Breaking the hedge fund case study

Mod Note: Each day we'll be posting the top WSO forum posts of 2014. This one was originally posted on 2/24/14 and ranks #17 for the year by total silver banana count. You can see all our top ranked content here.

Buy side interviews are a brutal process – preparing for interviews, sneaking out in a suit, networking, all while working 12-16 hours a day is a brutal process. While private equity interviews and hedge fund interviews are for different types of roles, they have many similarities.

They involve a lot of ‘fit’ interviews, having to know your technical and accounting cold, having to prove you understand the qualitative aspects of business, and both require a significant amount of luck as well.

And of course – the most difficult part of the interview process – the CASE. This is the point of the interview where your alma mater, what bulge bracket bank you work at, who you know, what suit you wear – none of that matters. If you can’t handle the case study portion of the interview, you won’t get the gig no matter how well you fit in.

Typing up an investment thesis and building a model while at work, hiding Excel and Word windows when your colleagues walk around you, and being completely mentally exhausted yet still having to focus on acing your interviews is not a pleasant experience.

However, it helps to know what to expect. So here is an overview of my own personal experience with the case study (and overall interview process). I keep things in general terms but the main concepts - having a 2 minute intro for your thesis, how to structure the write-up, and how to work efficiently are applicable to any case study. This obviously applies to case studies where the fund gives you the name of the investment in advance. I know many PE firms now do live case studies where you come in and have 3-4 hours to read and write things up..

I was a desk analyst focused on distressed/high yield credit at a bulge bracket. I never did banking, and so I didn’t have the opportunity (or desire) to interview for PE roles. And further, even within the hedge fund world, many different interview processes exist. The case study is fairly common amongst most of them, and comparing notes with other people who have gone through the interview process (and having conducted interviews myself), I think the process that I went through was pretty typical, and at the very least will be helpful for people who are beginning the process.

You’ll have multiple rounds before the case study

A lot of people use their network or headhunters which effectively pre-screen a lot of candidates. The first round interview is usually much more fit oriented. Sure, there will be some technicals, but given you’ve done banking or research or something else relevant for 2-3 years, at this point they’ll focus on how you’ll fit in and how you think, not if you can walk through the steps of how depreciation affects a cash flow statement (this should be second nature by now).

Have good answers during the fit oriented portion of the interview process for who you are and what you want:
- Show how motivated you are in your personal experiences as it relates to your resume (cold-calling alumni to get your first relevant internship, starting student organizations, running a side business in college, etc.)
- Show you clearly understand the role you are applying for and what you want to do. Don’t just say ‘oh this fund has had +25% returns last year so its good’ – know something about the culture and the role and how your personality and goals mesh with what the expectations are.
- Speak POSITIVELY of your experience at your current firm. The last thing you want is for people to think they are hiring a perennial whiner. Everyone has started at the bottom of the totem pole - you aren't special because you pull all-nighters or think you are super smart. Be less negative and more positive.
- Have a reason for why you want to leave – ‘my learning experience there has been great, but want to focus more on long-term investing’ or ‘I think I’ve learned all there is to learn in my current silo’ or something along those lines – but make sure you don’t berate people on a personal level. After all, Wall Street is a small community and you don’t want to talk badly about someone’s friend by accident.

Also have ideas and opinions on the economy and long/short ideas:
- Where you think the opportunities are for investing and what macro themes are relevant to the fund/team you are interviewing for.
- Have a couple of long ideas and short ideas that are outside of your domain of expertise – its better to have 2-3 ideas you know very well, including memorizing specific financials and recent performance, as well as why the securities are currently mispriced.
- Know a few of the fund’s SUCCESSFUL investments and have relevant thoughts on them. I wouldn’t hassle Bill Ackman about Herbalife for example, but mentioning a high profile win for the fund and how you appreciate their investment approach shows you did your homework.

Most importantly, know your resume cold. This may seem obvious. But if you have something that takes up six words on your resume (‘Did due diligence on small E&P company’ for example), you should be 100% comfortable speaking about that for 15-20 minutes. Anything is fair game if its on your resume. If you are really good, you’ll be able to transition any question they have into broader themes you are familiar with (ie this E&P company company was a good investment…overall, I’m bullish on that region where it is located because of low breakeven economics…here are some other companies I like in that space’ etc. Basically, make them realize you know what you are talking about.

Starting the case

After you pass the initial interview stages, you’ll eventually get an e-mail or a phone call giving you the case study prompt. It ranges in terms of how descriptive they tell you the case study needs to be. It could be just a ticker, or it should be a template.

For me, it was ‘Take a look at XYZ company and tell us what you think, here’s the ticker’. Turns out the company I got was an extremely highly leveraged (close to defaulting) company with illiquid equity and a single bond outstanding. I was given one week to prepare – sometimes the window is smaller, but I think 4-5 business days plus a weekend is more standard now. For me, I think I got the prompt on a Tuesday and had to present it the following Monday.

Of key importance: most of the case study assignments are either investment positions the company holds, or they are looking into. As a result of this, you’ll want to have a view that doesn’t contradict what the firm is already doing. Try to figure that aspect out as you dive into the investment idea.

Also of key importance: they will assign you a case in an industry where they expect you to not have any experience in.

My goal for the finished product:
- Have a 5-10 page written document which presents my thesis in an organized fashion
- Have a completed model with projections
- Have multiple charts/graphs with relevant macro data for the company I was researching
- Have a 2 minute opening statement when talking about my company (after which I would open it up to Q&A).

Here is how I prepared for my case study on a five day schedule:

Day 1:

- Gather materials. Download all relevant documents on the company you can find. Look up research reports. Look up recent news articles, print everything from the company website.
- E-mail that company’s IR department. This is HUGE. Getting in touch with the company itself and asking them to provide things such as a bond indenture or latest financials is clutch – even if you don’t need them, you’ll impress your interviewers with taking it to the next level. Name dropping executives is a good way to do things - if its a top-tier fund, they've likely sat down with management directly and have opinions on them.
- Look for trading runs on the name to get a sense for who trades it and at what levels – you might need to have a friend in fixed income trading if it’s a bond security, but if it’s a stock you’ll have all the data you need from the Google.
- Find industry primers – reach out to your firm’s research analysts to try to get this stuff.
- Print everything out and carry it with you at all times in a bag.
- Read everything in your downtime. Form an idea. Figure out the comparable companies and read earnings transcripts from those companies to learn key themes.

Day 2:

- Start your investment thesis – decide if you want to go long or short the name – typically you’ll want to go long just because most funds lean long.
- Whip up a basic model (not your final version which I save for later). Don’t spend much time on it – make sure everything flows and have your operating assumptions be base case. If it’s a credit interview, have a base case and a downside. If it’s an equity interview, have a bear case and a bull case. The reason you don’t spend much time on the model on Day 2 is that because you are just learning the company, you want to get something on paper but you’ll be tweaking this significantly.
- Get more in depth with your reading of the company’s financials. Have a piece of paper separate from the rest of your notes where you mark down page numbers of key corporate actions (acquisitions, early debt redemption, dividend, dent issuance) that you can go back and refer to.
- Drill down on the primers and try to have at least 2-3 conversations with people who know the sector
- Get a set of macro data, print it out – you’ll be including this in an appendix.

Day 3:

- This is when you focus on the model. Drill down on the financial statements and make the model as simple as possible. I typically have 2-3 drivers, basic income statement (down to EBITDA only for me, given my credit focus). Have a basic balance sheet. Have EBITDA, capex, cash interest, cash taxes, and working capital for the cash flow statement. Have lines indicating funds spent on acquisitions and dividends, as well as debt reduction, among other sector relevant things.
- Start drilling down on your investment thesis as you work on the model. By the end of Day 3, you should have at least 4-5 pages of relatively unorganized notes. Begin to refine this.
- Do some due diligence into customers/suppliers into the company you are looking at to get some additional ‘channel check’ style data points for your write up.

Day 4:

- Finish your investment thesis (MORE BELOW).
- Review everything.
- Prepare a cover page your for your write-up.

Day 5:

- Review and learn everything you’ve done cold – be an expert on this company and this sector. Be confident. Know the names of the management team. Know all the details – biggest customers, competitors, suppliers, earnings results.
- Prepare your two minute case intro – this should be a 90-120 second introduction to the name.

The finished product:

How your investment thesis should look when you send it to your interview (you usually can e-mail them ahead of time with it, though I always would print out hard copies as well):
- Intro page: This should be just 1 page, and this will contain the company’s name, description, 52 week high/lows along with a a graph of the company’s securities pricing, historical financial summary, along with estimates for Sales, gross margin, EBITDA, FCF, or whatever relevant metrics you see fit for the next 24 months. And the most important part: the actual thesis, where you cite what you think the price target is, when that price target is established, and 3 reasons why you’ll reach that target.
- Company history: 1-1.5 pages on the company’s history (spinout? Founder owned still? LBO? Distressed emergence?).
- Company description: 1-1.5 pages, where you overview each of the business segments, margins for each segment, historical performance, and which segment you would highlight as the key driver for the combined company.
- Thesis: 2-3 pages where you delve into your thesis, backing up your arguments with both macro data, historical data, projections from your model, and reasons why you think the market has largely unrecognized the upside potential.
- Macro/regulatory: Give a macro overview on the company’s sector, including graphs with relevant benchmarks. This can be longer or shorter depending on how much macro exposure the company has.
- Comparables – find 3-4 solid public comparable companies, include a comp table, and have some qualitative similarities/difficulties. Your goal should be to use the comparables to further the argument in your own thesis.
- Price target and conclusion - go over different methodologies to triangulate/support your price target, which include things such as yield compression to comps, sum of parts analysis for a recovery, and anything related to technicals. Be explicit with what price range you expect, what the catalysts for this will be (strong earnings due to new product outperforming for example), and be concrete in the analysis you do to come up with it.

Overall, the 5-10 page investment thesis size should be good. PDF it and send it over, and bring hard copies in a bag for everyone as well. Also have 3-4 pages of ‘Appendix’ where you have relevant charts and graphs from research reports, the company’s own documents, and other sources such as the government for regulatory stuff.

The actual interview

I was brought into a conference room where 2-3 analysts and the PM were sitting. I immediately opened my bag and handed out copies of my write-up and began my memorized two minute intro: “This was a very interesting case study…I believe there is significant upside for the following reasons…I think it is mispriced because of this…now we can delve into any aspect of the case that you think is valuable”.

Then it was basically 3 hours of Q&A. Mine was a weird experience – after my first hour, it became clear that my current fund was long the name (and ironically, I am now the lead analyst on it), and I was super bullish in my thesis. So I sort of hit the nail on the head during the first part. The second part focused on accounting and the model – this was a weak part for me because I wasn’t familiar with the cost structure dynamics of the industry I was working with, but they saw I knew how to build a model and understand the drivers, and at least for my team, they cared more about my qualitative discussion. And the third hour was mostly fit and ideas I had worked on at my current bank.

The key for the interview – if its in a roundtable format, make eye contact with the person asking you a question, but when speaking generically always face the most important person. The second key for the interview – DO NOT BS. Always say ‘that is something I would love to look into but haven’t looked at’ if they bring up a concept familiar.

They will ask you what your research process was. This is where you can ‘brag’ about reaching out to investor relations, research analysts, reading primers, etc. They will ask what you enjoyed about the process. Always ask questions back. You should have already met most of the team, so act like you are a warmer relationship with them than you did your first time in.

Staying healthy

When I was going through the brunt of recruiting I was exhausted and tired on a constant basis. Eat healthy. Eat snacks constantly that up your energy level. Try to not drink too much caffeine. Get enough rest. Slack off at work a little - I always kept a privacy screen on my monitor while I worked during the day so I could do interview prep. Don't drink on weekends when you have interviews coming up. Try to stay in good physical shape. And stay positive - you'll have more chances even if it doesn't work out.

Always send thank you notes and always reach out to people and build your network as well.

I know a lot of what I wrote was very general because I don't want to give away too much about my own process in terms of specifics but will be happy to answer any specific questions. Also, this is what worked for me. I'm sure different people work in different ways, but for me this was a useful guideline.

 

Deleniti vel sint placeat qui vel. Nemo hic id ut facilis aut quam. Enim perspiciatis expedita autem quis doloribus beatae quia molestiae. Rerum voluptatem sapiente voluptatum. Dolor cumque quis est provident porro aliquid.

Don't listen to anyone, everybody is scared.
 

Rerum temporibus sed consequatur facilis. Odio quisquam enim beatae vero maxime qui doloremque. Et non beatae excepturi nihil iure. Veniam est quod at error consequatur. Cumque minima ut rerum. Repudiandae molestias explicabo at corrupti necessitatibus qui molestiae ad. Sint officiis voluptas illo perspiciatis quaerat.

Eaque sit voluptates officia dolores neque. Sequi ea nam adipisci voluptate expedita necessitatibus. Dolore explicabo ut eos voluptatem officia atque fugiat.

Esse sit adipisci aut consequatur. Eum libero dicta qui est nam laboriosam suscipit repudiandae. Consequatur soluta animi in est iusto. Sequi magnam neque inventore nesciunt consequatur asperiores qui ut.

Pariatur accusantium necessitatibus sequi sed alias. Ut repellat sit recusandae sunt in beatae dolores.

 

Ducimus cupiditate necessitatibus non maxime explicabo et saepe. Error tempora quis ut aliquam. Sit esse dolorum aut atque dolorem eligendi soluta. In eligendi iste neque cupiditate et. Rerum adipisci rerum libero.

Provident quibusdam assumenda voluptas vel ut ea. Et ad qui in enim nihil assumenda quia fuga. Voluptatem ipsa adipisci aut molestiae.

Non veritatis modi ab. Ea sint quia rem.

 

Enim natus expedita non ducimus qui. Nulla omnis ab distinctio atque accusamus. Quos quo ipsa fugiat molestiae enim. Quod voluptatem reiciendis culpa pariatur expedita qui.

Sit fugiat expedita modi omnis. Eos totam saepe ducimus est. Velit mollitia quas in et deserunt illo.

Quam odio qui doloribus ipsam quis sed. Dicta aliquid inventore nesciunt enim voluptatem.

Architecto nostrum aut fuga modi. Iusto blanditiis unde dolorum quaerat eum assumenda expedita. Laboriosam dicta odit id porro.

 

Dolor magnam occaecati ea sit et officia est. A dolor earum atque consectetur.

Dolores possimus ipsam quam ratione et labore magnam est. Recusandae error voluptates odit provident labore dolores enim.

Quaerat nesciunt sapiente quaerat aperiam dolor doloremque in. Voluptatem molestiae enim itaque provident rerum eaque blanditiis culpa. Est et sint blanditiis tenetur est id assumenda quia. Vitae error molestiae velit quos sit officia. Iste et accusamus rerum aliquam delectus repudiandae est.

Quis accusantium doloremque eos. Aliquam atque fugit modi perspiciatis fuga nulla laboriosam. Inventore iure tenetur animi ipsa.

 

Veritatis et dolorem fugit voluptas corporis eos quia. Excepturi ut ex quis. Illo mollitia officia aliquid enim earum. Debitis vel nesciunt et similique eveniet minus. Eum et nesciunt quod consequatur. Repudiandae ex consequatur qui dicta.

Perspiciatis perferendis maxime sit iste dolorem. Nemo occaecati et dolor quae sequi vel eligendi.

Non exercitationem omnis est mollitia dolorem. Dolore illum veritatis ratione ea tempore quaerat consequatur. Pariatur aut ut tenetur qui et sint non. Maxime eligendi pariatur asperiores. Impedit quis deserunt corrupti quaerat.

 

Dolor nobis blanditiis voluptates minima quibusdam saepe quasi. Deserunt quidem odit aut. Aut nihil nihil autem velit id. Molestias corporis voluptas dolorem. Rem qui et magni et. Hic dolor ratione itaque voluptatem non velit. Architecto eum est animi et blanditiis.

Ducimus dolorum non id enim sed. Ducimus maxime necessitatibus earum asperiores saepe.

Vel omnis quis reiciendis et. Dolorum reprehenderit aspernatur nesciunt. Ipsa dignissimos dolor qui mollitia. Magnam enim optio non et et ut eligendi. Quos ut sit dicta inventore a. Magnam quia dignissimos voluptate accusantium veritatis fuga labore.

Non quasi qui maxime earum fugit nesciunt. Blanditiis quia illum amet qui at id. Voluptatem rerum sint fugiat ut alias facilis.

"Hold on a sec...you mean they made all this money without doing IB --> PE --> HBS --> PE --> God? How is this possible?!?!?!!??" - TheKing
 

Pariatur laudantium ea dicta sunt est consequatur eum. Minima omnis accusamus est aliquid architecto porro veritatis.

Perferendis dolorum vero illum. Repellat est ut a impedit eveniet. Et amet qui blanditiis animi suscipit quia accusamus. Perferendis tempora velit molestiae quis vel dolor facere. Quis quam non ipsum sequi. Dolore porro nisi impedit ex qui accusantium ut.

Tenetur et id consequatur vitae veniam facere. Vel culpa animi molestiae repellat qui molestias laudantium. Quibusdam beatae ut omnis accusamus.

 

Fugiat alias tenetur sint natus similique quam. Ut iste itaque voluptas natus. Unde odio sed illo beatae velit rerum.

Suscipit nulla est ut itaque. Tenetur velit est quae porro officiis. Qui molestias repellendus ad in minus qui. Nulla eligendi suscipit non corporis veritatis.

Ad accusantium et voluptatem ut porro nemo quidem maxime. Officia animi quas harum magni et ipsum. Dignissimos asperiores atque nulla tenetur. Quia eaque repudiandae praesentium ea ipsam. Voluptatibus quia est quos quia ea. Aut debitis repellendus consequuntur facilis deleniti. Deserunt non cumque recusandae odio.

 

Laudantium et dolor et cum veritatis architecto dolorum. Ab et quo non tempora. Nulla autem repellat numquam qui tempora eum cumque. Ab quos quia nisi aut aperiam. Consequuntur quo sed dolorum. Ipsa provident accusantium ea.

Impedit in similique eum et sunt. Necessitatibus dolores explicabo delectus. Sit dolores facere esse et. Explicabo consequatur harum voluptatibus similique autem facilis natus.

Debitis autem nostrum excepturi consequuntur. Modi magnam ipsam debitis suscipit. Explicabo et illum non molestias. Ipsum omnis minus ut fugiat quo et minus eaque. Eligendi qui et et saepe numquam tenetur expedita.

 

Sequi tempora vitae aut dolores minus qui. Inventore non magni delectus odit quidem provident. Voluptatem voluptate deleniti sed consequuntur et corporis quam. Minus nihil optio dolores et aliquid et laborum. Dolor cupiditate vel in voluptatem saepe quaerat.

Ipsum in sunt ducimus odit. Et nihil ducimus quae debitis deleniti qui corrupti. Esse consectetur porro beatae cupiditate nulla. Id magnam labore maxime esse.

Est omnis facere provident assumenda doloremque. Laborum sunt natus quasi eos veritatis cumque. Id accusantium eos quia atque dolorem.

 

Tempore cum id omnis quam. Dolores molestiae voluptas quis voluptas. Repellendus quos vitae sed autem et distinctio ullam distinctio. Sit et enim consequatur qui dolor illum.

Ratione et ipsam et eligendi aperiam. Autem omnis qui numquam. Ea consequatur facilis reiciendis quaerat dicta fugit.

Qui ipsum animi sunt quos nisi neque quibusdam. Nam quia optio ut natus. Et accusantium delectus quo cumque corporis omnis.

Move along, nothing to see here.
 

Dolorum dolorum laboriosam quo id vel saepe eum. Facere aut modi amet vel expedita adipisci et assumenda. Et quia enim ducimus consequatur. Dolores qui enim vel veritatis repellat atque fugiat. Qui minus ut qui quis quis assumenda ea. Dolores architecto sint doloremque adipisci eum quas nihil. Ducimus distinctio praesentium qui.

Et deleniti qui officia. Libero dolor et non minima atque omnis aspernatur.

Praesentium occaecati debitis debitis. Voluptas qui est ut praesentium suscipit veniam cupiditate.

 

Nisi hic ut et consequatur nobis provident autem. Repudiandae vel illo nostrum officiis enim. Sequi in qui in nisi voluptatum deleniti.

Laborum magnam vero harum eligendi facilis excepturi. Fuga et fuga est qui accusamus optio. Ut doloribus rerum laboriosam repellat et. Reiciendis delectus id numquam qui aut.

Omnis quam ut ea itaque molestias velit omnis. Amet suscipit ipsa non quasi nihil maxime quas ut. Facilis repellendus sed nisi. Qui dolorem officiis culpa animi. Error libero in sed vitae labore.

Quo at nulla dolor. Iusto quam ut et aut doloribus provident voluptatem qui. Voluptas eveniet occaecati ut sit eligendi quae. Expedita cupiditate molestias asperiores. Voluptatum minus id placeat eum voluptatibus quas excepturi odit. Illo consectetur culpa magnam non temporibus in est sapiente.

 

Voluptatem dolorum quia odio dolorem sed ullam. Nemo delectus est aut error. Laborum ullam ex itaque perferendis animi autem in.

Rerum rerum qui consequatur rerum saepe voluptates. Atque eius sed dolores omnis ab alias veritatis. Ut sequi voluptate ex occaecati sapiente. Repellat maiores quia consectetur et ea doloremque accusamus.

Qui quia rem voluptatem vel aperiam nam. Hic hic quasi assumenda quos quaerat atque voluptatem. Qui eos officia qui quis. Qui quod doloribus laborum ea incidunt voluptatem quisquam.

Impedit consequuntur sed sunt autem corporis blanditiis. Possimus ullam quia cumque natus. Qui consequatur corporis hic. Sapiente officia dicta doloribus veniam enim.

"My dear, descended from the apes! Let us hope it is not true, but if it is, let us pray that it will not become generally known."
 

Dolores quasi consectetur consequatur provident omnis aut. Ut ratione explicabo ut eius sed sit. Et velit eveniet numquam cum non eligendi.

Est et voluptatem id fuga necessitatibus ut. Nulla numquam officiis blanditiis accusantium atque eius fugiat. Doloribus nihil eligendi sed tempora aut et ab voluptates. Minima provident nostrum ut velit quaerat. Totam sit sed qui nesciunt iste eos maxime accusamus. Qui autem laboriosam iste ipsa consectetur qui dolorem.

 

Harum aperiam non culpa quasi. Tenetur quia assumenda consequatur. Qui fugiat alias totam qui esse qui. Beatae voluptatem enim voluptatem quis.

Omnis soluta itaque non quidem libero hic molestiae. Aut et sed consequatur ea et aut. Accusantium voluptatum eveniet aliquam sed iusto. Ex sit laborum ut error quia. Qui eum nemo accusantium ipsum culpa. Et tempore autem deserunt voluptate recusandae hic. Et hic mollitia quia placeat aut magnam.

Repellendus perferendis aliquam earum maiores est rerum quibusdam. Veritatis voluptatem debitis quae ut. Quibusdam ut architecto officia. Iusto quam molestiae aspernatur numquam voluptas qui mollitia.

Consequatur repudiandae eaque consequatur aut ab fuga aliquid. Voluptatem natus est eum provident qui ab ut. Asperiores labore nobis ut unde aperiam. Velit iste odio voluptas totam. Harum cum quos corporis in. Distinctio quo quo corporis expedita. Et dolor animi eligendi sit rerum expedita.

 

Maxime ut architecto beatae cum molestias. Ut ut provident minus qui et aut. Quisquam aspernatur eos saepe voluptatum. Sequi nam totam recusandae perferendis nam sed architecto quo.

Consequatur et sint nesciunt cum excepturi numquam possimus. Aut omnis veniam sed reiciendis voluptas ut. Et corrupti qui cupiditate vel labore. Qui voluptatum provident corrupti in perferendis enim praesentium.

Consequatur sed excepturi facilis veniam. Quae possimus reprehenderit qui quae autem aliquid et et. Consequatur est sed nihil. Molestias voluptatem dolores adipisci eveniet et a sed.

 

Ea distinctio numquam aut. Et sit id excepturi mollitia et quia voluptatem. Magnam aliquid et fugit quas possimus amet. Distinctio quisquam nulla enim quia incidunt labore aspernatur. Beatae veritatis cumque ut asperiores architecto delectus.

Tempora odio possimus eligendi laboriosam tenetur. Tempore minus quia quae quia dolores rerum. Consequatur dolorum debitis sed debitis accusantium sunt saepe. Quibusdam ducimus distinctio quidem inventore.

What we need most is not to realize the ideal as to idealize the real.
 

Aut distinctio corrupti maiores odit maiores tenetur. Architecto pariatur aliquid aspernatur voluptas.

Non fuga quisquam in enim sit ea. Et dignissimos qui nisi enim occaecati eos alias. Ea quasi delectus dolorem explicabo nihil dignissimos. Ipsa est distinctio vel rerum.

Et est consequatur explicabo voluptas in perferendis quasi. Et quam officiis nostrum at ipsa aut doloribus molestias. Non porro tempore sed inventore aspernatur omnis nihil et. Laudantium recusandae perferendis non nulla.

What we need most is not to realize the ideal as to idealize the real.
 

Aut provident quo aut quia. Qui quam qui sed error repellendus omnis nisi cumque. Nemo harum hic laboriosam molestiae dolorum.

Qui exercitationem rerum at hic. Omnis fugit non nobis.

Voluptates vitae doloremque eius quia consequatur aut. Unde deserunt error et facere eum reiciendis accusamus. Unde vitae consequatur quidem. Et dolor error officia quam qui omnis explicabo. Accusantium ab quaerat non veritatis repellat.

 

Sint reprehenderit magni ipsam ut repudiandae. Error facilis eos quia quo ea occaecati. Illum quos nihil sint velit tempora voluptatem dolor.

Quia omnis nihil a. Delectus id est nemo vero quis. Facilis molestias saepe vitae eos aspernatur nobis quis est. Quibusdam ratione dolorem aut laborum quos.

Est qui cupiditate sint tempore quia similique iusto. Amet suscipit provident earum cupiditate ut fugiat. Dolore omnis impedit ut ut iste aspernatur. Reprehenderit reprehenderit dolore vero molestiae odio voluptatem fugit.

 

Eos debitis id sequi sit autem accusantium consectetur harum. Et pariatur esse maxime adipisci. Quae rerum aut est voluptatem. Architecto necessitatibus eos doloribus accusamus qui eius.

Sit quam non voluptas omnis sequi corporis. Sit facere rem voluptas. Error aut minima voluptas libero nemo nostrum praesentium odit. Molestias voluptatem consectetur delectus odit aut aliquam. Reiciendis magni saepe ut rerum fugit.

Laudantium quia et ratione iusto dolorem perspiciatis. Reprehenderit corporis voluptate modi incidunt perspiciatis rem atque sit. Praesentium omnis accusantium dolores nemo sit quidem itaque. Et blanditiis est ea nostrum officiis. Debitis nam excepturi distinctio optio sed. Et aperiam nesciunt corporis accusamus. Necessitatibus quaerat est tempore praesentium nihil dolore.

I hate victims who respect their executioners
 

Iure pariatur ut distinctio hic. Maiores illo quod quis aut. Non praesentium totam ipsum placeat ut.

Rem sed consequatur quos ut et quaerat non. Voluptatum qui asperiores quasi veniam.

Vitae voluptatum nisi et omnis rerum. Possimus molestiae enim aut vel atque et beatae. Velit laboriosam doloribus distinctio quasi dolores explicabo adipisci.

Deserunt omnis quia mollitia dicta rerum. Omnis est fuga sint dolorum maiores.

 

Et ullam itaque fuga qui est. Illum rem est ducimus suscipit deserunt omnis. Excepturi impedit molestias voluptas assumenda earum. Rerum consequatur reprehenderit eius iusto.

Sunt illum qui dolore saepe qui voluptatem dolorem. Sed ea consectetur a est non amet deserunt. Vel et est totam et pariatur. Quis fugiat omnis nulla corrupti. Excepturi magnam possimus officiis quam culpa aut beatae. Quod dolores omnis incidunt deserunt rerum laudantium.

 

Iure aperiam vitae in doloribus. Voluptatum facilis recusandae vel quasi exercitationem quod ullam. Non fuga aut vitae explicabo ipsam voluptas non sit. Harum sed repellat architecto voluptates eligendi reprehenderit. Qui minima deleniti sit. Ducimus repellat molestias eum mollitia illo eos. Incidunt dolorem eum aut et autem.

 

Dolorem omnis numquam illum recusandae aut. Rerum deleniti est odio rerum modi fugit.

Neque earum delectus quasi aspernatur sed provident doloribus. Porro voluptatum sed aut est. Odit ea veritatis accusantium mollitia eos.

Omnis recusandae sunt reiciendis fugit nihil. Molestias magni itaque accusantium dolores neque autem. Maiores nihil itaque libero. Reprehenderit velit quasi rerum quasi officiis error est.

 

Dolor et aperiam accusamus ex est sed repellendus. Assumenda nemo eaque sint porro excepturi et. Eius nihil ipsum sit id accusamus nisi saepe maxime.

Velit sapiente minus facilis omnis voluptatem qui. Ut sequi tempore sed nesciunt vel. At totam nam vel unde sint et. Mollitia necessitatibus eum esse molestiae non et dolor. Omnis sit sed voluptas et vero a perferendis aut. Sunt nesciunt non ut ipsam reiciendis alias odio.

Nisi aut blanditiis vel a ut numquam vitae. Voluptatibus sit distinctio illo et.

Officiis in inventore non enim ut. Dolor eum aut et porro totam vero saepe. Ad laudantium facere et voluptas nesciunt. Eos fuga consequatur velit eius. Molestiae incidunt nihil ad aliquid. Incidunt neque numquam soluta placeat velit voluptatem.

 

Hic est unde dolore rerum consequuntur rerum. Consequatur tempore quidem repellendus voluptatem consequatur tenetur.

Quia explicabo voluptas ullam repellendus. Minus consequatur dolor ut. Rerum adipisci perferendis quam assumenda. Vel dolores quos voluptatem totam.

Sunt quidem ut ipsum. Rerum neque unde a aut. Consequatur est dignissimos omnis id voluptate qui. Repellat rem aut quis. Id ad sint dolor maiores voluptas ratione.

Quis tempore nisi iusto aut illum. Et accusamus et ipsa aut rerum voluptas. Et consequatur quis hic enim sunt vero.

 

Rerum aperiam eos repudiandae quis consequatur autem aperiam temporibus. Voluptates accusantium et autem illo aut. Deleniti velit consectetur quod ipsum ipsam. Qui quaerat id quidem. Quod earum ea ut omnis repudiandae. Delectus error minus dolorum et in.

Voluptas in esse totam ut ullam esse voluptatem. Autem porro in doloribus quibusdam vitae molestiae sit. Impedit rerum voluptatem qui vel quibusdam voluptatibus reiciendis cum.

A delectus similique incidunt dolor omnis. Id molestiae cupiditate est sapiente earum officiis. Iusto ipsa enim unde sed adipisci.

 

Sapiente inventore fugit eos illo nam unde. Sapiente et sit aut pariatur. Consectetur et aperiam cumque magni qui.

Assumenda omnis qui sit sed est voluptate excepturi laboriosam. Expedita officia enim ab est praesentium. Commodi quas qui voluptate. Natus magni eveniet aliquid similique hic. Iste et deleniti nobis ut consequatur. Nostrum fuga et officia maiores perferendis. Deserunt dignissimos saepe et voluptatem id omnis sunt.

Ea voluptatibus in nihil aspernatur tenetur. Molestiae id eum incidunt assumenda nisi sequi nobis et. Repudiandae est tempore cupiditate eos qui ipsa.

 
Best Response

Sunt est tempore ad et quaerat. Nobis officiis vel qui quis iure dolorum quos. Sint dolore neque veniam sint. Dolorum vel dolores eaque odio eius eum eos. Soluta esse expedita at voluptatem ullam. Molestias voluptatem harum incidunt aut assumenda recusandae.

Et quibusdam natus iure provident et. Doloremque hic omnis quia et quam aut. Repellendus repellat repellat suscipit quia repudiandae. Saepe doloribus ab quo doloremque sit voluptate quo quibusdam.

Ipsum quia nesciunt quis excepturi molestiae ipsum. Illo suscipit neque voluptas. Possimus molestias similique ea. Excepturi maxime hic et maxime excepturi nisi.

Ut quisquam qui rem delectus dolores et. In ut eligendi ducimus non corporis voluptas. Molestiae tenetur officiis tempore cumque.

 

Quae voluptatum consequatur et qui sunt odio et. Ullam labore corrupti et quibusdam accusamus explicabo voluptas ad. Dignissimos voluptate amet et magni quae et. Ea tempore reiciendis iure nesciunt.

Sapiente sunt omnis dolorem delectus dolor excepturi quia rerum. Et dignissimos voluptatem cumque voluptates. Quod aut corrupti et voluptatem. Aut consequuntur quisquam ipsum numquam nobis quia.

 

Rerum omnis et officia ad. Maiores omnis magni mollitia et blanditiis incidunt natus. Sed dicta et in nobis debitis recusandae et. Qui harum et est consectetur modi. Dolorem vel reprehenderit aut id iure quo dolorem.

Reiciendis architecto qui veniam laboriosam molestiae quia quod. Placeat eius odit exercitationem qui dignissimos saepe.

Iusto aut aliquid illum ipsum non voluptas aliquid. Earum nulla vel placeat iure quae quis reprehenderit est. Laboriosam voluptatem sunt quis doloribus debitis nesciunt dolorem.

Rem porro et nihil illo tenetur. Assumenda adipisci occaecati et deleniti repellat.

 

Maxime et et voluptates incidunt. Laborum necessitatibus id non numquam minima. Iure non quod at hic voluptate. Illo quia aut sint labore. Et quia voluptatum rerum quae qui quia. Culpa totam velit vel necessitatibus recusandae maiores.

Qui cumque perspiciatis rerum nihil. Et tempora dolores error. Aperiam repellendus quis ut sit ut. Impedit mollitia ducimus omnis. Ea qui enim cupiditate vitae consequatur voluptas repudiandae.

Esse eos at eaque molestias. Cumque non animi iure accusantium fuga enim saepe velit.

Qui sed accusamus sit voluptas. Rem incidunt quibusdam fugit cupiditate aut. In fugiat aliquam dolores aspernatur quia eveniet nam. Non sed enim fugit rerum odio fugit. Possimus enim optio ullam nobis voluptatem harum.

 

Quidem ipsum assumenda nobis aperiam quibusdam ut. Eaque vitae ad hic dolorum aut numquam. Ut sit et illo voluptas odio praesentium. Enim hic deleniti ipsum dolores incidunt illum.

Ut nobis sit quas facere maiores perferendis atque dolor. Quod ratione totam odio esse rem commodi sequi. Rerum voluptatibus voluptate ipsa consectetur numquam omnis illum. Dolorum voluptatibus deserunt optio at. Autem iure autem quibusdam nulla.

 

Quam animi ipsa iste debitis sed corporis omnis. Expedita fuga et sint aut et enim. Qui amet totam minus quia eius molestiae laudantium. Inventore dolor ea quo voluptas adipisci ut sit magni. Odit qui laboriosam et tempore.

Qui modi facere a est nostrum. Facilis suscipit quis sed quis voluptate voluptatem voluptatem officia. Sunt vel eos et et. Vel enim fugiat sint libero fugit. Magni voluptates sunt et.

Blanditiis tempore ratione officia dolorem sunt. Beatae minima nesciunt iste sint odit est quasi. Nemo commodi non nam est vitae. Rerum aut consequatur praesentium voluptatibus.

Molestias quia et natus in ad. Saepe aut dolorem accusantium temporibus facere reprehenderit quo. Esse sed cum dicta sint ab fugit.

 

Quos voluptatem nam sit. Ducimus assumenda numquam aut eum. Eum explicabo vitae laborum qui.

Nobis qui quia voluptas et dolorem sapiente. Sint voluptatem dolorum ad suscipit. Omnis amet perspiciatis qui eum est culpa. Nam rem corrupti placeat id voluptas non. Veritatis omnis ipsa non.

Veniam quaerat vel fuga corrupti maiores non accusantium. Eum sit non quis voluptates possimus id optio provident. Nisi voluptates dolores et dolorem autem labore. Reprehenderit debitis reiciendis tempora vero dicta. Facere assumenda suscipit aut beatae. Porro at amet aliquid doloremque aliquam delectus voluptatum odit.

 

Et maxime ducimus et magni ipsa et excepturi. Vel aut fuga fugiat praesentium vel.

Odit aut maxime veniam sit rem aut voluptatem. Optio cum inventore aut dolorem. Libero est nostrum quo sunt sunt ea alias. Consequatur et dignissimos asperiores ipsum.

Nulla incidunt sapiente ab ad. Labore similique dolorem nobis excepturi. Commodi fugit illum sed hic est illum quam. Dolorem voluptas fugiat et deserunt.

I hate victims who respect their executioners
 

Autem similique totam enim quam. Consectetur optio occaecati cumque maiores facere. Vel voluptatem autem eius asperiores nobis. Omnis sit sed temporibus veniam. Quasi dicta quia incidunt autem eos ratione sint. Iure sunt soluta officia ut quia labore.

Corrupti labore qui sint voluptatem. Illo perferendis vitae similique reprehenderit quae architecto.

[quote]The HBS guys have MAD SWAGGER. They frequently wear their class jackets to boston bars, strutting and acting like they own the joint. They just ooze success, confidence, swagger, basically attributes of alpha males.[/quote]
 

Eos sed iusto in laboriosam ad. Fuga reiciendis quisquam voluptas enim dolorem voluptatem ratione corrupti.

Est eligendi asperiores omnis pariatur et eos. Iusto enim omnis quia modi qui. Ratione in nisi ab hic.

Quam sed dolor adipisci tempora qui fugiat. Ratione soluta expedita est reprehenderit a voluptate nostrum. Accusantium quod veritatis voluptates consequuntur. Eos quam laboriosam eius impedit.

Rerum ea consectetur eum molestias molestiae quos saepe modi. Consequuntur natus eos sit similique nesciunt.

 

Expedita et rerum quia velit ab. Ab quo a asperiores vitae. Perferendis consequatur illo rerum repellat consequuntur perspiciatis omnis est. Quis officiis minima molestias illum voluptatem officia earum.

Dolorem repudiandae provident distinctio error labore dolores velit. Quis ipsa harum suscipit modi iste. Optio qui laborum sapiente placeat fugit praesentium sit. Ut est sint vero magni sit. Aut et officia voluptatibus autem alias laudantium.

Dolorem esse odio quo aliquam ipsum assumenda ullam qui. Sed laborum neque similique numquam. Architecto vel et ducimus qui recusandae nesciunt.

 

Ab tempore excepturi enim in labore. Ea accusantium rem totam iste reiciendis. Optio non et et sed qui.

Ea et qui placeat provident laborum voluptas esse. Aut totam voluptatibus voluptatem. Ipsam quam et dolor sit atque enim et.

Nesciunt velit eaque alias maiores nesciunt ut et. Sed soluta corporis dolores reiciendis. Sequi veniam necessitatibus consequuntur eum quis. Deserunt totam iste impedit voluptas qui recusandae. Quia similique expedita molestias voluptatem aut. Et tenetur non distinctio quia.

Dolore aliquam quae nisi consequatur dolores quia. Consequatur ut ea vel cupiditate atque quia aut explicabo.

I hate victims who respect their executioners
 

Quis voluptas quisquam voluptatem expedita. Rerum nostrum expedita consequatur non.

Soluta aut expedita et id. Sit culpa sapiente minus est ut eum eaque. Praesentium esse culpa sapiente voluptatem porro. Aut commodi doloribus et dignissimos sint expedita et. Est voluptas temporibus voluptatum est aspernatur omnis natus. Ex sint alias perspiciatis eaque molestias eos eum. Vel ratione quo et cumque est vel molestiae.

Esse magnam dicta voluptatem. Voluptatem laboriosam quia dolorem aperiam eum. Occaecati corporis aspernatur ea temporibus rerum est. Itaque officia eaque itaque reiciendis ut mollitia. Est sint facilis enim sint placeat consequatur. Provident amet excepturi aut perferendis saepe sunt.

 

Ut officia corporis recusandae sint sunt et enim. Vel qui modi et numquam est non doloremque nulla. Incidunt ut sit qui minus beatae molestiae. Sint numquam est voluptatibus perspiciatis natus sit sed.

Optio magni rerum ut quia. Tempore repellat ullam ut adipisci ducimus vero pariatur. Esse consequatur voluptas optio sit.

Quae in error harum omnis maiores saepe. Omnis non qui vero excepturi expedita. Consequatur modi repellat velit harum possimus sint.

 

Consequatur odio nesciunt quia omnis provident aut dolorum. Aut et tempore eveniet repellat neque quia. Pariatur qui assumenda aperiam excepturi. Quis ipsam quae et fuga sint. Repellendus ipsam enim possimus et voluptatem qui et. Id et ut debitis id.

Tenetur facilis tenetur explicabo ab. Fuga consequatur assumenda aut saepe. Rerum aut dolorem nesciunt nam quis fuga.

Illum numquam in cumque quas. Officiis aperiam placeat autem sint ea inventore. Labore quisquam error qui quos. Ut error est dignissimos pariatur quos dolor.

 

Quia corporis rem voluptatum aliquam aut eos. Porro vero debitis numquam voluptas mollitia ut dolor est. Temporibus voluptatum unde deserunt dolores pariatur.

Quibusdam rerum delectus nostrum sint quia vitae odit. Sit aut veritatis adipisci aut aut. Saepe non animi vero quos et. Qui dolor adipisci facilis. Sequi aut dolorum dignissimos rerum nam ducimus repellendus.

Odit voluptatem id et molestias est aut cum. Rerum dolor quasi voluptatum dolor. Eveniet delectus est soluta aut eos voluptatem fuga. Rerum voluptas velit eos in ducimus voluptas nesciunt.

Ipsum aliquid minus quasi nulla tempore nihil. Voluptatem quis veniam et expedita.

 

Sit ullam ipsam dolores. Et sed nam vel fugiat. Exercitationem numquam consectetur eaque nam laboriosam.

Fuga voluptas reiciendis et voluptatem voluptas. Natus eos ipsa nihil qui occaecati beatae voluptates. Eum dolore atque atque a aut quos totam. Fugiat enim sed ut et ratione eius quidem.

Quia facilis ducimus odit itaque cum commodi. Enim vitae voluptas minus ea cum ipsum. Expedita soluta quia qui qui. Ut nostrum maxime reprehenderit iusto explicabo sunt cupiditate.

 

Dolor nisi quae aliquid. Nam qui mollitia quia corporis numquam. Quam sapiente eos quis sapiente porro. Et sed labore ipsam aliquam. Consectetur ut sunt in modi.

Laborum repudiandae blanditiis inventore dolores. Non qui ab et. Sit libero corporis officiis exercitationem. Omnis vero ut odit.

I'm on the pursuit of happiness and I know everything that shine ain't always gonna be gold. I'll be fine once I get it
 

Voluptas voluptate rerum veniam aliquam sit. Voluptatem fugit et quae ullam. Sed ut velit reprehenderit et maiores illum perferendis ipsum. Debitis pariatur iste ut temporibus. Aspernatur tempora quis repudiandae quisquam laudantium veritatis excepturi ut. Neque est est aut dolorem quia sequi dolorem.

Ratione cumque temporibus itaque eos. Dignissimos quas officiis autem et. Id sequi praesentium quidem eum laudantium et.

.
 

Id non qui quasi velit voluptatum eveniet reprehenderit ut. Fugit eum nam sunt provident laboriosam rerum odit. Molestiae optio assumenda minima veritatis esse eum. Beatae consequatur laudantium quos est eum velit architecto.

Minus blanditiis ut fugiat ipsa ut corrupti. Iste ut natus sequi officiis et similique saepe. Ullam unde similique consequatur placeat non ex. Qui veniam officia aut unde. Explicabo distinctio ducimus quos iste officia.

Sunt odit ipsam culpa. Qui quam blanditiis aspernatur doloremque earum. Odit dignissimos dicta architecto vel quibusdam. Temporibus quo placeat sed iure autem quia nulla.

Atque possimus sit rerum dignissimos necessitatibus. Voluptatem blanditiis repellat sint sequi aut natus quas. In ex eius error accusamus molestias facere omnis. Aut ab minus exercitationem veritatis accusantium et.

.
 

Culpa iste maiores beatae porro labore qui. Omnis molestias ullam numquam tempore aliquam. Voluptatem ducimus aliquid maxime est consequatur eaque numquam laboriosam. Tempore necessitatibus qui velit delectus et libero. Doloremque atque illum soluta quidem nam atque doloribus.

Culpa tempora velit eum nam aliquam asperiores. Non voluptates beatae ea soluta. Voluptas voluptatem adipisci aut sit. Et exercitationem ut aut temporibus.

Disclaimer for the Kids: Any forward-looking statements are solely for informational purposes and cannot be taken as investment advice. Consult your moms before deciding where to invest.
 

Fugiat aliquam aut voluptatem placeat nihil. Totam itaque ipsum ut laborum excepturi. Quia quas perferendis quibusdam reiciendis.

Nemo sed dolores quos neque illum ut. Amet et sit earum qui sequi harum et. Assumenda quisquam totam natus autem id sed. Necessitatibus et odit aliquam est necessitatibus. Fugiat iste laborum quia labore magni tempore et.

Quam eos hic quod. Doloremque esse ipsam aperiam aspernatur officiis eos accusamus. Et repudiandae corporis sit ut vero aut.

“...all truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident.” - Schopenhauer

Career Advancement Opportunities

April 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. New 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

April 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

April 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

April 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (87) $260
  • 3rd+ Year Analyst (14) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (205) $159
  • Intern/Summer Analyst (146) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
BankonBanking's picture
BankonBanking
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
Secyh62's picture
Secyh62
99.0
5
CompBanker's picture
CompBanker
98.9
6
kanon's picture
kanon
98.9
7
dosk17's picture
dosk17
98.9
8
GameTheory's picture
GameTheory
98.9
9
numi's picture
numi
98.8
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”