Silver BananaTopicReplies
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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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Help me choose the right university for Investment Banking I am an international student from Pakistan who aspires to study combination of Mathematics and economics at undergraduate level. I have offers from Edinburgh, Bristol and Manchester university for Bsc Mathematics. I have been refused by LSE and Cambridge; however, I am hell bent towards the idea of...
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2nd Year Analyst Lost at SeaLongtime lurker, fresh account. I'm a 2nd year analyst in BB coverage (mid-tier group at mid-tier bank). I'm not sure what I'm doing with my life. I kind of assumed Id go into PE like "everyone else", but I haven't gotten any great looks and not many analysts in my group placed in traditional PE la...
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IB not worth it (London vs continental europe)Sorry for the Clickbait. My whole question is actually if a career in London (mostly talking about M&A) is"worth it"? I think Base at respected Firms is around 50-55k, the bonus is like 50% and signing around 5k? So 80k GBP all-in, which is around 90k EUR. The Analyst at the firm where I will be ...
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2018 /2019 Bonus DiscussionThat time of year again. Many banks are just finishing their fiscal year but others should be close to payout time (BMO / RBC / others?) Thought might be good to start a thread to see where comp is shaking out. I realize @WallStreetOasis.com" has a database, but in an effort to keep things blinded...
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GS Veterans Integration Program (VIP) 2019I'd like to start the 2019 Veteran Integration Program thread this year. The application just opened up and I plan on applying in the next week few weeks. Taking this content directly from last year's post - In past years the application entailed an online resume screen, followed by a Hirevue inte...
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Jefferies & Company - Review - Investment BankingGreat group of guys. Senior team really looks out for you after you complete two years to make sure you get a role after your analyst program. Good history of promotions. . Typical complaints with banking - unpredictability of work flow, redundant work at times, and long hours. ...
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Why do investment bankers get paid so much when their work is so easy?And don't tell that they work too long. I know a manager at walmart who work as much as IBankers and makes just 80k. She has also a degree and been working 12 years in the same company. Even high schoolers with passion can do IB if you teach them some accounting and corporate finance and teach the...
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Expected Hours BB Associate and upWhat are the expected hours for at a BB non-NYC location (above average group) for Associate 1, and beyond?...
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Internship extending not as long as hopedHi guys I had a meeting in the past with my manager’s manager about extending my stay at my current internship and changing teams. He said to me directly I can stay here as long as I want explicitly (no actual length mentioned though). This was a month ago, today I got an email from HR saying the...
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SunTrust Robinson Humphrey STRH - Review - Structured Products* Lots of feedback on the work you perform * Given work of substantial importance * Receive mentorship and extensive training * Friendly people but still smart and competitive . * Pays a little less than some other banks * Sometimes viewed as less prestigious by Bulge Bracket banks ...
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What is going on in Houston?Can anyone in Houston provide some insight into what is happening over there right now with the oil prices and volatility? Are any layoffs happening at any level? Much thanks....
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IB with Best TMT group in LondonHi guys, I'll be attending MFin program at Cambridge this coming fall and hoping to secure a fulltime M&A position in London as soon as I graduate in 2017. I have always been interested in the TMT sector and was wondering if you have any suggestions on which IB (boutique or BB) I should aim for? L...
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People wondering whether they should quit their IB job to join the militaryThis post is inspired by a recent thread in which someone mentioned wanting to leave his cushy IB position at 26 to join the military as a junior officer. Apologies if it's in the wrong forum, moderators. As someone who recently got out, it baffles me. To anyone in the same boat, I don't recommend ...
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Oxford vs Dartmouth (Undergrad, International Student)I'm an international student interested in IB/HF/finance in general. I've been accepted to Dartmouth ED and am awaiting a decision from Oxford University to study Economics and Management. While I'm waiting with not much to do, I was hoping I could get some insight into whether I should choose Oxfor...
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HL Final Round InsightsHi guys, I was invited to the final round of the interview process for FT position in FRG. I will be talking to two VPs as told. Can you guys share some insights and experiences? Thank you!...
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Does anyone know these firms?Does anyone know anything about two PE firms in Grand Rapids, Michigan called Blackford Capital or Auxo Investment Partners? I am considering applying or at least trying to network with some of their people. ...
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FIG Valuations in PracticeDoes anybody here with actual FIG M&A experience see people using DCF modelling as the valuation driver in deals? Was recently working with another bank and all of their valuations for the deal were based on DCF instead of comps or residual income? Is this typical at a lot of firms?...
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Is it taboo to ask what the details of an interview will be? I have a 2nd round interview for an origination role at the ECM arm of a boutique. They told me the interview will last x amount of hours and that it's between 2 partners and some associates. Is it okay for me to ask what to expect the interview to be like?...
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Bond Pricing- Why are bonds priced against mid-swaps?I am curious to understand this, in US when we price bonds against treasury (that's say a proxy for being risk free) and then add a spread over it for the riskiness of the issuer based on credit rating etc. What does mid swap in bond pricing imply? I don't understand why there is a swap involved he...
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Thoughts on below average starting offer: non-targetBasically I am wondering what your thoughts are on my situation. I went to a non-target and did not go hard enough to get a prestigious offer. I’ve been focusing on IB the last two years and it’s what I am set on pursuing. My offer while appreciated is not as great as the BB or EB salaries I hav...
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Where should I invest my bonus?Old topic, looking to refresh conversation given current state of market (Dec 2018). DISCLAIMER: NO ONE'S INPUT WILL BE CONSIDERED LEGAL ADVISE. Haha. Just want ideas. About to get paid for first full year of work. Expecting $50k (~30k post tax). Just wanted to ask around to see what people did wi...
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Bank of America Merrill Lynch - Interview - Investment Banking- Asked about the IPO process, since I was new to the field I wasn't that familiar with it, but I think I managed to get by - Also asked about companies I was interested in, which I hadn't prepared well for, but the MD was great in guiding me through asking different questions - The rest of the ...
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Did a seasonal internship in banking, but doing my SA in technology. How to get back to banking?Hi all, I did an internship during the school year at a healthcare boutique (think Leerink/Ladenburg) but accepted in offer at a BB doing data science and engineering. I got the offer at the BB before I got the offer at the boutique and have really enjoyed the work and pace. Any recommendations to...
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From Christmas to IBHello all, I wanted to get some advice about my probability of working in IB. To start off, I am only 20 years old. I am going to school at ASU, and am starting my Sophomore year in the spring. I have a 4.0 and work experience. My work experience is interesting, but I do not know if it will be t...
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Bank of America Merrill Lynch - Review - N/AThe people I worked with were great, really skilled at what they did but also genuinely interesting (i.e. came from different backgrounds, had different reasons for pursuing banking). The bank also did a good job protecting hours, not perfect but an honest effort was usually made.. Like with any ban...
Bank of America Merrill Lynch - Review - Investment Banking- Good group culture - Great female representation and support - Fun and supportive intern class - Fun bonding summer activities . - Hours pretty rough - Work life balance not that great, but it is investment banking - A couple of not great people, but that's common in every group...
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Miami University (OH) Investment Banking Chances?Hello, I was just accepted my offer of admission from Miami University in Oxford, Ohio. I know that I want to pursue a career in Investment Banking. Is it possible to land a job on Wall Street or a major Chicago firm coming out of this school? (assuming 3.5+ GPA and solid extracurriculars). What ste...
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IB Bonus VestingIs it common for investment banks to vest analyst bonuses over three years? I'm getting my first year stub bonus in full at the end of the year, but all full-year bonuses going forward will be paid 50% the year it's earned, and 25% each over the subsequent two years....
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Evercore - Interview - Mergers and AcquisitionsGave a Paper LBO which was difficult to d o since it went in a lot of detail, not to mention there were a lot of stop-and-gos with this, diving into assumptions, etc. Qualitative aspect highly emphasized. The bank actually cares about getting normal people into their positions and making sure every...
Lazard - Review - Investment BankingExcellent leadership team on the oilfield services side, upstream group needed work but core leaders were focused on improving. Lots of restructuring and M&A opportunities. Quality team and analyst pool to make long hours more bearable. . Its banking... so long hours and weekends are par for the cou...
Goldman Sachs - Review - GeneralistHours are average for industry. Varied work. Strong management and resources. Training is good for new hires.. Industry hours are long. Some tasks aren't interesting. Difficult to tell whether this is the right line of work....
Crédit Agricole Corporate and Investment Bank - Review - Debt Capital MarketsGreat healthcare benefits and very work life balance focused culture. Chicago specifically had a major focus on working manageable hours. . Nearly everyone in the office talked poorly about the company. There was no strong work ethic among nearly everyone. ...
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Hate IB? Why not join a different bank or group?Hello fellow monkeys, Over the last few years as myself and close friends have entered into the IB world, I can't help but notice a couple of major themes: 1. Experience varies wildly from bank/group 2. Analysts tend to throw in the towel before considering whether IB is a potential long-term ca...
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Junior transfer student at a target school w/ nothing lined up for summer. What now? Hi all, I am currently a junior transfer at a target with nothing lined up for the summer. Just finished my first semester w/ a 3.78 GPA Out of the 100 transfers that were accepted, only 2-3 managed to get a IBSA position as far as I know. I could have had a spot at one of the Big 4s had I put in t...
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MS AIPAnyone have updated information on what MS AIP actually does?...
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2019 Summer Analyst Program for Hong Kong/SingaporeAs some of the firms have already started accepting applications for 2019 for HK/SG, I thought it's the time to start this topic for those who are specifically interested in working in HK/SG. What's your background? What division(s) are you applying (not limited to IBD)? ...
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Credit Suisse - Review - Investment BankingExtremely intelligent co-workers. Really enjoyed my group and we had great deal flow. Had a great internship experience overall. . Deal teams can be very lean which leads to rough hours. You constantly have work piling up (if you’re in a good group) and it is tough to stay on top of. However, that...
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DCF - value is less than net assets - still useful / alternatives?Hi all! Just done a DCF & the equity value (26.9m perpetuity / 41.3m exit EBITDA) is significantly less than net assets (52.5m). The perpetuity itself is worth less than just the fixed assets (29.3m). What ways/multiples might be more useful to value a business in a case such as this? Thanks all!...
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Stupidly low bonus. Should I jump ship?Quick summary: graduated 12 months ago, been working at this 5 man M&A boutique for around 8 months. Was promised quarterly bonuses and a split on execution fees. Base salary was low @ $50k but still took it. Fast forward to last week: haven't been paid any of the quarterly bonuses up until now cos...
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Goldman Sachs - Review - Leveraged FinanceOverall great environment, benefits are decent, pay has been on the decline but still competitive. 10/10. Hard to move up quickly unless you get lucky with people leaving. Everyone is kind of looking out for themselves ...
KeyBanc Capital Markets - Review - Investment BankingGreat pay in a super low cost city. Decent IB experience and good mentorship. The training program preps you well for the job but also serves as a great transition from undergrad in to full time. . Cleveland is not a premier city. Sometimes it feels like you will not be able to network in to another...
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How can you take it?I've found finance to be completely unbearable. The pay and career development is excellent but the level of work, expectations, and lack of control over your life is not worth any amount of pay. Senior employees have no guts or real business skills, or they would have gotten the hell out years ag...
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2018 Investment Banking Report: 8 Trends in the Industry Wall Street Oasis (WSO) released a detailed 2018 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 2016, 2017 a...
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No name to BulgeI am rising Junior and have been interning for a very small IB since August and will be interning there next semester as well as in the summer. I was wondering how I should go about using this to try and get a full-time offer the following year at a larger bank. Love interning there just want to wor...
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JP Morgan Investment Banking Junior Analyst Full Time ProgramCurrently a senior at a semi-target school and completed a summer IB internship at a lower MM firm. I heard about the investment banking junior analyst program for JP Morgan, and I was wondering when recruiting for this full-time program would start. Anybody have any insight? Thanks!...
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Interview with Piper JaffrayI'm interviewing at Piper Jaffray for Diversified Industrials and Services Investment Banking, can someone shed some light on how the interview process is like? Anything about this group at Piper Jaffray will also be helpful....
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Worried About Exit Opps From Low-Tier BBHi all, I am currently about to start FT at a low-tier BB (think DB/UBS) and am worried that my exit opportunities are limited. I am not exactly set on a PE role but many of my classmates are at top-tier BB or EB banks and I am concerned that I will not be able to place anywhere promising out of my...
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M&A Writeup for networking opportunity?Hello monkeys, I was wondering if I could get some advice. I have a call later in the week with an analyst at an EB (evercore, lazard, etc) who graduated from my school. I am also meeting said analyst at a small school event hosted by the firm in January. I want to prepare something to give to the ...
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Leerink Partners - Review - Investment BankingFamily like culture where everybody is trying to keep juniors. Very much an elite player in the biopharma space now. Lots of politics and gossip per any firm but seems more here than a bulge. Other HC franchises are still on the way up but are miles behind the biopharma one...
William Blair - Review - Equity ResearchThe culture is the best. Top management emphasizes associate's development. Best-in-class training is also provided.. Not much opportunity for mobility. You are stuck with the assigned analyst and industry group, with limited possibilty for lateral...
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Winter intern recruitingI come from a non target, a couple of IB internships but overall a fairly atypical background. Its been suggested to me a few times I pursue a winter internship which i can transition into a full time offer. Anyone know which major banks run winter internships?...
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Marriage?Are you investment bankers better off marrying a girl who’s also working the same job in investment banking? I feel like they would understand the obscene workload and long hours. And the combined income could also reach up to a million for the family in the long run. Or would you prefer a regul...
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Making VP in 4 years?Is it possible to make VP in 4 years in investment banking? This would be 2 years analyst + 2 years associate, promoted to VP at beginning of 5th year. Many if not most banks now offer analysts early promotion to associate after 2 years, to lure them away from the buy-side. But I haven't seen any da...
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Greentech Capital Advisors Summer Analyst 2019 Hi has anyone who attended the Superday at Greentech in SF received their offers? I'd love to know who I'll be working with next June! - DM me...
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Can't help flexing on everyone.I feel kind of an inner voice which tells me to flex on literally everyone, even on people who earn much more than I do. Lmao, even on my parents. I ball so fucking hard that I can't even save a pound. I squander all the money on Gucci, Balenciaga, Louis Vuitton and other shit (bought a new GBP 12k ...
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Credit Suisse - Review - Investment BankingTeam always happy to help, good culture, no unnecessary face-time, responsibility to interns given is good enough, worked most weekends for a few hours but from home which is always nicer.. Not so much access to modelling as an intern (as usual), worked most weekends, office is not nice as furniture...
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Unofficial Spring Recruiting timeline? (Departures, bonuses etc)Just was curious how the "spring recruiting" (I know this isn't a formal cycle) works. From January-May what is the rough timeline to be ready for? For example, when do bonuses come in, when do departures usually occur and when does HR start looking for referrals?...
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Deliemma trying to break into IBHey I kind of have a problem and was wondering if I could get some advice on my current situation. I am from a non-target school and currently a senior with 4 classes left to graduate in May 2019. I did a wealth management internship this past summer at a BB because I thought that is what I wanted t...
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Nomura Sales vs. JPM Wealth Management (Hong Kong)Hi, I recently received SA offers from both Nomura Sales and JPM Wealth Management in Hong Kong. Not sure which one to take. Definitely find markets a more exciting place to work in and Nomura is quite strong in Asia/HK, but WM is such a booming business in Asia at the moment and the name of JPM jus...
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2019 housing adviceHi guys, Trying to figure out what's reasonable to spend on rent in my particular situation. Working in (non-BB) AM so same base as 1st year banking but with much better hours / lower bonus - meaning that dinner / ubers home at night etc aren't going to be expensed, I'll generally have a lot more t...
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Oppenheimer - Review - Investment BankingJunior people are great -- analysts through associates, and some directors. Your experience will probably depend on which group you get into. . Consistent theme of senior people leaving and not being replaced. Very poor junior resource allocation....
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An Analysts' ResponsibilitiesGiven the rich resources on financial modeling - isnt't it quite rare that an analyst builds models from scratch? To be honest, my impression from skimming through the forum is that one is mainly responsible for creating the pitchbook rather than modeling at all. Can s/o briefly share his experience...
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BB Corporate Banking vs Houlihan FASHad a few options this recruiting season in terms of offers. My top two choices came down to Corporate Banking at a BB and FAS (valuation) at HL. Didn't know a lot about the two groups when I made my decision. Just curious does anyone know major differences between the two in culture, pay, exit opps...
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Build LBO model from scratch for case studyHello all - I need to build an LBO model from scratch as part of a case study. I will have 3 hours to complete this, remotely. I am a decent modeler, I don't need a modeling course or anything, but I would like to review resources to brush up on building an LBO model from scratch, can anyone suggest...
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Greenhill 2018Hi, What are peoples thoughts on Greenhill in 2018? They have obviously had a tough few years and are not on par with Lazard / Evercore in the boutique space. How are they perceived against upper MM Banks like Jefferies ? Interested in both London and NY perspectives. ...
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Office DynamicsHello everyone, I started interning at a small IB boutique and I have somewhat of an understanding of office dynamics at this level. My question is for the people at bigger banks is how would you quantify your interactions with other members of the team. That sounds weird so let me give an example...
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Application ProcessHello everyone, I am preparing myself for the SA 2020 ( I know its early, don't blame me blame the process). Anyway, I was wondering if there is such thing as a referral link to apply, I have heard about them but not enough to think they're actually real. My greater question is: does it matter if I...
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PLEASE HELP WITH: State of High-Yield Bond market / Lev Fin / League TablesHello everyone, I'm interested in the state of the High-Yield Bond Market. I know that in the 80s high-yield bonds were used to finance large LBOs and that there was a few boom and busts. Are high-yield bonds still commonly used to finance LBOs? If so, does anyone have any idea on the percentage o...
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Lincoln International - Review - Investment BankingGreat firm with great people. Highly recommend to those looking to pursue employment in the investment banking industry.. Like any investment bank, be prepared to work long hours. The work is challenging but ultimately gives you the skills necessary to succeed in finance....
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Secondary advisory any advice/interview help needed! PE/M&A/IBHi, I got an interview coming up for secondary advisory role at a good IB. Couldn't find much of information online, any tips/advice, what to prepare for would be HIGHLY appreciated. My current level of accounting/valuation knowledge is good enough for internship interview at IBs for M&A. But n...
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CRE financing modelling case studyHi all I have a second round meeting with a bank in their commercial real estate financing group. I was told this will be a "case study" session - sounded like you have to do modelling/analysis on the spot. Can someone please please help me prepare for this? I have zero idea where to start. If anyon...
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Credit Suisse - Review - Investment BankingMost of the time, protected Saturday if you fight for it, if you want, you can get away with leaving early Friday as well. face time and not meritocracy, not always the best people get promoted, to be honest most of the people promoted are not that great...
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CF BIG4 Poland -> BB IB London (when should I start networking?)Hello everyone. I'm a recent graduate from Warsaw School of Economics with a terrible GPA, which I believe is near to the median GPA (4.16/5.00). I've been working for one of the BIG4 firms for several months now. As you can imagine, I can't brag about grades I amassed throughout my college journey....
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Help me Choose - RBC vs WF Have offers from Wells and RBC. Wells has the sell day thing and I could get placed in Charlotte, which is annoying, but I feel like its a stronger bank (despite all the scandals on the retail banking side), liked the people more, etc. Any advice? ...
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Waitlisted After MM Full-Time Superday... What Can I Do?Hey all, Last week, I was part of a target superday for an MM IB position. The day after the superday, I was notified via e-mail that I was wait-listed for the position, though I had a pleasant interview experience - thought I really hit it off with an MD. I was told I'd be notified by mid-October,...
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JP Morgan 2019 Off-cycle Internship - Hearback and fellow applicantsHello folks, I'm an undergrad who's just applied for a JP Morgan 2018-2019 off-cycle Internship position. Just wondering, has anyone else applied, and has anyone else received a hear-back after the hirevue interview? ...
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Late Summer 2019 Internship RecruitingI was not sure what I wanted to do and am now trying to recruit for a summer internship for this upcoming summer. A lot of the people I have contacted have said that they are already done recruiting. I was wondering if anyone knew of places that are still recruiting for summer interns. Thanks...
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J.P. Morgan 2019 IBD Video InterviewHi guys, sophomore at non-target here. I submitted my app for JP Morgan IBD 2019 yesterday and just got invited to do a video interview. Anyone else get the video interview? Also, will there be another phone interview after this or straight to superday? Any insight or advice is appreciated. J.P. ...
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Bankers - how often do you use a financial calculator?I was told that I need a financial calculator for training... was wondering whether it's actually used often. I'd prefer not to spend hundreds on something that I'm never going to use. If it is necessary, any recommendations?...
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Bad HabitsWhat bad habits (besides lack of sleep) have you all developed since you started at a bank? For example, I started biting my nails after a month on the job but had never bit them before and a friend began to mumble random finance terms in her sleep....
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KeyBanc Capital Markets - Review - IndustrialsWhile the job was full-blown investment banking, quality of life was pretty good. Hours were capped at 60 but often went over.. Full-time coworkers were awful. Lots of full-timers leaving the office as well. No one wanted to stick around at this place....
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Critique my cold-email for freshman year internship?Hey guys. I am currently a freshman at a semi-target and I am going to start reaching out to firms in my area for an internship. I realize freshman year internships are kind of a joke, where you do "bs" work... however I still have no idea how to format an email. I am thinking something along the li...
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Ducera Partners InfoDoes anyone have any info on Ducera partners? culture, hours, comp? Also, anyone have any insight into their interview process?...
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