Do you start from scratch in terms of your notes/models every time you switch firms?

Based on the highest ranked content on WSO, here's what you need to know:

1. Starting from Scratch:

   • When you switch firms, especially within the buyside, it is common to start from scratch in terms of your notes and models. This is because you are generally not allowed to take anything from your work PC when you leave a firm.

2. Saving Personal Notes:

   • While it is not advisable to take proprietary models or sensitive information, some professionals do save personal notes on their personal PCs. These notes typically include:
     • General Modeling Techniques: Basic frameworks and methodologies that are not firm-specific.
     • Industry Knowledge: Insights and information about the industry that can be useful in any firm.
     • Public Information: Data and information that is publicly available and not proprietary to the firm.

3. Learning and Adapting:

   • The key to success when moving between firms is to quickly adapt and learn the new firm's processes and models. This involves:
     • Taking Good Notes: When you first start, take detailed notes to stay organized and remember things after they are explained to you.
     • Deconstructing Models: Look through and read the different models and materials you are given, deconstruct them on your own, and come up with good questions to ask senior analysts or associates.
     • Understanding File Locations: Knowing where to go for what information takes time, but it is crucial for efficiency and effectiveness.

4. Building from Scratch:

   • Building a model from scratch can significantly accelerate your ability to understand and create financial models. Even if you don't know what you are doing initially, diagnostically looking at a complete model and emulating it can be a great training exercise.

5. Efficiency in Modeling:

   • As you gain experience, one of your greatest skills will be knowing when you can take shortcuts and when you need to build everything from scratch. This balance is essential for managing the modeling process efficiently.

By following these practices, you can mitigate the impact of starting from scratch and continue to build on your previous experience effectively.

Sources: How to convert sell-side models to your own models faster?, Where does ER go from here?, Financial modelling on the buyside, Scared Shitless: How Did You Actually Learn How To Competently Build Financial Models, How many models did you build in your 1st year as an analyst?