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analyst

Why You're So Easy to Replace

Edmundo Braverman's picture
by Edmundo Braverman User's RSS Feed Certified User (Senior Neanderthal, 4292 Banana Points Points) on 9/2/10 at 6:20am
Banker Layoff.jpg

"The meek shall inherit the earth, but not its mineral rights." - John Paul Getty

After a particularly brutal day at the office, you might go home feeling like you're nothing more than a tiny cog in a vast investment banking machine. Hours of mundane labor leave you feeling like your contribution will never be recognized. You wonder if you've made the right career decision, and you wonder how much longer you can stand being just a cog in the machine.

You need to take a deep breath, relax, and quit flattering yourself. Even on your best day, you're not a cog in the machine. When a cog breaks down, people actually notice. You're more like the sandy bit of grease that gets squeezed out between the cogs. Completely expendable, and wiped away with as much thought as any other industrial nuisance.

Get ready, because I'm fixin' to lay some ugly truth on you.

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  • Investment Banking
  • analyst

Early Bonus Season

Midas Mulligan Magoo's picture
by Midas Mulligan Magoo User's RSS Feed (Gorilla, 701 Banana Points Points) on 8/31/10 at 12:38pm
monkey money

Christmas might come early to Wall Street this year . WIth higher taxes in 2011 and beyond a distinct possibility, Wall Street banks are looking to do right by employees and pay out their bonuses before the anticipated IRS onslaught.

So what is the general future of banker bonuses? It's easy to say that this is a one time thing, but with the feds continuing to breathe down Wall Street's back like a lames on necks in tight elevators, is it time to rethink the bonus structure? Self regulation has always been less painful than federal intervention.

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  • managing director
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  • credit suisse
  • Bonus Season
  • associate
  • bonuses
  • boutique
  • Bush Tax Cuts
  • Bulge Bracket
  • analyst

Personal Failure

JulianWells's picture
by JulianWells User's RSS Feed (Chimp, 11 Banana Points Points) on 8/30/10 at 3:41pm
success_failure.JPG

When I leave work last Friday after an 80 hr work week, I go out. Half an hour into my night, I get a call from my MD and I step outside. He needs a draft of an global and regional industry overview, as well as a company overview by the following afternoon. I kiss my girlfriend goodbye (I don't apologize because she understands), I say bye to two friends (they don't) and I leave. I walk 4 blocks, I grab Starbucks, a can of pouches and a cab and I'm back at my empty apartment. I work until 6 and I send out my draft and fall asleep. My 9700 wakes me up at 8:30 with corrections requiring what seems to be a ridiculous amount of data mining. I roll out of bed, and shower and I'm business casual within 10 minutes. I decide I'll make coffee at the office.

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  • I-Banking Bullpen

Mike Mayo: Citigroup Cooking the Books

Edmundo Braverman's picture
by Edmundo Braverman User's RSS Feed Certified User (Senior Neanderthal, 4292 Banana Points Points) on 8/30/10 at 4:24am
Vik.jpg

CLSA analyst Mike Mayo isn't pulling any punches when he accuses Vikram Pandit and Citigroup of cooking the books. For their part, Citigroup is proving that where there is smoke there is fire by freezing Mayo out and refusing to talk to him.

At issue are the losses on $50 billion worth of deferred-tax assets (DTA's), losses that amount to $10 billion according to Mayo. By refusing to write down the losses, he believes Citigroup is committing accounting fraud. There's no doubt that the write down would push Citigroup deep into the red, which explains the bank's reluctance to claim the loss.

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Salary History

livingthedream86's picture
by livingthedream86 User's RSS Feed (Senior Chimp, 23 Banana Points Points) on 8/27/10 at 11:12pm

I'm applying for a job and the employer is asking for a resume, cover letter, and salary history. I'm just wondering - what's the best way to include my salary history? Should I dedicate a paragraph in my cover letter , include it on my resume, or send a separate document with my salary history? I'm pretty sure the base salary of the job I'm applying for will be significantly higher than my current salary....do you think this will hurt my chances at all?

Really appreciate any help.

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Importance of Starting Analyst Years in NYC

basketballbanker's picture
by basketballbanker User's RSS Feed (Monkey, 63 Banana Points Points) on 8/27/10 at 1:09am

Hey everyone. I'm a college senior who interned at a BB this summer in their regional office. I got an offer and am wondering if I should push for a spot in the NYC office. The advantages of staying in the regional office I interned at is the cost of living is low and I really liked the people I worked with. The downside is I miss out on the easy access to PE interviews found in NYC (entering PE is my goal after my analyst years, though I recognize this could change) since in NYC I could just step out to lunch to go interview for example.

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Hindenburg Confirmed; Dow Heading to 5,000

Edmundo Braverman's picture
by Edmundo Braverman User's RSS Feed Certified User (Senior Neanderthal, 4292 Banana Points Points) on 8/25/10 at 6:03am
uncle-sam-bruised-economy(1).jpg

Don't shoot the messenger: the Dow might be in real trouble. The Hindenburg Omen has officially been confirmed, and the blind mathematician behind the theory has exited the market entirely, for what that's worth. Friday's market close was a successful confirmation of the Hindenburg Omen that was tripped for the first time a week earlier during the Thursday session.

Quote:

“I’m taking it seriously and I’m fully out of the market now,” Miekka, a blind mathematician, said in a telephone interview from his home in Surry, Maine. “I would’ve probably stayed in until the beginning of September,” depending on how the indicators varied. “That was my basic plan, until the Hindenburg came along.”

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FactSet

livingthedream86's picture
by livingthedream86 User's RSS Feed (Senior Chimp, 23 Banana Points Points) on 8/23/10 at 12:40am

I've been looking at consultant positions with FactSet Research Systems recently. I know being a consultant at FactSet is nothing like an MBB, but I would still be getting exposure to many i-banks, hedge funds, and investment management firms in my area….and as a consultant, I would have significant interaction with key personnel at these firms.

Do you think it would be possible to move to one of the i-banks or hedge funds I've been working with after establishing a relationship with them?

If this helps….I graduated with a BBA in finance from a semi-target and I'm a level 2 CFA Candidate. If anyone has first hand experience with FactSet I'd appreciate any help.

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No Signing Bonus?

ax199's picture
by ax199 User's RSS Feed (Chimp, 4 Banana Points Points) on 8/22/10 at 9:10pm

Hi Guys,

I have just received an offer for an IBD analyst position at a top BB (GS/MS/JPM) in continental Europe. I was quite surprised that the offer does not include a signing bonus, which I had thought was quite common in the industry, at least at BBs.

So, do you think it would be negotiable? What amount would be reasonable?

Also, I am not really sure who to approach for such negotiations? HR people ? Do they really make any salary/bonus decisions, or are they just executing what the MDs are telling them? I am also thinking of calling instead one of the MDs that I had interviews with. Do you think that would be a good idea?

Thank you very much for your thoughts

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Will I come in as an analyst or associate?

fox2237's picture
by fox2237 User's RSS Feed (Chimp, 2 Banana Points Points) on 8/20/10 at 5:51pm

A little background:

I am a first year MBA student at a semi-target. I graduated from undergrad in 2009 and worked for one year. During that one year I worked at a tech start-up and also ran a small business that I started immediately after undergrad (generated enough pay for bills, apartment). Entrepreneurship showed promise, but not enough to continue.

A few questions

1. Should I be looking for positions as a summer analyst or summer associate?
2. How many analysts already have an MBA?
3. If you begin as an analyst with an MBA, do you start with more seniority and work towards a direct promote to associate? How are analysts with MBAs dealt with?

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PhD with BB IBD offer

ax199's picture
by ax199 User's RSS Feed (Chimp, 4 Banana Points Points) on 8/20/10 at 10:45am

Hi together,

I have recently earned a PhD in physics at a top tier european university (think of Oxford, Cambridge etc.). Although this background is rather typical for people who want to enter more quantitative roles in S&T, I have decided to enter banking.

Beside my academic background, I have some business/finance experience through internships in consulting at good 2nd tier firms (think of booz, monitor, oliver wyman etc.) and on the trading floor of a 2nd tier bank in europe.

Being said, I have managed to receive an offer for an analyst position at a top BB (think of GS, MS, JPM etc.) in continental europe.

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Meeting different groups in my bank.

ilnadmy's picture
by ilnadmy User's RSS Feed (Chimp, 13 Banana Points Points) on 8/18/10 at 7:07pm

I'm starting soon as a first year analyst at a BB in New York, and I'm going in over the next few days to meet with a few of the different groups. I was just wondering what I should expect from these meetings, and how to make the best impression? I have my eye on one or two groups that I would like to be a part of, so I'm just wondering what they will ask me, and how I can ensure that I get into the groups I want. Will they ask me technical questions like in an interview? Or will it be just a conversation about my interests?

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Applying for Trading - Summer Intern 2011

Ari Gold Jr's picture
by Ari Gold Jr User's RSS Feed (Chimp, 5 Banana Points Points) on 8/18/10 at 10:42am

Hey there, kinda new here, please give me as much pointers as you can for my CV, i don't mind if its harsh as long as you think it can help me.

I'm also from the UK so bear in mind some stuff in my CV will be different to your usual formats.

As for the content of my CV I still have another internship to include but its engineering related (my degree is mech eng) but I'm not really sure if I should put it down, since it might make me seem indecisive regarding my career. That internship is well respected, but only locally in Hong Kong and I doubt if any BB firms will know much about it. (I wanna apply for London)

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Wall Street Potential for Math Major

AceOfSpades's picture
by AceOfSpades User's RSS Feed (Chimp, 2 Banana Points Points) on 8/17/10 at 10:31am

I am about to enter my senior year at a top-25 BB Target School. I am a Math Major with a 3.9 GPA and have taken one course in finance and a few in economics. I just finished an internship as a summer analyst in M&A Group at local boutique Middle Market firm. While I don't have the technical background someone in undergrad business school may have, I am getting up to speed on valuation and basic accounting. I'm about to start recruiting season for Wall Street firms and have developed a big passion for industry and want to break-in. Does being a Math Major put me at an (dis)advantage over others? Thoughts?

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Financial Analyst at the Fed

Joshua.D's picture
by Joshua.D User's RSS Feed (Senior Chimp, 25 Banana Points Points) on 8/16/10 at 11:22am

Does anybody know anything about Entry level financial analyst positions at the federal reserve? I'm interviewing for one in September and want to have an edge over the other candidates. What are the major differences between an Analyst at the Fed and an analyst at a private company? Their website is not much help.

Bonus: Just curious if anyone knew what their starting salaries looked like.

Thanks!

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