need real stories
Last time I'm going to talk about this until I'm accepted to grad school:
College: state school
Major: Psychology, Ancient Religions
GPA: 2.01 (out of 4, barely made it through)
Internships: none
Research: none
Experience:...
Just one comment to Marcus. The way you describe yourself looking down to people who somewhat lead a more "ordinary" life than you do is just an evidence of immaturity to me.
(I am not saying that you are, just judging by the single comment above you appear to be). For instance, I have met a...
6. Flip shit. I don't recommend this most of the time but if you already have an exit in hand and you really want the night off, I've seen it work. A 2nd year analyst actually ran around the bullpen cursing when he was giving a deliverable Friday night which convinced the staffer to give him a...
ex cfo during the dot com period late nineties...
The single most important choice you will ever have to really make is the person you marry. She can make you or break you. Don't pay attention to the pop psychology bull. No other investment can be anywhere as significant. And you don't just...
Let's start with the basics.
1. Nothing is impossible.
2. Hope is not a strategy. At some point, the probability for a given event is low enough that you should consider it impossible. For example, I could tell you to go win the lottery which would give you the funds to start running an...
I'm a macro trader/strat, but started my career trading EM. Firstly, you clearly need to do some research on your own. If you're starting on an EM desk, you can learn a lot before showing up just by using google.
Anyway, emerging markets traders can cover many products and focus on 1-4...
Funny story of my own - I lived relatively close to a well-known actress and happened to see her every once in awhile leaving my building.
funny celeb hookup story of my own - I googled "anna kournikova" and her pictures gave me a boner
If you have an accent see footnote
If you don't have an accent, read the following:
Talk to them like a person. Don't be nervous, don't put on a facade that isn't real. You'll get exposed in less than three minutes. Don't lie to them.
Women are the best liars on planet earth, their...
Depends on whether you work for a Renaissance, Fortress, Citadel, or DE Shaw, or if you work for one of the more boutique funds.
The large funds tend to be running stat arb and HFT, and yes that requires some programming skill and quant background.
The smaller shops tend to involve MBAs...
Don't just take a step back and look at the bigger picture, take two steps back and look at the biggest picture. Life’s a crazy ride and you don’t get to know when the ride ends until it’s time to get off, so don’t waste it being pissed off because you didn’t get an offer from GS. I...
Suppose I can help you. In terms of what to put on your resume, almost every IB resume I've seen included a "transaction experience" section. In the section, usually its 1 sentence per deal, and sometimes analysts will include their specific roles, and some will just list the deal. If the...
I was at one of the major banks during the implosion. Still not comfortable talking about which firm I worked for and EXACTLY what it was like, but let's just say that if you worked in fixed income pricing and analytics, the phones were ringing off the hook near the end of the second week of...
I wan't to be the very best
Also very rich
dun dun dun dun
to get all the 100s
in my walllett
to buy bottles is my cause
dun dun dun dun
i will travel across wallstreet
fucking main street over
each 100 that i get
to
release by baller in side!
wall street!
its you and me
i...
I don't think those courses are necessary in the slightest. Stephen Moyer's Distressed Debt Analysis, while geared towards the investing side of distress, has a great overview of the bankruptcy system and the mechanics of debt. I'm sure having done interview prep, you all have probably read...
From my experience, the best analysts are the guys who catch on quickly and are able to grasp the "bigger picture" concept. I mean "catch on quickly" in a very broad sense -- it certainly applies to modeling and becoming efficient around Excel/Powerpoint, but those are pretty indirect -- they...
Yes, there are tremendous opportunities in Asia right now, reminiscent of the US in the 30's and 40's. IPO's are sprouting up left and right, entrepreneurs can (and often do) go from nothing to a net worth of 8-9 digits in 3-4 years. BUT, some things I've noticed:
1) A lot of *extremely*...
Wall street bankers talking about how much they make is like porn stars talking about their dicks. Everyone knows it's huge and it lets them fuck a ton of women, but talking about it won't make it get any bigger and just pisses off those who aren't as well endowed.
Let's start with the basics.
1. Nothing is impossible.
2. Hope is not a strategy. At some point, the probability for a given event is low enough that you should consider it impossible. For example, I could tell you to go win the lottery which would give you the funds to start running an...
ContemplatingBanker – I read your post and empathized very strongly with what you wrote. I have been in a similar place myself and, in some of my lowest moments, remember reaching out to a few trusted advisors and getting literally nothing back from them. Despondent about this, I hunkered...
Are you guys seriously arguing that an NFL cornerback and former head of the NFL Players Union should be less impressive to an AdCom than Analyst #78 in Goldman Sachs Industrials, Waste Management and Utilities silo who interned at the Boys and Girls Club once a month?
This site is ridiculous.
The issue of getting girls has come up more than once lately. I've been everywhere of recent...out of school close 2 yrs now, so i remember what it was like in college, know how things work in terms of personalities on the street, etc. worked in BO, work in FO,etc. I saw a post a few weeks ago...
Very sorry to hear about that man that's awful. On the flip side, this is certainly something you can recover from, as always a man is defined by what he can come back from. With that said here are some good steps.
1. Knowing you have a positive vibe with your previous employer immediately...
no I'm actually not trying to start trouble at all. Just curious to see how I stack up.
Pinky, you should post a picture of one of your friends that all your other friends say your prettier than and we'll tack on an extra .35 out of good faith. Some of the comments might sting but they'll be...
I think you guys should really be careful before you select Investment Banking as your career on any of these dating sites. It was nearly four months ago that I first created my profile on match.com. I'm no Jonas brother, but consider myself a decent looking guy. Anyway, I selected investment...
Ok Tek, I feel the need to show you that I'm not just a troll and point out the folly in your ways, and how you managed to leave a sour taste in pretty much everyone's mouth from a short 1 paragraph post:
Free lunch to anyone in JPM, BoA- ML or GS in Toronto
This thread went sideways from...
Here's the real answer to your question.
One day, when you're a bit older, you'll take a course on logic, and you'll learn that to defeat an argument, you must either attack the predicates or the logic itself. Your logic is reasonable, but I reject your predicates.
One of your main...
I have only worked for one female boss in my finance tenure, thus I only have the following anecdotal evidence:
So I'm a first year analyst sitting in a management presentation for this sellside deal we're working on. The VP on the deal is a female - and a pretty smoking one at that. ...
coolstory, bro. tell it again.
I'm gonna start off by talking about myself a little bit. I'm 16 years old and I'm a junior in a high school in the suburbs surrounding NYC (Long Island). I come from a working class family where we get by, but things can get pretty tight at times. I really have a...
Let me preface this comment by stating that I detest the Ron Paul movement, mostly because the movement attempts to rigidly apply ONE 18th century governing domestic and international philosophy to 21st century America without so much as acknowledging that 1) the Declaration of Independence and...
This doesn't surprise me at all. This is going to sound like a hater post but it's not intended to -- this post is based on 7 years of experience in the industry and watching plenty of H / S / W MBAs flounder after graduation (post-Lehman).
I can only really speak about the particular niche...
Part II
So it’s month 5 and I’m sitting in a café in Bogota talking to an American who’s passing through on break from B-school (Yale SOM). This person proceeds to tell me that they did an internship in IB and were contemplating an offer to return. We exchanged stories, and they...
I'm going to speak very freely and candidly here and will probably end up disclosing more personal information than I should on an anonymous bulletin.
I am a black male with a fairly strong GPA and a 99th percentile GMAT. I am an alumnus of the SVMP program at HBS and aim to matriculate into...
I was actually introduced to the process while interviewing at Goldman. After stashing my topcoat in the secret behind-the-wall closet, the receptionist gave me the code for the men's room and told me to take my time - clearly she wanted me to go in and pinch a loaf.
No one came in while I...
I don't think the site is a very accurate reflection of life on the street at all... maybe that's because I don't work with prestige-whore douchebags tho... As surferdude mentioned, you will see a lot of junior guys who "get it," whereas all the college juniors/prestige focused kids on this site...
I worked at one of MBB for three years, and know many people from both of the other two firms (I'll try to keep hidden which one I worked at in this post, but that will probably be difficult).
Before getting into my views on the three firms, let me caveat all of this by saying that all...
how much shit do you have to go through? How many times do you have to fail in order to succeed?
Wish there was an easier answer but the truth is "as much as it takes." You only need one yes. Try reaching out to a few mentors for an honest assessment of what you are doing wrong. It is...
Pshh. If WSO has taught you anything, it should be that your probability of getting a job is a direct function of how many random people who don't want to talk to you that you stalk by locating their contact info on the internet without their knowledge and then pester with e-mails and phone...
Yes, exactly. Though you'll use credit docs for lots of other purposes greater than just putting together a cap table (more on this later).
The credit doc will help you populate the cap table by providing the following (and more I'm probably missing) useful info:
- Principal amount
-...
I love kids with no social worth who think they're better than everyone else because they managed to win the genetic lottery and be born into some old-money WASPy family that can't stand each other.
You're the wad your mother should've swallowed, kid.
to confirm what others have said, the big guys have already been interviewing and have already been giving out offers
The candidates different megafunds target first are overlapping and can/will interview at all the big shops. They will be the top analysts from the top groups on wall street....
Eddie, I have to say, most of your posts are spot on - but I'm really disappointed to see you advise these young monkeys not to get married for simple concern of money. There is a lot, lot more to life than making a sht ton of money and hoarding it away. I myself am happily married, under 30 ys...
I came by this thread wanting to add my two cents, but then I realized that every bit of knowledge I wanted to add has already been dropped by TheKing, bankbank, Kenny Powers, and apprentice7697. I've scattered about 10 SBs throughout the thread agreeing with you guys.
TheKing summed it up...
Uh, wow. 12 SBs and a Certified User tag from one comment. I'm torn on whether to have a Sally Field moment ("You like me, you really like me!") or whether to figure out if that's some sort of WSO record. Thanks guys. It's nice knowing that my rambling posts are appreciated.
I've thought...
Just seeing this thread is actually somewhat humorous. I know people at FTP and have for some time and from what I hear / know they are not only "legit" they are thriving. I just surfed their site and it speaks for itself, doesn't it? All I see is in the last couple of deals, they raised $235...
Oh please. OP, here's a list for you:
Silly shit assistant vice presidents do:
1) go on wall street oasis and write posts complaining about the silly shit their interns do.
The end.
There was a day when you were an annoying little intern shithead, too. So was I. Do the right thing...
A pretty common thing is you get a draft pitchbook full of comments faxed from your MD (yes, faxed so you can barely fucking read it), and you just re-do the whole thing. They want to change something in the model, reformat some pages, add some bullets, whatever. You do it while your associate...
Serious answer incoming.
You'll probably have a morning of presentations, meetings and introductions showing you some of the main people in the office, some of the support staff (read - the people who will do your PowerPoints while you dash home to sleep, treat them well!) and HR...
This--I can't say is very well founded. Sure I've read some papers on arguing that a higher income tax on people who pay the taxes (let's not kid ourselves) would reap the benefits of all this trickle down government economics. First off, whether that's true or not, I think Barry doesn't give a...
From a friend:
$70K base for your first 18 months (stub year plus first full year)
$80K base for your next 12 months (full second year)
$90K base for your last 6 months (Jan-June third year)
1st bonus after your first few months is flat across first years and is slightly less than...
My hobbies include making powerpoint presentations, excel models, buyers logs, and correcting my associates mistakes, so I think I have that front covered.
Do you prefer deals that come from banks or not? If it comes from a bank, I would assume that the process runs a lot smoother and it takes some of the work off your plate, but if there is no banker advising the target, then there is a good chance that you're not competing with any other buyers,...
As with most things in life, it all depends on how you value the trade-off between doing something that will really jump-start your career, vs. doing something that you're intrinsically passionate about. Investment banking is an excellent place to start your career when you're not sure what else...
I think a lot of you guys are missing what I consider to be the most important part of the quote - "Rich enough not to waste time."
You guys are all fixated on the number, whether it's $400k or $800k or $10 million. The number isn't what matters, it's the lifestyle that matters. It's units of...
As a former soldier I'll tell you this, the only people vehemently opposed to gays in the military are people not in the service or evangelical groups within the military. And even that 10-15% is mostly just getting behind that message since some civilian preachers like Ted Haggard told them to...
How does Stern compare with Colombia?
Stern is in New York City and a pretty decent university for finance placement, whereas Colombia is a former hub of the cocaine industry. Ironically, Columbia is a former hub of the cocaine industry too.
Definitely an interesting question. And I can definitely agree Midas... I've actually been in bars in a suit after work and been asked "So where do you work?" before being asked my name. Not even "What do you do?"... the superficiality extends to brand name, and you better believe the random...
I plan to fuck a 19 year old blonde tomorrow after work...say 6pm? I'm doing karaoke with friends on Wednesday, have another social gathering on Thursday, and have a date with a different girl on Friday (even hotter than tomorrow's). This is a typical week (btw I still work 60+ hrs a week,...
I have a business relationship with Steve (founder of FTP) and his team since they've pitched me a couple times. From what I can tell, FTP is most definitely legit and they get a lot of deal flow. The senior guys I've met are all very impressive and can walk the walk. They have a lot of former...
I've been getting a good number of requests for the TTS macro. If anybody else wants it, feel free to PM me. I'll just need an email address to send it to.
long time reader, first time poster.
My background - 2 years in M&A group at boutique, now 5 years buyside equity research at two different smaller hedge funds. I will try to avoid saying "it depends" and share my experience.
1) Day in the life
The time you arrive in the office is dictated...
I'm a generalist and look at most companies in most industries excluding biotech and financials. That said, I know about six industries really well. The reason that is possible is because there are only a handful of things that really matter for any particular industry (and by extension,...
I broke into the buyside straight out of UG (with a lot of luck) on the PM/quant side as an analyst, at a good BB AM:
The above poster is slightly wrong, as BB FOF is not the only thing BB AM hires for. There is an occasional spot for a buyside ER analyst, credit research, etc. but...
Throughout my childhood, I was painfully shy. I lacked confidence and my upbringing in a strict / suffocating family environment only severely aggravated this issue. I was also poor and didn't have many friends growing up (partially due to my personality and partially due to reasons outside my...
I can't answer if PE is the best job in the world but I can offer a little outside perspective that some may be interested in. Having spent the better part of the last decade in SEAL Teams and other specialized units, I found Seabird’s initial post slightly amusing. If you’ll humor me,...
Printing out things and looking them over is good. However, if the buck stops with you (as is frequently the case once you're out of the analyst banking environment) you need to develop a few more error proofing tools. I've been thinking about how to do this better myself a lot lately. It's...
OP you are not going to get in bed with this girl. What is happening now is that you are trying to qualify yourself to her standards, which is a big no no in the dating world. By asking question like this, you are subconsciously admitting that you need her approval. Girls love confident guys and...
I've hit a lot on the "real reasons" why someone might choose MM over Large Cap / Megafunds. Some of these also make for good answers (responsibility), while others make for poor answers (less hours). I'll try to take a different approach here.
You're currently at a BB. Try to think of all...
no hate, but family income in the region of 150k makes you very well off even if it is precisely the range that gets fucked by financial aid.
that's more than anyone i knew growing up, so id say you're a bit of a whiny fag.
Oh is that what you'd say?
Not that I assume you know anything...
I swear if I hadn't met you Brady I would also think you were trolling here...you really need to get the B School obsession out of your head. An MBA from a top school will not save your life or automatically make you don juan. I swear, you are like a broken record with this b school shit. If...
Preempting all the other responses here:
-First couple posts will ask what city these offers are for.
-Several people will call into question whether or not BAML and JPM are generalist, as those guys normally place SAs into groups.
-Nobody will tell you to pick BAML. One asshole will tell...
Out of curiosity, how competitive is JPM Private Banking or even Private Banking in general, relative to IBD?
Within PB, I would say JPM is the most competitive, with Goldman a close second and CS coming in third.
As far as relative to IBD, no, it is not as competitive as IBD. But it is...
MBAs have really turned into cash cows for schools.
If you can graduate HBS as a Baker Scholar, an MBA is probably worth it. But even HBS has only about a 90-95% placement rate. And the new industries (tech, medicine) really aren't big on MBAs. So I would only go for an MBA if an employer...
Dream girl and it's not even close.
I can't believe the kids on here saying dream job. If you think it's your dream job, then you are absolutely delusional. It is dream girl 100% of the time and you can't even entertain the scenario of it being dream job if you have any semblance of...
I have a coffee pot on a timer on the night stand and when I smell fresh coffee in the morning I take the pot off and pour it on my face. You will never hop out of bed quicker than 3rd degree burns.
Hey Jim, thanks a lot for the insight. I might be missing something here, but I do not see anything particularly negative about latering to a BB
As you suggested the downsides are:
1. start over as a 1st yr analyst. Losing a year is def bad, considering you will be a bitch for an extra...
Over the course of my two years, I only pulled back-to-back all-nighters twice, and I worked harder than probably any analyst in my class. I typically worked 9am to 2am when I was busy, with a random all-nighter thrown in every week or so to meet a deadline. On weekends you can typically get a...
@MBAApply - Every joke/parody/sarcasm has some truth to it. As self-righteous, oblivious and borderline ignorant that writer makes Bankers look , there is alot of truth to what he says. If Alice in Wonderland (Obama) brings down Wall Street, he's hurting Main Street more than he is hurting any...
As someone who recently graduated from a similarly ranked bschool (closer to 12 than 5 though) with an MBB full time offer in hand let me offer my advice:
1. Retake your GMAT. Because I was a summer intern at my firm, I was involved with my firms recruiting team at my school. When...
They can't support too much leverage. Any growth needs to be supported by significant capex in new stores, local advertising spend etc. Growth in comparable stores that are over 2 years old is probably very limited and without extreme promotional spend, there won't be the type of growth...
In these sorts of situations, I like to err on the side of caution, and assume the party is for nudist, alcoholic swingers (and their next-of-kin, of course).
Start growing a 1970s porn-stache, and come to the party shitfaced and with an 8-ball of coke. The first person to speak with you is...
Anthony,
While he didn't insult everyone fro Penn State, he certainly did insult me without actively giving me a "Fuck You." Having already admitted that I am one of many Penn State graduates working on the street, his belief that we are a bunch of backwater hicks with no understanding of...
I agree, major shit goes down in first class.
One time, my friend flew first class from Paris to Los Angeles and the flight was filled with famous/important people: Leonardo Dicaprio, the chick from "Juno," the girly-man from "(500) Days of Summer," some heir to a family fortune, the owner of...
I disagree.
You have to understand what they're trying to determine with this question. And my view is they're trying to determine if you understand private equity investing, how/why it works and how to analyze an investment. While knowing the industry is important in making an investment...
What are the recommendations for getting into Power trading companies?
Analyst program if they have one if not either scheduling/real time/desk analyst/settlements/risk/product control
Is it best to become a scheduler or something else like a Real Time Trader?
either are good starting...
If you don't see the hypocrisy of the right wing right now, you are truly blind.
Really ,because I think you are the one that is blind.
The fact that the teachers are public employees and Wall Street is a private company makes all the difference in the world and don't give me that crap...
No... the structure would be as follows... The LLC acts as the management company and serves as the General Partner for the Hedge Fund which is structured as a LP.
I want to open a hedge fund. I hire an attorney and pay all the fees to open up Frieds Capital Management LLC. Their job is to...
Full disclosure, I'm biased to the HF path, but have friends at top PE shops. First things first, PE and HF are two fundamentally different career paths. Yes, they're both buyside gigs and both pay extremely well. However, it's the differences you'll have to pay attention to.
1. I would say...
I grew up in New York City (actually within the 5 boroughs, unlike every person in the world who says they are from NYC but is really from strong island or westchester/new jersey. Not to pick on Wonderwoman above, but I'd be willing to bet today's paycheck that by "native new yorker" he/she...
I'm siding with Eddie on this one. Superb point on skin in the game and our armed services. All the ideological stuff we hear about taxes being unfair, blablabla... happiness is based on relative wealth, not absolute. Who cares if you're paying higher taxes, you're making more money than the guy...
First, thanks for taking the time to lay out your opinion. You are definitely owed a reply of similar length.
From my other posts it is easy to say that I disagree with most of the below. I am an Objectivist and live my life accordingly. I am still young - much younger than you - but have...
Thought a day-in-the-life would be helpful.
As previously mentioned, I spend a lot of time out of the office, but a standary office day would be as follows (this is based on last friday).
8.00am -8.30am Arrive in the office, read emails that came in overnight from Asia / US, try and...
Do your best to leave on good terms, but if that can't be done, I seem to remember an old saying that is going to work wonders at driving people who hate you crazy:
If your enemy is hungry, give him food to eat;
if he is thirsty, give him water to drink.
In doing this, you will heap...
You have to balance out your life... not only will it help you become more successful, but will also give you more fulfilment.
Areas to focus on:
- Family: This is key. Family first. Sort out any issues you have with relatives and make sure you keep in touch & visit on the holidays.
-...
Africa isn't fixable. Rome was more advanced 2000 years ago than the average African village today. They haven't closed the gap in 2000 years. If you can't close it in 100 generations it can't be closed.
The funny thing is that I just had a counseling session with one of the WSO mentors last night and I actually brought up the same question. I am a South East Asian and so is the mentor. I have been working close to five years in Finance, from BO to MO and to FO. It is all the same. Based on my...
SA recruiting -- you could say that interviewers won't expect as much because you're younger and because it's just a 10 week deal and if they don't like you, they can find someone else to take your spot. FT recruiting tends to be more serious and has a lot fewer spots. Disclaimer: As mentioned...
That's an excellent question, and one I gave a lot of thought to last night.
Wall Street has always had boom times and then doldrums, so in that sense it's mostly normal. For example, the 1980 threw off a lot of dough because of the rise of junk bond and LBOs. There was lots of business and...
Congratulations on the job. Here are the items I would carefully diligence, particularly in today's market:
1. Capital Availability - How much dry powder do they have to make acquisitions? Where are they in the fundraising cycle? A lot of the pension funds and endowments that represent the...
Here's the answer. VC terminology sounds more complicated that it really is.
Preferred shares are senior to common and usually have an annual dividend (although most times the dividend just accrues and gets paid on exit). In an exit scenario preferred shares receive their initial investment +...
Here's how I do it:
Interviewer: "Tell me a little about yourself."
Me: "In college, I majored in Economics, the 'science' of making choices in a constrained environment to help me figure out what motivates people. I minored in Philosophy to hone my art of bullshitting. Combining these...
Once you understand the big picture and can make reasonable assumptions, doing an LBO in your head becomes incredibly easy. Essentially, just estimate cash flow generated over the course of five years (generally EBITDA less debt/interest payments less taxes), use that to calculate debt at exit....
This kind of perspective makes me laugh and is fairly reflective of how prestige-driven and myopic students/junior bankers tend to be. There are two main reasons why there is a bid for HF jobs from ex-PE guys.
First is that PE tends to be a 2 year gig, after which you go to b-school, and...
When I first started full-time, I would enthusiastically respond to every recruiting email I got from undergrads, knowing that I was in their shoes not long ago and wished someone paid some attention to me.
As time goes by, my response rate has dropped significantly while the barrage of...
The theoretical basis is that QE will lower interest rates on government securities, which forces investors to move out the risk curve. QE occurs because short-term interest rates are already at the zero bound and the Fed must move out the curve to have something to work with. To illustrate it...
Thanks guys, this board has been infinitely more helpful / fun / insightful than I would have expected and I owe everyone on it a thank you for that. I came here initially as a lurker in college, came back to consider an internship program and thought it would only be like a 2 week thing... but...
Well, you're probably the first person to ever pick Barclays over Laz, so at least your mother isn't wrong when she says you're a unique, special little flower.
Really it depends what you want to do. If you want to do M&A advisory/corporate finance work, yeah that was fucking retarded. I...
Okay, if you mean aggressively hiring 1st / 2nd year analysts as laterals, then I understand your question. Personally, I would never attempt to use this as leverage. First of all, unless you have an offer in hand, you're just a name on a long list of candidates that could potentially lateral....
Great thread.
Regarding getting pigeon holed in restructuring, I think it has a lot to do with the types of deal/engagements you're working on and how you sell yourself. With a little bit of luck landing on sexy deals, you can easily make a case for why your experience at XYZ Restructuring...
CB, question for you. What do you find yourself spending a majority of your time doing? If there's not a heavy emphasis on modeling, and the fund you're at is not based on a "sourcing" model, what do you do?
I won't go into too much detail, but the majority of my time is spent evaluating new...
Loan to own is primarily a strategy implemented by purchasing fulcrum securities in the secondaries and is not a lender looking to provide new issue 'loan-to-own' debt.
As to the OP's question...
#1- banks are primarily in the business of underwriting capital, not principal PE investing. ...
As a former MM analyst currently in MM PE, I'll throw some thoughts in here:
Hours: MM PE blows banking away in terms of hours. I worked around the clock at the MM bank I worked at. So many all nighters, almost no time to myself on weekends, pretty much a perpetual state of exhaustion. In...
Aceman is right. You may work at a PE firm CompBanker, but you have no idea what is happening at a level above your spreadsheets. Don't comment if you don't know.
Why would you refer to getting technical? Don't know know PE is all about being technical? I call bullshit on associate at PE...
Aceman, I still think we disagree on a number of points. I'll try to hit them one by one.Now, whether or not you agree, based on what i know (talking to and asking about AUM to countless PE professional, MDs, partners at top firms, taking advanced PE courses taught by MDs which discuss this...
This guy is clearly an idiot.
The biggest flaw in his argument is that he clearly has absolutely no idea what banking, consulting or VC actually are.
#1- VERY few investment bankers are flying around in corporate jets and attending board of director meetings. And if they are attending BOD...
Great thread. Can we get any comments on what it's like for SAs?
Arrive at my dorm on Cliff Street at 10 AM on Sunday. It's REALLY nice compared to the $400/month apartment I was staying in in college. Meet my roommate- also a Junior in undergrad. In the first half-hour, I find out that he...
Besides being a trader, I also write for a major publication, and poor English upsets me, so I side with Edmundo on this.
Besides using "spell check," and "grammar check," you can follow a few simple rules to make yourself seem literate.
1.) Semi-colons are not "super commas," so don't...
Man - your rant was very passionate, but there are some fundamental economics and politics at work here:
1) As the economy of any country develops, it goes through an agricultural focus, followed by an industrial/manufacturing focus, followed by a services focus. The US went through each phase...
warmartinu,
I will answer your question, but know this: just because you "googled it" or "read tens of websites" , doesn't mean you have exhausted your research options. Go to the goddam library and read a fucking book - hopefully one that's more than a paragraph in length. You...
Of course. I rank banks using a very sophisticated algorithm based on the following:
Y = 0.25α + .385μ + 24.5ε + .084θ + ο*α/5.67043 + π^2 + γ + .000560β * λ + .0045ω
Where:
α is current US M&A league table position for transactions above $545m, below $3.45bn, announced not...
#1- the industry has been and always will be highly volatile with low job stability; this isn't something new. I was reading an article in the throes of the credit crisis about lay offs on wall street and how this marks a major paradigm shift in Wall Street excess and culture and will shake the...
1. When it comes to hiring MBAs, do these F500 hire directly into groups (i.e. hire an MBA candidate directly into corpdev) or do they go through a rotational as well?
From what I've seen (at least at my company and at a few others where friends work) most of these corpdev or corpstrat groups...
You're going to want to buy the darkest shade of charcoal suit you can find. Obviously, stay away from black ties as that's a big no-no in this industry and everybody at the funeral will know that you're a Noob, dark solid colors are appropriate for these kinds of situations.
Obviously know...
Interesting to read, surprised given my candidacy I made it into the number of superdays I did if all this holds true.It's cuz your black. You're a minority, ever heard of affirmative action?Affirmative action my fucking ass. Nice try though.Don't act oblivious. You're the black kid in Stern who...
Wow, just saw where this thread has gone.
First of all CPH, you don't have to apologize to anybody at all. Stop justifying your positions by saying that maybe you are biased because you have seen x, y, and z. Your positions are absolutely right because they are grounded in logic and...
A quick bio: at a target with high gpa, doing a bb soph program this summer, previous internships under my belt
So I really don't know how to find where my true career interests lie. It seems like "finance" is the popular route and where I can see myself doing well in, but to be honest, I...
Cue the violins and grab some popcorn... This has all the makings of a made-for-tv Lifetime drama...
Seriously dude... Sack the hell up like HPM said... If you're this distraught over not getting one job offer, how are you gonna handle your shit when you and your wife, with whom you are...
Let's see.
-We survived September 11th in high school.
-We watched the dot-com crash.
-We watched the Iraq War and all of these warnings that the terrorists were coming again- "if you see something, say something."
-We watched as oil prices shot past the moon.
-We watched the worst...
Here are a few -
1. Figure out who you really need to impress. This isn't always correlated to seniority, there are often MDs that don't give a rats ass about anything that happens at the lower levels. Try to casually dig for information from the seasoned analysts. Sometimes this will be...
This is a great example of the kind of work the CIA 2.0 (the one with teeth) can do. Seems like a lot of people are confused about our President's strategy in the war on terror. Starting in 2009 the gloves came off, the CIA which had already shifted to a more direct action shop was given a...
I wouldn't and the MAIN reason is that I don't want her family become a liability to me. Trust me I have seen first hand, and it breaks families.
I had a conversation with a friend last week about this subject and he told me I was too picky. He even said that he would marry a waitress; I...
Yeah, New York is a different animal. It is pretty fucking gross. Like, really gross.
I was a little turned off when I moved here, but every day I spend in New York I like it more. I know it's cliche but New York is just full of vibrant, interesting people, and I think that a lot of bankers...
I watched everything that morning in gory detail. I wasn't doing what I loved. I worked at a friggin' gym. A high class, yuppie one, but a gym nonetheless. I saw the vice-chairman of Cantor Fitz that morning. I spoke with him, watched him leave only to never see him again. At 7 in the morning...
You guys are all looking at this the wrong way. Forgetting the name for a second, splitting the two does make sense. Applying rational thought to this is futile, as Hollywood and Cable TV do not behave rationally.
You have the DVD business which is governed under the First Sale Doctrine....
You're right--the United States deserves a lot better than a senile old whack job as its president.
The audience of this site is sophisticated enough to see through this desperate smear.
The stated purpose of the Fed-audit movement is NOT Fed transparency--it's to end the Fed and then to...
I find it hilarious that you can sit in your office in Toronto and think that you have some higher grasp of how and why the government does the things they do.
As far as your Bin Laden conspiracy theory; don't you think if they were lying the first thing the Taliban would do would be to send...
you look tired - teacher
i stayed up all night working on this presentation - op
tisk tisk shouldn't use procrastination as an excuse! - teacher
...i did it to train my self for investment banking - op
oh, the people who hate unions and think my job is so easy and im the sole reason why...
Correct me if I am wrong but doesn't Islam forbid earning interest and loaning money? Based on that it would seem that true Muslim monkeys would be at odds with their religious beliefs working in banking.
Islam forbids charging of interest and/or receiving interest. A pure advisory firm like...
He nailed it! Yes, it is women's fault.
They chose to be social workers and day carers and glitter makers and unicorn feeder, of course they are getting paid less.
I did however find out that a male analyst who is on "my level" and in the same LOB is making about 7K more, so I went to my...
Virginia Tech, I'm not sure what your problem is. I'm a guy who lives and breathes the markets, couldn't imagine doing anything else, but still would put the creation of culture as being much more important than finance. Even if that wasn't true, the ability of one man to have an impact is so...
TyrionLannister, I think you're drawing some pretty inaccurate conclusions. I'd hate to think that some IB hopefuls might read your post and think the discussions/information on this website aren't valuable. I'll attempt to offer up some thoughts, but seeing as I am a non-target who never...
I am thinking about getting out, too.
http://online.wsj.com/article/SB10001424052702304811304577366332400453796.html?mod=igoogle_wsj_gadgv1
If I work in finance at Exelon/ Commonwealth Edison, I'll be able to come home, flick the light switch, the lights turn on, and I can smile about what...
+1, truer words were never spoken.
All the best things in like are never easy to acquire, nor would I want them to be. Everyone that quits when they hit a bit of resistance is just a huge pussy and needs to sack up.
Lol... be sure to remember this when you miss a good friend's wedding...
Never had this feeling. Don't let other people convince you that you should be "doing more with your life." If you like what you're doing or think it's what makes the most sense for you then it's what you've decided is right at the moment. Everyone my age who I meet for the first time that...
@futures trader man i thought bb meant any big investment banking firm :( and since merrill lynch is a big investment banking firm so i thought i could still refer to it as a bb. my knowledge in finance is very limited. my bad.
Don't worry man, by the end of this summer, you can be well ahead...
Junior year of college, I had a particularly raunchy pillow fight with one of my bros. He hit me in the vagina pretty damn hard. I was so pissed I stopped shoe shopping with him then we eventually lost touch completely. Then I woke up one day and noticed I had a ball sack. "What the fuck?" I...
Don't feel the need to write everything you did down. Write your cv like you are designing an advertisement, what's the one or two details about you that the firms absolutely needs to know? Spend most of the page detailing those sections, shortening less import sections.
Formatting isn't...
What exactly do you do on the job?
Big picture? I am tasked with finding compelling longs and shorts (primarily equities, but can use credit, derivatives, etc--whatever is best for the situation) and then try to convince senior analysts or portfolio managers to put on positions.
In more...
OP probably didn't get into the pre-crisis UBS and now works at a place that he considers better than the post-crisis UBS. If you're so good, how come you didn't get into UBS during the 06-07 period and instead went to the now bankrupt Bear Stearns? Because you weren't good enough.
And...
1a. ER is front office. It is a client facing role. Any other suggestion is ludicrous. ER analysts don't simply sit behind a computer and type all day. They talk to C-level execs and portfolio managers for the largest asset managers (i.e. mutual funds, hedge funds) in the world. I'm not sure...
First of all: "fitnessmodel" = douchiest tag ever.
Secondly: don't you have some lame blog you can post tripe like this on?
Finally, to address the "substance" of your post: not tipping at the end of the meal makes you what economists would call a freerider. The waiter probably gets...
Things that make you a man, generally speaking:
1) You provide
2) Your word means something
3) You're collected and reliable when something goes wrong
4) You define yourself
5) You take responsibility for you and your dependents
Contrary to popular belief, 50% of the world's population...
So the process varies deal to deal, but generally you have a process like the following (this is for a broad auction process)
1. Company decides to pursue "strategic alternative" as bankers like to call it, and hires advisors to run process (bankers, lawyers, consultants, etc.)
2. Bankers...
wat a dum questin, nooooooooooooooooo no no NO. u r a invetment banker, ur job is to be most prestigus as possible at all times, and new york ciety is way more prestigus than california. more prestigus = more world power = ilumenati = models bottels
do U think bankers in california get...
Stand back kids, I got this.
5%... at best. Most people getting these upper-level jobs are really qualified candidates academically, ergo pretty fuckin' nerdy. It's hard to get someone to convert when mommy and daddy have been teaching them 'all the right things' from an early age. Most...
Haircut - once a month by a Japanese stylist, http://www.hairmates-ny.com/newyork/location.html
Eyebrow threading - twice a month
Face - used to do facial once a month but cut it off, just used toner, moisturizer and sun screen. Face cleaner -...
Hello Monkeys,
I am sure some of you are curious as to my recent developments, and there have been a few. So let's begin:
When I originally posted my question, I was very new to the concept of walking in, as I'm sure some of you can relate to. I received great feedback and advice which not...
My apologies for the length of this… it’s simply a fluid thought that may or may not make any damn sense…
TLDR: About to turn 27, live in the bedroom I grew up in, unemployed for almost a year, completely lost
About a year ago I was let go from my job at a startup tech/energy...
Put together a resume and a nice pitch as to your investment process and find a headhunter who knows funds like Millennium, drawbridge, and other big multi-manager shops. If you have experience and can actually talk about the trades you claim would have had you up 15% this year then you should...
OK, I think there is some confusion about this. First thing you have to understand is that Paper LBO Cases in Interviews only cover so much as the people just want to know that you understand the mechanics and can make reasonable assumptions.
For any Paper LBO they will either provide you...
The top 5 idea is laughable, it ignores so many schools that are excellent. I'm hard pressed to say Haas or Tuck or Fuqua wouldn't be worth it. If you're looking to get from an F500 role to MM IB, you could probably do that easily enough out of a top 25/30 school. The value of the MBA depends on...
got finals for db, then didn't get the offer. Thanks for the advice, good to hear of people struggling out there.
As long as you're being honest w/ yourself about where you are (solid technicals, normal sounding, etc.), the best advice I think I can give is to continue 'playing hands' until...
A system that rewards you if you're poor or a minority, but punishes you for being successful. Only in America.
You have mentioned this many times that there is an advantage to being poor or a minority. What makes you think that? It's clearly not true.
You have also written that your...
i have a lot of family friends in gas station and car wash business
the margins are razor thin for gas station (you make a few cents PER gallon sold). the majority to most of the profit really always comes from the convenience stores inside beacuse of the markup that they charge on drinks,...
LMAO at all the dumbasses on this thread who think
1) he sucks because he didn't come from BB/MBB + >700 + >3.8GPA
2) he's targeting the buyside after HBS
wallstreetoasis fosters some of the most ignorant, close-minded idiots around....and continues to get polluted every day by...
I wanted to be a billionaire growing up too from owning a pizza shop, being a secret agent ala James Bond, playing in the NFL, and being an action packed paleontologist like in Jurassic Park. I also rocked out with Pokemon in my spare time.
Then I turned 8 or something and grew up.
I had...
i assume you're asking from an analyst perspective--associates generally have poor luck making this type of move until they reach vp or higher.
the following is from my experience as a corporate development professional.
career progression:
- most ex-analysts enter at the senior...
To me, somebody best demonstrates their understanding of LBO models if they can adequately explain in what context they are used. So, start off with the why: for what purpose have you built LBO models? Have you mainly done exploratory or confirmatory work, or both? In other words, do you use...
I drove a 160K car while I was in HS.
Every now and then I'd get some random ho complimenting my car. Thats about all it will do, get them to approach you. And thats if they're flaky enough to be impressed by your car.
Your car isn't going to do shit for you, its all about the...
That's fair, my insights are more to the intern program and not the firm. It's entirely possible to have a negative intern experience at a firm with strong dealflow.
1) I like assessing the prospects of companies and industries. I get the sense that there is less of that in a special sit fund as compared to L/S equity. is that right? Special sit / event-driven funds tend to bet on the occurrence of an event (e.g. merger arbitrage) and less on the long term...
A lot of anger on this one right now. The whole point of a list like this is to make fun and joke.
To be honest, all of the things on the list are the less "prestigious" options. That doesn't mean they are worthless, just that they aren't as prestigious, generally pay worse, and have more...
Radio silence is not completely unheard of, but it would be weird if they contacted you every other day. If I were you, I would reach out to the bankers each month or so just to be kept up and slowly work your way into the team - you don't want your start date to be awkward, but you don't want...
Very useful post, thanks a lot.
I have 2 questions:
1. Are your MDs generally discouraging you from moving to PE if they really like you and want you to stay in the team? given that, how would they give the PE / headhunter positive feedback on the person? I just don't quite understand how...
I was at my birthday dinner with my family yesterday when my mom was like "Jason! you should see what some guy is writing about you on the internet!" She has some sort of google alert on my name I guess and she pointed me to this post.
I thought what you said was mostly fair. "pitiful" is a...
One last thing I have to add is that in your essays and applications, focus on WHO you are rather than discussing WHAT you've done. For every question that admissions committees ask, either implicitly or explicitly they really want to know WHY you made certain decisions in your life and HOW...
For the OP,
You can't simulate and model life. Life is dynamic and even though you were studying stochastics, your thought process is very linear...dare I say, robotic.
Reality and the pressures of situations determine your body's reaction, not some "plan". No matter how motivated you...
As long as there are successful people, there will be fat, bitter and mediocre people resenting them for being everything they're not. They at some point in their lives come to the same realization Henry Hill came to at the end of Goodfellas, which was "I'm an average nobody. I get to live the...
Absolutely. Healthcare takes a significant amount of specialized knowledge in order to be successful. This is even more true when it comes to sectors such as pharmaceutical companies. I remember one of my HC VPs telling me how the only people qualified to sell pharma companies were Ph.D.s...
Money isn't everything, it just gets the most focus because of its flash and tangibility (ie $5 > $4 by definition). I think most people on these forums would give up half their salary if it meant being guaranteed finding a loving wife to start a great family--in other words a happy family with...
HiB - not to be a douche here but if they wanted to be on the outperformance of C over BAC, when they expect both stocks to go down, why would they bother buying C? If they think a stock will go down, they will short it. Plain and simple.
Yes, it is indeed sort of a hedge. This is just a...
I think claiming that there aren't solutions is a cop-out. There are solutions, they just aren't what people want to talk about, or what our government has the courage to do. Here are just a few ideas for what we should be doing, or at least talking about (in back rooms please):
Fix...
Unless you work at Verizon Wireless (and you're one of those guys who wears the burgandy dress shirt with the matching burgandy tie) then drop the jewelry dude.... Where do you work, anyway?
True story: I used to have a boss who would ALWAYS prop his leg up on the desk when speaking with a female intern/analyst/associate. ALWAYS.
Why stop at tight trousers? Thrust your cock into co-workers' unwillingly, unsuspecting faces and see what happens. At the very least, they'll know...
A pirate walks into a bar with a giant ship's wheel stuffed down the front of his pants. The bartender says, "hey, pirate, you got a ship's steering wheel in your pants." The pirate replies, "arrr, it's driving me nuts!"
You're right in that Prime Brokerage isn't discussed all that much on this site, thus I don't even really know too much about it. So could you just briefly go over what you actually do in prime brokerage? How is it similar and different from S&T (if they're even related at all)?
Let me give...
Megatron, wow, there are a lot of weird names that you can get screwed over with if your parents are crazy, but this gem, however, has to be the coolest one ever.
Works with every ethnicity too:
"And Megatron Jackson with a gorgeous alley-oop pass to Howard."
"Well if it isn't Megatron...
It was like that for me, too. The only expectation for the first week or two for most of the larger BBs is probably that you show up on time and pay attention. There may be an introduction and then they will probably have several weeks of training including the Series 7s/63s. At our firm,...
So here it goes then. Why I think this is a pathetic ramblings of an uneducated douche bag.
We are Wall Street. It's our job to make money....Just like gambling, its not a problem until you lose...well now the market crapped out....well here we are
The first two paragraphs make finance...
Exclusive8,
Yes, an EM trader could be (and most of the time is) a multi-product trader. If you trade interest rate swaps in, say, Turkey, you're probably going to trade government bonds/external debt, currency swaps/forwars, and probably spot FX as well. In addition to trading local rates...
Hey PJ,
I have given more than my fair share of thought to this issue. By way of context, I have worked in private equity and at a BigLaw firm (as an intern way back when) so I have some experience from which to share. And do read to the end, because it might surprise you.
First, the...
It depends on whether or not I have a slow acting poison in my blood, the antidote to which is in the hands of my kidnapper (who probably has some sort of frontal lobe cancer), but I would first try and make sure the dead body lying in the room isn't actually the kidnapper. After checking, my...
Hi guys,
a couple of comments.
To Johnny Cage: a vanilla investment banking job is one of the easier ones to get if you're attending a top 10-15 business school. The four powerhouses of sell-side finance are Wharton, Chicago, Columbia and NYU Stern. However, you're perfectly likely to get...
Dude, personally, I don't think the party is over just for Wall Street. The good times are over for everyone. The fiat/fractional reserve currency has failed. Banks won't lend. Borrowers won't pay back. A mix of our cultural attitude (our sense of entitlement) and poor fiscal choices have led us...
I work as a prop trader on the International desk of a prop trading firm in NYC and I went to a target school so a lot of my friends are bankers...only a select few became traders. Personally I only work 40-45 hours a week usually from 8 am to 4:30 pm and sometimes I'll stay late if I want to...
I'm not sure how helpful this will be but, if you'll permit me an observation, the time to leave was when they handed you a shitty bonus after a barn-burner year. As in, that day.
Coming off a year like that, a year you know you'll never be able to duplicate in a million years, and then...
Candidate A
Associates with crooked politicians, and consults with astrologists. He's had two mistresses. He also chain smokes and drinks quite a few martinis a day.
Candidate B
He was kicked out of office twice, sleeps until noon, used opium in college and drinks a great deal of whisky...
Jeez, man, I really want to support young people traveling and expanding their world view, but does it have to be such a sausage fest? At one point it looked like two of the guys were sharing one bed.
They're backpacking in Bangkok, for crying out loud. Where are all the hookers? Why isn't...
Seriously, 10 million after taxes. I would earn 5% after taxes a year on it and live as upper middle class in a nice suburban area like Colorado Springs or Dublin Ohio. I would have a Cadillac CTS-V for when its summer and a Fully-loaded F-150 quad cab for the family when it snows. My wife...
13 trillion debt
A nominal number, significantly below its peak as a percent of GDP.
incompetent senate
You mean the greatest deliberative body in the history of mankind? The only legislative body that actually has a real set of checks and balances, one of the only legislative bodies...
The best years of your life are whichever years you are happiest. For a lot of people, that's college.
You have nearly unlimited free time. You are surrounded by 18-22 year old women. You get to study whatever you want. You have almost no responsibility. You can go out on a Tuesday, get...
I was a summer intern in 2004 at a bank in chicago and CEO talked to all the summers over lunch. As he finished up he said to email him if we had any questions.. That afternoon I emailed him and asked if he would like to have breakfast as I would like to learn more about how he spent the early...
Glad you guys find it helpful.
RKBanker,
I can do put a S&T list on my "to-do" list. I was going to tackle a list of Private Equity firms next, but I can try get to S&T soon.
9. How do they place you into a group after the rotation program? Do you get to choose?
Groups usually apply to hire analysts. Then analysts rank which groups they'd like to interview with and groups rank which analysts they want to interview. The based on these rankings analysts and groups...
Wow -- everyone is getting pretty upset over this.
I think it is important to recognize that Harvard is a private education institution and is under NO circumstances obligated to accept the "most intelligent" or "most successful" applicants. An 800 GMAT and 4.0 from Wharton undergrad will...
SB,SB,SB me
Screening Criteria
1 Investment Type: Private Equity Investing
2 Geographic Locations: Boston Area (Primary) OR New York City Area (Primary)
3 Private Equity Funds: Fund Launch Date : AND Fund Size ($mm) is greater than 300
4 Industries of Interest: Energy OR...
imagine if it had fell during the report
Google translator couldn't help me with this...
LOL i think he was talking about the bottle during the CNBC report
yeah I was
also
Has anyone really been far even as decided to use even go want to do look more like?
You've got to be...
This is not necessarily true and it doesn't even make intuitive sense in a lot of cases. It's better if you do know exactly what you'd like to do, but it's not "not okay" if you don't. For top candidates (probably for most candidates), the more buyside clients the HH puts you in front of, the...
That was actually far more powerful a read in my opinion. I see the product of the Tiger Mother around me every day. Academically brilliant kids who excel in any quantitative class but abjectly fail in anything that requires anything other than rote memorization or repetition. Kids who are...
Reading Comp/Sent Correction - Read the WSJ, Economist, NYT, etc religiously. Pay attention to sentence structure.
Sent Correction - memorize grammar rules. I suggest using non-GMAT materials when doing this.
Crit Reasoning - if you really have the time, take a class in Logic and/or Reasoning...
This is more general, but here's my bit for high school and college students alike - stop PMing me questions and actually post on the forums. I'm much less inclined to write you a thoughtful response if I know you're the only one that's going to read it - I'd much rather post publicly so other...
Thanks for clearing that up bank. Would you be able to comment on if an LBO can ever have a higher valuation than a DCF based on the above thought process? Thanks again.
I'm going to try and explain this simply, but it would be better explained with some math and modeling......
This is going to be my one serious post on this website:
At the end of the day the world is still correct in that it rewards entrepreneurial talent, or taking risk that pans out correctly: Google, Microsoft, etc. were all once startups, and today their founders have an obscene amount of...
Sad story. I just got married so I can't comment like I know anything, but I can't picture my life without her. If I lost her, it would be worse than losing all of my money (which I have none right now anyway--plus she is working and supporting me while I go to Business school. When she...
It really blows my mind the gripping that people do about banking as an analyst. How hard have we worked to get these stupid fucking jobs. People weren't saying "the hours are rough and you'll literally sleep under your desk some nights (which isn't too bad long as bring a decent sleeping bag),"...
Being a young man who was medicated because he was "ADD,"I have VERY strong feelings about this subject. I could probably rant for the next few days, but I feel someone else has already said it better than I ever could:
http://www.craigslist.org/about/best/sfo/279126743.html
It's part of...
The headline should truly read "Egypt is now open for Islamist militants to gain control"
That's just foolish. Are the people of Egypt religious? Yes. Does the muslim brotherhood identify strongly with Islam? Yes. Does that mean that there will be an Islamic take over of Egypt? No, obviously...
I left my job at a MM PE fund to start my own small HF. My reasons were manifold but it basically resulted from realizing a few key things:
1. I don't care what PE fund you work at, unless you are a Partner (which takes about 20 years, btw), you are not calling the shots at all, your...
There is a large amount of pessimism towards PE here, and it's very understandable as all have made great points. However, I would like to suggest that perhaps the feelings being expressed towards PE by those in the industry are not a reflection on the PE industry, itself, but, instead, a...
As said above, it is rather an "individual" game. However, ER rankings do tell which houses have a good number of recognized individuals, corporate access, execution, etc. -which is always good to know if you are starting-. The main rankings is Reuter's Extel Awards...
When I was in this situation I told her that I can only talk via text whilst I was in work, gave my phone to my kid bro and paid him thirty quid a day to reply to her bullshit. That meant that the precious little time I had with her was completely devoted to banging.
I started in corporate FP&A (F100, financial sector) about a year ago. In my experience, these jobs have growth prospects, but it takes a very long time to progress. For example, I think typical path might be:
Format -
(title - min salary, max salary, bonus, average time for top 10% of...
What a bunch of tools. Especially the loser with the audacity to add the .5 after the $67M like he has mark to market accounting on his parents finances, complete douche.
Hi everyone,
Thanks for all your inputs. I really appreciate them.
Just a little update for those who care (I feel obligated to let you guys know since I asked for your opinions and you guys have been helpful), I have decided to forgo the HBS opportunity at this point. My parents are 60...
It's about time someone answers these questions. It amazes me that some people speak about this confidently like they know about it beyond a shadow of a doubt, and it's even worse that others believe this misinformation. I'd really like to clarify a bunch of points. I used to work at JPM/BAML in...
I think it can be distilled further to a simple issue of people being enraged about an insane system of risk and reward. The public perception, and not entirely an unfair one, is that a lot of folks got incredibly rich in a system that was "heads I win, tails your lose." Nobody really went to...
You never give up, but you have a Plan A, Plan B, etc lined up. At some point, you start devoting more energy to Plan B, Plan C, etc and less to Plan A.
Life is a game of Manhattan Paths. If a light doesn't change for you right now, you can always go in the perpendicular direction and...
Short version:
Deutsche Bank: "Ve are lookeenk to replaze Herr Ackerman as Zee-E-Oh of our globelle bank. Zomeone who can better manage our riskzz after zee cazino culture uf zee lazt few yearz."
Anshu Jain: "As head of IBD, I generate 80% of DB's revenues in a sustainable business that I...
I cannot stand all these people that rip generation Y and young people in general. We are the products of the baby boomers terrible decision making! Do you think 20 somethings don't want to be out spending tons of dough at clubs and consuming everything like it's going out of style?! We...
At some point or another you're going to realize the amount of times she's been 'crushed' doesn't really matter.
Are you serious? You are afraid of a girl who was in a serious relationship because she was having a lot of sex? Get the fuck over yourself. Everyone likes sex and it would be...
I always get a laugh at the caveat emptor defense in this sort of case. Could you imagine what would happen if a client complained about this practice and the bank said "well, caveat emptor, you should've done your homework to make sure we aren't cheating you out of money!" Yeah, good luck...
I kid you not. I have met a black girl named a-a. Yeah, it's spelled a-a. SB to the first person who can figure out how to pronounce it.
c'mon son!
That girl's name is clearly: Adasha
@capitalism: c'mon, he's a high school kid. we were all awkward in high school, especially the ivy league-wall street demographic on WSO. cut him some slack - you should probably delete your post too since anyone can search his name and see your post and immediately judge him before meeting...
- eat healthy unprocessed foods
-run/workout. See where your limits are physically and overcome them mentally
-read nytimes,wsj, an the economist
- study for the GMAT(huge impact on analytical ability)
-stop watching television. No sports or cnbc(ive never understood everyone watching the...
Over the last 2 years, I've improved my life immensely with the following steps:
1- Threw out my TV. I occasionally pull The Office up on Hulu. TV is a suckhole. That includes live sports (and I played D1 athletics!). Be honest, what do you really remember about even the Super...
Let's be honest. I think no one here wants to live in a place where there are
#1. A lot of uneducated, poor people
#2. A lot of "new money" attitudes
#3. Large class disparities in a small area
1, because poor people or uneducated people have a higher likelihood of violence (black or...
There may be some inaccuracies here, so feel free to point them out without quoting the list (so I can edit).
Up and coming firms:
Headlands, Teza Technologies, Five Rings Capital
Mainly algorithmic shops
1. GETCO
2. Hudson River Trading
3. Jump Trading
4. Tower Research
5. Madison...
In terms of academic performance and work experience the people who do IBD seem to be way better than the guys from S&T. At least that's my experience. Everyone I know of wants to do M&A, whereas the competition for S&T seems to be lower. Just compare the number of posts in the Investment...
Wait...you think b-school is going to teach you 'in depth modelling skills'? B-school teaches you advanced undergraduate-level finance. It does the same for marketing, accounting, organizational behavior, etc. It definitely does not teach you advanced modelling skills that are beyond what...
'Kay, so...two things.
1. Women don't like broke men. Women don't even like middle class men--they simply settle for them. Give a woman a middle class guy and a rich, successful one, everything else equal, they WILL go for the rich one, every single time. Wealthy women take this to the nth...
There seems to be a wild misinterpretation of what "introvert" and "extravert" mean. For example, the question was raised, "how does an introvert even make it through interviewing?" Introverts are just like anyone else--some are shy, some are very charismatic and gregarious, some are great...
DAY 1 1600 hrs.
Got the machete in chinatown this morning. I feel a lot safer now. Spent some time getting it sharp with a stone and I can give someone a very close shave at this time.
I knocked on the neighbor's door and her roomate came to the door. (a lot hotter than girl #1) they made...
The fucking balls on these colleges, I swear to God.
Kid, you've got what it takes to go far in this business. Deal with HR the way you'd deal with a woman who caught you cheating: Deny, Deny, Deny, Accuse. Deny the charges three times and then accuse HR of some sort of harassment and...
While a number of the reputable posters above have weighed in, I would like to say that the structure being offered to you isn't all that rare. Building off what PEguy2011 said:
Often times the General Partners (investment professionals) will be required to put up a portion of the capital...
You need to strike a balance between frugality and comfort. Once you have a reasonable savings built up, you really need to start spending money on things that make you happy. This could be travel, food, conveniences, whatever it may be. I'm a big fan of savings myself and continue to build a...
Will, then your friends have poor time management skills. As to your friends who rushed as Sophomores, I've seen the reverse of it. Since becoming a brother, in the 6 pledge classes that I saw during my undergraduate career, we had 4 with at least one student who was older...
Well, honestly man network harder?
Do you have relevant alumni at your disposal? I know somebody that wanted his shot soooooo badly he got a job in one of the best GYMs in NYC for the summer sophomore year so he could have a shot at "bumping into" a PM/Banker/Stockbroker really any Wall...
I'll chime in on the banker vs. ER discussion.
I hired two people earlier this year to help me at a top L/S fund. It was very difficult to find what I wanted, and I ended up interviewing ~50 people before making a decision. My general impression was that nobody knew anything about anything,...
It's always a good idea to have one or two stock pitches ready and written up. Doesn't need to be long (they aren't gonna read more than a page or two), but summarizing the key points in your investment thesis. The actual categories you discuss will vary depending on the sector, but something...
When a clown calls you a clown that is pretty damn bad. Something really amusing about other nations leaders being so open or antagonistic. Could you imaging Obama getting on TV and telling Chavez to suck his dick. Hahahahah.
how about a photo-thread of girls you are doing... though for you banker guys might be kinda embarrassing :p
They'll upload the photo of their right hand.
Good. Less competition for me. Let the entitled rich do what they do best...play with the children...while the hardened workaholics from the lower classes slash and burn a new clique on Wall Street.
Shit will be better run...this is best for everyone. The old guard never wanted to be...
Unlike the vast majority of posters I:
A) am not a high school student
B) actually attend HBS
C) am female (and a fairly laid-back, unbiased one)
In general, and while I am very happy to attend HBS, what is discussed is quite different from what actually goes on:
The females (and...
Hi my name is Brady4MVP. I'm a virgin (if you don't count that time I let a Harvard MBA rail me up the ass) and don't have many friends. My life goal is to get accepted into HBS. Why? Well since I have such a boring personality and an awkward fetish for prestige, the only shot I'll ever have at...
Here are your answers...
1) Your salary isn't going to be 100k as a first year analyst. Investment banking pay structure is similar to your accounting industry structure, you typically receive a sign-on bonus, a base salary and then a discretionary bonus at the end of a full year. For...
I would say that the most common mistake people make in learning VBA is in thinking about how to do it for way too long. Just get your hands dirty and do it. As long as you know how coding works, it should be easy. Make some simply exercises for yourself. Start off by recording marcos of what...
The racism towards Asians in this country has reached epic proportions. Without a doubt, Asian-American men are more discriminated against than any ethnic group, including blacks, who at least get affirmative action and constant babysitting from the liberal media.
We have that measuring device to determine if you can bring a carry on, we should have print out guides to determine if you need another seat.
Some people are big boned or husky by nature, but outside of a rare medical condition, being "fat" is personal choice. If I locked a mother fucker in...
In short, a least five years worth. You asked for some stories. Here's mine.
Undergrad: CUNY school, 2006
Student debt upon graduation: $17k
GPA: 3.5
Major: humanities
Internships: none. Had to work my ass off waiting tables to pay rent
Wanted to go to law school and applied for an ops...
Knowing about chartering/logistics and/or trade finance is a definite bonus for moving onto the trading desk at a pysical firm. If you can't get a summer internship with Trafigure/BP/Glencore (only people I know who offer those), then network your ASS off and try and get something at a place...
There's a lot of misinformation on here... though some good info from Ravenous and Cartwright. Under normal circumstances getting a zero is your hint to go look elsewhere, but this has been a really effed up year for comp and any of the kids saying "you aren't entitled to anything," or Yoohoo,...
Guggenheim over the years brought on board some kick ass bankers. While their analysts work very hard, its not a sweatshop. They are also compensated quite well compare to most BBs out there right now.
Culture is also very good. They understand modeling can be taught but personalities...
I'm a 2nd-yr Analyst at a BB and have my 1st private equity interview this coming Tuesday with a MM PE. Just wanted to know what do you think are the most important characteristics that I should portray in this interview. I already know about the PE industry and know the basic technicals;...
I've tried to get into Institutional Equity Sales in Atlanta and have done all of the following:
-networked on LinkedIn/other ways
-followed up with HR
-highlighted my prior Finance experience/FINRA licenses
-resume done by professional
-applied to every key Atlanta bank with S&T
What...
What are your thoughts on going to b-school if you land a BB analyst gig right out of undergrad. Is the MBA still worth it or would two years of higher level work experience be more valuable?I think an MBA from a top ranked program is incredibly valuable for all the common reasons cited --...
I am a 2nd year Analyst at a BB, and want to be in PE long-term. Have already reached out to HHs and landed a few MM PE offers. Can you please give a 5-year (ideally 10-year) outline of MM PE all-in compensation, and promotion scheme?MM PE comp is highly dependent on the individual PE firm. For...
Provided that you don't have an MBA, how easy is it to lateral to other MM PE shops at VP/Principal level if you get laid off? And once you make partner, do you become immune to lay-offs?My understanding is that the VP/Principal level is the hardest point to lateral between PE firms. At this...
Here's my mean girl advice to the OP. Give up. You are the guy that I call to move my piano up two flights of stairs or take me to the airport at five a.m. You are afraid to lose your friendship with this girl because you love her sooo much you can't live without her even if that means being...
***As a disclaimer, I work in ER, hired as Associate level after my graduate program, just finished my first year. I am taking the CFA Level 2 in June. I did my Masters in Accounting, that was just a way to keep my legal status in the US. I didn't need that and I would not go to graduate school...
First off - do NOT go into banking for the pay. When you've been getting 3 hours sleep a night and have to deal with inane requests from your seniors, the pay doesn't make you happy.
Banking in London is very similar to that in the US. The main difference from a recruiting point of view is...
To further validate OP's points, here is my viewpoints on networking:
People are motivated by different things so you need to know what they want. In order to know what they want, you need to spend more time with them. Perhaps, someone of them have family members who want to get a job at XYZ...
If you look at the majority of reasons why the OP "loves banking," most of them are not exclusive to banking at all. The OP loves interacting with successful people, receiving praise from his superiors for doing a good job, and working with really smart people. While banking certainly offers...
Abdel you are fucking dumb as shit. Please don't speak for the remainder of this year.
I was going to give a solid answer to your argument until I read this. Do not quote me anymore please.
That's a shame. I'm sure you had a real good answer lined up and now we won't get to hear what a kid...
Just make a res... It's a restaurant, don't make a big deal out of it.
You can't "just make a res" at an exclusive restaurant.
About 4 years ago, my dad and I went to a restaurant in DC called Komi. My dad's college roommate was the president of a large private university and invited us...
Congratulations! Very glad you shared your story. Quite inspiring. There are a million paths to happiness in life and very few of them require a massive bank account.
I think the takeaway here (aside from the usual dick measuring contest these counter-finance threads always incite) is that it's always best to follow your heart, pursue your passion. If money is your passion, you're doing it wrong. If prestige is your passion, you're doing it wrong. Find...
I've always used the following variant of this question.
"Do you have any concerns about my ability to succeed in this role?"
At the very least, it gives you an opportunity to defend yourself in advance, and shows you have balls.
If you do not like your work then get out, of course. I congratulate the OP and others on taking their life in hand and doing something to change themselves. I hope it works out for them.
However, as someone who has been in the business for a decade, loves my work, and plans to do it until...
Great post. Finally from someone who has worked his way up in the industry. Not from someone in their early 20s who wants to join the hipster crowd. And I am definitely not interested in the "street-musician" route.
I'm not really sure what you're referring to... at least 2 of the posts were...
Whats up with the occupystudentdebt website? It looks like a 5th grader in the 90's created the website.
You would think with all the free time and worthless graphic design degrees these guys used $200K in loans for, they would be able to create a better website...
There have been a lot of ideas thrown around here so I'm not sure about the most logical way to address all of them but here goes:
-Graham blew up very bad at one point in his career. I can't find the actual dates, returns, etc, but he was down well over 50% (I think it may have been...
Let's do this by induction.
Suppose there is one goat and one panther. The panther will eat the goat.
Suppose there are two panthers and one goat. Neither panther will eat the goat. Because the first panther to eat the goat knows that it will get eaten soon after.
Suppose there are...
OK TNA I AM GOING TO ASK YOU A FEW QUESTIONS
ARE YOU UPSET A BLACK MAN IS RULING OVER YOU
- HE WAS ONE OF THE KIDS WHO YOU WOULD SCOFF AT FOR ASKING FOR MONEY
- HE WAS ONE ONE OF THE KIDS FROM DEVRY THAT DREAMED OF GETTING INTO THE GOLDMAN SACHS
- HE WAS ONE OF THE KIDS WHO SAID...
I understand your question, and will try to answer. For most bulge bracket banks, each division within the bank will have recruiting committees dedicated to each target school and then one non-target committee. The committee is often, though not always, made up of alumni that came from that...
1. What about candidates who are not from top BB (aka not MS / GS / JPM)?
I always thought that PE firms care much more about pedigree, while HF put more emphasis on the actual experience (books read, personal trading, etc.)
Unfortunately, pedigree absolutely matters and coming from a...
TAKE IT BACK!
Porn and Video Games are the only thing in this world that are right...Every day I look forward to going home and punishing my dick and then punishing noobs..they're the only things that keep me from offing myself
I have a lot of friends that went to ivy schools and kinds regret taking on the debt only to get a job they could've got at a nice public school...
There's a difference between Harvard Undergrad and Harvard Business School, but either way this doesn't really add up.
The best public schools...
I have been successful in the hedge fund world and i didnt ever work in banking. Im just saying because I see alot of people here who have no experience in the business telling you to go work in banking...if you want to work at a hedge fund go get a job at a hedge fund dont go work in a...
All your responses to bankerella's post so clearly illustrate the point she's making. I'd like to put a finer point on it though - it's the transition from the "high class elitist douche" of the boomer years, ensconced in a life of luxury and oblivious to everything else, to today "low class...
SIFMA and other lobbying groups have been ineffective in engaging the public. The average American still doesn't understand investment banking, nor do they understand the causes of the crisis.
The banks did cause the crisis. Not because they are staffed by evil and morally corrupt...
First thing you need to get out of your head is that your school matters. It does not. Not in the least bit.
That's what it really means to be a non-target. When people see your resume and see a school that isn't a "target," they immediately don't care what the school is. They just check to...
Sure can share my tactics..but they aren't anything new..
Make two lists of people:
1. Foot soldiers: analysts and 1/2 yr associates. they can tell you about culture, inside news about industry, hiring, maybe can connect to people higher up
2. Emperors: These are the decision makers...
#3 annoys me the most. We all get a thousand emails a day already, we don't need to see "thank you" from a VP to an analyst that the analyst printed the PIBS. STFU and let me work.
how about these:
"please take me off this list."
"take me off as well."
"ditto."
...
You are writing like a reporter instead of an analyst. First off your rating should always go first. What it should sound like is:
"We are initiating coverage on Stericycle with a buy rating. We believe that the companies strong predicted FCF generation of XX% and recent acquisition of...
Really people? I would expect the answer to be obvious. It's not about a singular number, it's about cash flow! Cultivating a reliable source of cash flow every month rather then having this childish notion of a "magic" number is how you break out of indentured servitude. You could quit this...
Great list - I had a near death experience going into my senior year of college and life has never been the same. Went from stressing about all facets about my life to just enjoying it. Asked a girl out at a bus stop on my way to work and 4 years later, we're getting married this Fall.
I have a funny feeling you don't practice what you preach
^^ This... The fact that you mentioned "plow bitches" so many times leads me to conclude that you're a virgin, sexually frustrated or both... Real men don't need to bring it up so much. It's understood.
I think he is referring to male...
*EDIT: I just realized how ridiculously long this is, but I think it should be a semi-decent read if you are interested in this stuff.
No problem... I used to work in PWM and find this topic somewhat interesting.
Another scenario regarding fee-based accounts is discretionary vs....
For those of you about to embark on the grueling MBA admissions cycle, here are some videos to get you guys PUMPED UP, so you can go on BEAST MODE.
I hope all of you guys get into your top choices, and live the DREAM for two years.
Good luck, fellow monkeys....
So yeah, let's talk about the typical scrub, and why I can't handle being around him.
Insert long-ass rant I'm not going to quote because it's a pain to scroll through
Digusting. Please tell me you aren't serious; I'd just like to think you have an unhealthy addiction for fanning the flames....
You having this problem and asking on the WSO board is equivalent to a normal American family asking an Ethiopian child for advice on the best bottled mineral water.
you guys missed the worst bathroom situation possible...maybe its because you dont drink enuff. The worst thing is if you have been out all night boozing and you have to puke, but you dont want to go into the regular bathroom because you could run into your boss or other people you know. Let's...
I got this message right around the time I made that first post about the research process at my firm:
Greetings BlackHat,
My name is , and I am a sophmore at interested in beginning my journey to success and happiness at hedge fund like yours. I have chosen you to become my elder mentor...
you got some balls dropping the gloves at canadians like that. of all the different groups trying to get visas, youre gunna chirp canadians? word to the wise if i wanted to keep my nose clean and i met someone with 6 lumberjack brothers i would probably shut up. dont ever again let me catch you...
Funny post.
Do the PowerPoint presentations ever get used in actual client meetings or are they just 'leave-behinds'? That would probably irritate me beyond belief. If I was an analyst spending 80 hours a week updating a presentation that nobody even looked at.
Once, early in my tenure...
Considering how much the anointed one blames Bush for everything, you'd think he would have learned what not to do. You help overthrow a country and then act surprised when chaos ensues. This is horrible and sad, but a further reminder that we should mind our own business.
And while I...
LOL.
Decent post, but a few points of contention.
1) Plenty of students get into those programs you listed with lower GPA's or lower GMAT's. If you have internships or work experience you can stand out. If your GPA shows progression, you have a reason for a low GPA, you had a hard...
To the finance crowd, this article justifies a young man locking himself in an office from age 22-29, with the hopes that life will be oh-so-much better afterward. It should be required reading for the new Goldman analyst "program."
Confucius say, not all caterpillars become butterflies
I'm blown away by the amount of people that want to work at Greenlight or Pershing Square because Ackman and Einhorn are in the media all the time and have charismatic personalities. Whats even more absurd is that people automatically link value investing and those two funds. They are...
This is a pretty good post, +1 for you sir.
#1 I don't agree with however. You don't need to know everything about the stock, you just need to know why others are wrong and the current price is not an accurate reflection of future performance, and then identify the (hopefully large) delta...
I'll tell you why you deserve it, man.
You see, you (and all of us), are something of a probabilistic miracle. Out of the millions of billions of sperm that could have taken your place back at conception, you won out. Against all odds, you won, and you were created. You have already won the...
After a rough experience in one of my posts, I foresee shit coming my way once again but I don't care.
I fully and wholeheartedly endorse the idea that achieving colossal wealth is ONLY a matter of making more, not of spending less. The "save every penny" mentality is useless, if not...
Deloitte has been trying to make a push into higher-end consulting for quite some time now. It's dilutive to their rate card to be perceived solely as a body shop, so this acquisition makes some sense from that perspective. And while it's true that Chapter 11 allows the deal to go through...
WSJ, Dealbook, Dealbreaker, Financial Times, and WSO. Also, watch CNBC and Bloomberg TV simultaneously.
Also, it might not be a good idea to show your age and school in your signature. Not only is it douchey, but people will find out who you are, and it could hurt your career.
All good...
Read important emails out loud to yourself before you send - to networking prospects, to clients, etc. - works almost every time. Also to be on the safe side delete any addresses in the 'To' or 'cc' boxes until your message is perfect. No one is rushing you to send an email - take your time,...
Years ago had the police come to break up the holiday party because it was late and the party was deemed too noisy. An analyst got arrested for telling the cops offs. HR bailed him out of jail the next morning. He was given a 3rd year offer and a top tier bonus just a few weeks later.
This was actually at my ex gf's firm's christmas party that she took me along too.
Everyone had these little place holders with their names on it around the table and on each one there was some little bullshit question that was supposed to help create conversation or something, I don't know....
I'm going to chime in with my personal experience;
I completed the entire CFA program by age 23,
Worked in a pension fund (which funds PE shops FYI if you don’t know how the business works) and work in PE
As a side note I’m also applying to 5 top MBAs in exactly 20 days I have all my...
Take heart. Remember that perception is half the battle, which seems to be exemplified with the majority of the development feedback you said you received.
Always looking tired -- people view this as defeatist. No one wants to be surrounded by people who bring their own energy level lower. Be...
OP,
I've been there. I came back from the Gulf War with a head full of snakes and thought about suicide all the time. It might not be something you ever get over; I still find the thought appealing from time to time. Shortly after I got back I got hired as a stockbroker (when that still meant...
You're forgetting one of the main reasons why people go into finance is that it's one of the few industries where unexceptional people can get an exceptional paycheck.
Just as an update.
I started on lexapro today. So we'll see how that works. I did end up not drinking last wednesday through friday but i drank pretty heavily on saturday. My ex actually came and stayed with me and we hung out for the weekend mostly drinking and in bed. It's probably not a...
However, my point remains that there are tons of other options out there to achieve (ridiculous levels of) success, and that finance may not be worth it if you're not 100% into it.
I hope you realize that you can say the exact same thing about every single profession. Most people become...
People on this site get waay too caught up in paths and moulds you have to fit. No, you do not need to be a finance student to succeed in finance. And no, being a liberal student doesnt all of a sudden make you have a "unique" perspective on stuff.
At the end of the day, its all about whether...
Oh, and shut the fuck up about exit ops. If you don't have a job, WHO THE FUCK CARES. Get a job first and then worry about that shit. I know, first hand, that it doesn't matter what group you're in or bank you work at, you can still get into PE or a HF. And this doesn't matter because most of...
Congrats BlackHat!
I really have enjoyed this site because it reminds me of how I used to think when I was younger and it's cool to see the optimism and challenges that people are facing as they are entering/starting out in the workforce. I had no idea this world of finance existed when I...
Day in a life :) ?
Also, what's your interaction with Sales and Structuring like and what's your take on your job and their's (like it / hate it etc)?
Interaction varies a lot depending on what you trade exactly and how your firm is structured. In rates for example, Govies people have way...
You make some good points. Limiting time with loved ones can make every time you are together special. I am in a long distance relationship and see my GF every other weekend. Time with her is a scare resource, so I cherish the few days a month I see her.
You also highlight the...
How can you expect to be successful when the thing you take most seriously is drilling into your head the primitive concepts a bunch of failed businessmen/economists teach you in business school, along with everyone else? Use academia to get where you have to get, but anyone who goes overboard...
It hasn't really impacted my personality to be honest. I am annoyed by people not problem solving (friends texting me to ask where cross streets are to a bar when we both have smartphones with Google Maps and could both find the answer just as easily), but it's never a big enough deal for me to...
Thanks for your answer.
I'm afraid I'm one of those people who have no fucking clue.
What does "Rebooking Trades" mean?
Figuring this out on your own entails a technically involved 3-stage process, so I'll give you a break. But allow me to illustrate the process, so you learn for next...
1. Keep your head up; 2 years is actually a short period of time, although the finish line looks very far away to you right now.
2. Take some small breaks here and there to just get out of the office and take a walk - it will actually make you more efficient and help clear your head.
3....
I once wore my gf's skirt suit to work after a rough night out and still-tipsy morning. It was pretty embarrassing, but I have good legs so I nearly pulled it off. Basically you just sit at your desk and keep your legs together. Was a bitch trying to use the urinal though . . .
thanks for the information mrb87, but I thought that restructuring in a way is even more technical/analytical than M&A? and rx bankers have told me that they still do m&a modeling... clarification is much appreciated.
I think that mrb87 is correct in the sense that restructuring, by not...
I could obviously write about all the stuff I did and it would take 90 pages, but that would be a waste...
No, man, it wouldn't. It would be fucking gold.
I suggest none of the people, with the exception of Patrick and Trade, get married. If you are calculating debt load, potential income, etc when it comes to a relationship that is *supposed* to last a life time you are better off not doing it all together.
People lose their jobs, get...
Strip clubs make a mint. You can't even get a license for one anymore in most counties, which means there will be no new competition... and titties never go out of style. If you know the business, you can buy a strip club at like 3x EBITDA using seller financing, and then improve EBITDA through...
You should come drink if you're in NYC. We can see who the beta male is then.
If y'all decide to get hammered and hit on chicks, do feel free to invite me, even if strictly in a viewing capacity lol
Invite me too. Because duh, who doesn't want to look at hot chicks.
Ended up dancing on...
President of the NFLPA is obviously on some level impressive, but the mere fact of him being a NFL player to me is not, at least not in terms of consideration for HBS.
It's just unfortunate that you hold this opinion, and that's the nicest way I can put it. Do you know how many people work...
Hey, thank you so much for this. I gave you my last SB, it was well worth it. But If you have time, could you break down by industries what would be important in the 10-K?
Like banking:
Oil&Gas:
Retail:
Technology:
And so forth..
Dude that's a lot to ask. He just laid out a great...
Regardless of what following comments say, props to OP for taking the other side of a heavily shorted idea that was laid out publicly on this site and endorsed by lead members. I've done it before and understand that it takes balls to do so because everyone in the world can find at least 3...
It's hard to say. There are some very elitist people in this business. You can read this forum for 5 minutes and figure that out. So it's a toss up, it could either be viewed very positively as demonstrating a bootstrapping mentality (which earns a lot of points with the right kind of...
Hi everybody.
Which MBA program (Harvard or Stanford) would be a better choice for someone interested in the entertainment industry afterward? In particular I'm interested in movie production.
I know both have alums high-up in the media world but certainly one must have a bit of an edge...
WARNING: Somewhat NSFW if monitor easily seen by peers.
So there's this bartender chick that I have an in with, long story short it's overtly indicative she want's String's D (actually verified, because we hooked up the first evening we hung out without hardly any badgering from me, which is...
First, I'm a little surprised the recruiters didn't weed you out of the Ops interviews. They usually look to avoid the kids that think they are too good for the job. You have a great opportunity here and you go at it like a brat. I can almost imagine your post this time next year complaining...
@Asia_i_banker kudos to you for your drive to get your idea started, and the creative thinking in controlling the pricing database via Excel.
But having been in the startup space for a few years after banking, I can point out that there are better approaches to test your idea with FAR less...
Oh look - how sweet.
Not all of us are obsessed with having relationships, wives, girlfiends etc. you know. Some of us have other more important interests (which aren't finance!).
I think that's precisely the point of the post. That the majority of those on WSO are obsessed with things like...
I just can't understand why so many Americans are obsessed with this idea of getting married. I mean - why do you actually need to marry in this day and age? Marriage is a contract, after all - and many people lose alot of money through divorce (especially in the United States). From what I hear...
Bad policy regarding the student loan debt bubble? Shocking, truly shocking. I am so shocked right now. I am about to take a selfie on my iphone and post it on this site just so you can see how shocked I look.
I have said this literally on every student loan related thread on this...
AQM:
I remember my first internship on Wall Street was in ER at a small boutique in midtown. My MD told me the most important thing was to make sure that I got everyone's Starbucks order correct.
End.Of.Story.
Is there a second Wall Street in Midtown that I am unaware of?..
"Wall...
I'm just paging through a recent book of college seniors:
"I have a real passion for Finance." Uh, really? I didn't think finance was actually passion-worthy. And what's with the Capital Letters? Are we in the seventeenth century?
"I believe that the atmosphere at will help nurture my...
is almost staggering.
at its most basic level, the difference between capital markets and "investment banking" is this:
capital markets is focused on PRODUCT knowledge
investment banking is focused on INDUSTRY knowledge
in general, it's pretty damn difficult for any banker to know...
Hi All,
So, nearly 2 years and 916 banana points later, I thought I'd give a brief update on my story and share some thoughts. Take it for what it is, not looking to inspire a debate:
I started in June of 2007 at my MM bank and quickly realized that the hours were worse than I...
From my experience commodities sales is very different from other sales desks on the trading floor. First, I'd say the experience is not really true "sales", hence why the sales role in commodities is often referred to as "marketing" or "origination".
At least at the big commodities...
Go to the Vidal Sassoon salon. Ask for a male stylist as no female has a touch quite like theirs. When they ask what you want, just tell them "you can have your way with me." They'll probably give you some fruit cake hairstyle and then slather your butt hole with pomade and ram you with their...
brooklyn fade/blowout. just make sure you always have a large enough supply of gel at all times. i like to keep a bottle at my desk, as well as a travel size in my bag.
i know what you're thinking, a bottle of hair gel on your desk makes you look like a complete d-bag. so what i like to do...
I have never worked there but they used to be quite a regular client of ours on commodities desk (BB). Won't give details about the kind of trades they are doing but they do decent size, not huge. They seem to be as you said -- arb shop, not too fancy (at least not with us). The big upside I...
This is fundamentally a question of whether you are just looking at PE/HF exit opportunities or broader exits such as corporate development, or complete industry switches.
If the former, then Lazard is most likely the winner. If the latter, then CS and JPM are both ahead of...
going to lazard doesn't make ur chances better than if you're going to jpm.
..anyway, jpm lev fin, M&A or FIG would be my choice after Lazard restructuring.
keep in mind that a product group trumps an industry group.
------------
I'm making it up as I go along.
The people you mentioned burned out because:
(a) they're stupid
(b) they got into finance even though they had no interest in it, because they're insecure and thought accepting a highly sought position/having a well paid job would somehow lend them some self-esteem and self-worth
Now that...
The 3.7 ivy number is off, there are tons of kids at bb's with 3.5s...some boutiques are more selective wrt gpa though.
But the pipers, jefferies and cowens of the world are not much less selective than any BB. A superday I had at one of these firms had kids from wharton and stern with two...
I was fool enough to ask an MD if he would rather be doing anything else than IB. He said "Are fucking serious?! If it weren't for the money I'd rather be strung out and drunk on an island in SE Asia"
Blah blah blah.... same people posing about FTP. I know several ex interns and a former FT analyst. They hire a ton of interns from berkley and they have a good rep at most of the business fraternities over there. Its not for the feignt of heart but its IB and has a lot of good exits and the...
Went to interview with an elite boutique which was held in a hotel room. I didn't realize until I actually walked in that it was just a room (was expecting a conference room or something). I was 15 minutes early and asked to use the bathroom. I took a shit while the VP just waited in the hotel...
I was put through the same last year. (Remember http://www.wallstreetoasis.com/forums/stuck-in-the-taint-of-bonus-season)
What happened in that case was the client said come hell or high water we're closing this deal before year end.... so literally no one slept until December 31 morning. ...
Tell me this is not the same guy?
The one here touting Enron stock back in 2000 for this piece in the Wharton Journal???
http://media.www.whartonjournal.com/media/storage/paper201/news/2000/11/06/Undergraduate/Stock.Picks-36917.shtml
Since I don't know all the details I'll lay out some scenarios and you can dive into one if you see fit.
Tier below top boutiques (Moelis/Blackstone.... Lazard/Evercore/Greenhill/Gleacher/Centerview)
--
1) You're at JPM/CS/BarCap/UBS' Tech M&A group, you'll be fine headhunters will still...
SIrBanksAlot, you should just delete the post, before your monkey points invert on their own gravity and start swallowing up monkeyshit by the truckload.
Had an IB interview and during our casual conversation, out of a sudden the recruiter asked me what was 96 X 96?
(I guess she wanted to test how I handle pressure and stuffs?).. I'm guessing she wanted me to use my mental skills but I took out my hp and used the calculator instead and said...
To your original question, the answer is yes, you can (and are expected) to use public comps as a valuation methodology for the private company. This valuation exercise is independent of who the buyer is -- be it a public, private, PE shop, or Mel Gibson (yes, I've had a buyers list with Mel...
Are you referring to an LBO model or a DCF? If you're talking about a strict leverage buyout model, you really don't count for inflation at all, and you shouldn't.
If you're talking about a DCF, you can account for it any way you'd like, or no way at all. What I've done, and I've never seen...
I applied to H/W/S/K for round 1; now considering two of those schools, got rejected by the other two without interviews.
I breathed a huge sigh of relief when I got my first acceptance. I knew that all I needed to do was get into one of the schools I applied to in order to move onto my next...
Yes definitely. I've done it on several occasions, I usually attach a picture of Josh Duhamal though because I think that will give me a better shot with the ladies wanting to bring me in.
If you want to stay fit, you really need to try - it's going to involve sacrificing free time to head to the gym. It also gets frustrating because it's impossible to establish any sort of routine. Just when you're starting to get to the gym consistently, form a habit, and see some results, one...
I would call the person who extended the offer to you and then email HR (since I'm assuming that even if a banker gave you the news, HR had some communication with you regarding offer terms, etc) just to take the time and let them know your decision. Additionally, I would consider reaching out...
Let me go down the list
I think
1) Nat Res / Power will always have business - if anything in equity since these companies need lots of money just to operate and will often raise money to do so.
2) Industrials (if you're in Asia)
3) Technoloogy if you're in US especially in...
Working capital is HELLLLLA important. Ordinarily healthy companies, at time go bankrupt because they can't fund their working capital requirements. For one, its one of the primary factors impacting liquidity.
In a nutshell, its important because its a primary source/use of cash in an...
There is a lot of bad information here.
Frequent Borrowers would be DCM for Sovereign or Quasi-Government like entities. Especially in europe, you have more government/quasi government agencies and more currencies to issue with. The group is similar to DCM - but much faster paced and less...
Reramos,
Say there's an apartment building that's "worth" $100,000. It has a $60,000 30-year mortgage on it, leaving $40,000 of equity in the building. Let's say it generates $7,000 of rent annually. The annual interest and principal on a 30-year loan of 60K at 5% interest is about $3,865....
Since people refuse to actually give an answer to this person's question, I will do so. A superday is the final round of interviews for a firm. Normally the firm will fly in their group of candidates, take them to dinner the night before (usually with one or two current employees per table) and...
Not to take away from the serious discussion, but I think the answer is simple.
Have you ever had a Cadbury Cream Egg? Shit is delicious. I'd pay just as much if I were in their shoes.
clb, here is a link to another thread where I talked about my PE responsibilities and also gave general advice about breaking in: http://www.wallstreetoasis.com/forums/advice-for-new-analysts-seeking-pe-exits
Also, I've copy and pasted the one specific post that best answers your question...
The quality of any opportunity at the lower execution level depends on one thing: deal flow. If you do lots of deals you'll have a good experience and you'll have lots to talk about in an interview. At a BB you'll work on some of the biggest and most complicated deals, but then again you're in...
I interviewed with Audax more than a year ago, and it was as an experienced hire, not out of undergrad, but I'll give you the advice I have:
1 - Audax is a sweatshop, be prepared for this. They will work you into the ground for many, many years before your hours get reasonable, if ever. The...
I can only speak to the bonuses received at my particular MM bank, but I believe it to be pretty representative of the rest of the MM shops out there. I will say that I believe that MM banks in general have a much larger bonus band due to the fact that profitability can vary widely by year and...
arrive first. leave last.
remember: last one to leave, first one to get the offer. obviously if you are a super slow worker and can't finish work on time this rule would not apply :)
have a positive attitude and DO NOT COMPLAIN even to associates. bear in mind that everybody you're...
This douche bag is trying to act like he's on some moral high ground... he has liens on his house and business from not paying his taxes. Edmundo, your description is a bit misleading... "having never missed a mortgage payment, he tried to repay his mortgage and the bank told him to eff off...
9/10 people on the street when told that someone is a banker will think you work in a branch. Unfortunately, branch bankers are hated just about as much as I bankers. When I used to work I would usually avoid the subject all together. I had it twice as bad since I worked for HSBC and every moron...
what if the whole reason you got an offer was because you slept with a female MD?
would be be treated differently than?
i lost a job over this...true story... not MD but VP
Here's the only rating system we (men) need:
0 - Kill it with fire
1 - Fuck but don't tell anyone
2 - Fuck and tell my friends
3 - Poke holes in condom
Just because these guys have gone to top schools and worked at prestigious firms doesn't in any way indicate they are capable of doing anything other than behaving like trained monkeys. Think about it... you read, study, memorize, regurgitate and do well in school... get into a good college. ...
Personally, I must disagree. I find these posts/emails/thoughts so sophomoric, egocentric and ill-informed. Everything about the email is just utterly ridiculous. I could tear it apart line by line but why waste the time or energy. If I had to guess, this email wasn't written by a highly...
all the 19 year old guys who don't get laid are coming out on force on this thread. guys, turn off the fox news, no need to join a militia, talk to women and make the world a better place.
Acknowledgements first:
IlliniProgrammer hit the nail on the head when he said: "but that doesn't necessarily mean you can't look at a stock and say that it has a higher than average probability of going up (even if it has a more severe downside than upside.)"
This is why I reiterate, no...
Nothing is off limits. When I have drinks with colleagues, I openly discuss:
Abortions
Child molesting in the Catholic Church
Incest
Nancy Pelosi
Hemorrhoids
I brag about my sexual prowess in front of females
After a few beers I bet everyone that I have the biggest dick at the...
Good, let me describe my background so you can see that you are exactly where i was in 2004.
2001-2005: Bachelor of Physics: UChicago
2005-2007: Deutsche Bank FX Exotics Analyst
2007-2010: UChicago MSFM (Masters of Science in Financial Mathematics)
Starting July 2010: Deutsche Bank FX...
The real question should be not "where do you meet young single girls in NYC", but "what do you put in their drinks to take them home?"
I used to use rohypnol when I was flush with cash before Sep 2008, but after the crash I've started using over the counter zyrtec. I guess you could say that...
No they don't get pissed, at least most of them. A lot of people I networked with liked the fact that they were referred by someone and that gives them "street cred". People like giving advice because it shows them that they are important. The reason why people don't reply to cold calls is due...
As someone who has recently graduated from bschool, here is my advice. Please keep in mind that my comments are especially important during this current economic crisis, where jobs are scarce and competition for them is off the charts.
Bottom line: choose either banking or consulting. Not...
I'll go about this another way, and hopefully my point will be clear.
This is the true reason I tried adamantly to have my position changed from trader to exotics structurer.
It's based on a conversation at the end of my analyst stint with my senior mentor (who happened to be an FX...
misery O misery... if i didn't know any better i'd say most of the people praising edmundo's very preliminary post are still in college, dreaming about models and bottles.
not that i think that ed's post is off track. it's very true, but you people seem to forget that the money isn't the goal....
Screening Criteria
1 Industry Classifications: Diversified Financials (Primary)
2 Business Description: Keyword: hedge fund
3 Geographic Locations: Minneapolis Area (Primary) OR Saint Paul Area (Primary)
4 Company Status: Operating OR Operating Subsidiary
Black River Asset Management...
Within big 4, TS (transaction services or transaction advisory services) is the place to be...if you have to be at a big 4, that is. You're not interested in IB at all, right? Bankers tend to look down on accountants, in general. Even though pwc is a great firm in its own sphere, it's not the...
Who loves you guys...I wanna see some bannas
ATLANTA:
Company NameSort Ascending
Sort Descending
Rename Column
Industry ClassificationsRename Column
Geographic LocationsRename Column
Adams Capital, Inc. Investment Banking Atlanta Area
Agvestments Inc. Investment...
Actually our stuff is written at an 8th grade level. No joke.
I'll break down some of the economics though since they are complicated. First we don't borrow at anything close to 0% interest. We (the credit card industry) get our funding from one of two places. Option one is deposits...
Love how you fail to mention that the probability of a major market crash based on this technical analysis tool is well under a coin flip (~25%). Granted, since 1985 the indicator has been remarkably accurate.
What about some of the positive information?
- Corporate earnings have improved...
I wear $2500 suits sometimes. Senior Managing Directors wear whatever the fuck they want. I have seen some in $1000 Hugo Boss suits, and have seen some in $10000 Saville Row, fully-bespoke ones.
The thing is--not everyone is comfortable around a guy in a Norton & Sons suit. It's just not...
I have had my fair share of alcohol. The key is to alternate drinks at the bar with water.
I'm not saying you shouldn't get drunk. Once you've reached the level of intoxication you're comfortable with, though, start alternating every other drink with H20.
Drink a Gatorade before going...
70k is enough to live on in nyc, what are you guys smoking? you're not saving that much but you're comfortable (unless you like to go out to dinner every single night and go to bars every chance you get).
I don't know how people are saying 70k is unlivable - you're not rolling around like hotshots at 22, so unless you require some absurd lifestyle then 70k is more than plenty. Def not saving a ton - but you're 22 - you knew moving to NYC is going to be expensive - might as well enjoy it, as long...
I would definitely not bring a resume and ask for "chances". There is no way that will help you. Best case scenario, you seem desperate but they forget about you. Worst case, they actually remember your name. Essays/letters/etc are an equally important part of the admissions process and, as...
Imagine having an older brother (wall street the movie) that you idolized, but who went away on a long journey for 20 years and has been out of touch. Then, when you finally reunite, you learn that he talks to himself, married a dude, wears tinfoil hats to protect himself from government mind...
yeah, I can tell you in 2002 it was no cake-walk either. I probably resume dropped for 35 places, was interviewed by 15, superdays at 3 and landed 1 (one of the LAST interviews I went on). What did I learn from that?
I should have been MUCH more prepared going into recruiting season. I...
Says the kid who picked "Final Fantasy" as his screen name LOL.
IP is not old as shit.
IP is working at a legit job at a legit bank
He went to one of the top state schools for engineering. Just because you went to Yale and studied womens history doesn't make you special or smart....
Ok, I really like some of the guys here, but what the fuck are you guys talking about? The Tea Party's foundation is strictly fiscal in nature--the Tea Party has zero to do with social issues at all whatsoever. The fact that anyone would say otherwise is ignorance at its highest level.
Here...
You should have specific trade ideas. If the guy dosent ask then dont offer them, but as an undergrad you should be able to develop some ideas provided you are interested and motivated enough to spend some time learning. No one is expecting you to sound perfect but not having anything to say...
I'm starting a summer MBA internship at a boutique consulting firm (think LEK, ZS, Parthenon) next month and was wondering what the typical drug testing policy is like for interns and full-time consultants?
I accepted the offer several months ago, and while I have had lots of communication...
Are there ugly HBS students? From the YouTube videos I've seen it appears that everyone is attractive.
Isn't that discrimination? What does being attractive have to do with being a future business leader?...
I haven’t watched a non-007 movie in almost a year, and over the weekend I finally broke that streak by watching “Dirty Harry” and “Magnum Force.”
Needless to say, the movies had an effect other than making me wish that I was a cop working in 1970s San Francisco. Dirty Harry extols...
I just got an intern, and one of my responsibilities is data entry into excel. What kind of excel functions should I know?
I know I should know pivot table, and v-look up, but what else would you guys suggest....
I'm interviewing with Jefferies operations team. saw someone else posted about this, but was wondering what technical questions they might ask. I'm at a loss as to waht to study but if u have any ideas that would be a great...
Just out of curiosity, what would be an average daily P/L within a specific group at a trading house ? 50k? 500k?
I am sure it depends of the products being traded, but it would be nice to have an indication of what would a great trading team can...
What is it, exactly, that makes NY and more specifically Manhattan, vote Democratic? A large net worth individual obviously doesn't equal a conservative, but more often than not it does. And with so many rich people...Is it the large art/liberal/minority community in Brooklyn/Bronx/Queens that...
My friend in the industry is asking me to get a new watch and a new wallet to suit the financial industry image. He says please get a branded wallet and watch. Currently I am using a casio g-shock and a wallet that costs less than $100 given by friends on my birthday.
He says image is very...
http://money.cnn.com/2013/05/19/technology/yahoo-tumblr/index.html?hpt=hp_t2
Any thoughts on this? $1.1bn seems like a lot, but maybe I just don't understand the...
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 school...
Hi. Just ran across this website. Hopefully I'm not breaking any rules or annoying anyone too much with this question.
I'm currently in a top-15 PhD program in economics at a school that is top-10 undergrad. After finishing the first year, I'm not sure I want to continue. The PhD...
For those of you who want to wake up before the sun rises and eat Type B personalities for breakfast this is the first of a three part series on <a href="http://boldanddetermined.com/2013/01/28/the-21-rules-of-the-rich-and-how-you-can-emulate-them/">21 Rules Of the Rich (And How You...
Will this continue to hurt me?
Basically, I failed a 1 credit weight-lifting course.
Was screwing around and ended up accidentally dropping a plate on the instructors foot.
It was a pretty big deal, he ended up having to go to the hospital and broke several toes.
I was banned from the...
I used to work with a guy that had everything on the surface, but absolutely nothing inside. The guy was 6 feet tall, good-looking, charismatic, multi-lingual, graduated from a top business school, and had made MD at a bulge bracket investment bank. Yet he couldn’t remember the last time he...
<em>Mod note (Andy): we vetted this user to confirm his identity/status and yes in fact he is who he says he is, and is eager to answer your questions :)</em>
Bio: I decided to join WSO to help both students and young professionals advance in their Finance careers, whether that be...
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,...
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...
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...
You've just gotten that promotion and now you're in charge of a small team. Congratulations! And welcome to middle management. All the hard work and the knowledge you've developed about everything your firm does these past few years has been noticed. But, now you have a small...
Assuming that you have access to no financial products such as FactSet, Bloomberg, CapitalIQ, Thomson or otherwise, thought it would be helpful to give a step by step guide on how to ramp up on a new company from your home computer. Using FaceBook as an example. Lets go ahead and start with the...
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...
<em>“You know, In The Flesh,”</em> a WSO monkey told me at a recent Happy Hour, <em>“that gentleman’s book is the real deal. I ordered that shit on Amazon as soon as I read your review. It’s so right, man. I want to be like that: keep my word, honor my commitments, be...
<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>
There I go...
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