Bain/Carlyle typically apply but those kids will typically get into one of the two although horror stories will happen. The fact of the matter is, HBS doesn't need 12 TPG kids and 12 Bain kids, so it is not as special as it might have been 5 years ago. I think in the coming years, you will see it be less of an automatic as it has been in years past as the 2 and 2 thing becomes more of a commodity. That said, I think it's been a few years since someone at KKR was rejected by both and usually there are reasons for it. There's also less b-school competition at KKR since more kids will opt for hedge funds than a tpg or Bain. If you don't get into HBS or Stanford, usually these funds are good about letting you stay another year to reapply, or get your shit together until you go to a hedge fund. It's unlikely anyone would go to Chicago, and a kid might go to Wharton here or there if his back is against the wall (the shame, I know).

In reply to TheKing
11/26/10
TheKing:

A couple quick questions:

1.) Does it weird you out that you could easily get a blow job from any of the male monkeys on here by simply forwarding on their resume to whoever runs pre-MBA recruitment at KKR?

2.) Did you honestly like your job? I mean, I know it's called "work" for a reason, but still, did you honestly like it? I work in PE now as well (much much smaller place than KKR), and I see zero chance of doing this after my two years are up. People are, and I once was, obsessed with PE and high finance jobs in general and read these descriptions about what an Associate does and get all hot-and-bothered. But, really, seriously, I find that it just isn't all that great. Your thoughts?

Not to be a downer, but I feel that people get a little too wet in their panties over the idea of working in PE, so a little bit of reality couldn't hurt.

1) Yes, but I like the attention.
2) You get what you pay for, it's a good gig and there's no question about it. You have lots of options after the 2 + 2 track, people know that your valuation skills are as good as they come. That said, you may have friends that took more entrepreneurial routes out of undergrad that are doing cooler things and potentially making more money. You will also have kids who just went to hedge funds (many that you may not have heard of) and might be making more than you (with a quicker and potentially more exciting career trajectory). That said, there are elements of the job that have cool factor. I interfaced with many household names in finance and although Henry never wanted my opinion, it was slightly cool to see him around (you'll see this at various mega funds for instance bonderman is still very involved with the investing process, same with bill conway at carlyle, tony james does most of the work at bx but schwarzman will participate every now and then). The cool factor wears off fairly quickly though and so you have to learn to like the work. At times, it was like being the junior guy on an IBD team again, on other teams you have an opportunity to get more responsibility where you can contribute in a meaningful way. The compensation is also very good at that level of experience (not to mention the lax expense policy). So like most things in life, it's a mixed bag, but it is hard to conceive of a better training ground one can find at this point in your career. If you can swing a job at Greenlight after your 2 year gig in banking, I'd say go for that, but as far as going about the well-trodden path, large-cap PE isn't a bad decision.

All that being said, totally agree that people think the doors to universe are opened by working at KKR or some other large fund. You are on a good track, but like anything else in life, you can fall off if you don't stay focused and continue working hard.

11/26/10

Honestly the best thread I have read in a long long time. Thanks!

Have you seen people who switch into a role at a Fortune 500 after a top PE firm / MBA? If so, where in the company would you transition into? With that background, would you essentially able to get into any department or would you be pigeonholed into corp dev. With that said, would you be able to get a more senior role in a corp dev division or still be stuck as an Associate/VP level?

Also, I know this is splitting hairs but which do you think is better for PE placement, top M&A groups or top boutiques. Boutiques always brag that analysts will learn how to think better than their counterparties at BBs. Do you think that shows during interviews?

In reply to GutShot
11/26/10
GutShot:

With all due respect (this is all second hand), I've heard from several friends of mine in PE that the work is not what they expected. Their opinion is that PE associates are mainly 'processors' whereas the real analytical work is done at HFs and the like. Can you respond to this? Much appreciated.

Yes, that's true for the most part. It is probably not what your friends expected because they were probably delusional going into their job. They thought they were going to be mini deal-makers, sourcing and executing their own deals. The work is still analytical, but there is nothing analytical about going through a dataroom and making sure that the deputy cfo did his work correctly. Hedge funds are all across the board, if you are at AQR, you might as well be in an MIT class room, whereas if you are at pershing, you might be doing more fundamental analysis that might be similar to the work done in PE. I mean, yeah, a lot of the work done in PE is bullshit. When you get a CIM, you might have to make a model just so that you can verify that the company does suck as much as you expected (some MDs still insist upon seeing a model so that they can verify that a capital intensive business with an EBITDA CAGR of 3% is in fact a bad target). Like I said, you are still a slave, but the finest slave money can buy.

11/26/10

Do you mind sharing a little more about your background?
Did you attend a non-target undergrad and did you get your MBA yet?
Thanks
I really love your spirit

In reply to Brady4MVP
11/26/10
jjc1122:
10xleverage:
mrbellaiche:

Thanks for taking the time to answer these questions. Would you say it's easier for the typical investment banker to get into a top tier hedge fund (SAC, Paulson, Pershing) or a top tier PE shop?It seems like the hedge fund lifestyle is better than PE and allows for more upside and potentially more interesting work. Just wondering why you think so many choose to go the PE route...

Most people choose the PE route because they are scared to break from the crowd. SAC, Paulson and Pershing should not really be grouped together as SAC is a much larger institution and you can recruit at different desks there. For instance at SAC, you could get rejected by their event driven desk, and then try to interview at their merger arb desk, they are very segmented in that respect. Paulson I have no idea about, I don't think they really have a recurring demand for talent like some of the other funds. Pershing does not recruit on an annual basis since they are so small, they probably take a kid or two every other year and are incredibly competitive. I think in years past they primarily have only taken kids from GS and BX PE. The (elite) hedge fund route is a very promising track but is equally if not harder than the elite PE route, if for nothing else there are less spots. That said, don't expect to go to SAC or Fortress thinking you'll be working for a tiger cub, since both these firms are very large (and in Fortress's case, publicly traded). The smaller hedge funds will afford you more upside, but with any upside comes more volatility. If you want to become a 30 year old millionaire, you will not do it working at any of the larger places such as KKR or SAC, that is a certainty. That said, the kids working at KKR and SAC know that their fund won't blow up in the next market downturn. Regarding lifestyle, the top hedge funds will work you fairly hard, maybe not as hard an unpredictably as PE, but one truth about finance or anything in life is that there is no such thing as a free lunch, nobody became a billionaire working 9-5. If you want quality of life go to McKinsey.

First of all, this is one of the most informative threads in a long time. These type of threads have been sorely lacking lately.

I thought SAC did just traditional long-short equity? I had no idea they did event-driven and merger arb.

Paulson has been recruiting MBA grads lately, mostly from HBS. I know this past year they hired a JD/MBA from harvard. But of course, it's insanely tough to get into.

Do all of your fellow associates at KKR who go to business school, end up at HBS or stanford? I can't imagine KKR people not getting into one of those two schools.

I am not an expert on SAC but from what I know, they do everything, they are like 100 hedge funds in one. If I am wrong, somebody correct me. Full disclosure, I have not interviewed there, but have had friends interview there and this is what it seems like. SAC's game is the 2 not the 20 (although they actually demand 50 although I find it hard to believe they can still demand this since LPs are pushing fees down).

Yeah a JD/MBA from Harvard would naturally stand a decent shot at any type of fund, although you would still preferably want some pre-mba finance experience (or at a minimum, consulting is necessary). You will find JDs in PE from time to time (mainly only Harvard or Yale), but it is fairly spotty and they will typically have some type of relevant experience (or at a minimum, a pristine resume).

Usually it's one of those two business schools but shit happens (although very rarely). I mean look, if you are entitled douchebag on your application, I really hope and expect HBS would reject you.

In reply to Blago99
11/26/10
Blago99:

Honestly the best thread I have read in a long long time. Thanks!

Have you seen people who switch into a role at a Fortune 500 after a top PE firm / MBA? If so, where in the company would you transition into? With that background, would you essentially able to get into any department or would you be pigeonholed into corp dev. With that said, would you be able to get a more senior role in a corp dev division or still be stuck as an Associate/VP level?

Also, I know this is splitting hairs but which do you think is better for PE placement, top M&A groups or top boutiques. Boutiques always brag that analysts will learn how to think better than their counterparties at BBs. Do you think that shows during interviews?

I have never seen any of my friends go into Fortune 500, my friends are douche bags for the most part and would consider this failure. If you had solid bulge bracket and PE experience, you would probably be frustrated working in a bulkier (arguably not as intelligent environment) company's corp dev department. That said, if you are the head of corp dev at GE, you are a very powerful person as these very large companies have more than enough resources to handle their corp dev needs internally. These guys are probably as sharp (if not sharper) than the flashy NYC bankers who pitch them all sorts of stupid shit that doesn't make sense.

Look, if you did 2+2, and then went to a top b-school, you would prboably stand as good of a shot as anybody in a corp dev job, but why would you want to? Doubt you get pigenholed, but again, I have not seen enough precedents (because there are not that many of these types of precedents) to make any firm generalizations.

This is splitting hairs and your time can be better used elsewhere. Just get the best job you can and you will stand as good of a shot as anybody. If you are choosing between JPM M&A and greenhill, flip a coin and move on with your life. Same shit, you'll learn in both places.

11/26/10

I really appreciate the response, SB for you.
One more. Does being from a complete nontarget undergrad still count heavily against you? Assuming you work in a strong group at GS/MS/JP/BX/LAZ, how much will school brand restrict exit opps?

In reply to xialeint
11/26/10
xialeint:

Do you mind sharing a little more about your background?
Did you attend a non-target undergrad and did you get your MBA yet?
Thanks
I really love your spirit

I have already answered this question (please try to read above so that there are no repeat questions). I graduated summa from an ivy (I will not say which one). I will not comment on my MBA situation in order to preserve my anonymity.

In reply to GutShot
11/26/10
GutShot:

I really appreciate the response, SB for you.
One more. Does being from a complete nontarget undergrad still count heavily against you? Assuming you work in a strong group at GS/MS/JP/BX/LAZ, how much will school brand restrict exit opps?

Once you make it to one of those top groups, the target thing goes out the door (so long as you don't have a noticeable chip on your shoulder about it, which you shouldn't). Put it this way, a michigan kid (semi-target) from BX restructuring (all else being equal) will probably place better than a harvard kid from citi sponsors. Preferably though you are the best of both worlds and are a harvard kid from bx restructuring (let's be honest here), but nobody's perfect. School brand certainly helps, everyone loves hanging around with ivy leaguers (no they're not all douchebags), so it is certainly a positive, but will not hold you down if you were able to get into a good group. There are plenty of kids from semi-targets (wisconsin, notre dame, michigan) who are at the top ibd groups and pe firms. Unsurprisingly though, PE firms have a lot of ivy leaguers though, so the network will help, it's just the way it is.

In reply to Stringer Bell
11/26/10
Stringer Bell:
GutShot:

With all due respect (this is all second hand), I've heard from several friends of mine in PE that the work is not what they expected. Their opinion is that PE associates are mainly 'processors' whereas the real analytical work is done at HFs and the like. Can you respond to this? Much appreciated.

^^No you didn't.....haha jk.

But in seriousness, appending to my peer above, you spoke earlier that increased bureaucracy has constrained much of the flexibility that PE had enjoyed. That sounds very unappetizing and if I had the luxury to choose I would like to be more "hands-on" with a potential/portfolio company. Would that be more heir apparent, possibly exclusive, at MM? I guess same could be said about HF (sans discrepancy between PE & HF).

If you want to be hands-on you should really be a consultant to be honest. The large PE funds generally hire consultants or have their own separate ops group (like Capstone for KKR) that will deal with this stuff. The senior guys in PE are deal makers and they are proud of it. They are all former bankers and think like that. Bain capital will be more consulting oriented so you might want to try that. The thing with MM firms is that they might not always be taking controlling stakes so they don't have the opportunity to do turn arounds. One firm that is big on growing businesses is new mountain capital (run by ex-forstmann little guy steve klinsky). There are firms here and there who focus on it, but do not go into PE if you want to help create businesses. You would be better served as a consultant or in VC. HF's won't provide this opportunity either unless you are at an activist fund, and even then, you are not working on operations, you are just getting on the board of directors and stirring up trouble.

In reply to chanmonkey98
11/26/10
chanmonkey98:

thanks for the great info 10xleverage

any thoughts on banking in Asia? obviously exit ops will be more limited since you're not in NYC, but would appreciate any thoughts on technical skills/deal experience you can get by working there vs. NYC. Also, would appreciate any thoughts on PE in Asia now

I have no thoughts on Asia, I am strictly a NYC type. There is more opportunity the farther you go away from civilization, and I imagine this would hold true for Asia. I like being near my friends and don't know how to speak Mandarin. PE in asia is probably not the hottest of the emerging markets. I think India and Brazil are fairly hot at the moment, but it's anyone's guess, the one thing we can all agree on is that big bulky buyouts of publicly traded american companies with lots of debt is firmly a 20th century concept. I would say, stick around in NYC if you are young, the best and brightest are here, and then to the extent you want to move around post-MBA, consider it then.

In reply to therainmaker
11/26/10
therainmaker:

This is a deeper question.

1) Would you still be working if it was not for the money or power (are you truly passionate about it)?

2) Do you think your life would have more meaning or more fullfillment if you were a doctor?

The reason I ask is that I am a first year analyst in IBD and have been receiving extremely positive feedback. I am just not sure if this is my passion and I am considering going back to school to become a doctor (Yes, I know I would be giving up a TON of time and money... trust me, I have been hearing it a lot from my parents).

I have a hard time believing that anyone's true passion is in finance, beacaust almost everyone is looking for money or power or prestige. While I understand that PE and Investment banking is an essential part of the economy, is the individual truly making a difference for others? I am having a hard time understanding how they are.

Thanks

1) Probably not, I am passionate about succeeding (and in this society that typically involves money and/or power). If it weren't this lucrative, I would probably do McKinsey's corp finance practice as it would provide a good blend between quality of life and exposure to finance (which I do genuinely enjoy).
2. No, I do not want to be poor until I'm 35. If you are doing pro-bono work to kids with cleft lip in Africa, I salute you, but to the vast majority of doctors scamming insurance companies, I don't think that this is particularly fulfilling.

If money and power do not provide you with fulfillment, than you might want to look elsewhere as these are the primary metrics with which people judge themselves in this career. It attracts personalities (many of the same personalities on this board) that need constant 3rd party validation from their peers and the constant admiration of those around them. It attracts people who are constantly competitive even when it is mostly meaningless (the difference between KKR and Madison Dearborn in the very grand scheme isn't as large as some might think - although I would certainly rather work at KKR than MDP). Wall streeters who say they are making a difference are bullshitters, yes, you may make money for your LPs, many that include teachers and firemen, but I doubt teachers and firemen eat lunch off china every day. That said, I like making money, and I like eating lunch off china, why shouldn't i? I also don't claim to be doing god's work, because I'm not. I'm a rational agent maximizing my own utility within the legal bounds that society has afforded me. As a pre-mba associate, you are too junior to have serious philosophical quandaries (you're not that important), but as a senior person, these are certainly things you should consider.

Look if finance doesn't fulfill you, get out. If you aren't fulfilled now, odds are you won't be fulfilled 5 years from now, and at that point it will be too late. You will be elbow deep in a career that you are not passionate about and med school will be much harder to consider at that point. The most mature thing you can do is address any doubts you have about your career early on and nip them in the bud. Flaming out in your 30s never ends up well.

In reply to LIBOR
11/26/10

My gf wanted me to ask you these:

1. What is KKR policy on flex-time/part-time? When would I qualify?

2. Does KKR have a Woman's Initiative Program/Working Mothers Program? Deloitte has a program in place that allows women to leave the workforce for as long as they want (1-5 years) and still be able to hold their position within the firm. When they come back, they can decide if they want to work part-time or flex-time and progress within the firm that way. Deloitte would sometimes even let you work at home. Does KKR have the same fort of program?

3. When is KKR going to go entirely paper-less?

4. Do you feel like KKR's lack of technology is slowing down your development and progress in your career?

5. I have heard that KKR is at the bottom of the Megafunds and might be fading away after the controversy a couple of years back. I have also heard that KKR is losing their investors like mad due to excessive and unnecessary fees from lack of technology among other things. What are your thoughts on these comment?

6. What did you like most about working in the KKR NY office? The people? The hours?

7. Could you tell me again about how many hours a week you worked during busy season?

8. How many hours a week you worked the rest of the year at KKR?

9. What is KKR employee turnover rate?

Over half of these questions are retarded so i am not going to answer any of them.

In reply to Serialacquirer
11/26/10
Serialacquirer:

Is it still worth it to pursue this career? How is the outlook for jobs compared to 2007 and what's probably the conversion rate from wannabes to who actually make it - big? IB was tough to get in right from the start has it gone a lot tougher, especially for someone without a lot of background or experience? Is MBA route still good enough to SWITCH to IB? Has the lifestyle/thinking changed post the mini-recession that we had? How are the work hours? same as before or worse/better?

If you mean a career in finance, yeah, I think it's still good so long as you are doing it for the right reasons. If you have some authentic interest in the materials and various aspects of the job, it can be a rewarding career. I can't tell you if this career is for you, that's something you have to decide. At a minimum, if you are uncertain, you should try it out for a couple years. Doing a job for a couple of years after college is hardly making a career. The market is getting better but it is still definitely not 2007, it might be more of a 2004ish year, that is my own imprecise statement. Lifestyle is still the same for the most part. One thing I will say about lifestyle is that if lifestyle is a serious issue, do not do banking/PE, you have little control over your life and will get blown up, and that is something you have to deal with. Especially in IBD, the lifestyle sucks, so don't go into it expecting a predictable 9 to 9 job, because you might hang out at your desk from 9 to 6, and then get blown up at 6 and stay till 3 am. The lack of predictability is what makes the job difficult. You get paid for the ability to get blown up on a whim.

In reply to cmdmonkey
11/26/10
mcapponi:

What is the best route; P/E, IB, etc; for a graduating senior to gain a thorough background in finance? The idea is to work a couple years on wallstreet, paying my dues, and then have the ability to work anywhere in the country.

Go hang out with your friends for now. In sophomore year, cold call some local PWM places and get an unpaid internship and get it on your resume, as a junior get an internship in IBD. Live happily ever after.

In reply to 10xleverage
11/26/10
10xleverage:

My gf wanted me to ask you these:

1. What is KKR policy on flex-time/part-time? When would I qualify?

2. Does KKR have a Woman's Initiative Program/Working Mothers Program? Deloitte has a program in place that allows women to leave the workforce for as long as they want (1-5 years) and still be able to hold their position within the firm. When they come back, they can decide if they want to work part-time or flex-time and progress within the firm that way. Deloitte would sometimes even let you work at home. Does KKR have the same fort of program?

3. When is KKR going to go entirely paper-less?

4. Do you feel like KKR's lack of technology is slowing down your development and progress in your career?

5. I have heard that KKR is at the bottom of the Megafunds and might be fading away after the controversy a couple of years back. I have also heard that KKR is losing their investors like mad due to excessive and unnecessary fees from lack of technology among other things. What are your thoughts on these comment?

6. What did you like most about working in the KKR NY office? The people? The hours?

7. Could you tell me again about how many hours a week you worked during busy season?

8. How many hours a week you worked the rest of the year at KKR?

9. What is KKR employee turnover rate?

Over half of these questions are retarded so i am not going to answer any of them.

Lol! I almost laughed when I saw these questions! +1 Silver Banana to you!

In reply to West Coast rainmaker
11/26/10
West Coast rainmaker:

I want to do my 2 years as an analyst on the West Coast, then transition to a West Coast PE firm, ideally a megafund. With these goals in mind, would I be handicapping myself by doing my analyst stint on the west coast?

Also, what groups in CA have the best PE placement? Clearly GS TMT and MS Tech/M&A (Menlo Park) dominate megafund placement, but what next? Many elite boutiques such as Centerview, PWP, and BX have regional CA offices, but then there are other strong BB groups like CS LA. Or would I be best suited going to a bank with a major CA presence like Moelis? I'm not asking you to rank the banks, but, in your experience, what CA groups outside of GS/MS place best on the West Coast?

I don't think you would be handicapping yourself too much by being on the west coast, especially if you want to eventually end up out there. If you want to come back to NYC, then you would definitely be handicapping, but if you are a west coast guy, and know you want to be there, it is absolutely fine to start out there, and might honestly be beneficial as far as keeping a cogent story line.

GS/MS are good but I might say that Moelis LA might actually be better (have sent to TPG and KKR west coast just this past year). This is Ken Moelis's shop and UBS LA used to place lights out. CS LA is also good since they have a lot of the old DLJ guys. HLHZ is fairly good (I think their restructuring is pretty solid in my opinion). Otherwise, stick to your basics in GS/MS/JPM etc. As far as the funds, look at stuff like Silver lake, TPG, KKR some other small stuff like leonard green is okay. When you start talking to headhunters, make your regional preference clear, it will also help you stand out. CarterPierce focuses on west coast recruiting, you should reach out to them.

11/26/10

I have a pretty solid lead at getting into the preMBA associate program at a place called Denham Capital. Any thoughts about this place, and would this open decent opportunities at a place like KKR after the MBA?

-MBP

In reply to 10xleverage
11/26/10
10xleverage:
therainmaker:

This is a deeper question.

1) Would you still be working if it was not for the money or power (are you truly passionate about it)?

2) Do you think your life would have more meaning or more fullfillment if you were a doctor?

The reason I ask is that I am a first year analyst in IBD and have been receiving extremely positive feedback. I am just not sure if this is my passion and I am considering going back to school to become a doctor (Yes, I know I would be giving up a TON of time and money... trust me, I have been hearing it a lot from my parents).

I have a hard time believing that anyone's true passion is in finance, beacaust almost everyone is looking for money or power or prestige. While I understand that PE and Investment banking is an essential part of the economy, is the individual truly making a difference for others? I am having a hard time understanding how they are.

Thanks

1) Probably not, I am passionate about succeeding (and in this society that typically involves money and/or power). If it weren't this lucrative, I would probably do McKinsey's corp finance practice as it would provide a good blend between quality of life and exposure to finance (which I do genuinely enjoy).
2. No, I do not want to be poor until I'm 35. If you are doing pro-bono work to kids with cleft lip in Africa, I salute you, but to the vast majority of doctors scamming insurance companies, I don't think that this is particularly fulfilling.

If money and power do not provide you with fulfillment, than you might want to look elsewhere as these are the primary metrics with which people judge themselves in this career. It attracts personalities (many of the same personalities on this board) that need constant 3rd party validation from their peers and the constant admiration of those around them. It attracts people who are constantly competitive even when it is mostly meaningless (the difference between KKR and Madison Dearborn in the very grand scheme isn't as large as some might think - although I would certainly rather work at KKR than MDP). Wall streeters who say they are making a difference are bullshitters, yes, you may make money for your LPs, many that include teachers and firemen, but I doubt teachers and firemen eat lunch off china every day. That said, I like making money, and I like eating lunch off china, why shouldn't i? I also don't claim to be doing god's work, because I'm not. I'm a rational agent maximizing my own utility within the legal bounds that society has afforded me. As a pre-mba associate, you are too junior to have serious philosophical quandaries (you're not that important), but as a senior person, these are certainly things you should consider.

Look if finance doesn't fulfill you, get out. If you aren't fulfilled now, odds are you won't be fulfilled 5 years from now, and at that point it will be too late. You will be elbow deep in a career that you are not passionate about and med school will be much harder to consider at that point. The most mature thing you can do is address any doubts you have about your career early on and nip them in the bud. Flaming out in your 30s never ends up well.

Thanks for your honest reply. Much appreciated.

In reply to 10xleverage
11/26/10
10xleverage:
jjc1122:
10xleverage:
mrbellaiche:

Thanks for taking the time to answer these questions. Would you say it's easier for the typical investment banker to get into a top tier hedge fund (SAC, Paulson, Pershing) or a top tier PE shop?It seems like the hedge fund lifestyle is better than PE and allows for more upside and potentially more interesting work. Just wondering why you think so many choose to go the PE route...

Most people choose the PE route because they are scared to break from the crowd. SAC, Paulson and Pershing should not really be grouped together as SAC is a much larger institution and you can recruit at different desks there. For instance at SAC, you could get rejected by their event driven desk, and then try to interview at their merger arb desk, they are very segmented in that respect. Paulson I have no idea about, I don't think they really have a recurring demand for talent like some of the other funds. Pershing does not recruit on an annual basis since they are so small, they probably take a kid or two every other year and are incredibly competitive. I think in years past they primarily have only taken kids from GS and BX PE. The (elite) hedge fund route is a very promising track but is equally if not harder than the elite PE route, if for nothing else there are less spots. That said, don't expect to go to SAC or Fortress thinking you'll be working for a tiger cub, since both these firms are very large (and in Fortress's case, publicly traded). The smaller hedge funds will afford you more upside, but with any upside comes more volatility. If you want to become a 30 year old millionaire, you will not do it working at any of the larger places such as KKR or SAC, that is a certainty. That said, the kids working at KKR and SAC know that their fund won't blow up in the next market downturn. Regarding lifestyle, the top hedge funds will work you fairly hard, maybe not as hard an unpredictably as PE, but one truth about finance or anything in life is that there is no such thing as a free lunch, nobody became a billionaire working 9-5. If you want quality of life go to McKinsey.

First of all, this is one of the most informative threads in a long time. These type of threads have been sorely lacking lately.

I thought SAC did just traditional long-short equity? I had no idea they did event-driven and merger arb.

Paulson has been recruiting MBA grads lately, mostly from HBS. I know this past year they hired a JD/MBA from harvard. But of course, it's insanely tough to get into.

Do all of your fellow associates at KKR who go to business school, end up at HBS or stanford? I can't imagine KKR people not getting into one of those two schools.

I am not an expert on SAC but from what I know, they do everything, they are like 100 hedge funds in one. If I am wrong, somebody correct me. Full disclosure, I have not interviewed there, but have had friends interview there and this is what it seems like. SAC's game is the 2 not the 20 (although they actually demand 50 although I find it hard to believe they can still demand this since LPs are pushing fees down).

Yeah a JD/MBA from Harvard would naturally stand a decent shot at any type of fund, although you would still preferably want some pre-mba finance experience (or at a minimum, consulting is necessary). You will find JDs in PE from time to time (mainly only Harvard or Yale), but it is fairly spotty and they will typically have some type of relevant experience (or at a minimum, a pristine resume).

Usually it's one of those two business schools but shit happens (although very rarely). I mean look, if you are entitled douchebag on your application, I really hope and expect HBS would reject you.

What are some of the hedge funds your associates have managed to get into? I'm surprised that KKR people would move over to hedge funds.

11/26/10

How do Merchant Banking divisions of a top BB (MS/GS) compare to megafunds like KKR/BX in terms of compensation/learning curve/doors open?

11/26/10

1. I was wondering if you could comment at all the educational backgrounds of your peers in PE? I know that in VC, technical degrees are preferred (engineering is very common from what I've seen). For PE, is there a premium placed on such backgrounds, or is it your 'typical' (and I use the word loosely) Summa Cum Laude Ivy league econ majors?

2. Also second hand, but I've heard from friends that VC is by far the worst lot of the 3 (VC/PE/HFs), because you're literally just investing in dozens of companies that come through the door without any real valuation, and going off of "gut" or "entrepreneurial experience", in the hopes that 1/30 will turn into something real. Could you comment on this? I'm just curious what the "consensus" is, if any.

In reply to 10xleverage
11/26/10
10xleverage:

I am not an expert on SAC but from what I know, they do everything, they are like 100 hedge funds in one. If I am wrong, somebody correct me. Full disclosure, I have not interviewed there, but have had friends interview there and this is what it seems like. SAC's game is the 2 not the 20 (although they actually demand 50 although I find it hard to believe they can still demand this since LPs are pushing fees down).

You're correct-PMs and their teams are allocated capital and allowed to operate pretty much on their own across just about any strategy (they've even been known to do the occasional PE transaction), with some central risk oversight (basically don't lose money or we'll shut you down).

Sorry to jump back in the queue but I had a few more questions:
1) How much, if at all, do you interact with IR or directly with your LPs? I imagine KKR Funds basically raise themselves at this point, but that interaction/capital raising ability might be important if you were starting your own fund down the road.

2) How much interaction is there between KKR PE and KKR's other asset management arms (KAM, the KKR CLO management group, mezz funds, etc)? Do former KKR PE folks move to those groups?

Thanks again.

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

In reply to manbearpig
11/26/10
everythingsucks:

I have a pretty solid lead at getting into the preMBA associate program at a place called Denham Capital. Any thoughts about this place, and would this open decent opportunities at a place like KKR after the MBA?

If everything checks out, good UG grades, good IBD experience, good grades at b-school (hopefully HBS), yes you would have a shot, still not very good though, because there will be plenty of ivy/gs/ms/top pe/hbs types also looking for this job. Again though, if you get an interview I have no reason to see why you wouldn't stand a shot. MM PE would probably be a better target (and depending on which one, could be more attractive to you from an upside potential and work/life balance angle).

In reply to hc2494
11/26/10
hc2494:

How do Merchant Banking divisions of a top BB (MS/GS) compare to megafunds like KKR/BX in terms of compensation/learning curve/doors open?

I think I basically answered this, it will be similar work but KKR/BX pack more punch and have more cache. Goldman PIA for instance basically tags along at sponsor led buyouts, they are very rarely doing their own deals. Both will teach you plenty and will open doors to you, but a top mega fund is better. Comp will probably be a little better to at a mega.

In reply to Brady4MVP
11/26/10
jjc1122:
10xleverage:
jjc1122:
10xleverage:
mrbellaiche:

Thanks for taking the time to answer these questions. Would you say it's easier for the typical investment banker to get into a top tier hedge fund (SAC, Paulson, Pershing) or a top tier PE shop?It seems like the hedge fund lifestyle is better than PE and allows for more upside and potentially more interesting work. Just wondering why you think so many choose to go the PE route...

Most people choose the PE route because they are scared to break from the crowd. SAC, Paulson and Pershing should not really be grouped together as SAC is a much larger institution and you can recruit at different desks there. For instance at SAC, you could get rejected by their event driven desk, and then try to interview at their merger arb desk, they are very segmented in that respect. Paulson I have no idea about, I don't think they really have a recurring demand for talent like some of the other funds. Pershing does not recruit on an annual basis since they are so small, they probably take a kid or two every other year and are incredibly competitive. I think in years past they primarily have only taken kids from GS and BX PE. The (elite) hedge fund route is a very promising track but is equally if not harder than the elite PE route, if for nothing else there are less spots. That said, don't expect to go to SAC or Fortress thinking you'll be working for a tiger cub, since both these firms are very large (and in Fortress's case, publicly traded). The smaller hedge funds will afford you more upside, but with any upside comes more volatility. If you want to become a 30 year old millionaire, you will not do it working at any of the larger places such as KKR or SAC, that is a certainty. That said, the kids working at KKR and SAC know that their fund won't blow up in the next market downturn. Regarding lifestyle, the top hedge funds will work you fairly hard, maybe not as hard an unpredictably as PE, but one truth about finance or anything in life is that there is no such thing as a free lunch, nobody became a billionaire working 9-5. If you want quality of life go to McKinsey.

First of all, this is one of the most informative threads in a long time. These type of threads have been sorely lacking lately.

I thought SAC did just traditional long-short equity? I had no idea they did event-driven and merger arb.

Paulson has been recruiting MBA grads lately, mostly from HBS. I know this past year they hired a JD/MBA from harvard. But of course, it's insanely tough to get into.

Do all of your fellow associates at KKR who go to business school, end up at HBS or stanford? I can't imagine KKR people not getting into one of those two schools.

I am not an expert on SAC but from what I know, they do everything, they are like 100 hedge funds in one. If I am wrong, somebody correct me. Full disclosure, I have not interviewed there, but have had friends interview there and this is what it seems like. SAC's game is the 2 not the 20 (although they actually demand 50 although I find it hard to believe they can still demand this since LPs are pushing fees down).

Yeah a JD/MBA from Harvard would naturally stand a decent shot at any type of fund, although you would still preferably want some pre-mba finance experience (or at a minimum, consulting is necessary). You will find JDs in PE from time to time (mainly only Harvard or Yale), but it is fairly spotty and they will typically have some type of relevant experience (or at a minimum, a pristine resume).

Usually it's one of those two business schools but shit happens (although very rarely). I mean look, if you are entitled douchebag on your application, I really hope and expect HBS would reject you.

What are some of the hedge funds your associates have managed to get into? I'm surprised that KKR people would move over to hedge funds.

It's always hard to generalize a relatively small group of people, but kids from mega funds (KKR included) will typically go to tiger cubs (long short equity funds like maverick and other tigers value fundamental analysis depending on investment horizon), SACs, fortresses, perry capital, pershing, greenlight, and a bunch of funds that might be smaller and have spun from larger cubs (conatus capital for instance which is a spin of a tiger). Again, depends on the market and the opportunity available in the HF world.

11/26/10

Looking back at your experience, do you feel that working at MS/KKR has made you as happy or content as you once may have thought?

If you could start all over again in college, knowing what you know now, would you still aggressively pursue this same career path?

In reply to ibhopeful532
11/26/10
ibhopeful532:

Looking back at your experience, do you feel that working at MS/KKR has made you as happy or content as you once may have thought?

If you could start all over again in college, knowing what you know now, would you still aggressively pursue this same career path?

Yes, but it's easy for me to say because it worked out. If I was at lehman and got laid off and was living in my mom's basement, I probably wouldn't feel this way.

11/26/10

Can you broadly discuss KKR's Infrastructure team, or more other large players investing in the infrastructure? I understand KKR's team has had some issues since launching the fund in 2008. Also, would my current background as an associate equity analyst researching infrastructure-related companies give me a leg-up in such an interview?

Thanks for your help.

In reply to Kenny_Powers_CFA
11/26/10
Kenny_Powers_CFA:
10xleverage:

I am not an expert on SAC but from what I know, they do everything, they are like 100 hedge funds in one. If I am wrong, somebody correct me. Full disclosure, I have not interviewed there, but have had friends interview there and this is what it seems like. SAC's game is the 2 not the 20 (although they actually demand 50 although I find it hard to believe they can still demand this since LPs are pushing fees down).

You're correct-PMs and their teams are allocated capital and allowed to operate pretty much on their own across just about any strategy (they've even been known to do the occasional PE transaction), with some central risk oversight (basically don't lose money or we'll shut you down).

Sorry to jump back in the queue but I had a few more questions:
1) How much, if at all, do you interact with IR or directly with your LPs? I imagine KKR Funds basically raise themselves at this point, but that interaction/capital raising ability might be important if you were starting your own fund down the road.

2) How much interaction is there between KKR PE and KKR's other asset management arms (KAM, the KKR CLO management group, mezz funds, etc)? Do former KKR PE folks move to those groups?

Thanks again.

1) Minimal interaction with IR. You will never deal with LPs at a junior or even mid-level. Kravis is the #1 person in charge of LP relationship management. When an investment goes bad and Calpers wants to yell at somebody, they yell at Kravis.
2) Some interaction in that something that KKR PE might not look at might get kicked over to the mezz fund to see if they have any angle. They have different LPs so there is some degree of autonomy between the two. There isn't a ton of movement between the different segments at KKR, but some of the senior guys I think over there have been in PE before. KKR obviously is undergoing rapid change right now (going public, picking up Goldman's prop desk, etc.) so I can't speak for how things are changing as we speak, but you can be certain that the KKR in 5 years will be a bit different than it is right now.

In reply to cleanalyst
11/26/10
cleanalyst:

Can you broadly discuss KKR's Infrastructure team, or more other large players investing in the infrastructure? I understand KKR's team has had some issues since launching the fund in 2008. Also, would my current background as an associate equity analyst researching infrastructure-related companies give me a leg-up in such an interview?

Thanks for your help.

Yeah, a lot of the large funds have somewhat separate infrastructure groups, I haven't done any work on infrastructure so can't comment with too much certainty. I imagine your background would be applcable since not as many people have infrastructure backgrounds, that said, it is not as niche as fig or power, so someone with a more traditional background (maybe in industrials) would also be able to compete against you.

11/26/10

Guys I just want to say that this has been fun, but it has been difficult for me to keep up with all the posts and PMs although I have tried my best to respond to all of them. Especially as I have to get back to the real world this Monday I will not have nearly enough time to be as active as I have been for this past day or two. However, I would be open to creating a blog where I could post at my own leisure and respond to questions (again, when I have time) if there is adequate interest. If 25 or so people reply to this, and think that this would be of interest to them, I will probably go ahead and do this. Let me know.

11/26/10

1. A) Have you done any work for KKR's portfolio companies? Is it normal for an associate in the deal-team (as opposed to Capstone) to work on operational improvement programs or they're just crunching numbers.

B) You're saying KKR takes very few consultants - do they normally end up in Capstone vs. Deal-team? Also, to what extent are these guys involved in improving operations? I have a feeling they come at the beginning to do the 100 day plan, but from there on its management who's taking control of the most interesting bits (working capital improvement, sg&a reduction, growth strategies, etc). In general, whats your opinion about the guys in Capstone?

2. Is it fair to say that if you interview with a megafund and for some reason you blow it, there won't be a 2nd chance for an interview next year/recruiting cycle (with the same company) - BB recruiting being the opposite obviously

3. You're saying partners are deal-makers. But if they receive everything on a plate from bankers (as everybody else does) in the form of auctions (ie not generated by themselves) then what is the partner's value add in this process? How can they justify their $$$$$? I see them as pure execution guys, they know how take a deal from 0 to closing, but everybody knows how to execute a transaction. I was reading that back in the day, when KKR was founded. Kravis was going and talking to executives, convincing them to sell their businesses - now that's value add right there - dealmaking in its purest form, but the partners nowadays receive everything from bankers.

4. What was the point in you staying late nights and doing any work when I'm sure you could have outsourced most of what you were doing (modelling) to some poor chap in a BB group (you mentioned you were asking them for comps, but im sure you could have used them for more than that)

5. What stops all these KKR (or megafunds in general) partners/principals opening their own PE shop? They have a track-record behind them and the best brand name on the the street. And as you mentioned there's only 1 Kravis so the real money is to be made at smaller shops anyway. Look at the guys who founded Lion Capital for example. For me personally, the best thing a megafund has to offer is the opportunity to learn how stuff works and 5-7 years later to open my own shop - thats probably the ultimate exit opportunity :) Have you ever thought of doing that?

In reply to 10xleverage
11/26/10
10xleverage:

Guys I just want to say that this has been fun, but it has been difficult for me to keep up with all the posts and PMs although I have tried my best to respond to all of them. Especially as I have to get back to the real world this Monday I will not have nearly enough time to be as active as I have been for this past day or two. However, I would be open to creating a blog where I could post at my own leisure and respond to questions (again, when I have time) if there is adequate interest. If 25 or so people reply to this, and think that this would be of interest to them, I will probably go ahead and do this. Let me know.

That would be great.

patternfinder:

Of course, I would just buy in scales.

See my WSO Blog | my AMA

In reply to 10xleverage
11/26/10
10xleverage:

My gf wanted me to ask you these:

1. What is KKR policy on flex-time/part-time? When would I qualify?

2. Does KKR have a Woman's Initiative Program/Working Mothers Program? Deloitte has a program in place that allows women to leave the workforce for as long as they want (1-5 years) and still be able to hold their position within the firm. When they come back, they can decide if they want to work part-time or flex-time and progress within the firm that way. Deloitte would sometimes even let you work at home. Does KKR have the same fort of program?

3. When is KKR going to go entirely paper-less?

4. Do you feel like KKR's lack of technology is slowing down your development and progress in your career?

5. I have heard that KKR is at the bottom of the Megafunds and might be fading away after the controversy a couple of years back. I have also heard that KKR is losing their investors like mad due to excessive and unnecessary fees from lack of technology among other things. What are your thoughts on these comment?

6. What did you like most about working in the KKR NY office? The people? The hours?

7. Could you tell me again about how many hours a week you worked during busy season?

8. How many hours a week you worked the rest of the year at KKR?

9. What is KKR employee turnover rate?

Over half of these questions are retarded so i am not going to answer any of them.

LOL I was just trolling around. Check out this thread since you said you were bored this weekend.
http://www.wallstreetoasis.com/forums/be-careful-w...

looking for that pick-me-up to power through an all-nighter?
In reply to 10xleverage
11/26/10
10xleverage:

Guys I just want to say that this has been fun, but it has been difficult for me to keep up with all the posts and PMs although I have tried my best to respond to all of them. Especially as I have to get back to the real world this Monday I will not have nearly enough time to be as active as I have been for this past day or two. However, I would be open to creating a blog where I could post at my own leisure and respond to questions (again, when I have time) if there is adequate interest. If 25 or so people reply to this, and think that this would be of interest to them, I will probably go ahead and do this. Let me know.

I'm with you. Let me know how I can help.

In reply to 10xleverage
11/26/10
10xleverage:

Guys I just want to say that this has been fun, but it has been difficult for me to keep up with all the posts and PMs although I have tried my best to respond to all of them. Especially as I have to get back to the real world this Monday I will not have nearly enough time to be as active as I have been for this past day or two. However, I would be open to creating a blog where I could post at my own leisure and respond to questions (again, when I have time) if there is adequate interest. If 25 or so people reply to this, and think that this would be of interest to them, I will probably go ahead and do this. Let me know.

that would be awesome. i would also encourage you to just ignore all the PMs since they should be posting publicly anyway!

11/26/10

What about BB Private Equity (GS/MS) vs BB IBD? How does MS PE compare to its top IB groups in terms of placement?

Thanks so much for the help. I've learned a lot from this thread!

11/26/10

10xLeverage - just wanted to say thank you for taking the time to answer so many questions. I think a blog would be much appreciated by our members and whether you do it off WSO or decide to create one here (under Monkey See, Monkey Do tab in primary navigation menu you can create Blog Posts under your username), we'll throw up a link to it. -- or if you do it on WSO we'll promote your material to the home page for more exposure.

I also second the idea to ignore the PMs and reward the people that post their questions publicly for others to benefit...but sounds like you're done for now anyways so doesn't really matter now.

Thanks Again,
Patrick

In reply to 10xleverage
11/26/10
10xleverage:
everythingsucks:

I have a pretty solid lead at getting into the preMBA associate program at a place called Denham Capital. Any thoughts about this place, and would this open decent opportunities at a place like KKR after the MBA?

If everything checks out, good UG grades, good IBD experience, good grades at b-school (hopefully HBS), yes you would have a shot, still not very good though, because there will be plenty of ivy/gs/ms/top pe/hbs types also looking for this job. Again though, if you get an interview I have no reason to see why you wouldn't stand a shot. MM PE would probably be a better target (and depending on which one, could be more attractive to you from an upside potential and work/life balance angle).

Thanks dude, but unfortunately I'm not from an IBD background. I'm a consultant at deloitte so I'm really far down the prestige ladder. Have a lead at Denham only because a managing partner is a close family friend. Does that heavily change your opinion?

-MBP

11/26/10

Great thread, will check the blog for sure.

In reply to 10xleverage
11/26/10
10xleverage:

Guys I just want to say that this has been fun, but it has been difficult for me to keep up with all the posts and PMs although I have tried my best to respond to all of them. Especially as I have to get back to the real world this Monday I will not have nearly enough time to be as active as I have been for this past day or two. However, I would be open to creating a blog where I could post at my own leisure and respond to questions (again, when I have time) if there is adequate interest. If 25 or so people reply to this, and think that this would be of interest to them, I will probably go ahead and do this. Let me know.

I don't have that much interest in pursuing a career in PE but this thread has been the most constructive thing to hit WSO in a long while. I blog (even if its only updated once a week or so) would be a tremendous goldmine of knowledge for users of this forum. Appreciate all the the great info you have provided thus far. Thanks.

In reply to 10xleverage
11/26/10
10xleverage:

Guys I just want to say that this has been fun, but it has been difficult for me to keep up with all the posts and PMs although I have tried my best to respond to all of them. Especially as I have to get back to the real world this Monday I will not have nearly enough time to be as active as I have been for this past day or two. However, I would be open to creating a blog where I could post at my own leisure and respond to questions (again, when I have time) if there is adequate interest. If 25 or so people reply to this, and think that this would be of interest to them, I will probably go ahead and do this. Let me know.

Please do.

In reply to 10xleverage
11/26/10
10xleverage:

Guys I just want to say that this has been fun, but it has been difficult for me to keep up with all the posts and PMs although I have tried my best to respond to all of them. Especially as I have to get back to the real world this Monday I will not have nearly enough time to be as active as I have been for this past day or two. However, I would be open to creating a blog where I could post at my own leisure and respond to questions (again, when I have time) if there is adequate interest. If 25 or so people reply to this, and think that this would be of interest to them, I will probably go ahead and do this. Let me know.

that would be a great idea and we would all appreciate it. meanwhile, I'm pushing my luck here but I would really appreciate an answer to my previous questions. the LAST one I promise. I was writing it whilst you were writing yours and saw your last reply after I already posted my Qs.

11/26/10

I think it'd be phenomenal if you put together a blog.

11/26/10

Just wondering if you know anything about MS in London? They have a M&A execution pool where analyst/associate in the pool will get staffed on deals with the coverage teams (i.e. media and telco, consumers, sponsors etc.)

Would you say the M&A pool analyst would be exposed to similar exit opps as MS M&A NY guys like your self?

Also, when you say M&A groups do more "analysis", do you just mean more modeling?

11/26/10

Great job. You should definitely blog.

Libor was joking around, a year ago a women who got an offer from KPMG asked HR those questions and they ended u getting passed around to all the BIG 4 globally and then finding there way onto Deal Breaker where they expanded to the rest of the financial world...no word on whether the person had their offer rescinded.

"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."

11/26/10
11/27/10

I would definitely follow along if you made a blog...

11/27/10

definately Blog, I had thx giving coverage all day on Thurs , which was very slow, this post made my day, thank you very much and I hope we see more of your input around here for as long as you are willing to do it.

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