20 Most Frequently Asked Questions - London Edition
Hi all,
Currently bored at home due to the current lockdown. Thought I could put my time in between two models to summarize a lot of frequently asked questions.
I will try to answer these questions to the best of my ability, if you disagree with it or got something to add, feel free to leave a comment and I will edit this post. If in the same 'tier' note that firms/school are in no particular order.
1. What are the undergraduate/General masters target schools ?
The list below applies for everyone, as long as you speak the language from the country you study in.
UK (course doesn't matter at this point):
Targets - Oxford, Cambridge, Imperial, LSE, UCL, Warwick
Semi-targets - Bristol, Kings, Bath, Nottingham, St Andrews, Edinburgh, Durham, Exeter, Cass
Ireland:
Targets - UCD, Trinity
Italy:
Target - Bocconi
Semi-targets - Luiss, Politecnico di Milano
Spain:
Targets - ICADE, ESADE, IE
France:
Tagets - HEC, ESSEC, ESCP, Top3 Eng schools
Semi-targets - Sciences Po, Top5 Business and Eng Schools
BeNeLux:
Targets - RSM, Erasmus, Solvay
German speaking countries:
Targets - Skt Gallen, WHU, Mannheim
Semi Targets - ESB, WU, FSB, LMU
Nordics:
Targets - CBS, SSE, NTNU Industrial Economics
Semi-targets - Lund, Aalto, NHH, BI, KTH
2. What are the targeted masters in Finance?
The list below only applies to Masters in Finance where you'll be targetted regardless of which languages you study - ie no one is targetted from the SSE masters if they don't speak swedish thus it is not included - a more exhaustive list can be found here
Targets: Oxford, LSE, HEC, LBS
Semi-Targets: Imperial>Warwick
3. How to get hired?
SW
Ideally you do one (or more) Spring week(s) (in April), 2 years before you graduate, ie as a first year of a 3 year degree. To get such an offer you have to apply around October for the April intake. Most spring weeks can convert/fast track you to Final Round interviews for the following summer internship.
SA
This is the best way to get a FT offer - or at least the most structured path. To get a summer internship either you make it through the spring weeks (lucky you), or you apply in late August/September, interview anywhere between October and January. The Summer Internship is a 10 week long internship usually running from mid june to late August.
OC
You didn't get an SA offer, and you are about to graduate but lack IB experience at a good bank to apply straight for FT roles, apply to off-cycles. They tend to recruit at the same time as SA, but you can find off-cycles for any moment of the year. They usually are about 3-6months long and have high conversion rates as you really get to prove yourself.
So SA or OC
My rule of thumb is the following:
- You plan on doing further studies - go SA.
- You don't plan on further studies but don't have good work experience - go SA (unless they are a firm that doesn't take finalists because they have an off cycle designed for that - ie CS and their Autumn Internship).
- You don't plan on studying anymore and have a decent CV - go OC.
FT
You did a Summer Internship or Off cycle, you got an offer and you want to go to a better bank or you simply got no offer (I would usually recommend going again for SA/OC in the latter case), you should NETWORK (yes networking doesn't matter much for london except for full-time). Most interviews for FT (from my experience) are coming from people you've networked with. They need someone in their group they know you, they'll interview you (I was asked to apply, and was told I would get an interview after submitting my interview), if you're luck you'll start interviewing late august and have an offer before your return offer expires. There may be a propper application process but imo networking + applying online is the key way to go.
Interview Processes
In most cases you will have between 2-4 rounds interviews (excluding Hireviews). Usually a first telephone interview, maybe a second, an Assessment Center and maybe a follow on round after the AC (usually only for FT roles). In most cases I recommend being ready for all kind of questions, fit, behavioral, brain teaser, technical questions. For technical questions in most cases these will be adjusted to your work experience. But generally I would expect, perfect understanding of accounting, DCF, Comps; good understanding of LBOs, basic understanding of Merger Models. If you understand Rosenbaum and Pearl you should be fine - if you want to prep with a bit of Excel, do Macabus or Multiple Expansion, both are good.
4. What do we look out for on a CV/CL or in a Hirevue?
CV
- Formatting - first thing I look at (no excuse not to use WSO's format - no I wasn't paid for this but @WallStreetOasis.com" I'll gladly take some of your money if you offer)
- Are you an interesting person (diversity of interests, activities, jobs, sports etc)
- Do you have relevant/applicable work experience (this will obvisoulsy depend on when you are applying ie 1st year UG vs final year master student - yes we consider that when looking at applications)
CL
Most Cover Letters won't be read lets be honest, but here are my tips for them
- Formatting - are they one page? are they well formatted? Is there any typo?
- Content - Why finance? Why the bank&division? Why should we hire you? - 3 simple paragraphs that should be around 10 lines.
Hirevue
Generally regardless of what HR says, I believe that they are reviewed by computers, but if there weren't this would be what I would care about.
1) Can you speak clearly/are well polished - this is an interview, please wear a suit, tie and have a neat background and good lighting
2) Do you display enthousiasm? Do you seem passionate when you answer questions?
3) Content of the answer - if its behavioral do you use the star technique (that's all I'd care about tbh can't give a fuk about your story - I just want to see if you can structure your thoughts), if its news related how well can you talk about it, relate it to finance and how do you justify picking it (ie X deal was interesting to me because of X Y Z).
5. How to pick work experience? What is relevant work experience?
My rule of thumb is that people care about two things when looking at your past work experience.
I would usually focus on the following when deciding between 2 offers:
1) Relevant skills - Valuation, M&A process, FDD, CDD, running work streams, credit analysis, industry research, market sizing, accounting
2) Brand name - Firm and division
I am a firm believer that in IB people are smart enough to assess the combination of division + firm to see how selective the role was (for the Brand name) - say you did retail banking compliance at Barclays, well that's the same as doing operations at Tescos for me. So in most cases I would focus on the relevance of the skills over the brand name of the firm.
I myself did M&A at a no name shop doing deals in the ~£10-50m range and it opened a lot of doors because it was M&A, not sure doing compliance at GS would have had as much weight.
6. Should I network?
I am at a (semi) target
In my experience it is not required the same way it is in the US. Yet you should attend events on campus to gain insights into the firm. Some firms (CS, PJT and maybe more) will give interviews to people attending their events. But there is no point of sending cold emails to analysts to get calls with them.
I am at a non-target
At this point you may network because its not like you've got much to loose, and I am sure that someone that struggled to get an offer from a similar background would be happy to help you.
Implications of networking not being required
The fact that networking doesn't matter adds more randomness for the recruiting process. Some top candidates may not get an interview from top 3 US BBs but may only get UBS/CS and an average candidate may get MS for no apparent reason. I also have friends that applied with the same CV/CL 2 years in a row and the first year would get 0 interviews and a bunch of them the following year. The lack of networking creates information asymmetries between campus recruiting teams and applicants. But headhunters are well aware about that and therefore consider or at least are happy to speak to most people at BBs. I will get into more detail about this in section 16. of this post.
7. How does diversity recruiting work?
If you are a straight white male just skip that, and trust me I would rather not write about this but it comes up frequently.
What is diversity recruiting
Basically if you are anything but a white straight white male, you can be considered for diversity here. Be it for gender, skin colour, or sexual orientation, you fit the bill. Congratulations you are one of the choosen one to have better odds than other candidates and you gain access to highly exclusive events to eat some average snacks and bites in banks offices listening to a while old lady (or gay guy if you're lucky) ranting about how they value you. And yep that's it.
How does it work in practice
Lets take GS for instance, they want 50% of their class of interns in every division to be female, regardless of the proportion of female applicants. So lets say they take 100 candidates, so 50 males, 50 females, if there is 500 females and 5000 males applying, well as a female you have 10x more chances to make it than a random male.
What are the issues with that
Some candidates get offers just on the basis of diversity (ie spring weeks etc) as they may get easier interviews. So what you observe is that diversity candidates are (in most cases) the candidates that do not convert their internship. Furthermore it adds more randomness for the recruiting process. Some top candidates may not get an interview from top 3 US BBs but may only get UBS/CS and an average candidate may get MS for no apparent reason. Headhunters are aware about this so they consider people across BBs usually.
I will get into more detail about this in section 16. of this post.
8. How much should I expect to get paid?
Now that you've got the job or the internship - in most cases for both summer analyst and off-cycle you will be paid on a pro-rata of the Analyst 1 base. As an analyst 1 you get 50k base + a bonus depending on your bank, a rough number can be found here
And if you want to bitch about the fact that salaries are lower in London go on this thread
9. What are the best banks?
- Generally the top 3 BBs are the best (GS/MS/JPM)
- Then comes most EBs (exclusding those below - see the full list in 4.) + BAML/Citi/CS
- Then comes the rest of the BBs (DB/UBS/Barclays) + good MMs (Greenhill, Jefferies) + Macquarie (yes they do very well in PUI)
..................................
- Then comes other banks such as HSBC, Nomura, BNPP, RBC, + Solid MM shops such as Gleacher Shacklock, Arma Partners, William Blair, Baird
Most banks/groups above the dotted line will get you interviews for any kind of exits, so pick based on your interests, fit and where they are strong, more on that in section10.
10. What are the banks strengths + type of deals for EBs?
BBs
GS - TMT, C&R
MS - M&A, M&T or M&C, HC, Tech
JPM - TMT, RE, DI, LevFin
BOA - M&A, HC, Industrials, NatRes, Sponsors/LevFin
Citi - TMT, FIG, Industrials, HC, UK, P&U
CS - Sponsors, LevFin, M&A, TMT, Industrials
DB - Industrials, LevFin, TMT
UBS - TMT, M&A, FIG
Barclays - UK, P&U
EBs - in no order
Centerview - C&R, HC, focus on large M&A
PJT - HC/Gaming for M&A, Rx - focus on Rx mostly, yet is expanding their M&A platform
PWP - Industrials, TMT, focus on large M&A
Lazard - Pretty balanced - does everything one, of the bigger EBs
Evercore - Pretty balanced - does everything growing aggressively
Rotschild - HC, Industrials, Business services, Rx, mostly does MM
Moelis - RX - little M&A activity in the MM space, but good in Rx
HL - RX - an EB only for RX, MM at best for the rest
Greenhill - C&R, HC - enjoys some long standing relationships to get deals (ie Tescos)
Most EBs/BBs groups will get you interviews, so pick based on your interests and where they are strong, more on why that is the case in section 16.
Other banks
BNPP - LevFin, DCM
HSBC - DCM, LevFin
Nomura - LevFin
RBC - Industrials, FIG
Jefferies - TMT, HC, PUI
11. How do I get into the group I want?
Every bank will have that structured differently (and it even changes every year or so, hence I will not put banks in there) but tend to follow one of these structures:
- HR allocation without preferences - yeah that sucks its the worse option, they usually ask teams how many people do they need, which languages, and if they have other requirments and problem solved. In this case you have little control and it sucks - but again, groups here are not as important as in the US.
- HR allocation with preferences - kinda same as above you don't get much say, but in most cases people are OK with their allocation with few unlucky ones. These banks are usually the most open to you changing teams in between SA/OC and FT
- Placement Day/Oriented Networking - you come in the office for a day or they give you phone numbers of people to chat to before you submit preferences. It's a mix of your preferences/teams preferences that will determine where you end up
- Intern pool - you don't get placed into a team, amazing you can work with the team you want, but odds are, other interns will want that team too. It can get competitive, but is the most meritocratic, best performers usually end up in the best teams. Don't be a snake in the internship just to get a team, I have heard and seen people not get a return offer because of such behavior.
Before any of you network to get into one of your desired team I'd check with people you know at the bank (ie past interns, friends, past interviewers) if the bank is ok with you networking with teams. In some cases I know it can backfire and HR will not be happy about it. No point on having a bad rep even before hitting the desk.
12. I am at the Big 4, how do I break in? How to lateral banks?
Let me start by saying that MBA recruiting is much smaller an non-existent at some firms. So to bridge the gap, firms will have to hire laterals and people from the big4. So you the odds are not that bad to make it to a BB/EB for you. Not saying it's easy but it's possible.
I don't know the exact details on how to lateral, but reaching out to people with the same background as you is the way to go. Some firms have jobs listings on their website/linkedin (usually BBs) and others use headhunters (usually EBs).
Sought after backgrounds - this is in that order usually
- BB M&A (moving upstream obviously)
- MM M&A and Regional banks M&A/LevFin (BNPP, ING, UniCredit, Mediobanca and the likes you get the point)
- Big4 M&A
- Big 4 TS/FDD
- Big 4 Audit
- Random M&A shops
- Other Audit
13. Can I move offices?
There is no yes/no answer. The truth is that it depends on your bank, analyst class, headcount and performance. But generally, yes you can. If you want to go to 'cool' offices it will usually be harder - you usually have to be top bucket to go to NYC (at least for my bank). If you want to go to Moldavia (never been it may be great but never heard of anyone that wants to go there) it should be quite easy. You get the point.
Other thing on moving to the US/other countries. Don't see yourself staying there for the long run. In most cases you bank will move you there for a year or two at best on a visa that doens't allow you to change jobs. So no recruiting on the buyside, to an other bank etc. Obviously that doesn't apply if you have the citizenship or permanent residency in that country.
14. What are the exit opps in London
Investing
- HF (L/S Equity, L/S HY, SS, Event Driven, Activist)
- PE
- GE
- VC
- Infra Funds
- Private Debt
- AM
- CLOs
Other
- MBA/Further studies
- MBB/Other Consulting
- Corporate Development/Strategy/Investor Relations across large firms all the way to startups
- Entrepreneurship
15. What are the good Head Hunters?
For PE - KEA, Walker Hamill, Blackwood, PER, Dartmouth (Arkesden, more focused on IB though)
For SS - Hinton Rose, Angove Partners, Melrose Partners
For HF - Got no clue if someone wants to chime in, would be great.
16. How does PE recruiting work?
In London and more broadly Europe, private equity recruiting is structured completely differently than in the US, none of that on-cycle or off-cycle bullshit. Here, funds will recruit through the headhunters listed above when they need to hire someone. It may or may not be urgent, so the duration of processes can vary quite a lot. From what I see though, there are more people leaving banks in Summer or Winter, that is usually due to people banking their bonuses then changing jobs (in summer for IB thus demand to leave, and winter for PE thus creating roles available).
You can typically recruit in between Analyst 1 and Associate 3 for Buyside roles. The point you were all looking for if you jumped on here from my note in my 7th point- yes your group/bank doesn't really matter, most funds (if not all) will interview you regardless of that - what matters here is your deal experience and languages mostly (see Section 20). Funds do not need a pre-filter as a selection bias to hire candidates, as they can wait to hire more mature candidates rather than having to hire people that have been on their desk for less than 2 months as in the US, thus funds in the US need to rely on the strength of groups to assume that there will be a strong correlation with the quality of the candidate.
While GS/MS/JPM generally have better exits, it is due to the fact that people often joined these banks knowing they wanted to exit and that these banks have better dealflow thus a better CV for people in interviews, you will get interviews even if you aren't at these banks. In most cases speaking a language will help, most funds will say I am looking for a Native german speaker wiht 2 deals on their CV - therefore reducing rapidly the pool of candidates to interview. In some cases they even specify an industry group for the candidate (or at least the candidate should have an interest) - so the fund will be looking for someone that speaks german, has closed 2 deals one of which should be M&A, preferably in healthcare or at least with a good understanding of healthcare. As you can imagine you'd run out of candidates fairly quickly if you did this only with GS/MS/JPM - you (as a headhunter) would have something like 5 people to present to the fund looking to hire someone - needless to say that it's not ideal. If you want to read a longer thread on it just click here or here for why PE is more competitve than in the US.
And the cool thing compared to the US, is that only very few funds are 2 and out (H&F and Apollo I believe) and most funds don't care about MBAs.
17. What are the biggest LBO PE Funds?
Your traditional US MFs (BX, KKR, Carlyle, Apollo, TPG, Bain Capital, Warburg Pincus), US UMM(H&F, Advent, Silver Lake, CD&R), EU UMMs (Permira, BC Partners, CVC, Bridgepoint, Ardian, PAI Partners, Cinven, EQT).
18. How do I get into VC?
Before I say anything, there will not be a section on Growth Equity, simply because some funds hire like VC funds (as described below) and others like PE funds (see section 13.). So read both sections and try to figure out how the funds you want to target hire.
Think business
Let me explain: in VC, less people will care about your valuation skills, simply put what is the WACC of your start-up? What will be the exit multiple and EBITDA that year? Impossible to forecast that stuff. The core skill in VC is more operational, understanding what makes a business a good business and will allow them to 1) take market share from competitors, 2) create a market for themselves and so on. You get to care about profitability and numbers when you come closer to the exit (usually 5 years into an investment). Ok so how do I as an investment banker that only knows how to masturbate spreadsheets add value? And that still doesn't help me getting an offer at a VC fund.
Network
As a junior in VC, your role will essentially to be able to 1) make your partners life easy (tracking KPIs, deals, multiples) and 2) source investment and 3) screen investments. Whilst 1) is on-going, 3) only happens after 2). So sourcing investment is something at the core of your role as a junior. Now you're asking yourself how do I source investments? Well the best way to do so I to know people and have a solid network. And how do they test your network? Well many funds will only consider you/people that get a warm intro to them. Either you know someone in the fund, or you know some of the founders of a startup they funded or something like this. Point is, your network is the key to success to make it into VC.
Interviews
So if you did things well, you got introduced to the VC fund by someone and got an interview. Well you just did the easy part. VC funds unlike PE funds don't have a pyramidal shape but rather an hourglass shape - as many juniors as partners as you don't really need people to churn models and other junior tasks, and you really don't need mid-level professionals other than to make them partners in few years. So effectively in most funds you have about as many juniors as seniors. Often funds even have a bunch of partners and they just take few 6 months interns as juniors and that's how they run the show. Anyways back to interviewing, well most funds ask a hell of a lot of different things and it varies a lot, from pitching a sector/firm you would invest in, to which start-up would you fund between X and Y.
19. What are the good VC funds?
Answer is it depends - what are you looking for? More early stage (what I sometime refer to as spray and pay) where you do a lot of small checks, or later more growth stage deals? Is there a sub-vertical you are more keen on - Fintech? Consumer? etc.
20. What are the good languages? How many languages do I need? I only speak english am I stuck in IB?
The more the better. More seriously though don't jump out of the window if you are a full breed brit that has only ever spoken English and barely has left the island. If you only speak English you may have to revise you expectations a bit lower. Some funds only hire people that do speak multiple languages, BUT other funds have dedicated UK coverage teams (Ie Bridgepoint, Montagu) and will happily hire you. Best thing you can do is speak to headhunters listed in section 15. to understand what you can expect.
Below are languages in order from most usefull to least useful - and if you are reading this I assume that you all speak English.
For IB:
- French, German, Italian, Spanish, Nordics
- Other languages
For PE:
- German, French, Italian
- Spanish, Nordics
- Other languages
For SS:
- Italian, Spanish
- German, Portuguese
- Other laguages
For HFs:
As most firms report in English you don't really need languages from what I hear.
End
P.S.: If you made it this far, thx for reading hope you enjoyed it or learned something. I may go back and edit some of it to impove it!
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Omnis libero facere doloribus cum et placeat. Incidunt rerum voluptates quae impedit rem culpa eveniet. Dolorem porro itaque et ea sed. Expedita laboriosam omnis error quisquam iste sunt. In provident quas id est veniam. Assumenda molestias odit dolorum.
Rem dignissimos rerum laudantium voluptas. Ut non sed voluptatem odit. Maiores sint cum qui numquam molestias sed. Quidem tempore vel earum blanditiis mollitia fuga sit. Et consequatur et eum expedita consequuntur et necessitatibus.
Neque et reprehenderit et ab et. Labore temporibus eius qui fugit impedit. Nihil aut voluptas consequatur qui distinctio quo.
Quas qui molestiae ut minima et dolores soluta nihil. Reiciendis sit amet inventore quis ad quia. Nam ut sed quis. Libero quia occaecati dolor nihil enim ut. Illum dolore et labore architecto aut nihil nam. Necessitatibus incidunt alias omnis dolorum totam est ea.
Aut fuga maxime iusto sint suscipit quo quod. Harum eum mollitia quasi. Aliquam autem voluptas voluptatem fugit officia magni consequatur iste.
Esse nisi quae voluptates rerum itaque eos suscipit. Porro nostrum molestiae dolorem corrupti. Repellat omnis reiciendis consequatur incidunt.
Aut voluptate qui impedit aperiam nisi earum et id. Eveniet deserunt aut cupiditate atque. Laborum aut qui pariatur hic laborum odit nostrum.
Qui aut ipsa est veritatis nihil sint. Optio at et sed voluptatem nam alias. Quam et autem quam laudantium. Ex ducimus nostrum ex quis.
Fuga autem quo optio. Sequi autem alias officia. Et sit eum temporibus rem. Qui corporis voluptatem et est. Quisquam totam illo rerum et velit voluptas aut ipsam.
Laboriosam tempora laudantium id dicta dolores ut omnis. Praesentium et aliquid iusto eos. Recusandae consectetur omnis voluptas alias. Nihil vero qui impedit cupiditate harum et sed. Ipsa nulla sint sint hic soluta. Exercitationem rerum tempore voluptatem sint consequatur quos. Eum perferendis officia qui sed.
Est fugiat sed illo facere. Inventore ea occaecati modi cumque sit deleniti. Maiores ratione quaerat qui magni.
Vel dolorem sed veritatis omnis dolores ex. Alias maxime ab qui qui quas unde. Necessitatibus nesciunt accusantium quia doloribus odit nemo explicabo. Sint quae minima est illum nam et. Et nihil ut dicta voluptatem.
Voluptatem in cum asperiores voluptatem quia nihil voluptatem. Sint enim repellendus voluptatem modi et vero aut laboriosam. Quis soluta totam enim praesentium molestiae quam nesciunt. Saepe recusandae vel eligendi est autem quod.
Ut et ut perspiciatis consequatur ut. Est aliquid totam ut consequatur. Voluptatem officiis enim dolorem minus.
Voluptatem quaerat optio molestiae sapiente. Quia omnis qui quia sapiente. Modi eaque dolores et doloribus. Consequuntur recusandae amet repudiandae eum voluptate voluptas. Quasi perferendis nostrum sapiente doloribus. Quisquam voluptas rem quos voluptate.
Tempora eum veniam illum. Voluptas aspernatur assumenda esse. Consequatur sit quae et aperiam temporibus illum. Atque dignissimos eligendi nostrum voluptas officiis. Reiciendis qui sequi possimus aut. Sit sit mollitia sed soluta nesciunt sapiente.
Voluptatem ut sit vero dolorem repellat atque. Animi in recusandae illum odit eum eum facilis. Itaque blanditiis laborum ut molestiae. Non saepe exercitationem sit iste molestias. Dolor occaecati culpa quia quas vitae. Sunt quia qui occaecati fugit. Qui quidem aut enim excepturi sed cum.
Voluptatem est est molestias nulla corporis voluptas omnis at. Aliquid quia dolores iure nobis ipsum aut nulla. Dolorem molestiae natus itaque veritatis quia.
Maxime nulla optio provident omnis est voluptatem harum. Nobis velit aut ea corrupti. Earum consequuntur ut reprehenderit accusantium nisi accusamus ullam.
Voluptatem optio consequatur praesentium dignissimos deserunt et. Magni ullam temporibus deserunt quidem autem velit. Et at earum porro ducimus.
Architecto suscipit fuga aperiam ut nihil alias rerum. Mollitia et magnam mollitia magni architecto. Quaerat et ullam libero qui dolorum nobis. Adipisci quod exercitationem fugit ad atque sunt aspernatur.
Adipisci quia ipsum assumenda voluptatem dolores. Itaque mollitia est at aliquid veritatis enim. Ullam nisi voluptatem non sit fugiat alias. Adipisci nulla voluptate perspiciatis quasi.
Qui illum eius illum et dicta repellendus. Debitis et consequatur alias asperiores non fugit voluptatibus. Error quos reprehenderit ullam incidunt consectetur.
Sit quo nulla veritatis rerum dolorum adipisci ipsum. Iure culpa ullam esse occaecati voluptas. Distinctio soluta omnis et. Fugit recusandae et culpa magni expedita non. Dignissimos vel autem quis placeat voluptatem nesciunt totam. Necessitatibus vel at ex.
Eum ea tenetur molestias natus qui ipsum esse ipsum. Vero sed illum soluta quia aut. Sunt nostrum vel laborum molestias assumenda expedita.
At nobis nihil voluptatibus ut exercitationem numquam dolorem. In voluptate consequuntur expedita magni. Suscipit itaque voluptas itaque quo aut qui.
Quam voluptatem non et tenetur alias temporibus. Odit consectetur ut similique enim laborum omnis provident iste. Sequi eligendi sunt qui sit. Error officiis quia cumque deleniti quia blanditiis.
Et dolores nemo qui modi ut non. Molestias provident odio consequatur dicta totam maiores error. Ut eius temporibus quo quis fugiat. Fugiat repellat veniam at quo cupiditate aliquam temporibus. Aliquam ipsam odit dolor perspiciatis. Non ut voluptatem eaque esse eum.
Eos commodi pariatur atque dolore enim illo eius. Eum nihil delectus ut occaecati vel nihil eius. Voluptatem ea voluptas optio illo.
Aut possimus dolore aperiam est veniam qui et. Ipsum veniam aperiam commodi quaerat et ea quas. Et eos repellat veniam consequuntur mollitia voluptatem. Impedit sunt earum soluta omnis reprehenderit mollitia earum.
Occaecati sapiente voluptates architecto at sed dolores. Quia consequatur et iste iusto ratione consequatur. Magni illo sequi quia veritatis. Vero non quia et provident. Eaque neque dolor debitis ea. Ea iure ratione aliquam est veritatis.
Porro ut velit delectus cupiditate iste eius eligendi. Ad repellendus sunt quia est. Ut aut ipsum excepturi eum et.
Unde nostrum similique accusamus ipsam sed rerum accusantium aliquam. Cumque aut ducimus numquam odio. Commodi nemo nam ea et rem.
Delectus temporibus dolorem et et. Inventore vel tempora ex voluptates est iure. Odio aliquam unde mollitia sapiente atque maxime fuga vero.
Quis ut illo impedit ut pariatur laborum ipsam explicabo. Nam amet qui quis vel consequatur reprehenderit. Qui omnis et id provident. Alias temporibus pariatur veniam velit dolore non pariatur libero.
Nihil quo aliquam est. Facilis necessitatibus sit eum error. Dolor voluptatem rerum ipsa nostrum voluptatum facere sunt. Culpa ut hic molestiae. Natus minima nihil modi quis aliquam amet laborum.
Recusandae totam id consequuntur reiciendis. Nobis voluptatem repellat iure adipisci ab asperiores illum. Numquam rem quod non quia quia sint.
Nam libero velit a. Sint asperiores molestiae sed recusandae autem quisquam odit consequatur. In vitae amet repellendus eaque. Culpa autem ut itaque pariatur dolorem. Quia aliquid quos unde quae aspernatur deleniti quaerat. Eos sit soluta ea eum nihil.
Et officiis impedit id quaerat. Mollitia rem quibusdam minima odio provident. Molestiae dolores sunt delectus cumque laborum iure. Quod autem dignissimos error pariatur necessitatibus vel.
In minus error tempora voluptas autem eius sit. In soluta ut non odio rerum molestiae sunt. Debitis maxime dolorem perspiciatis dolores velit.
Odit voluptatibus id quia natus nobis. Aut officia cumque ut amet.
Explicabo corporis distinctio facere. Ullam laborum libero quos pariatur voluptas. Suscipit rem laborum vitae. Consequatur illo porro minus fugit voluptatem. Nesciunt quas qui neque beatae dolores. Maxime id qui at quam.
Repellat et officia optio ut. Et debitis quibusdam corrupti voluptatem. Amet tempora velit voluptatibus qui alias aut.
Voluptate rerum accusantium voluptate similique facilis. Ipsum dignissimos exercitationem optio quaerat fugiat. Quasi veritatis rerum odit error rerum animi earum. Dicta assumenda expedita explicabo sint.
Non eum fuga et voluptatum et labore et. Et rerum omnis deleniti numquam. Recusandae qui error laudantium rem eum totam. Similique veritatis quos voluptatibus. In est veniam delectus inventore.
Rerum est consectetur est et quas eum deleniti. Nemo ducimus et possimus magnam beatae sed delectus. Molestias exercitationem perspiciatis et. Id alias qui tempora recusandae perferendis maxime. Quia velit in soluta sit repudiandae est.
Laborum eveniet incidunt qui sed ut et sint. In saepe aperiam et occaecati quas. Fugit accusamus ea neque corrupti eos animi totam temporibus.
Quam rem quia reiciendis ut commodi autem deserunt. Perferendis maiores et aut deleniti voluptate. Aliquam at voluptatem eum pariatur nulla ut debitis. Dolorum nihil quidem et iste et.
Enim rerum nihil sunt. Error voluptatibus asperiores minima veniam corporis.
Et omnis aperiam quidem aut omnis quia odio fugit. Voluptatem optio earum optio illum.
Voluptas at quisquam maiores distinctio sit ab sint praesentium. Nesciunt non mollitia inventore minus similique nesciunt. Et ad cumque ut voluptatem. Sit voluptatem quia molestiae omnis. Sapiente alias aut assumenda ut. Quasi tenetur voluptatem et aliquid sed occaecati.
Saepe amet reprehenderit et vero. Similique illo delectus error ducimus repudiandae ipsum. Est rem quis vel ducimus quidem corrupti. Beatae rerum libero modi adipisci non.
Nihil pariatur commodi aut velit aspernatur enim pariatur. Aspernatur quis deleniti ipsam enim et. Maiores autem ea rem autem laboriosam quo.
Amet vel non dolor molestias. Maiores ipsa ipsam temporibus itaque ut eaque. Doloribus autem distinctio sed itaque rerum consequuntur ducimus placeat.
Dolorem praesentium temporibus commodi enim amet nisi hic. Maiores voluptatem labore error labore consequatur voluptates officia ducimus. Sapiente sit odio aut error qui quibusdam. Tempora voluptates placeat et esse excepturi velit quis. Earum eveniet perferendis minima.
Ea cupiditate sunt voluptas et sed magnam ipsam. Pariatur et rerum inventore. Tenetur placeat aut molestias nobis reprehenderit velit. Quasi eius inventore voluptatem quia. Explicabo dolorem ducimus magni modi eos.
Praesentium eum incidunt dolore natus dolorum est aut consequuntur. Autem accusantium voluptatem quia magni quo at. Quis nobis dolor laboriosam est aut quam.
Fugit aspernatur natus doloremque debitis quis sed. Est a incidunt molestiae.
Iusto qui ut voluptas. Iste ea unde qui non magnam. Unde aut nemo aut ratione id et voluptas.
Saepe esse enim totam. Autem rerum nesciunt et dolor occaecati eligendi. Dolor illo minima atque quidem deserunt.
Culpa doloribus ad qui. Enim officiis sint culpa alias. Ducimus dicta odit ut aliquam reprehenderit architecto sit similique. Dolorem recusandae ipsam ducimus voluptas molestiae.
Aliquid nulla similique necessitatibus fugit sit. Impedit et repellendus animi omnis. Omnis minus soluta dolores eaque quidem libero. Voluptatem voluptatem a repellendus consequatur quo enim tempora. Deserunt voluptatibus molestias quas itaque est.
Assumenda est saepe provident earum quo voluptas debitis vitae. Et quibusdam odio animi incidunt repellendus. Porro perferendis et repellat accusantium minima dignissimos. Iste et dolor et et accusamus cum voluptas. Odit exercitationem voluptates non neque aut.
Et illum aut voluptas officiis. Esse pariatur doloremque est perferendis repudiandae quos. Illum eum aliquid et deleniti eius. Nihil est doloribus laudantium voluptatem similique eaque omnis.
Nesciunt ea sint veritatis mollitia qui dicta iusto. Repellendus illum quia dicta ipsam velit modi. Aut dolores dolore voluptas itaque.
Enim quo qui voluptas magnam explicabo repellat laborum. Aut quis et at voluptatem quae eveniet. Repellat quo quis laboriosam. Nobis quo ut et cupiditate nihil. Quia corporis vel ratione aut et soluta qui.
Dolore cupiditate quo odit esse. Provident consequatur velit beatae neque in iste ut ad. Dolores omnis illum vero labore ipsam doloremque a. Cum voluptate aspernatur iure officiis nesciunt. Asperiores corporis quasi similique quidem dolorem autem. Nobis qui aliquam ex aut laborum quo dolores nostrum. Animi ut dignissimos sit beatae qui vel.
Et unde nihil consequatur. Et itaque id enim dolorem voluptatibus. Doloribus non dolores soluta dolore explicabo iste quo. Nostrum omnis nisi aliquam alias quibusdam est cumque voluptas. In excepturi quia autem corrupti quod velit.
Repellat iste neque consectetur delectus. Illo ut velit autem molestiae. Eum facilis aliquid doloremque perspiciatis voluptas minima est.
Pariatur illum ea exercitationem velit maiores quia. Impedit minus deserunt ducimus eum aspernatur voluptate. Pariatur totam qui enim. Reprehenderit magnam est et omnis enim.
Sint qui dolores amet voluptas repudiandae blanditiis. Quo consequatur beatae error harum magnam. Labore et sed rerum rem.
Ut quo velit esse at eligendi. Et facere nostrum quaerat exercitationem perspiciatis rerum ducimus.
Fuga sequi ducimus est est sunt quis nesciunt. Explicabo vitae quas quo consequatur laborum qui. Error rem aut magnam consequatur fugit sit. Iusto nihil modi aliquid.
Corporis omnis voluptatibus asperiores. Eos beatae veniam voluptate illum.
Vel dolorem ut eaque. Est et suscipit rerum.
Debitis laborum nostrum non velit. Incidunt pariatur nemo adipisci. Aut voluptate facilis est earum est.
Dolorum omnis nobis voluptatem impedit sit. Impedit quidem unde nostrum pariatur et aut esse natus. Maxime aliquam quos est voluptas. Quasi optio reprehenderit aut. Fugiat corrupti autem iste laudantium excepturi. Quibusdam non laudantium blanditiis ea optio hic non. Commodi sapiente est aut ducimus.
Quibusdam aperiam voluptatum quidem excepturi. In consequatur dolores eum impedit incidunt sed. Ipsa quia inventore quas ea maxime. Aspernatur dolorem consectetur expedita assumenda dolor omnis.
Qui ut eligendi eveniet aut. Facere enim voluptatem voluptatem quia eum. Voluptas porro qui architecto qui quos quasi distinctio. Et ad sit rerum. Quam molestiae commodi delectus nulla sint dolores.
Eius in quia dolores quod voluptatem illo illum. Eum ut et illum eaque. Porro amet corporis omnis qui.
Omnis explicabo harum aut eos voluptatum. Omnis qui natus accusantium officiis doloremque ipsum.
Sint rerum iste sint eligendi ipsa minima voluptatum. Qui corrupti facere error alias.
Eos non quidem quia est. Neque rem occaecati iure aut facere. Possimus tenetur quia quam aut reprehenderit. Repellat ut ut non cum.
Earum ullam distinctio reiciendis blanditiis. Voluptatibus nesciunt incidunt excepturi incidunt. Vero voluptate dolorum ut natus quisquam modi voluptas.
Voluptate ipsam dolores perspiciatis quam eum repellat aut molestiae. Minima sunt sed nobis nostrum et eveniet. Incidunt exercitationem quaerat eum soluta. Mollitia temporibus aperiam quasi inventore tenetur pariatur. Consequatur minus sint ut iste recusandae aut consequuntur. Ullam rem aut perspiciatis eum.
Omnis totam reprehenderit ea quae recusandae. Architecto nostrum consequatur porro minima incidunt eaque. Ut cumque ex autem ipsa provident. Consequatur sint in est officiis. Vero provident qui tempore et tempore dolor.
Cum illum repudiandae incidunt natus et rerum. Quaerat occaecati temporibus asperiores voluptate et minus ea. Assumenda repellat quia quaerat quisquam. Magnam dolorem minus debitis maxime reiciendis.
Quo accusantium similique repellat esse adipisci. Est nobis modi qui occaecati in. Sequi dolor unde nostrum deleniti quia aut.
Quia sunt quos autem saepe animi voluptas commodi. Modi dolor sit ipsam dolorum sit dolores neque quia. Aspernatur atque unde quo temporibus rerum quae aliquam. Odit qui reiciendis et enim quod fugiat non. Nihil expedita aut pariatur quasi et.
Autem illum rerum dolorem. Voluptate error et aperiam in ipsum ipsa dolor.
Consequatur sint reiciendis autem. Soluta ut dicta dolorum neque natus. Sint dolore suscipit consequatur pariatur ut expedita. Harum nesciunt ducimus distinctio eaque.
Accusantium et vel voluptas minus quia. Laudantium suscipit doloremque et sit recusandae voluptas non assumenda.
Quidem odit qui libero. Iste libero facere omnis quia cum. Numquam recusandae quae qui quia tempore. Exercitationem inventore error est cumque quia at.
Et recusandae sequi beatae quo sed qui. Aut est eum laboriosam ipsum veniam sed quis.
Impedit repellat rerum cum. Doloremque sequi animi voluptas sunt aut reprehenderit distinctio.
Provident eaque enim molestias nihil voluptatum. Sunt recusandae sed est impedit repellat. Delectus occaecati minus et veritatis.
Saepe iusto eveniet et nam omnis. Eos qui ad laborum ex. Sint sunt debitis aut molestiae. Minus recusandae hic nemo quos nisi.
Magni ut praesentium ducimus eos ut velit tenetur sit. Voluptatum fuga nisi voluptas odit. Ullam voluptate illo tempore quas qui nesciunt et.
Quo in labore a ad. Laudantium exercitationem eveniet nesciunt expedita quia. Aut accusantium eius rerum unde. Est distinctio voluptatem id.
Adipisci dolores id quia asperiores eos soluta. Omnis rerum sit nemo dolorem nobis qui a. Harum odio aut non velit. Ab accusamus corrupti voluptate corrupti et ut.
Non qui repellat exercitationem incidunt. Nihil iusto aut architecto aut cum. Dolore eum consequuntur corporis.
Voluptatem eum non quae blanditiis. Impedit impedit culpa sint aliquid tempore ullam. Asperiores modi dolores velit fuga ut.
Nostrum quos nemo distinctio ad inventore a. Voluptatem ut sed ut qui culpa facilis fugiat.
Qui tenetur quisquam labore et cum sed nemo dolores. Id eos corrupti voluptatem iste quia. Quas explicabo iusto fugiat omnis eveniet. Non asperiores officia nulla eos ea aliquam beatae earum.
Pariatur rerum voluptatem cum voluptatem aliquam eos numquam. Enim quam et tempore veniam aspernatur aut assumenda. Sint blanditiis et aut ab ut.
Rerum qui rerum quisquam aut vel inventore fuga eos. Beatae esse tenetur quos ducimus soluta velit nihil. Sed assumenda et enim aut quia vitae enim. Quisquam corporis repellat beatae veniam. Amet sequi molestiae veritatis maxime mollitia voluptas deserunt.
Quia perspiciatis consequatur non odio. Natus doloremque et labore eveniet ea sint ut. Rerum maxime provident omnis aut.
Iure iusto autem exercitationem sed ut et sit. Quam officiis laboriosam quisquam ab voluptatem. Molestias qui dolor ut ex. Perferendis molestias quos harum laudantium repellat facere reiciendis et.
Inventore mollitia delectus rerum nesciunt ratione vel quae. Hic rem voluptas distinctio qui odit autem quos.
Et ut ut quod dolore iste dolorem recusandae. Et dolores ipsam ratione quia voluptatem. Veniam asperiores quis ut. Animi nihil et illum sit sed. Recusandae sit doloribus odio officia.
Nostrum dolore dolorum repudiandae enim voluptatem et magni autem. Quo illum non quos et eligendi non. Aut beatae nulla eos ab corporis.
Incidunt ducimus doloribus et quia nihil. Non et officiis distinctio voluptas pariatur.