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Wall Street Oasis » Forums » Private Iniquity
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Private Equity Recruiting Q&A
 

Marcus_Halberstram's picture
Marcus_Halberstram
      PE
 
 
(Neanderthal, 3,446
 
Points)
 on 3/16/12 at 11:16pm
q&a.jpg

Have been getting more than a few inbound PE recruiting questions VIA PM, happy to field them here for everyone's benefit. The recruiting process has really shaken up this year and is a pretty significant source of anxiety given how opaque and unexpected it is.... So figured this may be a better forum than PM so everyone can benefit from it.

For those of you hyper-competitive monkeys out there's that have firm-specific question and don't want to divulge info, you can still PM me and I'll try my best to answer it when I can.

Let's try to limit questions to those pertaining to the new recruiting process... I.e. MM recruiting now, megafunds doing "fireside chats" in an attempt to keep the best candidates on ice until they kick off their recruiting much later.... most of the other questions can be answered somewhere else on this forum or the internet..

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couchy's picture

Were the technical questions

couchy
     
 
(King Kong, 1,389
 
Points)
 on 3/17/12 at 1:53am

Were the technical questions much more difficult than BB / Elite Boutique technical questions?

How did you prep for the case-study?

How quickly can you model a returns analysis with 3-statements etc.?

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Marcus_Halberstram's picture

Technicals for banking are to

Marcus_Halberstram
      PE
 
 
(Neanderthal, 3,446
 
Points)
 on 3/17/12 at 2:12am

Technicals for banking are to ensure you're well prepared. Technicals for PE are to ensure you've mastered financial analysis for a banking analys / new PE associate.

Didn't prepare for case study, did it everyday at work anyway, so was second nature. Also spent some time at a boutique where I was modeling from a blank spread sheet on every deal, so that experience helped.

Depends know complex the company is. But with very simplified, probably 20 minutes. Of the cases I've done, I spent a weekend on one, 4 hours on another, and most of the others were on site, typically 3 hours. Had one that was 30 minutes on site, blank excel and a 10K.

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Hooked on LEAPS's picture

I know HF's have strict

Hooked on LEAPS
      ER
 
(Senior Gorilla, 809
 
Points)
 on 3/17/12 at 3:38am

I know HF's have strict marketing laws and cold calling clients is forbidden. Is it legal to cold call clients at a PE firm? Also, how do the costs of starting a PE firm differ from the costs of starting a HF and what kind of seed capital do I need to realistically start a PE firm?

Thanks

You have your way. I have my way. As for the right way, the correct way, and the only way, it does not exist. - Friedrich Nietzsche

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blastoise's picture

what do you mean it have

blastoise
      O
 
(Senior Neanderthal, 4,378
 
Points)
 on 3/17/12 at 7:11am

what do you mean it have shaken up this year

can you explain how it differed from previous years for naive on this website

ty

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NewGuy's picture

You mad that you're gonna

NewGuy
      HF
 
(Senior Orangutan, 479
 
Points)
 on 3/17/12 at 8:30am

You mad that you're gonna find it difficult to find a PE gig given you're a 2nd/3rd year Associate?

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blahnik's picture

Marcus, because I've seen a

blahnik
      IB
 
(Senior Chimp, 16
 
Points)
 on 3/17/12 at 11:20am

Marcus, because I've seen a lot of your posts, I assume you're not a second year analyst. How was the process different for you given that you've got a bit more experience?

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monkeymonkeybusiness's picture

how do you recommend

monkeymonkeybusiness
     
 
(Baboon, 129
 
Points)
 on 3/17/12 at 12:45pm

how do you recommend consultants with less deal experience present themselves?

What are the major components of LBO one should know?

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illiniPride's picture

Marcus: Thanks for the Q&A.

illiniPride
      IB
 
 
(King Kong, 1,099
 
Points)
 on 3/17/12 at 2:44pm

Marcus:

Thanks for the Q&A. Can you give a concise time-line of the PE recruiting process for MM and Megafunds? I know this info is floating around piecemeal in various threads but it might be helpful to have it consolidated here.

For the record, I am an incoming FT analyst at a strong MM boutique whose going to be hustling for offers. Just need to know how long to wait before marketing myself.

Thanks

Leadership can be defined in two words: "Follow Me"

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In reply to blastoise
Marcus_Halberstram's picture

blastoise wrote: what do you

Marcus_Halberstram
      PE
 
 
(Neanderthal, 3,446
 
Points)
 on 3/17/12 at 2:55pm
blastoise:

what do you mean it have shaken up this year

can you explain how it differed from previous years for naive on this website

ty

In previous years the megafunds kicked off the process, usually earlier and earlier every year. Typically they would recruit in the spring of the previous year for a start date the following year at the end of the summer. So you'd get an offer in spring 2009 for a august 2010 start date. Once the megafunds were done (with some overlap) the top MM funds would do their thing. Then everyone else.

Last year was a bit of a clusterfuck and from what I've been told many of the megafunds were pretty pissed off about having to give offers to pimply faced 20 year olds that had absolutely no experience to talk to. As a result, a lot of the megafunds have agreed to wait until early to mid-2013 this year to give offers for 2013 start dates (makes sense).

So all the middle market guys are having a field day. From where they stand, they have the first pick of the crop, something they've never gotten to do before since they weren't able to compete for talent with the big boys. The megafunds, being smart guys, realize that they may lose quality candidates who decide to accept an offer in-hand rather than wait until a possibility of having a megafund offer come the following year. So what they've been doing is having cocktail events, dinners, lunches etc... with some of the "desirable" candidates where basically they tell each of them "I think you're the one. Don't be impatient, wait till next year when we're hiring rather than accept an offer with X MM PE firm now, you won't regret it, I want you at Bain/KKR/Apollo etc". One in the hand is clearly better than 2 in the bush, but never underestimate the power of flattery, salemanship and pure unadulterated bullshit. Let's be frank, they will tell 60-120 kids this same "I loved you the moment I saw you, I will fight to get u at offer at my megafund" story, and of them only 5 will get actual offers, so they are knowingly lying to 55-115 kids. Most likely you're one of those poor bastards that are passing up a primo PE offer for a maybe in the future. They'll also pitch you the optionality of "if it doesn't work out with the megafunds" then you can always do MM rt after. Also bullshit. The fact that the megafunds had the pick of the litter early on and now modified their recruiting strategy to a seemingly disadvantaged position suggests that the early bird was not getting any worms worth having. They've likely noticed a significaant detioration in the quaility of candidates they've been hiring and have made a risky decision to change the way they hire associates. The MM funds have never had this luxury before, but considering the megafunds did and have chosen to forgo it suggests that its not an advantage after all. I suspect the MM firms will NOT recruit next spring and they will follow suit of the megafunds and recruit the following year.

The new status quo in associate recruiting will be for the megafunds to recruit in Jan/Feb 2014 for Aug 2014 start dates and the MM will recruit Mar/Apr 2014 for Aug 2014 start date. Everything will normalize and we'll return to the pecking order.

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In reply to blahnik
Marcus_Halberstram's picture

blahnik wrote: Marcus,

Marcus_Halberstram
      PE
 
 
(Neanderthal, 3,446
 
Points)
 on 3/17/12 at 3:03pm
blahnik:

Marcus, because I've seen a lot of your posts, I assume you're not a second year analyst. How was the process different for you given that you've got a bit more experience?

I'm a bit atypical. I moved to PE as a 3rd year at a MM shop and almost simultaneously got an offer at a large non-megafund (think THL, Silver Lake, Leonard Green). That was off cycle and largely dumb luck as they felt they underhired for the following year and picked up one more seat. So I will have been at in my MM PE role for about a year and will start at my new gig come the summer time. So kind of intentionally holding myself back a grade (will be a first year PE associate twice).

As a more experienced candidate you really have to rely on your MD's to get your name out there. As a 3rd year, I was getting very few interviews on my own, despite a solid background.

So the key is your MDs' recommendation and networking. Obviously you have to be very competitive otherwise as well, but that goes without saying.

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Kanon's picture

^ Marcus, maybe I'm getting

Kanon
      O
 
(King Kong, 1,504
 
Points)
 on 3/17/12 at 3:37pm

^ Marcus, maybe I'm getting your profile mixed up with another WSOer but I thought you were maybe associate-1 at a BB (having moved from a good MM analyst background).

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In reply to Kanon
Marcus_Halberstram's picture

Kanon wrote: ^ Marcus, maybe

Marcus_Halberstram
      PE
 
 
(Neanderthal, 3,446
 
Points)
 on 3/17/12 at 4:05pm
Kanon:

^ Marcus, maybe I'm getting your profile mixed up with another WSOer but I thought you were maybe associate-1 at a BB (having moved from a good MM analyst background).

That's roughly in the ballpark of my profile as of last summer.

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In reply to Marcus_Halberstram
illiniPride's picture

Marcus_Halberstram

illiniPride
      IB
 
 
(King Kong, 1,099
 
Points)
 on 3/17/12 at 4:10pm
Marcus_Halberstram:
blastoise:

what do you mean it have shaken up this year

can you explain how it differed from previous years for naive on this website

ty

The new status quo in associate recruiting will be for the megafunds to recruit in Jan/Feb 2014 for Aug 2014 start dates and the MM will recruit Mar/Apr 2014 for Aug 2014 start date. Everything will normalize and we'll return to the pecking order.

Thanks

Leadership can be defined in two words: "Follow Me"

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In reply to Marcus_Halberstram
Kanon's picture

Marcus_Halberstram

Kanon
      O
 
(King Kong, 1,504
 
Points)
 on 3/17/12 at 4:16pm
Marcus_Halberstram:
Kanon:

^ Marcus, maybe I'm getting your profile mixed up with another WSOer but I thought you were maybe associate-1 at a BB (having moved from a good MM analyst background).

That's roughly in the ballpark of my profile as of last summer.

Ah, alright. Well congrats on the move to PE then... and the next move to the large non-MF coming up. Given your profile, you're older than the typical analyst-1/2 that typically join as 1st year PE associates. Your experience would very likely allow you to be better prepared compared to younger analysts, but did a lot of the PE firms have an issue with your age? Maybe presuming that you're too senior for the role and assuming that you would be unwilling to be the bottom of the totem pole again? If so, how did you convince them otherwise, and that you'd be comfortable working around younger associates?

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In reply to Kanon
NewGuy's picture

Kanon wrote: ^ Marcus, maybe

NewGuy
      HF
 
(Senior Orangutan, 479
 
Points)
 on 3/17/12 at 4:22pm
Kanon:

^ Marcus, maybe I'm getting your profile mixed up with another WSOer but I thought you were maybe associate-1 at a BB (having moved from a good MM analyst background).

That was his story in the past, hence my post above. Dunno where this new tale comes from.

@ OP, why you fraudin' brah?

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In reply to NewGuy
Kanon's picture

NewGuy wrote: Kanon wrote: ^

Kanon
      O
 
(King Kong, 1,504
 
Points)
 on 3/17/12 at 4:34pm
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In reply to NewGuy
Marcus_Halberstram's picture

NewGuy wrote: Kanon wrote: ^

Marcus_Halberstram
      PE
 
 
(Neanderthal, 3,446
 
Points)
 on 3/17/12 at 8:24pm

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rossi99's picture

Marcus, Thanks for the thread

rossi99
      O
 
(Chimp, 10
 
Points)
 on 3/17/12 at 10:32pm
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Marcus_Halberstram's picture

Because the mega funds

Marcus_Halberstram
      PE
 
 
(Neanderthal, 3,446
 
Points)
 on 3/18/12 at 12:55pm

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Marcus_Halberstram's picture

And rossi, there will

Marcus_Halberstram
      PE
 
 
(Neanderthal, 3,446
 
Points)
 on 3/18/12 at 12:56pm

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redrock's picture

Thanks for the thread. What

redrock
      O
 
(Monkey, 49
 
Points)
 on 3/18/12 at 1:16pm
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Marcus_Halberstram's picture

I don't have much knowledge

Marcus_Halberstram
      PE
 
 
(Neanderthal, 3,446
 
Points)
 on 3/18/12 at 3:10pm

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goldman in da house's picture

If you had to do it all over

goldman in da house
     
 
(Senior Orangutan, 497
 
Points)
 on 3/18/12 at 5:39pm
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WonBuyLand's picture

I've been working for a real

WonBuyLand
      PE
 
(Monkey, 34
 
Points)
 on 4/8/12 at 11:17pm
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NewGuy's picture

Looks like this thread was a

NewGuy
      HF
 
(Senior Orangutan, 479
 
Points)
 on 4/9/12 at 5:42am
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Stringer Bell's picture

Not to hijack the thread,

Stringer Bell
      PE
 
 
(King Kong, 1,682
 
Points)
 on 4/10/12 at 10:39pm
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WonBuyLand's picture

Thanks for the great advice.

WonBuyLand
      PE
 
(Monkey, 34
 
Points)
 on 4/11/12 at 10:41pm
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In reply to blastoise
SirTradesaLot's picture

blastoise: what do you mean

SirTradesaLot
     
 
 
(Senior Neanderthal, 4,782
 
Points)
 on 8/1/12 at 1:59am

I'm a lover, not a fighter, but I'm also a fighter, so don't get any ideas.

My WSO Blog

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In reply to SirPoopsaLot
blastoise's picture

SirPoopsaLot: blastoise: wh

blastoise
      O
 
(Senior Neanderthal, 4,378
 
Points)
 on 8/1/12 at 12:11pm
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nickd722's picture

Hey Stringer, if interested

nickd722
     
 
(Chimp, 2
 
Points)
 on 8/2/12 at 2:44pm
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The aggregate liability for the Company to you for all claims arising from the use of the Materials is limited to $1.

Termination.

The Company reserves the right, at its sole discretion, to pursue all of its legal remedies, including but not limited to immediate termination of your registration with or ability to access the Web Site and/or any other service provided to you by the Company, upon any breach by you of these Terms and Conditions or if the Company is unable to verify or authenticate any information you submit to the Web Site registration with or ability to access the Web Site.

Indemnity.

You agree to defend, indemnify, and hold harmless the Company, its officers, directors, employees and agents, from and against any claims, actions or demands, including without limitation reasonable legal and accounting fees, alleging or resulting from your use of the Material or your breach of the terms of these Terms and Conditions. The Company shall provide notice to you promptly of any such claim, suit, or proceeding and shall assist you, at your expense, in defending any such claim, suit or proceeding.

General.

The Company makes no claims that the Materials may be lawfully viewed or downloaded outside of the United States. Access to the Materials may not be legal by certain persons or in certain countries. If you access the Web Site from outside of the United States, you do so at your own risk and are responsible for compliance with the laws of your jurisdiction. These Terms and conditions are governed by the internal substantive laws of the State of New York, without respect to its conflict of laws principles. Jurisdiction for any claims arising under this agreement shall lie exclusively with the state or federal courts within New York, New York. If any provision of these Terms and Conditions are found to be invalid by any court having competent jurisdiction, the invalidity of such provision shall not affect the validity of the remaining provisions of these Terms and Conditions, which shall remain in full force and effect. No waiver of any term of these Terms and Conditions shall be deemed a further or continuing waiver of such term or any other term. Except as expressly provided in additional terms of use for areas of the Web Site a particular "Legal Notice," or Software License or Material on particular Web pages, these Terms and Conditions constitute the entire agreement between you and the Company with respect to the use of Web Site. No changes to these Terms and Conditions shall be made except by a revised posting on this page.

PRIVACY POLICY

The Company recognizes that you are concerned about privacy. We are committed to preserving your privacy and safeguarding your sensitive information. The following statement describes the general information-gathering and usage practices of our sites.

Our staff, contractors, Internet service providers and others involved in this site follow this policy or similarly strict policies regarding your Information.

Disclosure

The Company is committed to fully disclosing our policies regarding the collection, use, maintenance, disclosure and security of personal information obtained from users of our site. The term "personal information" includes a name, address, email address, or any other information which could be used to contact you directly or to identify you personally.

Use and Disclosure Limitations

The Company only uses personal information about its Web site users for specific purposes. We do not share user information with third parties except when we have told users about the disclosures, when we have prior consent, or when required by law.

Use Policy: When the Company gathers personal information from users, we ask for permission first. We also disclose, at the time of collection, how the information will be used by us. Personal information is used for activities such as auto-completion of commonly-used forms and helping us contact you when you solicit information from us.

Disclosure Policy: We do not normally disclose personal information to anyone outside of the Company unless we have previously informed users about the disclosures. However, some data may be used from time to time by outside contractors, including auditors or consultants, to assist us in carrying out necessary financial or operational activities. These uses will be consistent with this privacy policy and all contractors using this potential personal information must agree to safeguard it, to use it only for the authorized purpose, and to return it or destroy it upon completion of the activity.

The Company might be required to disclose personal information in response to a valid legal process such as a subpoena, search warrant or court order.

Although unlikely, it is possible that we may have to make certain disclosures to ensure the security of our Web site, to protect its integrity, or to take precautions against potential liability. In any of these situations, we will take any reasonable steps to limit the scope of the data disclosed.

Web Logs: The Company maintains standard Web logs that record basic information about visitors to our Web site. These logs contain: * The Internet domain from which you came to our Web site. * Your IP address. An IP address is a series of numbers which uniquely identifies your connection to the Internet. Although it is possible in some instances, certain types of IP addresses may be used by interested persons to identify users but we do not attempt to identify users in this way. * The type of browser (e.g., Internet Explorer or Netscape) and operating system (e.g., Windows 98) you use. * The date and time you visited the site, and the pages you saw.

We use Web log information to design our Web site, identify popular features, and in similar ways. We do not try to identify individuals from Web logs or to link Web logs to other user information. However, if someone tries to damage our Web site or use it in an unauthorized or illegal way, we may share Web log information with law enforcement agencies. The Company may provide aggregate information such as the number of users who visit particular pages of the site, or the number of people who link to certain external sites from our site, to other parties.

Changes to Privacy Policy

The Company's features and services will change over time and our information-gathering practices and policies may also change.

While our philosophy of protecting user information from inappropriate uses and disclosures will not change, this policy will be updated occasionally to include any change that materially affects the collection, maintenance, use, or disclosure of personal information.

Forum Topics

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  • Definitely inspiring and always interesting to hear Lloyd's speeches. Thought some monkeys might want to give it a listen. Please post any other commencement speeches that were motivational and inspiring to some of you. <iframe width="560" height="315"...
    Lloyd Blankfein's Commencement at LaGuardia Community College
  • 1:41pm: Buy 200 shares WFC @ $41.10 on 99% margin. Currently down $87.98 + $0.90 interest. I normally stay away from margin. I was having a good day and got cocky. Today wiped out a week's worth of profits for me. Note: I swing trade with some day trades thrown in. What would you...
    I Made a Stupid Bernanke-Inspired Trade: Exit?
  • Hello everybody, I just finished up my sophomore year at a semi target and now am trying to choose an internship which will best position me for IB recruiting next year. I'm trying to decide between two internships - one is a credit analyst position at a commercial bank where I would...
    Which internship?
  • Hey everyone, Does anyone know of any reputable firms in Miami? Can you speak to their: 1. Pay 2. Culture 3. Focus (i.e. middle market? tech?) 4. Reputation in comparison to NYC...
    PE in Miami
  • So the sudden spike in interbank lending rate in China surpassed 13 percent at one point. The seven-day repurchase rate hasn't risen this high in over 10 years. With the PBOC refusing to inject funds to the monetary market, will this liquidity squeeze hurt the government's efforts to...
    Chinese Overnight Repo Rate hits record high
  • Dealbook: http://dealbook.nytimes.com/2013/06/19/wesley-clark-retired-general-joins-blackstone-as-an-adviser/ I still can't believe these guys are cashing in before Tim Geithner....
    Gen. Wesley Clark Joins Blackstone
  • I'm interested in doing something along the lines of F500 finance or FP&A. I was accepted into Michigan State and UMich. I couldn't go to an out-of-state college due to my low socioeconomic status. If I go to Michigan State: major in Finance and minor in Econ If I go to...
    Which college major/pathway should I do?
  • Title says it all. I'm ~2 years removed from my banking days and I'm moving apartments so figuring out what to do with my old lucites (they've been sitting in a box for the past 2 years). Feels wrong to just throw them out but assuming I don't come back to banking (and I...
    What do you do with your old banking deal toys?
  • Just started watching the new S4....
    Arrested Dev
  • <strong><a href="http://www.wallstreetoasis.com/event/london-wso-drinks">London, June 20th, 19:30, location depends on the weather, see event page for details</a></strong> <strong><a...
    Upcoming WSO Meetups: LONDON THURSDAY (June 20th)
  • Hello all! I will try to be concise as this is a very specific question for my own situation. I recently graduated with a B.A. in journalism and decided late that I want to work in business. Easy right? Nope! I have decided to pursue my MBA in Finance and would like to work in VC or IB. I want to...
    Pre-MBA Undergrad Experience
  • I'm in the third week of my SA in new york, and everyone in the office is extremely nice, which is actually a bit contrary to what my expectations were coming in. In fact, every banker I have ever met has been surprisingly nice and laid back. Everyone from the first years to the veteran MDs...
    Experience with Higher-Ups
  • Hello all, I'm in the early stages of planning graduate study (hopefully 2014-2015) and am attempting to narrow my options down further. I'm pondering two degrees primarily, a Masters in Finance and a Masters in Data Analytics/Business Analytics. Some background: 24 years...
    Chances at Masters in Finance?
  • I was really obese almost all of my life, and it peaked around 300 pounds about a year ago. Since then, I have lost almost 70 pounds and am still in the process. I am also starting work in a few weeks at a BB in IBD, and need some clothes. I have heard recommendations for brooks brothers, and they...
    Weight Loss and Buying Clothes
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<em>Mod note: make sure to see the great comment below by CompBanker</em> I come from a small town where nobody had ever heard of consulting or IB. I was fortunate enough to attend a top target college (a good Ivy) and land a gig in IB at a BB/EB. I'm starting full time this...
Finance Culture - Personalities
<strong>Background</strong> I randomly discovered WSO nearly seven years ago just weeks after I secured a FT MM IB position. The website was extremely nascent at the time with only a few thousand registered users. The majority of the users were college students with only a handful...
How WSO has enhanced my IB/PE career
<em>Mod note: <strong><a href="http://www.wallstreetoasis.com/faq/what-are-the-best-qa-threads-and-interviews-with-top-finance-professionals-on-wso ">Click here</a></strong> to see all of our q&a's and interviews</em><P> I figured I...
Open for Questions - Equities in Dallas
<em>Mod Note: This is a syndication from Jared's Daily Dirtnap daily market newsletter. WSO readers qualify for a $100 discount...just email [email protected] and mention "WSO Monkey Discount" You can follow Jared on twitter at @dailydirtnap</em> This one has...
THE LAST MILE
After over one year in the making, the <strong><a href="http://www.wallstreetoasis.com/2013-wso-compensation-report-full">2013 WSO Compensation Report</a></strong> is here! Access to the FULL 108 page 2013 WSO Compensation Report is <strong>100%...
2013 WSO Compensation Report has Arrived
When I first started as a PE analyst, I constantly struggled with judging the amount of time I should spend on reviewing sourced deals. How much time is enough to really get a handle on the company’s revenue streams? How granular do I need my analysis to be on industry threats? With this...
Misguided Efforts: A Cautionary Tale
Fellow Primates, We are looking for 1-2 students on each campus to help WSO in its sales efforts to student clubs/career centers, and overall promotion at your school both online and on the ground. Below is a description of the position and benefits...thanks in advance for your help! <a...
WSO is Looking for Campus Reps For Summer/Fall 2013 (and beyond)
Many of the questions that have come in surround recruiting for front office Wall Street careers from a non-target so we’ll start with some ideas for recruiting, move on to interviewing, preparing for the job and finally long-term career management advice. Before we begin, it has been...
Stand Out as a Non-Target: Recruiting (Part 1 of 4)
Any Asset Management people here who could give me some insights on it, such as the nature of the work, the pay, the hours, the potential for career advancement, ect? I was looking into IB before but I've decided that I would rather pursue a career that's more intellectually...
Asset Management a better choice than Investment Banking?
<img src="//img.pandawhale.com/48721-Sexually-Oblivious-Female-Meme-Ze2w.png" alt="Sexually Oblivious Female Meme - Favorite Position? I would like to be a CEO.">
If you could be the richest person in the world with your dream job only as a public virgin forever would you do it?
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