Silver BananaTopicReplies
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2017 Investment Banking Report: 8 Key Trends to Know Wall Street Oasis (WSO) released a detailed 2017 Investment Banking Report that includes data on compensation, the interview process, employee satisfaction, and more. All statistics featured in the reports are based solely on paid user submissions to the WSO Company Database during 2015, 2016 a...
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WSO Hall of Fame: Investment Banking Forum The Wall Street Oasis Investment Banking Hall of Fame provides a comprehensive collection of some of WSO's best discussions on the investment banking industry. Keep in mind this Hall of Fame does not include Q&A sessions by WSO veterans. To view a full list of Q&A’s & Interviews please navi...
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Weird Question About IB InterviewsAlright, this is honestly not a troll question so don't make fun of me (but you can laugh). I was recently talking to my friend as he had a superday for a BB (Think JPM, GS, MS) and he got cut. He's honestly a genius and my other friend (in private to me) brought up the fact that our friend could ha...
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Guggenheim Partners - Interview - GeneralistMD asked: 1. M&A pitch 2. Why Guggenheim 3. Why Banking 4. What would you do if you were on the way to a family members wedding and you got a call to come into the office. 5. Also the MD asked for a resume when the first round screen had not, so be prepared always. 6. MD was trying to intimidate...
SunTrust Robinson Humphrey STRH - Review - Portfolio ManagementHours comparatively better to NYC path (generally), you don't feel like you are competing with the person sitting next to you, a friendlier environment than I would expect to see at most places, even in the same city, lots of respect in the southeast. Compensation is solid at analyst level, especial...
MHT Partners - Review - Mergers and AcquisitionsGreat culture, strong deal flow, good/supportive learning environment, decent pay, good exit ops as most of our transactions are with middle market PEGs. Low transaction size, limited national awareness, lack of an HR department, associates could definitely be stronger...
Goldman Sachs - Review - Investment BankingAs a sophomore summer intern, they did not work me too difficultly. I was expected to stay until around 7pm every day. I was able to work on small aspects spanning a plethora of different live deals.. The culture of the firm is a bit brutal. No one was that interesting or great to work with, it was ...
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When would you consider renegeing on an IB offer?I know that you never want to renege on an offer but I feel that banks are putting candidates in an awkward position this year and was wondering in what sort of situations you all would consider reneging on an offer. Would you only consider reneging on a BMO/Maccuarie/RBC for a JPM/MS/GS or would yo...
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Is it too late for me to pursue IB?It is currently the middle of my sophomore summer, and I haven't really done anything at all thus far to prepare for IB, and the recruiting process started in April. I go to a semi-target and have an okay GPA (3.6), and am starting a private equity internship in a week, but I only went to a few inf...
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HSBC - Review - Investment Banking-Great support system, especially buddies. - relaxed team willing to help you Good training program with good teachers. Limited opportunities for progression and salary’s was just below market value. Also you didn’t have much opportunity to network with any but your team....
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Please rip apart my Investor Pitch for an AcquisitionHi all kindly find attached for comments. Let me know if there is anything wildly wrong. This is a real life example....
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William Blair Summer 2019 RecruitingSo William Blair's SA 2019 application was due June 1. I have heard some people have already received interviews. Is this only target/diversity students? Or are all interviews going on at this time? Also post if you have any information about the overall timeline. I know that William Blair is send...
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SF Housing SearchLong shot here, but any other monkeys moving to SF and looking for housing/roommates before lots of jobs start in the next few months? Incoming first-year analyst at MM bank, looking to potentially move to the Marina, Lower Pac Heights, Russian Hill, etc. Feel free to PM or post in the comments. ...
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Credit Suisse - Review - Mergers and AcquisitionsGood work experience, very technical group, good lev/fin and sponsors franchise allows for high profile deals. People, deal flow not as strong, high attrition to other banks GS, lack of a strong banking culture, VP's need to work more...
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JP Morgan Corporate Client Banking Intern Questions1.) When do Applications for this program start opening up? 2.) Do they offer relocation package to the interns? 3.) What is the interview process like for anyone that's gone through it? Answers to any of these questions will be helpful. Thanks!...
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Top Groups at GSHi, I know there has been a thread on this before but it seemed like most of the content was from five years ago. I was wondering if anyone had any updated impressions on top groups at GS besides FIG/ TMT. Thanks ...
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When should I apply for SA and/or Summer Internships?Hello WSO, Long time lurker here. I will be transferring over to a 4-year university by 2019 as an incoming junior. I currently work full-time, and being trained as a Business Analyst at the company I currently work for. However, these are full-time hours with some flexibility for class time a...
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Educational Discussion Subsection Hey guys, As a student I find myself most interested in the educational questions asked on WSO, such as questions about D&A, Valuation, Equity Research, etc. Is it possible to have a separate place with all such educational threads? I know I, and likely many others, would be thrilled to be able t...
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Please HelpMade a throwaway acct for anonymity purposes. I'm interning at a F500 company in Finance and just got placed on the internal audit team for the summer. Placement was random. Was hoping to leverage this during IB recruiting next spring, however I know internal audit is not related to IB at all. Any...
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IRR = discount rate = cost of equityIn one of the Scenarios I ran for a valuation, I reduced sales every year by 2% and the resulting IRR is 10% equal to the discount rate I used. Company has no debt, so IRR is equal to the cost of equity. Is this a good thing? I interpret it as "even in the downside scenario" we will still have me...
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Fixed Income DepartmentWhat does the fixed income department actually do and why has it been so unprofitable? Do they just trade bonds? Curious why UBS has to resort to winding down the business and why other banks don't have that problem. I have an interview with a rival bank in a strategy department, and I just want to...
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Wells Fargo and Company - Interview - Oil & GasIf oil drops what would happen to the business of Disney? - if oil drops that would lower the supply in the market which would increase the price of oil. Increasing the price of oil would negatively affect Disney's sales because of travel expenses for consumers and energy needed for their attraction...
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Minor Formatting Mistake on ResumeI just submitted a resume to a BB. Will I be dinged if I added a period at the end of one of my bullet points, when all my other bullet points did not have a period? ...
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Learning about Distress/RestructuringI am looking for reading suggestions in an effort to learn more about Bankruptcy/Distressed Companies/RX. I have read Moyer's Distressed Debt Analysis and the HL Case Study, and have a very solid grasp on the contents of both. Any recommendations?...
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Goldman Sachs - Interview - GeneralistI was asked mostly behavorial questions. Time when XYZ type questions. The only technicals were in one interview. Walk me through a DCF, what is the discount rate, equation for unlevered free cash flow, what is an lbo, what are the drivers of an lbo. Those were as hard as the technical questions got...
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2019 SA- William Blair Tech vs. BAML/CS (random group)Have offers from these. I'd like to do VC or Upper MM PE (tech or HC) afterwards. (MF is a pipedream, as I am from a non-target). Is it really worth it to go gung-ho on mid-tier BBs when I'm accepting an offer as a generalist and not even knowing which group I get put in yet (might be something I d...
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List of Sleeper Targets for NYCPeople keep thinking that IB is Ivy/top business program or bust. Would you guys consider these schools as sleeper targets: Kelly - for sure if you're in the IBW Colgate - OCR interviews for almost all interested in IB (10-30 people) NESCAC's Top 4 Liberal Arts - Claremont, Williams, Amhrest, Welle...
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MS London Earlybird for investment management hi guys do you have any idea about the SJT and ability test for the full-time positions? i thought we just need to accomplish numerical test. SHL will we expect new kinds of OT this year? Thanks very much for any insight ...
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London IB Culture/HoursHi looking for some advise: I’m pursuing full time opportunities in London and wanted to ask if people have insight into which banks IBD have the best culture (work/life, collegiality, etc). I am from US but applying to London offices due to language skills. I’m particularly interested in LevFin...
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Morgan Stanley 2019 SA Megathread Figured since MS just officially opened their applications for summer 2019 I’d start a megathread to keep track of updates. Has anyone applied yet?...
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Evercore - Interview - Investment Banking1. If you were given one million dollars to invest in any oil and gas vertical, which would you invest in and why? 2. Would you change your previous decision if you knew exactly where oil prices would be in the next year? 3. How would you value a midstream company? 4. How would you value an upstr...
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Greatest Scams RunningI think there are some scams prospective monkeys should be aware of.. After a recent enlightening conversation with a few colleagues regarding shitty internship scams, I decided to post these scam artists.. Please do not waste your time with the following firms and stay away- Aleutian Capital Par...
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What is KeyBanc Capital Market's email format?Currently trying to cold email alumni, but for the life of me I can't figure out their email format. If anyone knows what the format is for sure, could you please post?...
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Finance Interview Questions and Answers | Wall Street Oasis You’re just starting the finance recruiting season. You’re an undergrad that needs to ace his or her finance job interview. Or you’re a MBA student that needs to land that top-notch offer. Most importantly, you’re in luck! We’ve compiled a list of the most common and frequently asked f...
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Has anyone heard of a company called Financial EdgeI am looking to purchase a book about Corporate Finance and I cam across this book https://www.fe.training/store/category/publications/ but could not find any real reviews on it. I was wondering if anyone has read it or heard of it....
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Undergraduate Education: Macaulay Baruch vs. DukeI was recently accepted as a sophomore transfer student to Duke University and will probably be majoring in economics with a concentration in finance and minoring in computer science. Currently I am a student at Macaulay Honors, Baruch College majoring in financial mathematics. I am not receiving ...
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Who advises investment banks when they are bought / sold?Am doing some research on M&A advisors who specialize in FIG transactions but more specifically investment banks. For example: an investment bank that specializes in advising on transactions involving other investment banks. I understand Freeman & Co. are one major advisor, but looking for their pee...
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Updated Summer 2019 SA Open ApplicationsHi everyone, I know there's a megathread for this but that thread doesn't seem to have the most accurate information. Right now it looks like the following firms have opened their general applications for Summer 2019 SA- Evercore Credit Suisse J.P Morgan Deutsche Bank William Blair Guggenheim Wel...
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Investment Banking at SantanderI saw that Santander does M&A advisory in Europe and Latin America from their website but was curious if they had any investment banking presence in the US. If so what type of deals do they do? Also: from their website they seem to be involved in structured finance and securitization. Can anyone sh...
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How important is it to get a return offer as a sophomore?Does it ever come up on interviews? The firm I'm at does give out return offers for underclassmen but it's very rare. ...
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Lazard SA 2019- ChicagoAs the title suggests, I have a few questions about Lazard M&A in Chicago. I got a email confirming that I have a phone screen for summer 2019. I am assuming this will a mix of behavioral and technical. Has anyone from previous years who interviewed with Lazard remember anything significant about...
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Bank of America Merrill Lynch - Review - Generalistgood culture, nice people to work with, no facetime requirement, understand if u have a commitment, get work done. bitches to nyc office, a lot of debt and financing deals, ex ops not as good as new york but good connects...
Sumitomo Mitsui Banking Corporation - Review - Investment BankingGreat company culture, growing quickly in the US, project finance is one of the top on the street (Macquarie and MUFG being the others), great benefits. Lower pay, little respect across the street, developing IB arm in the states, exit opps unsure about them vs US BB...
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Lazard SF details?Hey guys! Just recieved an offer from Lazard SF tech m&a group as a summer 2019 intern. Any and all advice would be appreciated! Thanks!...
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Moving From Banking Internships to Credit Card InternshipsAre internships at Credit Card Companies like American Express and MasterCard hard to get? And are kids who intern there well respected when it comes to attaining jobs in BB...
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PNC Financial Services - Review - Public FinanceN/A start this summer I can say the application process was very smooth and that I like the people.. N/A start this summer All I can say so far is that I wish the office had more amenities such as a gym. ...
National Bank of Canada - Interview - N/AAsked about the transactions the bank has done, and more follow up questions on multiples, leverage. It is not really hard if you fully prepare and understand. Overall, I didn't expect that many follow up questions after the transaction, and certainly, you need to have more time to prepare for that....
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Lazard NYC SA 2019Anyone had any first rounds or superdays with Lazard NY for 2019 SA positions? I was promised a first round by a senior person but haven't heard back, so I'm wondering what everyone else's situation is....
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JP Morgan Corporate Client Banking and Specialized Industries Salary + Bonus, Career Progression Can anybody offer any insight into J.P Morgan Salaires for Corporate Client Banking and Specialized Industries and how they progress from analyst to associate and so on ...
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Looking for Advice and FriendsHello, Coming up with this forum recently, I have read some topics related to IB but I am persuaded it would be great to find friends who could give some advice about the application process and if it works well about life as an ibanker. To sum up my story, I am a 26 years old law school (non fre...
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Where Should I Begin LookingHello WSO community, I was hoping to get some advice on how to better prepare myself for the work headed my way. I’m currently in the structured finance division for wholesale banking and we primarily deal with acquisition financing. I’m currently looking at a previously used leveraged finance...
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Citi - Interview - Investment BankingThe case study was not incredibly easy. Essentially had to advise a company on strategic decisions given some information from financial statements and some background. Then had technicals, focusing on valuation methods and when each would give you different values, as well as some straightforward...
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WHO WAS THE FIRST IB GUY TO BRING A JUUL TO HIS DESKI NEED ANSWERS. WHO WAS THIS TRAILBLAZER???? THE JUUL HAS BEEN INSTRUMENTAL IN THE REDUCTION OF #REF!s IN THE PAST 3 YEARS - WHO IS RESPONSIBLE FOR THIS INNOVATION??...
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Banks sponsoring visas (undergrad)Which banks are still sponsoring H1B visas? I haven't seen an updated post about this wrt 2019 SA recruiting so would appreciate any insight. ...
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Antares Capital Corporation - Interview - Leveraged FinanceGive me an example of a time when you had to explain something complex into simplified terms? Give me an example of a time when you had to work in a team and things did not go to plan. How did you react? What is the most important financial statement from a debt lending perspective? What are your t...
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2019 Summer SA apps still open??Which ones are still open/ haven't started yet? Haven't started: Barclays BAML Piper Jaffray Credit Suisse UBS Edit: Sort of trying to build something similar to the other 2019 thread. Comment below which other banks haven't opened, or are finished. ...
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Lazard 2019 SADoes anyone have information or insights on Lazard's 2019 Summer Analyst recruiting process? Please share below!...
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Bank of America Merrill Lynch - Review - Debt Capital MarketsGreat people; Working on quality stuff;Bit Long hours as expected;learning a lot than college;overall good.. No time for breakfast ; leaders and straight bosses should care for fresh interns by allowing them fully rested and fed before starting the grind everyday morning ...
SunTrust Robinson Humphrey STRH - Review - Corporate BankingSTRH has relatively goo work life balance with a laid back atmosphere and enjoyable coworkers. Not too many big egos at the junior level. Working at STRH won't have as much exposure to big, market moving BB deals, but get to see interesting MM often from LL perspective...
KBW Asset Management - Interview - Investment BankingThe firm solely covers FIG, and they have a national presence out of this regional Richmond office.. - How do banks (regular old banks) make money? - How would you go about valuing a financial institution? - What are some basic valuation methods and walk us through them? - Talk about some of the de...
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Lazard Boston 2019 SA RecruitingHi all! I was just curious if anyone knew about Lazard's Boston office in terms of recruiting for 2019. Have they started giving interviews or offers already? Do they plan to take a large class given their size? Any insight would really be appreciated. Thanks!...
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TAP Advisors - Review - Mergers and AcquisitionsUnique place - not for everyone. But if you succeed initially and build a strong reputation in the group then you will be given lots of responsibilities.. Unique place - not for everyone. If you fail to win confidence of seniors then you will have extended long nights and will struggle to keep up wi...
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Capex = DepreciationHi, Could someone please elaborate on what the meaning of capex = depreciation would be. What would the meaning be if capex is higher or lower than depreciation? Many thanks...
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Goldman Sachs - Review - GeneralistGreat quality people to work with, even senior management is very inclusive, respectful, and genuine. Work life balance is difficult, but the firm is helpful is allowing people to work from home when possible ...
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Adjusting an index return for an outlierI was once confronted with this task at work and wasn't 100% on how to approach it (luckily the presentation was dropped completely and i didn't have to deliver something concrete on this). Maybe this will be relevant for someone else in the future, so thats why i'd like to share things. Say we hav...
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BMO Capital Markets - Review - Generalist- Great deal flow - Surrounded my very intelligent people - Great networking and exit opportunities . - Known to be a sweat shop - Long hours - Attitude of senior employees seems to be stuck up and entitled at times...
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J.P. Morgan - Video Interview Invitation Corporate & Investment Banking Summer AnalystI just got offered a J.P. Morgan - Video Interview. What should I expect? This is what was stated in the email. "As mentioned previously, we would like to give you the opportunity to tell us more about yourself and invite you to record video responses to 3 questions." Please let me know on how to ...
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Wells Fargo and Company - Review - Investment BankingGreat people to work with, really enjoy my time in the office. Management for the most part cares about junior employee development. Deal flow is atrocious in some coverage groups. Some analysts do two full years without a single M&A deal to show for it....
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Blair Chicago v. Cowen NYHi All, I am currently needing to decide between Blair Chicago and Cowen NY's healthcare group. From my understanding, Cowen is more focused on capital raising (biotech/life sciences) and Blair is more focused on services/IT/medtech, and has a better mix of M&A and capital raising. If I am ultimate...
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Alvarez & Marsal - Review - RestructuringVery good culture, understanding, team oriented environment. Performance is rewarded based on group and individual merit!. Very manufacturing/NR intensive in Toronto. Not as prestigious as traditional investment banking. Low base makes it “harder” for the first year. ...
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Critique my processI feel confuse at times during this process of one day hopefully breaking into a FO job in finance. The reason for my post is just to ask for general advice, and to get some feedback on how I'm approaching getting internships. I'm a current junior from a CC going to a non-target next semester, my GP...
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What I Wish Every First Year Analyst KnewChimps, after working with all of our first years at our firm on several deals, I’ve found that I’m frequently getting asked for tips and tricks that I wish I had known as a new analyst. Now, that being said, this may or may not be helpful to share with the forum, but either way, I’ve listed o...
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Evercore - Interview - Mergers and Acquisitions1. Walk me through a DCF was asked a surprising amount of times 2. Given a set of ratios and asked to point out what was wrong with them 3. Walk me through the acquisition process 4. What information would you use to create a comps universe - Talked about cash conversion cycle on phone. Really the 1...
Rothschild - Interview - Investment BankingThey asked me to determine if a company should invest in additional machinery. That was it. They provided rudimentary details about the money it produced per year, and the discount rate. Essentially you needed to calculate the terminal value of this machine and measure its return based on the initia...
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2019 MM SA Offer- Accept Now or Continue?Was fortunate enough to get an early offer at a top MM (HW, William Blair, Jefferies). However, I have a network at BBs that do not recruit until later (July & August) for non-targets such as myself. This top MM offer explodes in 1-2 weeks. What should I do? Take this offer and don't look back on th...
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STC vs. Knopman Series 63 and Series 79 -- which is the most up to date / better material?Hi guys, Wondering what is your opinion on which is the most up to date / better material to prepare for the 63 and 79. Also can I share with someone else? Or is it optimal for every analyst to get their own. Thanks....
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Evercore - Interview - Investment BankingWhat happens when rates rise? What are your opinions on the markets right now? What is your opinion on the tax reform? What is your opinion on the geopolitical tensions? What risks do companies face in terms of governance? What do you think will be the next big thing? They asked a lot of current-eve...
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Are the technicals different?I have been studying technicals for IB but I think I could be a better fit for private wealth management, Investment Management, global investment research. I was wondering are the technicals different for these positions? Also, in general what are some of the differences between these things?...
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Goldman Sachs - Interview - Industrials1) Company is bought for 10x EBITDA (EBITDA is $10 million) with 6x EBITDA leverage. Company is then sold for 12x EBITDA after paying down 2x of debt. What is the cash on cash return? - Tried answering this by drawing it out - calculated purchase price and how much of that price consisted of debt. ...
Lazard - Interview - Investment BankingThe questions were mainly technical and not behavioral oriented. Questions included, walk me through a DCF analysis, walk me through a leveraged buyout, what does WACC actually mean, how would you calculate WACC, and what are the pros and cons of issuing debt vs equity. The interview also asked st...
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What's is your biggest f$&k up on the job?Hey guys - I am sure there are some good stories out there about your biggest mistake on the job. Were you able to recover from said mistake or did it haunt you until you got a new job?...
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Most Important Things To Know Going Into ER InterviewHi guys, I have been dead set on going into IB which means that as a hardo I understand valuation techniques and have a good understanding of IB as a student (thanks to WSO, WSJ, and Mr. Rosenbaum and Pearl) but would like to know how different the interview questions for ER. I have recently seen th...
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