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MM PE to HF- When to start interviewing?Hey guys, I've been reading WSO for years but don't post much. My story is I did two years at a BB and am now in my first year at a generalist MM PE firm in NYC. I work with a great team and like the job more than banking because I'm learning a lot more about investing. I spend a lot of my free... 1 year 4 months
CVC Capital New YorkDoes anyone know anything about CVC's New York office? Apparently they've been around for a couple of years and consist of about 10 guys. They focus on a couple of different sectors. I was wondering if anyone knows about the office's culture and whether or not it's a sweatshop (I heard some of... 2 years 6 months
LBO Modeling Test from Scratch with no CIMHey guys, I've got this PE modeling test in a few days where I need to build an LBO model from scratch for a company. I'll be given three hours for the test and will need to pull the company's historical financials from SEC filings (Edgar). Given I won't be given a CIM, how should I go about... 2 years 7 months
Previous LBO Tests - Program Has Them AllHey guys, I was interviewing the other week and was talking to one of the other candidates. We were discussing the modeling exam we both just took. He mentioned it was a lot harder than some of the others he'd seen (he started naming modeling tests from megafunds like KKR). When I asked him how he... 2 years 9 months
Importance of Starting Analyst Years in NYCHey 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... 4 years 11 months
Thank you notes after internship?Hey everyone. I just finished a summer internship and was considering writing a thank you note to everyone I worked with (around 10 people). Do you think this is a good idea or over the top? I already thanked everyone on my last day but am thinking that sending a brief handwritten note would also... 4 years 11 months
BB Summer Analyst BooksQuick question: I know most BB's have a book they distribute to summer analysts during training week that lists every intern's name and general background. I also know that a lot of banks have their interns submit their resumes so that the banks can gather this information for their books. However... 5 years 2 months
Summer Analyst-How often to keep in touch with...Hi guys. I'm a junior in college and am interning at a BB's regional office this summer. I received my offer about a month ago. During the interviewing process, because I wasn't applying to New York but a different city, for whatever reason HR didn't conduct the interviews. Instead, I interviewed... 5 years 5 months
Just started I-Banking Internship in Foreign...Hey everyone. I'm an undergraduate econ major who just finished his second year. Just yesterday I started a four-week unpaid internship at an i-bank. The internship is in Europe in the country my parents are originally from (I was born and raised in the United States my whole life). Although I can... 5 years 12 months

Comments

Preview Freshness
Kenny - can you describe how the expectations...Kenny - can you describe how the expectations could be lower for a in-office case study (say three hours) vs. a take-home case study? For example, what items/analyses could be left out of an in-office case that you would expect to see in a take-home case? 2 weeks 11 hours
I think you should build in the balance sheet...I think you should build in the balance sheet with fairly simplistic (but defensible) assumptions. If this were an in office case study where you are under more time pressure, then you might be able to get away with not having a balance sheet. That said, I don't think inserting a balance sheet will... 2 weeks 2 days
Piper, thanks for your helpful posts. Do you have...Piper, thanks for your helpful posts. Do you have any opinions on which sectors are ones in which HFs can conduct meaningful primary research? I ask because not only is being able to conduct such research critical to getting good returns, I think it also enhances the learning experience of a junior... 1 month 4 weeks
Thanks piper. Do you have any views on which...Thanks piper. Do you have any views on which subsectors within industrials are particularly interesting / good places to invest? Just curious, why is the consumer/retail sector difficult to generate alpha relative to other sectors? 3 months 1 day
Competition to get in the Ivies is pretty fierce...Competition to get in the Ivies is pretty fierce at the top boarding schools. If you are someone who has the opportunity to go to a public high school in an area of the country considered "diverse" (some states in the south for example) and be valedictorian there, then your chances of getting into... 7 months 2 days
Smaller funds often don't have HR departments...Smaller funds often don't have HR departments that clearly outline your comp expectations for year 1 and year 2. Often you will just be told year 1. I know a couple friends in PE who are second year pre-MBA associates and their base did not increase from year 1 to year 2. That said they are... 7 months 2 weeks
Anyone have any additional insight? Anyone have any additional insight? 7 months 4 weeks
As most of us probably know, there are three ways...As most of us probably know, there are three ways to generate a return in PE. The first is through EBITDA growth, the second through multiple expansion at exit, and the third through cash flow generation during the hold period. EBITDA growth is the most profitable given the multiple applied to... 10 months 6 days
I look at unlevered FCF margins and levered FCF...I look at unlevered FCF margins and levered FCF yields. Why? Because an unlevered FCF margin tells me how good the fundamental business is (leverage doesn't change that). On the other hand, I look at levered FCF yields (so levered FCF divided by market cap) to see how cheaply a company is trading.... 10 months 1 week
I get the comparability issues. But that's more...I get the comparability issues. But that's more for conducting a relative valuation comparison versus an absolute one . Pre-tax FCF is obviously an easier calculation, but in the end taxes are real cash costs and need to get factored into FCF. The easiest solution is to use a pre-tax simple FCF... 10 months 2 weeks