6 Free Financial Modeling Lessons...and More.

Enter your e-mail below to get our new Free Modeling Tutorials ($200+ Value).

associate
 

Working In Big 4 Audit in London

Asatar's picture
O
(Neanderthal, 2,026
 
Points)
 on 5/20/13 at 6:12pm
big 4 audit.jpg

Someone was asking me about this in PM and I wrote a long and detailed reply about what it is like to work in Big 4 and what advice I would give to people thinking about interning / working there. Thought it might be useful for others so my reply is below. Happy to answer any questions.

I currently work in the Financial Services (investment banks, brokers, retail banks, corporate banks, spread betting companies) sector at a Big 4 firm in London. I started back in October 2012 after doing various investment banking internships. The market for hiring full time in banking just wasn't there in London at that time so I ended up where I am now.

Investment Banking - Analyst to Associate (A2A)

IB1's picture
IB
 
Points)
 on 5/6/13 at 5:35pm

Disclaimer to start: Yes, I've tried using the search function but nothing good / recent on this topic.

Can anyone who has done this / will be doing this give reasons on why they chose to do it?

I'm currently an Analyst at a middle-tier BB, our group does not send people to megafunds or MM shops even, basically take what you get around here.

My rationale: Why go to some <$1bn fund and look at companies in some boring industry (industrials, oil&gas, etc.) when I can stick it out in banking / upgrade banks even and move on through to MD.

So current plan is to grind it out in IB.

Anyone have input on if this will be a decision I regret 5 - 10 years from now?

Thanks

Megafund Credit Arms

Lame Duck Analyst's picture
(Monkey, 34
 
Points)
 on 4/30/13 at 1:05am

What is the general reputation, pay, culture, exit ops, etc. of the credit arms of megafunds i.e. Sankaty, TPG Credit, KKR AM, etc.? Looking for information on a pre-MBA associate role.

Any help or insight is much appreciated.

4 interviews at Goldman Sachs & no word since....

WhiteMamba's picture
(Baboon, 111
 
Points)
 on 4/18/13 at 9:17pm

I'm a little frustrated. I've had 4 excellent interviews with Goldman Sachs for a compliance role. They went very well, and all 4 of the interviewers really liked me, as they mentioned it, communicated that I gave excellent answers, etc. I followed up with the interviewers immediately afterwards and thanked them for their time and how much I ejoyed meeting them and learning about the role/firm.

JMI Equity

Lame Duck Analyst's picture
(Monkey, 34
 
Points)
 on 4/17/13 at 10:05am

Was wondering if anyone on this forum had any insight into JMI Equity. It is a $2b growth equity firm with offices in Baltimore and La Jolla. I was curious what a pre-MBA associate's experience there is like, whether it is an entirely sourcing focused role, and how business schools / post-MBA opportunities view the firm. Any insight is much appreciated.

Movin' up the chain, networking with an Analyst

xxkdjxx's picture
 
Points)
 on 4/11/13 at 10:44am

Alright, so recently I had an informational interview with an analyst for about 45 minutes.

How can I go about asking him for referrals to maybe an Associate/VP/MD? I don't want to sound pushy, but I want to talk with more senior people, because, let's face it, analysts have no pull on who gets offers and interviews.

Any advice is appreciated! :)

Any advantages to networking with an Analyst?

determined_m-effer's picture
(Monkey, 63
 
Points)
 on 4/10/13 at 6:55am

Is there generally any advantages to networking with Analysts? The only advantage I see is if you hit it off with them, they can refer you to an Associate, VP, or MD. So, essentially, to work your way up the ladder.

I know at smaller boutiques, Analysts are the ones that review resumes and make the shortlist, but is it the same at BB's as well?

If anyone has any advice, I would greatly appreciate it.

Thanks and God Bless!

First Round at Growth Equity Shop - First Round Phone Screen

dondestanlaschicas's picture
CO
(Monkey, 34
 
Points)
 on 3/28/13 at 9:39pm

- Decent sized shop that is agnostic/generalist
- Current fund size $500-700MM
- 2-3 Associates/class = 4-6 Associates total

*Currently a second year consultant recruiting for a 2013 Associate position.

What can I expect for this upcoming screen? For following phone interviews? For the super day in the office?

BAML FMAP Opportunity

BankMonkey21's picture
IB
(Orangutan, 327
 
Points)
 on 3/5/13 at 8:42pm

Got an offer recently still waiting for specifics but does anyone know the starting compensation and progression for this Program located In NYC. Also is this considered Middle office? Any other specific information would be helpful.

Thanks

LBS associate placement for BB IBD

trailmix8's picture
AM
 
Points)
 on 2/14/13 at 9:14am

Does anyone have any clue how many people were taken to summer associate roles among top banks (GS/MS/CS/JPM/Barclays/DB)??

Also would be interesting for LSE as well.

Is MBA or direct promote from analyst the only way to become an associate?

rcm's picture
(Baboon, 107
 
Points)
 on 2/4/13 at 2:31am

If someone, for example, did a couple years in equity research covering the energy sector, could they join the energy group of an IB as an associate? Or would they have to start at the analyst level?

We Are The Street: USA for Wall Street

Aaron Burr's picture
PE
(Gorilla, 558
 
Points)
 on 1/17/13 at 12:30pm
We Are The World

There comes a time when we heed a certain call
When The Street must come together as one
There are layoffs happ’ning
And it’s time to lend a hand to bankers
The greatest gifts of all…

Deep in the throes of wintertime, I tend to listen to my iPod on shuffle mode more often. Maybe it’s because my Beats by Dre headphones double as cozy earmuffs. Maybe it’s because my eardrums are liable to spontaneously collapse if I am subjected to a minute more of Christmas music. Maybe it’s because my taste in music is so terrible I can’t fully appreciate the lyrical genius of Beauty and the Beat. Regardless, beyond the immortal Michael Jackson (RIP), trusty ol’ shuffle usually pumps out some inspiring, introspective tunes – and they often relate to my thoughts about Wall Street.

We can’t go on pretending day by day
That someone, somehow will soon make a change
We are all a part of The Beard’s great big family
And the truth, you know
Liquidity is all we need

You see, when you’re a young banker, the lines between your worklife and lifework can get blurry. And in these tough times, it’s especially difficult for those outside the Wall Street bubble to really understand what our lives are like. For some, life is more easily expressed through song, so I put together this shuffle-inspired playlist to help your mom better understand the nature of your work.


Interns


Life in PE when Things are Going According to Plan

TheKing's picture
O
 
Points)
 on 1/15/13 at 3:30pm
Hockey Stick Projections

This week I thought I might do a little writing on my time in private equity. Specifically, I'd like to compare and contrast life in private equity when a fund's portfolio companies are performing well with life in PE when a fund's portfolio companies are performing poorly.

To be clear, I can only provide the perspective of an Associate, so I've never been in a position to have money tied up in a fund. I imagine the stresses of being a Partner are far different than those of a pre-MBA Associate, given that your net worth can change drastically based on whether or not your portfolio companies meet or beat their forecasts.

With that said, let's dive into today's post in which I'll focus on life as an Associate when one's portfolio companies are performing well.

MBB - Apply for Associate Consultant, or Consultant? Profile Evaluation

RanMan's picture
(Monkey, 33
 
Points)
 on 1/10/13 at 12:33pm

This got long quickly, sorry - abbreviated stats at the bottom

I’m a little unsure if I could apply for Associate Consultant, or Consultant. My work hasn’t been the most quant-heavy, but I’m leaning toward consultant. I'm a 3rd party Project Manager for Hospital Capital Projects – new construction, remodels, and major equipment swap-outs - basically a consultant for a niche industry. I'm in one of the top 5 largest US cities

IB - MBA Associate, still a chance?

EU-IB-MBA's picture
(Monkey, 42
 
Points)
 on 12/21/12 at 11:12am

Do you think there is still a chance to find something for FT IB, with only 5 months to graduation?
Top 10 US MBA (east coast) with BB IB in Europe over the summer.

6 month Associate level placements in London

rogger.potter's picture
O
(Baboon, 112
 
Points)
 on 12/13/12 at 5:34am

Currently studying at one of the top 2 schools in the UK doing a finance masters degree with 2 years of prior full-time experience in finance (but not banking), and a summer undergrad internship in IBD. I was curious to know how difficult/competitive it is to get 6 month associate "placements" in IBD/Asset Mgmt in London upon completing my 1 year program.

I feel like I'm in a weird spot, where I'm too experienced for the analyst position, yet the "associate" full time roles are strictly for MBA candidates. I'm hoping the 6 month associate placements, will be more willing to take on somewhat "non-traditional" people like myself. Let me know your observations and experiences for the London specifically. (I know this isn't offered in NYC)

5 Year BA/MS Degree. Start as an Analyst or Associate?

Carpmc88's picture
 
Points)
 on 12/12/12 at 4:59pm

I am currently perusing a 5 year combined BA/MS in Operations Research and Management Science from UC Berkeley. Just curious, would I be able to get an Associate position straight out of a program like this or no? I want to get into Derivatives Structuring or Trading.

VC Proposal Analysis Strategy and Templates?

fuquamarine's picture
CO
(Monkey, 34
 
Points)
 on 10/21/12 at 3:12pm
1350602347606.gif

Current VC analysts and associates can you please share if your firm uses a standardized template or checklist to vet a potential investment. I'm interested in what kind of an analysis product you would present to a partner after you've reviewed a company, met with the ceo, seen the business plan and you are considering moving forward. Do you make a qualitative analysis of the market, management team, strategy, product and a model? Do you include a 5 forces and VRIN analysis?

If anyone is willing to share an example of their work, or a template their firm uses, that would be awesome.

Investment Banking Associate salary (getting a promotion)

ap0258's picture
IB
(Orangutan, 263
 
Points)
 on 10/9/12 at 6:37pm

To all you who would know,

What is salary range for 1st year Associates? I am getting promoted and have been asked to propose a number.

Thanks

Chicago Real Estate Firms - Anyone hiring?

MikelAngelo's picture
(Monkey, 37
 
Points)
 on 10/2/12 at 6:32pm

I have searched up and down selectleaders and Indeed, but can't find much in terms of jobs for analyst / associate.

Anyone have any leads on who is hiring right now?

To become an Associate or not?

ap0258's picture
IB
(Orangutan, 263
 
Points)
 on 10/1/12 at 5:43pm

Hey guys,

I'm in IB right now and have an opportunity to become an Associate. However, I'm planning on leaving in about 6-7 months and find a position in Private Equity. Would prospective PE firms see me being an Associate as negative?

What makes a great associate?

BuyersRemorse's picture
IB
(Baboon, 140
 
Points)
 on 9/18/12 at 10:45am

So I've read some threads on here recently that highlight what NOT to do (http://www.wallstreetoasis.com/blog/how-to-be-that..., et al...) as an associate. This begs the question - what makes a great associate great? I'd love to get different perspectives (analysts, other associates, etc...) on the matter. Also, are there things specific to a product/coverage group that make a difference here?

Cheers,
BR

How to be THAT associate

bankerella's picture
IB
(King Kong, 1,863
 
Points)
 on 9/5/12 at 12:30pm
Resume.jpg

mod (Andy) note: make sure to check out fellow writer Aaron Burr's response in "How to deal with THAT associate"

September: the time of the year when hundreds of newly-minted MBAs are unleashed upon their new groups.

To those highly-educated individuals who are about to take their rightful place at the helm of the global economy: we here at WSO salute you. The learning curve is steep and your associate class is probably full of people from the same school who look, talk, and think like you do, but if you master the following key phrases, they will help you stand out from even the toughest and most prestigious competition.

When speaking to your analyst:

“The VP/director wants me to add some bullet points on the rationale for the synergies; why don’t you take a first crack at that?” Do my job, please.

“Have these numbers been scrubbed?” Have you done my job yet?

“You need to scrub these numbers better.” You need to do a better job of doing my job.

“This is no big deal; don’t let it take you all night.” I want you to think I’m a nice chill guy, but I still want it perfect and I want it now.

What banker careers REALLY look like: The DATA

bankerella's picture
IB
(King Kong, 1,863
 
Points)
 on 10/22/12 at 7:00pm
Banker-Money-300x300.jpg

Moderator Note (Andy) this was originally posted by bankerella on 9/5/12

All right, folks, got some hard stats here. Read 'em and weep, or rejoice (you know who you are).

Reminder: this is longitudinal career data from a sample set of several hundred bankers in bulge bracket IBD at all levels.

Make sure to see my previous posts in this series: 1. introductory post and 2. schools and promotion rates.

Also, I should say that I got no dog in this fight and couldn't care less where the talent comes from. Just trying to get some hard data out there so that, in the future, people can use it as an objective data point as they consider life choices. And so that working professionals can get back to doing what we truly enjoy doing on WSO: dicking around.

Undergrad

~10% of all individuals in the sample:

Georgetown (Yes, I was surprised too. I scrubbed these numbers personally and stand behind them. I am also not aware of any bias in the sample that would cause this. I think Georgetown might actually place more than anywhere else. Thoughts?)

~8% of the sample:

What banker careers really look like: schools and promotion rates

bankerella's picture
IB
(King Kong, 1,863
 
Points)
 on 8/28/12 at 3:30am
finmodelinglarge.jpg

Hi guys. Answering your questions on career path to start with; also giving some initial generalities about what undergrad schools I'm seeing. The full cut of undergrad/b-school and exit opps data is on the way. Reminder: this is longitudinal career data from a sample set of several hundred bankers in bulge bracket IBD at all levels.

First, just eyeballing it, here are the surprises in terms of undergrad schools:

Yale and Princeton each place more analysts than Harvard. And where the fuck is Stanford? I see almost no Stanford undergrads. Maybe they don't know that IBD exists... or maybe bulge brackets are a turnoff when they've got so much VC around the corner.

Post MBA PE Associate at Mega Funds

friendofblue's picture
PE
(Monkey, 31
 
Points)
 on 8/20/12 at 4:54am

For the guys at PE shops, what are you guys seeing at Post-MBA associate level?

Using HBS as a proxy:
Typical year there's roughly 100 people/year with Pre-MBA PE experience
About 50 with large (THL, BC Partners etc) or mega funds
About 1/2 - 2/3 are looking for PE roles at megafunds
Along with Wharton, Stanford probably about 50-90 Tier 1 candidates.

In terms of jobs:
-MBA heavy shops (TPG, Bain Cap, others?) have already made offers to their pre-MBA associates doing their MBAs so there's not really a spot unless someone declines (which happens)
-Other Megas (KKR, Apollo, Blackstone etc.) have ~2 spots each?
-So maybe 15 roles total?

IB MBA Associate

trailmix8's picture
AM
 
Points)
 on 8/14/12 at 3:00am
ib mba.jpg

If you were to go to a BB as an associate from a top MBA and do a few years there, but decide the MD track is not for you, where are your exit opps?

From what I hear, its a bit different moving out of banking as a post MBA associate then a banking analyst, but wanted to hear some input from those of you who have had experience with this situation, or have directly seen someone go through the same.

I am not directing this question towards anything specific like PE, but just in general, where do banking associates usually go, and what types of organizations try to recruit associates.

How to Build F'ing Amazing Decks for a BSD

bankerella's picture
IB
(King Kong, 1,863
 
Points)
 on 8/10/12 at 12:47pm
focus-on-main-points.jpg

I gotta say, my life has improved dramatically since I got to the point where I could control much of the messaging my team produces.

Before I go any further, huge caveat: this is completely culture-specific and audience-specific. There are some groups out there that would hand me my walking papers for doing this. And I don’t think there’s a single firm on the street that would have let me get away with this as an analyst. Fortunately, my audience (the folks who collectively determine how much I can make) is full of guys that are terse and no-nonsense but ultimately friendly. They’re the kind of guys who pull triggers.

Also, from the day I developed this strategy, I took a solid month to gauge the attitude of the audience very carefully before I did anything. I also took care to build credibility and support with the right people first.

And then....

I cut the bullshit talk. I cut the bullshit slides. I cut the bullshit models. I cut content, I cut iterations. I cut my hours and my team’s hours. I waited for someone to take me aside and give me “the talk”, but no one did. So here’s what the new era of my life looks like.

Audax Mezz Fund - NY

thecrazybaboon's picture
(Chimp, 10
 
Points)
 on 7/30/12 at 7:55pm

Has anyone worked there or know someone that did? How are the hours? Comp? Sweatshop? Any info would be super helpful. Thanks guy.