Thoughts on Berenberg

I have finished my first interview with them and I'm now invited to an AC in January. This interview was part of their networking event on campus, it was for pre selected candidates and I had just finished their tests. I still haven't got the formal invitation but the guy who interviewed me (VP based in Frankfurt) said I'm invited. I thought he liked me and was interested in me which was a good refresher given the Ls I've been taking lately. This position is a 15 months graduate program specializing in European equities. It's a rotational program, I'm told, but I don't know much beyond that their graduates shift locations between Frankfurt and London.

What do you think about Berenberg? Good experience?

 
Most Helpful

Top address in equity research and ECM. They are one of the best in Europe and used to invest a lot to expand to the US.

However, they are now facing a huge crisis as ECM markets are closed and research also isn't really profitable due to the MiFID regulation. They are currently in a firing spree in the US but also in Europe. Kicked out a large number of juniors in the investment banking team in London after having sent them from local offices to the "new hub" in London. Also many mid level investment banker got kicked out recently.

It sounds harsh but essentially their core business and fee generator has been shut and the bank is not really diversified. They tried several times to expand towards M&A but consistently failed.

 

How does one scrape the CFA? Do they no longer pay for test prep materials for associates? 

 

Mixed, to say the least

Quality of work - Berenberg produces these massive reports that often are just space fillers, not the best analysts by any means....but the reports at least present nicely.  

Firm strategy - The firm always seems to take one step forward and two back. The higher-ups can't seem to figure out how to reposition the firm and have made a lot of hiring/firing or expand/contract type decisions. 

Pay - Towards the low end of the street.

Brand - Mixed, ppl know them in Europe, which is nice, but limited to zero reach outside their core markets. 

Culture - A lot of employee turnover, not a terrible place to start but wouldn't lateral there. 

Best of luck! 

 

Hi, as you seem to be very familiar with this bank. Would you have any info on what one can expect pay-wise at the Senior Analyst/Junior Associate level in their ECM division? Many thanks!!

 

I'm butthurting so much right now. Applied for an intern role there, they sent me a list of dumb ass questions, basically they are asking you to write 8 essays (150 words each). I'm not joking. 8 bloody essays. Lady and gentlemen, the topics:
1) What would your friends and family say is the best thing about you? 
2) What is the best (non-finance) book you have ever read and why should we read it too?

3) What is a skill one of your friends has that you wish you had?

4) Are you lucky?

etc.

The comment to all of this was:


"This year, for the European Equities specialisation, we will not be using your CV as a screening tool. We’re sure it is great…but by choosing which people we invite to interview this way, we could be missing out on meeting a lot of talented and interesting people. Instead, we would like you to answer the below 8 questions."

They can suck my ass for now, I'm not writing it. 

 

Dude, you're a genius. My dumb ass hasn't come up with this idea for some reason. Kinda forgot in what great times we live.
Thanks!!

 

Hoping to give some more insight on Berenberg. Can reiterate what people above have said

They are struggling due to IPO/ECM slump, which usually generates a lot of their revenue. As a result they have laid off a large number of employees last year including half of the Grads across IB and Equities. A lot of good folks have left as well due to no Bonus being paid last year and general dissatisfaction with management. Trying to rehire frantically after mass exodus.
 

Pros: very lean structure, so will get good exposure & responsibility early on. MidCap Research Grads expected to start covering within a year. 

Comp: Well Below street across all levels. Grads 50k, Analyst 60k, (including IB). Pretty rough given some Analysts covering 4+ Stocks already and IB working very long hours as well. Some Research VPs paid 90k Base. 
 

Good place to learn, but if you have other offers would take those. Poor comp and tend to overhire/overfire - even for Grads. Management don't really seem to know what they are doing.

 

Definitely a solid name for Research, it's where their focus lies. Berenberg is very strong on MidCaps. For LargeCaps largely depends on the sector and the analyst. They have some really good analysts as well, so really depends on your team. But generally can't compete with BB

Exit opps are pretty standard. A lot of people go to BBs on the sellside or switch to buyside. Corp. Exit also quite common.

 

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