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Wall Street Oasis » Forums » VC Vernacular
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Venture Capital Associate Fielding Questions
 

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JimmyDormandy's picture
JimmyDormandy
      VC
 
 
(Senior Gorilla, 775
 
Points)
 on 3/12/12 at 6:48pm
venture_capitalist.jpg

mod (Andy) note: this was originally posted in July but he's still answering q's for those interested in VC.

In following the solid threads of the 10x leverage, harvardgrad08...I am offering a Q and A on all VC related questions.

As some of you know, I am a non-target graduate with 2 years middle market investment banking experience and a short stint at a multi-billion dollar hedge fund prior to my current VC gig. Ask away

"Jesus, he's like a gremlin; comes with instructions and shit"
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Tags:
  • hedgefund
  • nontarget
  • east coast
  • Clean technology
  • BB to VC
  • VC Vernacular
JimmyDormandy's picture

FYI - I will answer as

JimmyDormandy
      VC
 
 
(Senior Gorilla, 775
 
Points)
 on 7/19/11 at 4:49pm

FYI - I will answer as quickly and as frequently as possible - but cannot promise it will be immediately. Also, let's avoid the PM's and have an open discussion.

"Jesus, he's like a gremlin; comes with instructions and shit"

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krazyk's picture

You on the East Coast or West

krazyk
      AM
 
(Monkey, 54
 
Points)
 on 7/19/11 at 5:04pm

You on the East Coast or West Coast? How much is sourcing a part of your job? And why VC over PE or staying at the hedge fund?

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JimmyDormandy's picture

I am on the East Coast, but

JimmyDormandy
      VC
 
 
(Senior Gorilla, 775
 
Points)
 on 7/19/11 at 5:12pm

I am on the East Coast, but am finding myself more and more out West as we have a lot of exposure there as you would imagine. Sourcing is a big part, but not as much as you would imagine - we have a few dedicated people specializing in this, but it is done time to time (however must of my time is spent with portfolio companies, drafting term sheets / structures, examining exit opportunities, etc.)

VC over PE because I am a techie at heart and I enjoy the hands-on approach my fund affords associates with porfolio companies. We also play very early, so it is great to be in the trenches with entrepreneurs and aid them in flushing out their businesses, etc.

In short, the hedge fund role wasn't fufilling enough for me - and contrary to popular belief, is not the golden paved road everyone likes to imagine.

"Jesus, he's like a gremlin; comes with instructions and shit"

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CaptK's picture

Alright, I'll throw one in

CaptK
      PE
 
 
(Neanderthal, 2,344
 
Points)
 on 7/19/11 at 5:19pm

Alright, I'll throw one in there - can you talk about how VC differs from IB/PE as far as the "analysis culture"? What I mean by that is how much of the investments are gut feel vs. actually backed up with models (PE and IB being very model and financing driven)? It's been my experience that some VC firms concentrate their analysis almost exclusively around the market, and if they like the space and they like the team, they invest. I know others (typically larger) that focus more on the actual financials of the company. So it would also probably be helpful to know too what kind of VC (series A vs. growth) and how big your typical round is.

- Capt K -
"Prestige is like a powerful magnet that warps even your beliefs about what you enjoy. If you want to make ambitious people waste their time on errands, bait the hook with prestige." - Paul Graham

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Hamilton's picture

JimmyDormandy wrote: In

Hamilton
     
 
(Senior Orangutan, 398
 
Points)
 on 7/19/11 at 5:25pm
JimmyDormandy:

In short, the hedge fund role wasn't fufilling enough for me - and contrary to popular belief, is not the golden paved road everyone likes to imagine.

This isn't related to VC, but what made you want to leave the hf industry?

Also did you have any entrepreneurial exp before moving over to VC?

"Have you ever tried to use a chain with 3 weak links? I have, and now I no longer own an arctic wolf."
-Dwight Schrute

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nontarget's picture

+1 SB 1. What was your

nontarget
      O
 
(Orangutan, 320
 
Points)
 on 7/19/11 at 5:31pm

+1 SB

1. What was your educational background? Did you come from an engineering/comp sci background?

2. How are the hours at your firm? Pay (thought I'd take a shot)?

3. Coming from a nontarget and a MM bank did you have a hard time landing VC? I understand it is not the esiest thing in the world, and it's quite competitive, but can you tell us a little about what kidns of strategies you used to land a VC gig coming from a non target, with no extensive industry experience?

4. Can you shed some light on how repubatble your MM firm was? (RWB, Harris, Jeff)??

Thanks

I have an undergrad degree in finance, but if you refer to some of my other posts I was a Division 1 baseball player, which helped a lot. I had IBD/HF internships also. A teammate's father was a serial entreprenuer who had contacts with virtually every top VC out there, and made certain introductions for me - the rest was on me.

Hours vary, as you would imagine. Can be as good as 50/week but can be as bad as banking - it really depends on the needs of our portfolio companies as well as prospective deals, etc. All in all, VC has allowed me a life unlike banking. Pay is comparable to brand name PE (as I am at a very well respected VC shop). Pay varies a lot in VC, however - much different than PE, at least in my experience.

Top MM firm, that is all I will say to preserve my identity.

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JimmyDormandy's picture

Great question - and the

JimmyDormandy
      VC
 
 
(Senior Gorilla, 775
 
Points)
 on 7/19/11 at 5:32pm

Great question - and the answer absolutely varies in terms of the type of company, round, etc. For example. if we are in a seed round (pre-revenue, generally proof of concept stage) the analysis is more on the market, eventual product and especially management (this is huge, especally if this isn't their first rodeo). When you are talking Series C and beyond, this is where modeling can be of use (not to say it isn't at earlier rounds, but it is purely assumptions as you would imagine). Analysis is more focused around exits, cap tables at various rounds, dilution, irr, etc. Furthermore, it depends on the structure of the deal (we typically do equity or debt w/ warrants, etc.) so that can decide if an in depth model is of use. By nature, I tend to put models together for each deal I am on - I guess it is the banker in me (but some of the GP's won't review them, it is just a good tool for me to have if and when needed and of course helps if/when we have multiple rounds occuring)

We have several funds (pre-seed all the way to series e, etc), allowing us to go in with as little as $100k initially with our later round funds investing into the tens of millions....in order to preserve anonymity, I will keep the actual amounts to myself.

"Jesus, he's like a gremlin; comes with instructions and shit"

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CaptK's picture

Thanks - makes sense that

CaptK
      PE
 
 
(Neanderthal, 2,344
 
Points)
 on 7/19/11 at 5:36pm

Thanks - makes sense that most of the analysis is around the exit rather than the entrance, when most of it is vapor anyway.

One more - can you talk a little bit about how you were perceived coming into VC from a finance background? I know there's certainly a culture out there that prefers experienced entrepreneurs, product managers, etc for VC associate roles. Did you feel like you were fighting an uphill battle in interviews against those folks? Do you feel you got different types of questions given your finance background? Also, now that you landed the job, do you feel like the fact that you're a "finance guy" affects the analysis people ask you to do or their perception of you in general?

- Capt K -
"Prestige is like a powerful magnet that warps even your beliefs about what you enjoy. If you want to make ambitious people waste their time on errands, bait the hook with prestige." - Paul Graham

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JimmyDormandy's picture

CaptK wrote: Thanks - makes

JimmyDormandy
      VC
 
 
(Senior Gorilla, 775
 
Points)
 on 7/19/11 at 5:44pm
CaptK:

Thanks - makes sense that most of the analysis is around the exit rather than the entrance, when most of it is vapor anyway.

One more - can you talk a little bit about how you were perceived coming into VC from a finance background? I know there's certainly a culture out there that prefers experienced entrepreneurs, product managers, etc for VC associate roles. Did you feel like you were fighting an uphill battle in interviews against those folks? Do you feel you got different types of questions given your finance background? Also, now that you landed the job, do you feel like the fact that you're a "finance guy" affects the analysis people ask you to do or their perception of you in general?

It was definitly an uphill battle in the beginning, as VC's tend to dislike bankers (probably because they fuck around so much during sell time for portfolio companies). The interview process was rigorous, as my tech knowledge was put to the test. Luckily, I am a techie @ heart and could really sell my passion for that in the why VC portion - since I had healthcare banking experience I made sense for that portion of the business. I am most certainly the finance guy, as I always make a comment in pitches regarding the outrageous hockey stick projections, but I have learned to give entreprenuers a break. They are the true talent, we are just providing the capital for them to re-create the wheel, and giving them guidance in how to derive value from their ideas. As time passes, I am continuing to shed my banker personality, which will only improve my success in the VC game of life.

"Jesus, he's like a gremlin; comes with instructions and shit"

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blastoise's picture

how does vc do capital

blastoise
      O
 
(Senior Neanderthal, 4,380
 
Points)
 on 7/19/11 at 5:45pm

how does vc do capital raises?

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JimmyDormandy's picture

blastoise wrote: how does vc

JimmyDormandy
      VC
 
 
(Senior Gorilla, 775
 
Points)
 on 7/19/11 at 5:51pm
blastoise:

how does vc do capital raises?

LP's typically have fixed commitments to the fund which are drawn down over time as the fund releases capital. If an LP does not participate in these capital calls, there are large fees associated with this neglect. However, this seems as if it is being re-examined in some instances as it has proven difficult to raise venture funds in these economic times

"Jesus, he's like a gremlin; comes with instructions and shit"

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OMS's picture

What types of "techie"

OMS
      PE
 
 
(King Kong, 1,886
 
Points)
 on 7/19/11 at 5:56pm

What types of "techie" interview questions were you asked? How did you prepare for interviews?

More on trends, what was going on in the industry (social/digital media of course) - specifically what companies I would invest in, why, what was their competitive advatage, how to evaulate mgmt. They really wanted to see my thought process and how I would go about conducting due diligence.

I prepared for the interview as I do for all our pitches - heavy due diligence. there is a wealth of knowledge on the web highlighting the coolest, newest tech companies out there.

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ferragamo u know's picture

Can you touch on "techie @

ferragamo u know
      IB
 
(Baboon, 106
 
Points)
 on 7/19/11 at 6:11pm

Can you touch on "techie @ heart" does that entail a passion for gadgets and the latest technology or is it more so a function of writing code, creating systems, etc.?

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design's picture

What is your fund's

design
      IB
 
(Gorilla, 644
 
Points)
 on 7/19/11 at 6:32pm

What is your fund's investment profile (don't need to go into too much detail if it will out your fund)? How were the parameters of it determined and how rigid is it regarding potential investments?

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JimmyDormandy's picture

ferragamo u know wrote: Can

JimmyDormandy
      VC
 
 
(Senior Gorilla, 775
 
Points)
 on 7/19/11 at 7:38pm
ferragamo u know:

Can you touch on "techie @ heart" does that entail a passion for gadgets and the latest technology or is it more so a function of writing code, creating systems, etc.?

passion for gadgets and the latest technologies, start-ups, etc. I am very involved with start-up challenges, incubators and the like.... but I can write code although that is not really what I am a fan of.

"Jesus, he's like a gremlin; comes with instructions and shit"

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SHORTmyCDO's picture

Being an analyst at a MM shop

SHORTmyCDO
      IB
 
(Gorilla, 738
 
Points)
 on 7/19/11 at 7:41pm
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JimmyDormandy's picture

design wrote: What is your

JimmyDormandy
      VC
 
 
(Senior Gorilla, 775
 
Points)
 on 7/19/11 at 7:41pm

"Jesus, he's like a gremlin; comes with instructions and shit"

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JimmyDormandy's picture

SHORTmyCDO wrote: Being an

JimmyDormandy
      VC
 
 
(Senior Gorilla, 775
 
Points)
 on 7/19/11 at 7:52pm

"Jesus, he's like a gremlin; comes with instructions and shit"

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JimmyDormandy's picture

VC requires you to be much

JimmyDormandy
      VC
 
 
(Senior Gorilla, 775
 
Points)
 on 7/19/11 at 7:57pm

"Jesus, he's like a gremlin; comes with instructions and shit"

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CaptK's picture

OK how about a fun one, want

CaptK
      PE
 
 
(Neanderthal, 2,344
 
Points)
 on 7/19/11 at 7:59pm

- Capt K -
"Prestige is like a powerful magnet that warps even your beliefs about what you enjoy. If you want to make ambitious people waste their time on errands, bait the hook with prestige." - Paul Graham

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JimmyDormandy's picture

JimmyDormandy wrote: VC

JimmyDormandy
      VC
 
 
(Senior Gorilla, 775
 
Points)
 on 7/19/11 at 7:59pm

"Jesus, he's like a gremlin; comes with instructions and shit"

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JimmyDormandy's picture

CaptK wrote: OK how about a

JimmyDormandy
      VC
 
 
(Senior Gorilla, 775
 
Points)
 on 7/19/11 at 8:01pm

"Jesus, he's like a gremlin; comes with instructions and shit"

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JimmyDormandy's picture

Hamilton

JimmyDormandy
      VC
 
 
(Senior Gorilla, 775
 
Points)
 on 7/19/11 at 8:20pm

"Jesus, he's like a gremlin; comes with instructions and shit"

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B.JAM's picture

Can you describe your process

B.JAM
     
 
(Monkey, 39
 
Points)
 on 7/19/11 at 8:27pm

I award you no points, and may god have mercy on your soul.

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SHORTmyCDO's picture

Can you give us a "standard"

SHORTmyCDO
      IB
 
(Gorilla, 738
 
Points)
 on 7/19/11 at 8:42pm
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JimmyDormandy's picture

SHORTmyCDO wrote: Can you

JimmyDormandy
      VC
 
 
(Senior Gorilla, 775
 
Points)
 on 7/19/11 at 8:48pm

"Jesus, he's like a gremlin; comes with instructions and shit"

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LIBOR's picture

Couple of Questions: 1. What

LIBOR
      EN
 
(Neanderthal, 2,156
 
Points)
 on 7/19/11 at 9:07pm

looking for that pick-me-up to power through an all-nighter?

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scok15's picture

Thanks JimmyD for fielding

scok15
      CO
 
(Monkey, 50
 
Points)
 on 7/19/11 at 9:10pm
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09grad's picture

Can you give us more

09grad
      PE
 
 
(Orangutan, 337
 
Points)
 on 7/19/11 at 9:17pm
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nontarget's picture

is it just me or is anyone

nontarget
      O
 
(Orangutan, 320
 
Points)
 on 7/19/11 at 9:47pm
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manbearpig's picture

nontarget wrote: +1 SB 1.

manbearpig
      CO
 
 
(Neanderthal, 3,029
 
Points)
 on 7/19/11 at 11:34pm

-MBP

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Lubyanka's picture

Hey man, thanks for taking

Lubyanka
     
 
(Baboon, 137
 
Points)
 on 7/20/11 at 6:02am
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JimmyDormandy's picture

LIBOR wrote: Couple of

JimmyDormandy
      VC
 
 
(Senior Gorilla, 775
 
Points)
 on 7/20/11 at 9:00am

"Jesus, he's like a gremlin; comes with instructions and shit"

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JimmyDormandy's picture

nontarget wrote: is it just

JimmyDormandy
      VC
 
 
(Senior Gorilla, 775
 
Points)
 on 7/20/11 at 9:01am

"Jesus, he's like a gremlin; comes with instructions and shit"

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JimmyDormandy's picture

scok15 wrote: Thanks JimmyD

JimmyDormandy
      VC
 
 
(Senior Gorilla, 775
 
Points)
 on 7/20/11 at 9:05am

"Jesus, he's like a gremlin; comes with instructions and shit"

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JimmyDormandy's picture

09grad wrote: Can you give us

JimmyDormandy
      VC
 
 
(Senior Gorilla, 775
 
Points)
 on 7/20/11 at 9:07am

"Jesus, he's like a gremlin; comes with instructions and shit"

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JimmyDormandy's picture

Lubyanka wrote: Hey man,

JimmyDormandy
      VC
 
 
(Senior Gorilla, 775
 
Points)
 on 7/20/11 at 9:12am

"Jesus, he's like a gremlin; comes with instructions and shit"

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OMS's picture

How did you build your

OMS
      PE
 
 
(King Kong, 1,886
 
Points)
 on 7/20/11 at 9:37am
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OMS's picture

Also, I have a close friend

OMS
      PE
 
 
(King Kong, 1,886
 
Points)
 on 7/20/11 at 9:46am
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JimmyDormandy's picture

oldmansacks wrote: How did

JimmyDormandy
      VC
 
 
(Senior Gorilla, 775
 
Points)
 on 7/20/11 at 11:09am

"Jesus, he's like a gremlin; comes with instructions and shit"

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JimmyDormandy's picture

oldmansacks wrote: Also, I

JimmyDormandy
      VC
 
 
(Senior Gorilla, 775
 
Points)
 on 7/20/11 at 11:23am

"Jesus, he's like a gremlin; comes with instructions and shit"

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JimmyDormandy's picture

Typical Day: Gym in the

JimmyDormandy
      VC
 
 
(Senior Gorilla, 775
 
Points)
 on 7/20/11 at 11:54am

"Jesus, he's like a gremlin; comes with instructions and shit"

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JimmyDormandy's picture

SHORTmyCDO wrote: Can you

JimmyDormandy
      VC
 
 
(Senior Gorilla, 775
 
Points)
 on 7/20/11 at 12:02pm

"Jesus, he's like a gremlin; comes with instructions and shit"

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Lubyanka's picture

JimmyDormandy

Lubyanka
     
 
(Baboon, 137
 
Points)
 on 7/20/11 at 12:27pm
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JimmyDormandy's picture

Lubyanka

JimmyDormandy
      VC
 
 
(Senior Gorilla, 775
 
Points)
 on 7/20/11 at 12:35pm

"Jesus, he's like a gremlin; comes with instructions and shit"

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HFFBALLfan123's picture

Important to note that not

HFFBALLfan123
      PE
 
 
(King Kong, 1,371
 
Points)
 on 7/20/11 at 1:06pm
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JimmyDormandy's picture

HFFBALLfan123

JimmyDormandy
      VC
 
 
(Senior Gorilla, 775
 
Points)
 on 7/20/11 at 1:08pm

"Jesus, he's like a gremlin; comes with instructions and shit"

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Walkerr's picture

Thanks for this Q&A, very

Walkerr
      IB
 
(Gorilla, 570
 
Points)
 on 7/20/11 at 4:49pm
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harvardgrad08's picture

+5 SBs for you since I know

harvardgrad08
      CD
 
 
(Gorilla, 606
 
Points)
 on 7/20/11 at 6:36pm
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JimmyDormandy's picture

harvardgrad08 wrote: +5 SBs

JimmyDormandy
      VC
 
 
(Senior Gorilla, 775
 
Points)
 on 7/20/11 at 7:31pm

"Jesus, he's like a gremlin; comes with instructions and shit"

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General Rules: Users may not use the Web Site in order to transmit, distribute, store or destroy material (a) in violation of any applicable law or regulation, (b) in a manner that will infringe the copyright, trademark, trade secret or other intellectual property rights of others or violate the privacy, publicity or other personal rights of others, or (c) that is defamatory, obscene, threatening, abusive or hateful.

Web Site Security Rules. Users are prohibited from violating or attempting to violate the security of the Web Site, including, without limitation, (a) accessing data not intended for such user or logging into a server or account which the user is not authorized to access, (b) attempting to probe, scan or test the vulnerability of a system or network or to breach security or authentication measures without proper authorization, (c) attempting to interfere with service to any user, host or network, including, without limitation, via means of submitting a virus to the Web Site, overloading, "flooding", "spamming", "mailbombing" or "crashing", (d) sending unsolicited e-mail, including promotions and/or advertising of products or services, or (e) forging any TCP/IP packet header or any part of the header information in any e-mail. Violations of system or network security may result in civil or criminal liability. The Company will investigate occurrences which may involve such violations and may involve, and cooperate with, law enforcement authorities in prosecuting users who are involved in such violations.

Specific Prohibited Uses.

The Company specifically prohibits any use of the Web Site, and all users agree not to use the Web Site, for any of the following:

  • Posting any incomplete, false or inaccurate biographical information or information which is not your own accurate resume
  • Using any device, software or routine to interfere or attempt to interfere with the proper working of this Web Site or any activity being conducted on this site.
  • Taking any action which imposes an unreasonable or disproportionately large load on this Web Site?s infrastructure.
  • If you have a password allowing access to a non-public area of this Web Site, disclosing to or sharing your password with any third parties or using your password for any unauthorized purpose.
  • Notwithstanding anything to the contrary contained herein, using or attempting to use any engine, software, tool, agent or other device or mechanism (including without limitation browsers, spiders, robots, avatars or intelligent agents) to navigate or search this Web Site other than the search engine and search agents available from the Company on this Web Site and other than generally available third party web browsers (e.g., Netscape Navigator, Microsoft Explorer).
  • Attempting to decipher, decompile, disassemble or reverse engineer any of the software comprising or in any way making up a part of the Web Site.
  • Aggregating, copying or duplicating in any manner any of the materials or information available from the Web Site.
  • Framing of or linking to any of the materials or information available from the Web Site.

User Information.

When you register for the Web Site, you will be asked to provide the Company with certain information including, without limitation, a valid email address (your "Information"). In addition to the terms and conditions that may be set forth in any privacy policy on this Web Site, you understand and agree that the Company may disclose to third parties, on an anonymous basis, certain aggregate information contained in your registration application. The Company reserves the right to offer third party services and products to you based on the preferences that you identify in your registration and at any time thereafter; such offers may be made by the Company or by third parties. Please see the Company's Privacy Policy below for further details regarding your Information.

Registration and Password.

You are responsible for maintaining the confidentiality of your information and password. You shall be responsible for all uses of your registration, whether or not authorized by you. You agree to immediately notify the Company of any unauthorized use of your registration or password.

The Company's Liability.

As a condition to your use of this site, you release the Company (and our agents and employees) from claims, demands and damages (actual and consequential, direct and indirect) of every kind and nature, known and unknown, suspected and unsuspected, disclosed and undisclosed, arising out of or in any way connected with such disputes. If you are a California resident, you waive California Civil Code d1542, which says: "A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor."

We are under no legal obligation to, and generally do not, control the information provided by other users which is made available through the Web Site. By its very nature, other people?s information may be offensive, harmful or inaccurate, and in some cases will be mislabeled or deceptively labeled. We expect that you will use caution and common sense when using this Web Site.

The Material may contain inaccuracies or typographical errors. The Company makes no representations about the accuracy, reliability, completeness, or timeliness of the Web Site or the Material. The use of the Web Site and the Material is at your own risk. Changes are periodically made to the Web Site and may be made at any time.

You acknowledge and agree that you are solely responsible for the content and accuracy of any resume or material contained therein placed by you on the Web Site and you agree to let any users that are identified as recruiters (designated in the sole discretion of the Company) to have access to your resume.

The Company is not to be considered to be an employer with respect to your use of the Web Site and the Company shall not be responsible for any employment decisions, for whatever reason made, made by any entity posting jobs on the Web Site.

THE COMPANY DOES NOT WARRANT THAT THE WEB SITE WILL OPERATE ERROR-FREE OR THAT THE WEB SITE AND ITS SERVER ARE FREE OF COMPUTER VIRUSES OR OTHER HARMFUL MECHANISMS. IF YOUR USE OF THE WEB SITE OR THE MATERIAL RESULTS IN THE NEED FOR SERVICING OR REPLACING EQUIPMENT OR DATA, THE COMPANY IS NOT RESPONSIBLE FOR THOSE COSTS.

THE WEB SITE AND MATERIAL ARE PROVIDED ON AN "AS IS" BASIS WITHOUT ANY WARRANTIES OF ANY KIND. THE COMPANY, TO THE FULLEST EXTENT PERMITTED BY LAW, DISCLAIMS ALL WARRANTIES, WHETHER EXPRESS OR IMPLIED, INCLUDING THE WARRANTY OF MERCHANTABILITY, FITNESS FOR PARTICULAR PURPOSE AND NON-INFRINGEMENT. THE COMPANY MAKES NO WARRANTIES ABOUT THE ACCURACY, RELIABILITY, COMPLETENESS, OR TIMELINESS OF THE MATERIAL, SERVICES, SOFTWARE, TEXT, GRAPHICS, AND LINKS.

Disclaimer of Consequential Damages.

IN NO EVENT SHALL THE COMPANY, ITS SUPPLIERS, OR ANY THIRD PARTIES MENTIONED ON THE WEB SITE BE LIABLE FOR ANY DAMAGES WHATSOEVER (INCLUDING, WITHOUT LIMITATION, INCIDENTAL AND CONSEQUENTIAL DAMAGES, LOST PROFITS, OR DAMAGES RESULTING FROM LOST DATA OR BUSINESS INTERRUPTION) RESULTING FROM THE USE OR INABILITY TO USE THE WEB SITE AND THE MATERIAL, WHETHER BASED ON WARRANTY, CONTRACT, TORT, OR ANY OTHER LEGAL THEORY, AND WHETHER OR NOT THE COMPANY IS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

Links to Other Sites.

The Web Site may contain links to third party web sites. These links are provided solely as a convenience to you and not as an endorsement by the Company of the contents on such third-party Web sites. The Company is not responsible for the content of linked third-party sites and does not make any representations regarding the content or accuracy of materials on such third party Web sites. If you decide to access linked third party Web sites, you do so at your own risk.

No Resale or Unauthorized Commercial Use.

You agree not to resell or assign your rights or obligations under these Term of Use. You also agree not to make any unauthorized commercial use of the Web Site.

Limitation of Liability.

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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  • <em>Mod note: Best of Bankerella - this was originally posted 10/1/12</em> I occasionally get PMed by people at colleges I’ve never heard of before, asking if they have a shot at IBD. Folks, why IBD? The finance world is broad and varied, and there are a million ways to make...
    My Biggest Career Mistake to Date: Prestige
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    Actuarial Exams
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  • I have been networking with a few banks/boutiques and looking at analyst profiles on linkedin and it seems like some only hire within top 10 business schools and Ivy's. Are there some that are very elitist and not worth trying to network into? My school has no alumni, so getting someone to...
    what banks/boutiques are the hardest for non-targets to get into?
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    I hate asking, but I need it...Advice.
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  • I recently received an message to a comment I made how I was able to break into IB as intern and would like to provide a nice update to where I am in my career. Original Story from April...
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  • Hi everyone! I just launched a fedora retail site.. The site is vivafedora .com. I just got a new job, but am doing this on the side. What are your thoughts? Please let me...
    Just launched a fedora site, thoughts?
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    Suing for career help?
  • Sup everybody, Quick question- what are some good type of questions to ask a corporate banking associate in...
    Corporate Banking Question
  • Hello hello A bit of a narrow question, but would love to get the community's opinion. Helping a friend with their application strategy. She's looking to head to B-School from a Wall Street background and wants to use B-School as a transition route to brand management in the beauty...
    Kellogg (marketing reputation) vs. Columbia (NYC location) for CPG?
  • Every office has their winners, but here are just a few of the goofy things you might encounter while working with Chinese colleagues. Those with China experience, definitely sound off at the bottom here. 1) Now while I’m sure what I eat in the office gives my colleagues room for pause as...
    5 Quirks of Chinese Colleagues
  • Need recommendation for brokerage account for VC...
    Brokerage account for VC fund
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Upcoming Events

  • Boston WSO Happy Hour - Wed May 22nd, 6PM
    May 22 2013 - 6:00pm - 8:00pm
  • Financial and Valuation Modeling Boot Camp (Dallas)
    May 23 2013 - 8:00am - May 25 2013 - 5:00pm
  • Shanghai Happy Hour May 24th Friday 7:30PM - 10:30PM
    May 24 2013 - 7:30am - 10:30am
  • Hong Kong Networking Event - Happy Hour, May 24th, 7:30PM
    May 24 2013 - 7:30pm - 9:30pm
  • New York School of Finance: Summer Session 2013
    Jun 3 2013 - 9:00am - 11:00am
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Highest Ranked Content

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This is the reaction any analyst who has ever worked in banking has when you say you want to leave banking for business school then come back as a post b school associate... <img src="http://epicpinterestfail.com/wp-content/uploads/2012/11/how-i-met-your-mother-barney-why.gif"...
Why You DON'T Leave Banking for B School Just to Come Right Back...
Inspired by comments from this: http://www.wallstreetoasis.com/forums/basic-guide-ramping-up-on-a-company-with-public-information-part-1-of-3 Lets just jump in. <strong>Technology:</strong> In this space there are really two metrics that matter the most, sales growth and EPS...
Beginners Guide to Valuation and Metrics By Sector
I'm currently a Private Equity Analyst in Shanghai, China. Academically, I graduated from a target school majoring in Economics and Chinese. I also spent my time at college as the president of an on-campus student organization related to Finance and Economics and a volunteer for a local...
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For better or for worse, there’s a very unique feeling when everything goes completely according to plan yet nobody seems to care or notice. Such is the case with our favorite company of the moment, Tesla Motors. For those unaware, TSLA has rocketed upwards since its Q1 earnings release,...
A Perfect Storm
I work as a long/short equity analyst at a large hedge fund. I've been lucky enough to be more than just a model monkey early on in my career, but have also been exposed to the stress of being measured on returns. I primarily cover consumer and TMT names. I went the typical path (target...
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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...
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Someone was asking me about this in PM and I wrote a long and detailed reply about what it is like to work in Big 4 and what advice I would give to people thinking about interning / working there. Thought it might be useful for others so my reply is below. Happy to answer any...
Working In Big 4 Audit in London
<em>Mode note: Blast from the past - "Best of Eddie" - this one is originally from December 2010.</em> Monty09 may have gotten the best plug yet for his <a href="http://energyrodeo.com/">Energy Rodeo</a> in Houston next month, and it came from none...
New York vs. Houston
This is just fantastic. After sitting through Carl Levin and John McCain spewing a bunch of nonsense about how Apple doesn't pay enough taxes (despite being the #3 taxpaying company in America behind ExxonMobil and Chevron), Rand Paul lit them up about what a travesty it was to blame Apple...
Rand Paul GOES OFF at Apple Hearing
Hi Everyone, I read a lot of these forums a couple years back and they helped considerably in terms of realistic expectations about day to day life as an analyst. I was hoping to return the favor by answering a few questions (if anyone has any) about life as an analyst at a buy side real...
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Why would you NOT go to the 2013 WSO Conference?
N/A - Already bought my ticket, see you there!
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Waiting until last minute to make a decision
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