When working on a transaction with multiple offices / groups (i.e. US coverage, HK coverage, sponsors and M&A for instance) - has anyone successfully positioned themselves to own the model / numbers? Or is it more simply a matter of which MD wants his monkeys to crank? If the former, please share any tips / words of wisdom.
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What do you mean by own? I got a big lecture once for using the term"my numbers" regarding some comps that I was pretty proud of (hard as anything took me forever to build) if that tells you anything. I was staffed on some bullshit project that the MD wanted soon and two other analysts were staffed on a pitch that used "my" comps which they were cranking and updating through the night. I wanted to get staffed on the pitch because I knew those companies inside and out. MD gave me a big speech on how he doesn't even own his own work, he gives it to one of the executives proofread and it changes a thousand times, etc. etc. Told in this industry there is no ownership, it's about the bigger picture and all that other stuff you hear in Disney movies.
Frankly, that MD sounds like an ass.
What I mean by own is build/run/be responsible for/keep the execution-"live" version. For instance, I've worked on projects where sponsors ran the model, and others where we ran the model despite having sponsors involved. That make sense?
That would be correct.
I kind of get what you're saying. In my experience the model ALWAYS bounces around when other parties are involved. The best think you can do is know the model inside and out, that way when they want to consolidate numbers and you're way more on the ball than them, they'll pretty much take cues from you. From an MD perspective you're rarely going to win that battle. That's what I've seen at least, maybe some people had better success. Usually sponsors always want to run the model and the MD always wants to keep them happy.
No, its called being a team player. Your job is to make them look good, in turn get your self promoted/accolades down the line. You guys are very young I assume, focus on the big picture and your time will come, not that you got credit for some model.
Edit: rebelcross, thanks for the advice, that's helpful
^^^lol that's funny, you should've worked for this MD. Only person in the industry I ever saw an entire team walk out on.
Your prob right, he was likely an ass, just saying dont let that bother you thats all. Stay cool and act like you dont give a F and just do good work, which sounds like you did.
Also, it helps if the sponsors don't know what they're doing (which is more common than you might think), then you "own" the model by default, even though they'll try to play around with it on their computers. The ones that are a bit "green" will give up pretty quickly and just let you run things from there on out, but it's a mixed bag, you could be dealing with a douche for the ages.
Ahh I guess I wasn't clear, I meant the sponsors group within the bank not really the PE shop itself
Whoever is more proficient at modeling - this varies by bank. Ultimately what it comes down to though, is what your MD wants. Some MD's prefer for their analysts to run the model (since he "trusts" his own guys), but more often than not, MD's don't want to waste junior resources playing with excel. What's funny is that as soon as people get above the analyst level, they want to STAY THE HE** AWAY from models.
The only exception is M&A - where' you're more or less a modeling monkey (and no, that's not necessarily a good thing)
Agreed. I'm nearing the end of my second year as an analyst, and the "allure" of modeling has totally flown out the window. I've done more than my fair share of modeling, and am totally comfortable modeling just about anything, but at this point, it just ends up being such a pain in the ass. All the iterations, constant trivial changes, too many people with their hands in the pot... If we're involved with other groups and they want to run the model, I (and my MD) are totally fine with that because it's an immense waste of time (specifically, mine). I'll take a look at the model now and then to make sure it works properly (and you'd be shocked at how poorly some of these groups model), but I really try to stay away from getting involved in the minutae.
hold all the numbers. if you need "help" from other groups, ask for them to send you their excels, don't send your own.
jimbrowning ur at a mid market i dont doubt the quality there sucks.
owning the model is important for megafunds like the one i'm going to next year
LOL, enjoy slaving away the rest of your life as someone elses bitch just for the money and prestige. When you're a burnt out associate at the end of two years and they kick your ass out the door, what will you do then? Toil away at the mid-levels at second-tier "megafunds" until they finally say, "thanks for being my bitch, but you're done in finance. Take care."? You're a clown.
Just don't give it away to some asshole who doesn't understand your model inside and out, or else that dick will add a row/column or hide some shit and completely fuck with your head. Just explain that you have many complex formulas (regardless if you do or not), and would just prefer to have whatever #'s you want emailed in a separate excel sheet. This problem is amplified tremendously if you have some hotshot consultant trying to help crank out the model or some accountant at the pc.
looks like i hit a nerve. dont be insecure bro have fun at wells fargo PE or whatever pe firm of comparable quality
Harvard 2+2? I'm really just playing around, good for you if you're going to a megafund next year. What's the deal with your user name? I imagine a prestige-whore like yourself wouldn't settle for a boutique, right? Even if it meant mopping up the floors at Goldman instead of banking at a boutique.
boutique, congrats on getting such a good position but no need to be such a tool. Karma has a weird way of smacking you in the dick the second you think you are a big shot.
Boutique you're everything thats wrong with this site.
For this "prestige whore" who sounds like a complete dbag, I would like to point out
The thought of anybody in an Ed Hardy Tee "yanking" a chick away not from NJ amuses me...
word, agreed... nobody in an Ed Hardy Tee can even get close enough to my table to see me, let alone "yank" a chick from me.
I don't know what kind of low-class trash hooker chick you're talking about, but the girls that I would hook up with in NYC (or anywhere else for that matter) would know exactly what PE is and would probably know of KKR, Blackstone, etc. too... These women have class, are smart, went to top schools and are suitable for breeding... shit, even if they're dumb, they're not that dumb... bankers RUN SHIT - everyone knows it, and everyone knows what they get paid.
I mean damn, I live in fucking china and the girls I role with know who KKR is and what PE is... I mention I work in PE to these chicks and their mouths start to water.
Lay off the Haterade.
It was sarcasm. Most girls int he US do not know this stuff, maybe the finance chicks in NYC but thats a very small segment.
PS. You dont "run shit" until C.E.O. is your title. Sorry kid. Not a hater, I love the banker business and mentality, just sayin' dont get too crazy on yourself.
i'm not going to kkr but i know u kids are mad i'm going to a megafund. don't talk like u know whats going on.
With your English writing skills you will be fired in no time.
Tom Brady owns a model.
@boutique: Remember these?
//www.wallstreetoasis.com/forums/lateral-to-bbs
by boutiquebank4life IB (Senior Gorilla, 844 Points) on 11/28/09 at 2:57am
//www.wallstreetoasis.com/forums/majority-of-bbs-have-nontargets
by boutiquebank4life IB (Senior Gorilla, 844 Points) on 11/26/09 at 11:32pm
//www.wallstreetoasis.com/forums/boutique-to-st
by boutiquebank4life IB (Senior Gorilla, 844 Points) on 1/29/10 at 12:04pm
Stop trolling.
Whats wrong with considering lateraling, talking about nontargets, and being at a boutique and getting invites to S&T?
Those things all happened and i'm still going to a megafund boo yeah.
YOU JELLY?
I thought you said you were accepted into the Harvard 2+2 program?
Just doesn't add up. If you lateraled past January 2010, no way you were able to interview in the spring and land a gig with a megafund for summer 2011, and if you're talking about summer 2012, well, they haven't even come close to making offers yet (headhunters have probably just started making initial screens), so good luck bud.
I never lateraled, I was considering it. Also, my Harvard 2+2 is coming up this year but turning it down for megafund like I said. megafund is for 2011.
this kid has been playing too much World of Warcraft. addicted to making fantasy, online characters. Good job man, want a cookie?
stop feeding the troll guys. ^ 100% BS.
At first I thought this thread was about "owning" a model, as in a really hot chick. Then I was disappointed.
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