Silver BananaTopic
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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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Does life get better as an IBD associate?After the grind of the analyst years, does life get increasingly better as an Investment Banking Associate?...
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I have no purpose.. help :(I feel like I have no purpose in life :( The fastest way to fill this void is for me to be a hero. To that point I need suggestions on how to become a hero, nothing dangerous and nothing that sacrifices too much of my time, easier is better. Take care! ;)...
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Company Review: Raymond James Financial Inc. - pretty satisfiedpeople are nice and good work flow. management trying to grow the business. part of big group. theres sense of community. they pay slightly lower than the street. sometimes being part of big group can be problem in terms of making changes...
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Requesting a Different Office?I received an offer to work at a bank with locations all throughout SCal but the office that I received wasn't my first pick office (think industrial city) versus the downtown office. However, the fact that I received this location instead of the DT office shows that the MD chose me from this locat...
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Post-MBA Associate: BB FIG vs EBHi all, Looking to enter the industry as an MBA associate with an intention of being a career banker (who knows, of course, but that's my assumption for now). Currently choosing between two offers: MS/JPM FIG vs Evercore Generalist Inputs: 1. I *think* I would enjoy FIG as a career choice, but no...
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Escapism and BankingWhat are your favorite ways to escape the daily drudgery of nitpick edits and pitches? I try to read and fuck tinder bitches. ...
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AMAZON - 20 Finalists for HQ II So... Amazon has finally released their final 20 cities they will be choosing from to build their second headquarters. Any surprise of the list? Which 5 cities do you think it will be narrowed down to? What's your favorite? And oh... NYC made the list... Atlanta Austin, Tex. Boston Chicago Colu...
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Stub bonus and full year compWhen first year analysts receive a stub bonus in Jan/Feb, do they get paid another bonus in the summer to make up full year comp? If not, do they have to wait until next Jan for their second bonus?...
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How often do you get called in to work after you've already left the office?I've heard of fire drills but how often do analysts get called in after they've already left the office? Say it's 1am and they've finished all their work for the day but get a call from their associate or VP....
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Finance, Consulting, or Tech?Which job pays the most in the long run, finance, consulting or tech? Tech hours are amazing and if you work in Silicon Valley you can make 150k out of undergrad which is the around the same for IBD Analysts. But how do the salaries change over time? Is there more income potential in Finance than i...
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Purchase Price and Non Operating AssetsMy question is whether in an M&A deal the price paid by the acquirer includes (Excess) Cash and other Non Operating Assets and Debt. From what I've understood, the base price the acquirer pays is represented by the Equity Value, which should include all Non Operating Assets and (Excess) Cash. Meanwh...
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At what age you got into IB ?Alright so let's put this into context: I'm 22 years old, i've graduated from a top 200 University, i had a couple of internships, one was with top 10 consultancy firm think (Grant Thornton - BDO...) it was an IB internship (modelling, valuations..) i had a 3+ GPA. I'm currently in the Middle East, ...
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MBA SA Goldman vs EvercoreI can't believe I'm finally posting this after a couple years of skimming these forums, but I FINALLY received offers to become an investment banker. Though not the objective of this post, if anybody is curious about my path. Non-target UG (~3.5 GPA, not stellar) -> Audit at Big 4 (where I learned w...
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What are the strongest NON-Targets?I've noticed that there is not a thread exactly like this for prospective monkeys to take a look at. I'm currently an undergrad second year applying to some targets/semi's as a transfer, and this would have been helpful if I didn't know exactly where I wanted to be. What are some strong non-core un...
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Any Advice to a Sophomore Late to the GameHi, first time poster here. I'm a non-diversity sophomore majoring in Econ from a target school, with a decent GPA (3.7+). Freshman year, I went to a few company information sessions (GS, etc.) and the school's investment club meetings, but wasn't seriously interested in finance. Last summer, I inte...
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Is Harvard enough?Hello everyone. I'm currently a freshman at Harvard trying to figure out what to do with my summer. I'm planning on majoring in physics here. Although I really like physics, I don't currently aim to go to grad school to get a PhD in it because I've discovered through past experiences that research j...
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Effects of Including / Excluding Leases in the EVHi, I have a question regarding operating and capital leases and would greatly appreciate any help. It is common practice to include capital leases in the EV. If I do so, I do not exclude the depreciation cost related to the capital leases from the EBIT, when using multiple valuation, right? When...
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Masters in Finance after M.S. in Financial Engineering, yay or nay?I graduated with a M.S. in Financial Engineering last year and I am currently working in valuation services. My true interest is in IB but haven't been able to break through yet. One thing I've learned with my current position and (little) recruiter feedback is that the three finance courses I was a...
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BG Check: Past Employment SalaryHey guys, I got a call from HR at a BB today asking for the reason behind the discrepancy in salary stated vs what my past employer had stated my salary was. It was a simple typo, and I provided the pay that I had meant to write on my most recent pay stub. She ended the call and said that “you s...
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Any insight into the Credit suisse MBA Fellowship?Waiting for admissions decisions from T25 MBA programs and have 7 years in public sector finance, wondering if anyone can share anything about the credit suisse mba fellowship. -How much of my soul do I owe Them for the money and guaranteed gig? -Are fellows a good group or kind of ostracized as ot...
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Networking as a woman - my experience and questionsI started a throwaway account as I feel that this is quite a sensitive topic. I’ve been networking heavily since my final year in university. I’m now almost 2 years into my first job in finance. It’s always been easy for me to get the attention of an M.D. from a well-known bank. I was not af...
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Cowen 2018 Investment Banking Analyst ProgramI just heard back from Cowen about ranking preferences for coverage/product/location. Has anyone else heard from them about the 2018 analyst program?...
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What is street smart in Investment Banking business?Hey monkeys, I am a junior analyst who just landed a full time M&A analyst role in the city. I asked for the feedback from my director and MD and they say 'All the job you have done is great, that's why we gave you an offer. BUT, you need to learn to be STREET SMART in the business and do not exp...
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Best IB divisions at Barclays, LondonHi everyone! I'm an incoming IBD summer analyst at Barclays in London and wanted to ask which divisions within Barclays are the best to work for, in terms of culture and number of deals with regards to pitches/prestige. I have not worked in IBD so far, any insight will be therefore highly apprecia...
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Is it possible to move between countries?Hi! I really enjoy traveling and I was wondering if working for a BB and doing IB is a good idea? Like is it easy to switch between offices in different countries to get a global experience? Thanks!...
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How f*cked are international students now?To WSOer's working in investment banks on the west coast, Have your policies towards internationals changed in the recent light of things? The TN Visa is under scrutiny, but the H1B visa (and H1B1/E3 visa) has not changed. I'm an international recruiting for the SA 2019 cycle, and just wanted to ...
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PWP Chicago?Just saw an application open for a PWP Advisory summer analyst position in Chicago--wasn't aware they had this office, and apparently it's not opening until 2018. Anyone know about this? ...
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Is Evercore a boutiqueTitle says it, when people mention boutiques and elite boutiques, I often think of places like Centerview, Moelis and PJT. Places that have a small amount of employees but work on some of the largest deals out there. Although places like Lazard and Evercore are top places and would be amazing to wo...
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Cold Messaging Senior Bankers on LinkedinJust realised that I'm connected to some very senior players on Linkedin... Connected with a GS / MS / JPM Partner (in South Africa though) and some very senior bankers (Executive Directors) and so forth from my country. What's the best cold message to send them? Seems a bit odd to just outright as...
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Applying for an SA position at an IB from the first year of Uni?Is it common to apply for SA positions at IBs from the first year of University, or just from sophomore year and later?...
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Capital Advisory to M&A?As the title suggests, I'm looking for insight into the potential for an internal associate transfer from private capital advisory (placement agent) to another product/industry group. Any feedback would be greatly appreciated! ...
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Laptop/PC Advice for Financial modellingWill be leaving my current job (BB Credit Risk) after recently accepting a job at a fund. I will have to do a lot more modelling. I have about a month till I start and wanted to get practicing. I only have a Mac so far, but want to get a Windows now (Mac sucks for financial modelling). Would appre...
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Moving from UK to USHello guys, I am currently a final year student at a UK semi-target and trying to do a Masters in the US. I have little knowledge about target universities (apart from Ivy) and would love some help if someone had a similar experience moving from one country to the other. Thank you ...
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Summer Analyst Drug TestCan someone please describe the drug screening process of incoming summer analysts? There have been previous posts, however, I figured they are outdated as summer recruiting is always getting pushed up. Answers have been all over the place. I've heard December, 1 month before start, or anytime befor...
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Harris Williams M&A Boot Camp 2018I was wondering if anyone else on here will be applying for Harris Williams’ M&A boot camp for next summer or if you’ve heard anything noteworthy. Most of the people doing IB SA internships at my school aren’t applying. ...
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US vs Canada Undergrad?Hey everyone, I'm Canadian and just graduated this past spring from a New England prep school (think Andover, Exeter, Deerfield, etc.). I applied and was accepted to a few colleges last year, but I'm currently taking a gap year for various reasons & am planning to reapply to some universities soon...
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Are bankers actually cool? Do Asians rail booger sugar?..............................................................................................................................................................................
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How do fluctuations in Net Working Capital affect Net Debt?"The company owner has, as part of the on-going operations, a certain capital tied-up in outstanding accounts and inventory as well as a certain financing from suppliers. These balance sheet items (outstanding accounts + inventory - supplier debt) constitute the core of the net working capital, whic...
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Company Interview: Deutsche Bank - Off-Cycle Intern Corporate FinanceGenerally speaking, everything was quite straightforward (not too much for an off-cycle internship). The most complex question was: "Have you ever built an Operating Model? What is it? How do you estimate the Growth rate of the Revenues for Pizza Hut? What is their highest cost?" Other questions wer...
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Boutique ECM NYC - OpinionsHey everyone! I live in LatAm and work in a FO position for one of the major banks in this region. My firm is very well respected in the community and probably the best one in this area. They have offices abroad too and one of them is located in NYC. However, their NY office is a boutique one and d...
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Company Interview: William Blair - M&A InternBeing Middle-Market advisory, I did not expect any "tell me about a deal of William Blair you've heard about", especially from the HR. The question went in depth, asking what I have learnt from that deal and why I think William Blair did well. They asked me about the price paid and the multiple paid...
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Goldman sachs drug testi know Goldman Sachs drug tests new hires, but how soon after accepting the offer? and also, is it a standard urine test or a hair follicle test?...
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Are all background checks perfunctory?I'm doing a long-term off-cycle internship in a (lower) MM firm. The banking department just made a new hire, a guy I knew from a previous internship. He was in jail for 3 years...and yet he still passed the background check? Why does this make sense? I know that not every one out of jail is bad, bu...
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Okay to Call Investment Banker (VP up) with number on card you got from them cold to set up time?Hey guys-wanted to know your thoughts on this. I met a VP up at a BB in IB at a networking event. I got this individual's card, and emailed them to set up a time to speak. It took a few emails and response until finally I got a response saying to coordinate with assistant etc to set up time. I c...
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California Banking - (Summer) Analyst Overtime Pay? BB and/or EB?I've been reading varying things about overtime pay in California due to the law requiring overtime pay, etc. Is it true that all firms (BB's, EB's, etc) must provide overtime pay? Or, if in the contract it states that SA comp is pro-rated based on FT salary/FT comp is $XX,000/yr there is no overti...
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California/SF IBD Summer Analyst Overtime PayWhich banks in the bay area pays overtime? I heard they're all required by state law but wanted to confirm. So far I have: Goldman Sachs - ? Morgan Stanley - Yes JP Morgan - ? Credit Suisse - Yes Deutsche Bank - Yes Citi - Yes Barclays - ? Evercore - ? Blackstone - ? Jeffries - ? Feel free to add ...
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SA Overtime PayI am at a BB, and it turns out we got our first overtime pay this week. We were initially told overtime would be 1.5x our hourly rate, but it turns out overtime is .5x our hourly rate. I have asked friends at other BB and they said they received the.5x ot as well and every is confused. OT is suppos...
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Intern vs Analyst Starting SalaryHi all, I will be a SA at a BB this upcoming Summer (Banking but not IB). It is premature, but I am trying to gauge my future and prioritize locking down a full-time offer vs networking. For the sake of clarity, I will be very transparent regarding income: I will be making 85K pro-rated over the S...
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MM IB SA or BB S& T SA?Any advice? I have offers for a MM IB internship and a BB ( think Barclays, UBS, Citi) S&T internship as a sophomore for this coming summer in NYC. I want to work in IB after college. Would the S&T BB experience be useful for a Junior year IB offer at a BB? I would assume my IB experience would c...
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Best Citi Industry GroupsI know that M&A is one of the top groups at Citi, but I'm not too interested in joining it. What are the top industry groups at Citi, what is the culture of the top groups, and how is the potential for PE recruiting out of each?...
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Jefferies Houston; other similar boutiques?Wanted to get a feel for the culture at this group as of the last 1-2 years. Seems like deal flow is insane but haven't had the chance to hear from current or recently department junior bankers in this group. Spoke with a former analyst who used to be there almost 4 years ago but wanted a more recen...
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I didn't even know what Investment Banking was until my junior year of college lol (Information is key)I am a minority, first generation college student, brought up by a single mother, lived in the hood, etc, etc... Throughout school (K-12) I didn't know shit about anything. I didn't know the importance of a high school GPA because none of my friends (at the time) did either. Nobody told me the impo...
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Greenhill's franchiseI'm interested to know what folks think of Greenhill's franchise--particularly those with real experience. It seems several years ago, the consensus was it was still one of the more sought after spots on the Street. Now, when I look across threads, I rarely see Greenhill mentioned along with Evercor...
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Corporate Finance Analyst Interview Coming UpI have an interview coming up for a Corporate Finance Analyst position. I was wondering what I should devote most of my time to in terms of interview prep? Treat it as an IB analyst interview? Financial Analyst interview? Here is a description of the job so you guys can get a better sense: "Corpora...
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Need some advice - Transferring to DePaul University (Chicago) So here is the situation. I am transferring to DePaul University (Chicago), and have 2 years left for my Bachelors in Finance. What is the best route for me into IB, specifically S&T? DePaul helps you find internship in the downtown area. I looked at the form and some employers listed here were;...
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University of Oklahoma BBA Finance reputation?Does Price business school at the undergrad level have the rep to get IB/PE positions in TX or NY. Looking on linkedin I see there are at least a handful that have done that, just wondering how far OU's reach goes and if it's somewhat comparable to UT, SMU, A&Ms clout in finance? ...
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Company Interview: Goldman Sachs - Operations Summer analystThe most unexpected questions were the following: I was first asked to discuss why I decided to leave my home country in Europe to come study in the United States, why did I decide to switch from aerospace engineering to finance and why I believed I could add value to the Operations division, and I ...
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What Platforms Do Third Party Headhunters and/or Company Representatives Use to Reach Out To Candidates I've heard much about people getting courted for PE, HF or larger IB firms during their Analyst years. However I've also heard a lot of people in the WSO threads suggest that generally when 3rd Party Recruiters reach out to you on LinkedIn, it's bullshit or for a position that's not very desirable. ...
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Company Review: Citigroup - Not a bad place for first job-bank has better hours than friends at other banks -other analysts and associates have been ok to work with. -deal flow is not as strong as other companies -bonuses seem to be lower than Goldman, Morgan Stanley, JPM...
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Lateraling Banks After One YearI know it's fairly common, but do spots open up at top BB groups (MS M&A, GS TMT, BAML Sponsors) or EBs?...
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Seaport Global SecuritiesDoes anyone know about this firm, or have any opinions? Found them listed on a deal somewhere and was thinking about applying for an internship....
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How to answer macroeconomic questions?I have no clue how to answer questions that are based on macroeconomic trends. For example, I got a question about what would happen to the gold price in country x if country y increases its interest rates. I was dumbfounded and didn't know how to answer. How can I practice for questions like this? ...
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Company ghosting me on reimbursement? Sent in reimbursement form: no response, followed up with recruiter via email, no response.. What's up with this? lol ...
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2018 Commercial/Corporate Banking BonusesI’ll start. A1: $70K + $10K Hours: ...
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Prestige ranking - LondonThere are a lot of posts about US, but I was wondering how is different the "ranking" in term of prestige in London. This is an idea from what I have heard 1. GS 2. MS 3. EVR 4. JPM 5. LAZ 6. BAML 7. Centerview 8. DB 9. BAR 10. CS Does this sound fair? Edited: 1. GS 2. MS 3. JPM 4. LAZ 5. EVR 6....
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London BonusesAnyone have any insight on London analyst bonuses this year ? Interested to hear how it is going and to compare. A3 - £47...
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How to get informational interviewsHi all, Just wondering how to get informational interviews to get an internship? Is it as simple as emailing or calling the bank and asking them for one, or is it more complicated than that? Thanks in advance. ...
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LSE Diploma in Accounting and Finance: useful for someone without IB experience? I graduated in July 2017 with a First in Chemistry with my only relevant work experience being 3 weeks spent at a hedge fund. I didn't manage to get a job during my final year and since then I've been job hunting. I've also been accepted onto the Diploma in Accounting and Finance course offered by L...
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MM Banking at BAML/WF/Citi/JPM vs F50 companyMy goal is IB or maybe corporate banking and I'm trying to decide between the two. I'm currently interviewing for the F50 but pretty confident I will get it. The big thing is if I continue with the F50 company I get the benefit of diversity program involvement. Whereas the banking internship will no...
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Company Review: HSBC - OK benefits but low pay* 30 days vacation/year * Relatively good pay compared to local graduate program * Good client and project exposure. * Low pay compared to other regions * Lack of mobility to regional/global HQ * Small team and work can get crazy at times...
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Company Review: Credit Suisse - Great roleChallenging role with global footprint and execution across M&A, equity and debt. Awesome team and culture.. No comment. No comment. No comment. No comment. No comment. No comment. No comment. No comment. No comment. ...
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Got an offer with a very low base, need helpLast week I received an offer from a offer from a boutique investment bank based in a second-tier city on the west coast (Seattle, Portland, Boise) with a very low base and no mention of bonus on the contract. Does anyone have any advise on how they should go about negotiating a higher base? ...
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2018 Bonus RumorsHas anyone been hearing rumors on how bonuses are looking this year? WSP: *"An investment banking analyst should make $155, $180K, and $205K in years one, two and three (plus or minus $5-10K depending on how good or bad the bank did). Perhaps add an extra $5K to be safe this year given that resul...
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Company Interview: JPMorgan Chase - AnalystThey ask some market questions and portfolio questions. Market questions are like index numbers, Wall Street Journal articles. They asked what is my view towards those articles and challenged my thoughts. For me, I shared an article about interest rate and told them my thoughts, they first challenge...
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Company Interview: Cowen Group - Investment Banking Summer AnalystHad one brainteaser, asked what i'd do with a certain amount of money/why, How did I end up getting the superday/anybody that I had spoken to, etc. The overall process was very enjoyable and the recruiters are genuinely nice and interested in helping the attendees. If you prepare and have your stori...
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PE at a Canadian Pension Plan or M&A at Big Four for Junior InternshipI'm currently a junior at a Canadian university. Tried recruiting for some of the BBs that operate here and got a few last rounds but didn't get an offer. I then received an offer with one of the big Canadian pension plan, for international private equity. The thing is they don't really recruit di...
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Company Review: Goldman Sachs - 5got the bonusgot the bonusgot the bonusgot the bonusgot the bonusgot the bonusgot the bonusgot the bonusgot the bonusgot the bonusgot the bonusgot the bonus. no bonusno bonusno bonusno bonusno bonusno bonusno bonusno bonusno bonusno bonusno bonusno bonusno bonusno bonusno bonusno bonus...
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Enterprise Value and Excess CashI've read on an M&A book that the Enterprise Value has Excess Cash (& other non operating assets) subtracted because of the definition itself of Enterprise Value and also because otherwise we would be double counting Excess Cash (& other non operating assets) since these are already included in the ...
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Company Review: Jefferies & Company - Happy but could improveVery good so far this has been an excellent place to work with highly motivated and talented people with diverse experiences.. Not many. This is the same at most firms but working in banking can be grueling with minimal work life balance....
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Company Interview: Evercore - AssociateThe most difficult questions was having to explain three ways in which I was unique/stood out from the rest of the other applicants. I assume that they were using this to understand whether I was self-aware enough to join the team. There was also some difficult technical questions related to stock b...
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Lower Tier BB vs Top EB in LondonHi, Lucky to have landed a summer internship at a lower tier BB and top tier EB in London. Which one would you guys choose? EBs seem to not be as strong in Europe as in the US and little info is available on their European operations....
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Any opportunity left now for investment banking full time analyst?It's quite late in the recruiting process now. How should I find full time investment banking analyst positions now within Hong Kong or US? Please send help! Any suggestion would be appreciated. I tried network with senior people but the positions just seem filled so I don't know if I should keep tr...
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How to respond to this networking email response?Hi, So I'm currently trying to build up my network for breaking into IB. I sent out an initial networking email to an MD at Goldman asking to meet for coffee. I obtained this contact through one of my old neighbors whom I'm still in touch with that did an SA internship at Goldman about 6 years ago. ...
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Things Bankers say in emails Investment Bankers have a secret way of communicating with one another. Whether it's a discreet nod or those matching Ferragamo shoes/ties, bankers have a fraternal pact with one another that everyone outside the industry just wouldn't understand. However, you'll soon realize not only is there a l...
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Should I quit after 6 months on the job?Hi everyone, I am trying to elicit some help here and ask for everyone's opinions on whether I should quit? **Background: ** I am from a non-target school and worked really hard to get current job in a M&A group at a tier 1 investment bank in nyc. Right now I am considering quitting after I find...
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Does everyone wants to leave Investment Banking after 2 years?It is my understanding that in NY/Toronto the norm is to leave IB after 2 years, but is it the same in other cities or countries? I have a goal of getting into O&G IB but want to have a clear picture of what's the usual path in Houston/Calgary....

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