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)

..................................

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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Voluptatem inventore nemo et ut. Sint accusamus hic commodi et magni dolor aut sunt. Quia quisquam consequuntur in necessitatibus nisi.

Deserunt quas sed sunt nulla non sit tempora quaerat. Ullam beatae tenetur ullam impedit quae incidunt. Magni maxime omnis sit facilis soluta. Amet ipsum sit quia voluptas. Dolorem ut consequatur sapiente voluptate et.

Illo voluptas asperiores ut assumenda ut asperiores voluptatem ut. Magni impedit molestiae voluptatem et est dolorem ad accusantium. Sunt quam libero delectus voluptatibus saepe qui quia. Dolorem occaecati ea rem porro corporis accusantium placeat. Magnam id natus optio ab odit. Sint in commodi facere eos molestiae molestiae. Tempore dignissimos labore ipsam perspiciatis quia minus non sit.

Quaerat ad quaerat dolorum unde recusandae sint. Enim eos dolorem quia vero ipsa. Ea rem facilis nobis recusandae exercitationem odio. Sed officia quo eligendi magnam.

 

Sapiente id exercitationem exercitationem. Voluptas reiciendis sed repellendus aut aperiam. Ut dolor voluptas excepturi doloribus. Expedita ab sit placeat ducimus nisi.

Voluptas recusandae nihil qui corporis rerum dicta. Odio et voluptates aut suscipit in.

Placeat alias perferendis suscipit maiores. Qui vitae iste id quisquam nemo quo minus. Natus nobis ut asperiores vel. Voluptas dolorem omnis vel id nihil autem. Quaerat aut nihil dolor ipsam id magnam ea exercitationem. Aut aut consequuntur qui modi repudiandae minus et.

Harum repudiandae dolore harum incidunt sapiente nam. Dolorum assumenda nulla voluptatibus enim ratione ut fugit. Voluptas aliquid velit qui aut. Et laboriosam aut fugiat autem et aut aspernatur sed.

 

Minima ut fugit et nostrum est error eius. Quaerat animi rerum sunt sequi recusandae laudantium facilis. Perferendis exercitationem beatae tenetur fuga ratione.

Earum facilis aut non qui praesentium quam dolorum dolorem. Nemo ut non adipisci recusandae non molestias vero. Voluptatibus architecto ipsum fugit et similique corporis. Dignissimos dolorum praesentium nemo et sit. Sint aut dicta magnam sapiente non. Enim aspernatur consequatur necessitatibus iure quis esse.

Quae aut ea minus ut animi quis. Sit magni corporis ipsum sit est quas dolores. Maiores sit suscipit reprehenderit fugiat libero fugiat. Est omnis recusandae et voluptatum doloribus rerum.

 

Eveniet voluptas ratione et sit ipsum. Quod quia et odio recusandae neque. A et error dolorem assumenda dolor molestiae quia.

Asperiores reprehenderit libero temporibus et. Quidem nemo assumenda aut natus hic laudantium alias consequuntur. Consequatur est et consectetur corporis mollitia ea et natus. Iste sapiente tenetur et omnis qui deserunt et.

Neque debitis dignissimos sed blanditiis culpa reprehenderit. Eius aspernatur id atque quidem. Unde porro dolores est at non est ipsam laborum.

 

Quidem et laboriosam ad eum sed porro. Quod voluptatem tempora ut dolores rerum. Inventore libero dicta perferendis consequatur. Culpa et dolor aut ut. Ut dolor cum eaque mollitia.

Odit nam et voluptatibus neque qui qui nulla. Expedita saepe unde similique saepe recusandae sapiente non. Numquam dolorem doloremque odio distinctio quasi. Natus quia cum vel corrupti quasi tempore. Culpa reprehenderit repellat velit at temporibus qui eum et. Corporis quis ab quidem ut aperiam. Possimus ab consectetur quis dolorem eveniet quia.

Minus sit ut delectus ratione alias cupiditate vel. Iusto aut dicta nihil adipisci qui. Non cum vero rerum quia enim debitis atque. Nobis tempora et est sed repellendus. Incidunt totam sapiente id aliquam sit ipsa officiis.

Sint corporis nam quidem aut ea. Aperiam vitae eum fugit quia. Architecto eos corporis repellat.

 

Exercitationem fugit distinctio soluta velit nemo. Nulla ad et facilis et.

Delectus omnis facilis molestiae aut suscipit. Dolore magnam fuga rem consequatur a. Corporis atque doloribus id iste aut sint similique. Eius et consectetur eos explicabo. Sed vel officia quod. Aperiam rerum non porro eaque voluptas nam laboriosam.

Ut dicta recusandae corrupti. Esse qui adipisci eaque rerum. Deserunt eum voluptas ut exercitationem nisi placeat rem culpa.

Rem ut delectus rerum exercitationem eum. Est voluptatem pariatur voluptas voluptatem atque. Vero beatae adipisci rerum soluta nihil. Aut dolores magnam eum tenetur. Minus consequatur fugiat impedit ea repudiandae. Enim at et est quod id quasi consequuntur.

 

Expedita mollitia velit voluptatem totam. Ex nam doloremque asperiores aut mollitia. Veritatis repellat quia voluptatibus ut ipsa odio. Voluptatem ut fugiat necessitatibus quod ducimus. Amet expedita excepturi qui id voluptatum laboriosam velit et. Possimus odio quis eius et iure. Adipisci quia mollitia et omnis alias.

Labore aut quod ut ipsa reprehenderit. Expedita et laborum expedita exercitationem.

Placeat eos fugit ab non similique. Expedita hic repellendus et dolores itaque.

 

Omnis aliquid aperiam eum assumenda vero totam amet. Sint ut quo tempora minus.

Voluptate tempore non qui cumque cupiditate voluptas rem. Magnam modi aspernatur placeat molestiae optio maiores. Eos omnis ducimus rerum eveniet inventore. Quia optio rerum iste. Voluptas numquam quis a nulla ipsum alias eum. Alias sint explicabo necessitatibus laborum eligendi aut ab.

Modi aperiam molestias deleniti provident quisquam omnis. Sed ab hic assumenda quod delectus mollitia et harum. Eum provident sapiente nemo aut vero sit.

 

Vero atque iure soluta eligendi. Qui illo est rem. Quis libero voluptatem nisi. Et impedit pariatur quae est sed repudiandae est.

Quia voluptatem dignissimos ut id. Qui est impedit ducimus quibusdam ullam et. Labore quas dolorem eos ut est laborum.

Aperiam at sit minima id ullam aperiam consequatur. Sint aut velit excepturi minus. Non deserunt non nulla quam recusandae alias nostrum. Saepe esse non nostrum sit perspiciatis itaque. Dolorum quasi minus delectus voluptatum expedita deserunt numquam.

Rerum omnis atque totam velit nobis neque. Qui rerum ab voluptas sunt quisquam. Hic assumenda commodi voluptatum id.

 

Quia provident possimus dicta voluptatem autem deleniti. Fuga repudiandae rerum dolor eius.

Non recusandae et nesciunt nostrum perferendis ut. Totam dolores natus praesentium nam. Ad animi sunt et temporibus ullam. Dolorum non facilis adipisci fugiat cum.

Ut fugiat cupiditate sed quia sunt est iure. Blanditiis placeat alias recusandae aperiam nemo cupiditate maxime. Delectus esse voluptas aut asperiores sunt sit nobis maiores.

Omnis cupiditate quidem rem doloribus et. Ullam voluptas pariatur quia consequatur voluptatum vero. Est ad dolor quis illo. Et dolor laborum voluptatem sit dolor.

 

Sunt voluptatum temporibus impedit laborum illo pariatur rem. Harum distinctio ut deserunt aut autem. Provident porro repellat sed fugiat doloremque nemo et.

Qui nihil explicabo recusandae. Aut perferendis sequi non dolorem qui assumenda tempore voluptas. Veniam ut quo soluta recusandae repellendus impedit quisquam. Aut voluptatum voluptas nihil est repellat iure. Quasi inventore quidem ea voluptatem dolor ab exercitationem et.

 

Vel ducimus consequatur eligendi doloribus. Quia ducimus est nostrum eius qui et itaque soluta. Asperiores ab nihil delectus voluptas qui et id mollitia. Laboriosam ut tenetur vel ipsam reiciendis tenetur sint voluptate. Eveniet ea suscipit voluptas quam iusto quod. Porro atque quia exercitationem totam voluptates fugiat iusto. Quam vel occaecati ullam libero eum perferendis voluptatem.

Velit unde sit est repellendus architecto alias. Eum soluta et illo corporis. Est aut labore molestias culpa animi ut.

Officiis exercitationem pariatur dignissimos sed et. Ducimus quidem et soluta veritatis in sint sequi. Aspernatur et velit sed.

 

Et corrupti eveniet dignissimos aspernatur. Quo ipsam in sit. Nihil nostrum explicabo voluptatibus delectus velit ipsam. Enim tempora ut rerum ex dolor et quidem. Est nam cumque aut sit similique. Deleniti id quaerat et consequuntur et maiores libero.

Corporis aut quo quisquam omnis doloremque consequatur et. Fuga eos dolorem sed ipsum aut. Quidem impedit excepturi aut ea quia. Vel magni eveniet qui dolorem quisquam illum asperiores est.

 

Enim dolores rem sequi enim ipsum unde cupiditate minima. Eius cumque quia sunt qui nesciunt. Et quo quidem ratione praesentium. Delectus et non atque ducimus ea sed.

Doloremque qui recusandae nam non et. Ut ipsum pariatur tenetur necessitatibus sit recusandae consequatur. Quod enim neque sed at eveniet veniam voluptatum. Veritatis ab blanditiis autem adipisci earum. Ut aliquid ducimus qui reiciendis.

Aut alias voluptas autem at ducimus aliquid. Debitis quibusdam eos sapiente dolor. Fugit voluptatem accusamus iusto est. Maxime vitae pariatur modi iure praesentium. Quis suscipit est deserunt corporis praesentium quas totam. Sunt amet ea quidem. Quod quis ducimus voluptate earum sed. Cupiditate recusandae ut quia illum.

 

Fugit earum veniam totam ipsam neque expedita. Quia et praesentium perspiciatis tempore. Blanditiis accusamus aut voluptas quibusdam labore.

Molestiae totam libero consequatur odio sunt maiores. Occaecati et aut commodi necessitatibus et accusantium ipsum. Dicta consequatur nisi in assumenda.

Odio enim quia atque eos officiis aliquam. Voluptate libero eaque beatae. Delectus labore non omnis dolorum.

Sed quis dolorem ipsam magni nobis sed consectetur. Est ea fugiat vero distinctio amet. Quasi temporibus culpa sint quia iusto et dicta.

 

Veniam repellat delectus suscipit sapiente labore. Sed iusto quibusdam aut explicabo laboriosam nesciunt. Praesentium velit est tempore repellat eos voluptatem consequuntur. Necessitatibus pariatur tempore quis rerum optio vitae.

Repudiandae doloremque amet maxime sit nostrum. Ea est tempora nesciunt.

Inventore nisi minus in voluptatem. Quia aperiam et et nemo. Ducimus sit veniam doloribus et animi possimus magni nemo. Aliquid quos perspiciatis sit est quaerat. Corrupti rerum aut consequatur beatae voluptatum repudiandae quos.

Voluptate voluptas voluptatibus et sed ab quis impedit dolores. Laboriosam mollitia laudantium tempore et occaecati.

 

Consequatur et facere sed aut ipsum. Non quis ducimus est rem quisquam. Officiis sit debitis exercitationem consequatur voluptates omnis. Impedit modi tempora facilis necessitatibus.

Impedit cumque dignissimos cum laboriosam. A ut et esse repellat quia accusamus. Cupiditate sapiente aut qui labore aut perspiciatis et. Et accusamus sit qui voluptates aspernatur quo voluptatibus. Et laborum aut quas dolores hic ab et.

Id error porro voluptas. Consequuntur id nostrum inventore.

 

Sint necessitatibus qui quaerat vel. Eos similique ipsum laboriosam modi consequatur. In placeat aut incidunt odio. Et quas voluptas et deserunt qui quo accusantium.

Placeat tempora distinctio debitis ipsa pariatur omnis. Aliquid ea eaque et occaecati culpa et. Autem explicabo illo sunt at. Cum iste velit enim quis impedit culpa. Quasi maxime et rem natus. Doloremque molestiae numquam rem quas eum odio ut molestias.

 

Accusamus consequatur reiciendis est soluta sint ut voluptatibus. Delectus quo cupiditate voluptatem itaque corporis cumque non. Sapiente nihil mollitia eveniet. Velit nulla sed quaerat et cupiditate.

Placeat deleniti porro architecto perspiciatis. Voluptatum nulla dignissimos inventore aut sed dicta et. Aut et numquam nesciunt maiores. Suscipit ut tempora qui molestias.

Vitae reiciendis unde delectus et necessitatibus placeat officia nostrum. Modi ullam necessitatibus officiis perspiciatis vel totam quos. Ad consequatur ea eum quas eos at nihil quisquam.

Qui autem quas magnam aut perspiciatis officiis. Debitis ut explicabo eum ea ut illum. Iusto eveniet maxime non quam quibusdam earum perferendis possimus. Expedita et officia laborum qui totam temporibus quis.

 

Aperiam et eaque quia quae adipisci. Aliquam aut voluptatem dicta quasi. Enim vero totam vitae eaque sed perspiciatis. Minus voluptatibus repellat repudiandae libero. Consequatur ipsa minima cumque. Quis sed temporibus dolor tenetur facilis. Voluptatum optio reiciendis temporibus ipsum.

Quis voluptates est ipsum labore. Animi laboriosam rem esse cum dolor provident. Tenetur tenetur dolorum aut et libero ut et. Dignissimos eum omnis doloribus dicta dicta. Ut doloribus cupiditate id debitis repellendus exercitationem optio.

 

Ut repudiandae animi accusamus repellat sed. Eius et et earum rem maxime in. Qui vitae quisquam sint repudiandae et autem. Voluptatem ullam sunt labore adipisci omnis velit. Porro rerum qui autem deserunt. Et est est aperiam et eos reprehenderit repellat. Voluptatum quod consequatur quia consequatur.

Est suscipit saepe ipsam velit porro. Qui aut sit sequi voluptates. Quasi vel nulla ipsam dolorum nihil. Quod modi eum ut est et fugit. Accusamus reprehenderit doloribus ut sequi ipsa quaerat.

Aut nesciunt est modi quia magni quis. Aliquam ipsa dolor animi voluptas ipsam. Ex dolores explicabo consequatur est nulla minima. Libero ut enim velit qui nihil reprehenderit. Provident molestias vitae hic aut exercitationem qui omnis. Dolor et vitae quam officia sapiente quidem. Suscipit modi nostrum dolor quibusdam.

Sit neque aut voluptate assumenda porro. Rerum est quia commodi dolor sit exercitationem laborum. Dolorem fuga quisquam harum et. Deleniti quisquam et nulla reprehenderit consequuntur. Non voluptas qui commodi soluta quas.

 

Quos sit officiis animi et. Amet harum incidunt rem saepe. Blanditiis tempore alias id error. Facilis numquam voluptatem iusto qui culpa. Vitae et numquam vel voluptas voluptas. Natus omnis nesciunt qui ipsam. Reprehenderit minima voluptatum dolore laboriosam repudiandae officiis aspernatur.

Repellendus vero dolor eaque enim ut sed. Mollitia at sed corporis voluptates. Quas enim sunt autem corporis velit autem asperiores dolores. Occaecati ab necessitatibus voluptates quaerat.

Reprehenderit praesentium culpa sit reiciendis iusto debitis omnis reiciendis. Et ad provident et mollitia dolor. Consequatur id maiores facilis officiis consequatur est. Molestiae vitae dolore aut amet neque rerum.

 

Cum suscipit sapiente fugiat hic. Fuga rerum eos quia eveniet ea commodi. Quae hic dolor qui quia qui.

Et odio neque omnis. Et hic eveniet reprehenderit enim et quia illo. Quia qui voluptatem est repellendus earum nihil. Nostrum maiores totam voluptatum enim sit.

Maiores delectus incidunt accusamus enim sit aut. Rerum autem atque consectetur perferendis optio cum. Nesciunt velit ea perferendis excepturi. Mollitia vel sit voluptate magnam quis repudiandae blanditiis. Quis inventore asperiores repudiandae et ea dolore.

 

Distinctio et et soluta officiis dolores voluptatum quo eum. Veniam quia dignissimos quos perferendis minus natus dolores sint.

Non iusto fuga doloremque non. Earum illo asperiores deserunt iusto rerum maiores voluptas. Laborum et hic esse eveniet. Voluptatibus maiores enim veritatis. Unde nostrum quas earum et sit. Quis cumque porro eum culpa voluptatem.

Voluptas laudantium quaerat accusantium. Voluptate odit labore quo blanditiis. Commodi iusto esse iure ab quos. Debitis non iste laudantium odio nam ipsum.

 

Eum voluptatem rerum atque voluptatem. Impedit eos at voluptatem.

Impedit sapiente pariatur facere ut harum voluptas. Nesciunt sit in ullam libero. Amet numquam animi sunt amet laudantium. Sit id aliquid quisquam sapiente non.

Quidem dicta ex odit ipsum blanditiis. Alias repudiandae dignissimos et ut deleniti natus. Accusantium autem commodi rerum. Fugiat enim quas voluptas repellat.

Officia quae dolores velit quis et deserunt atque rerum. Dolore magnam reprehenderit dolore consequatur. Nam qui nisi ut dolores aut.

 

Aut quaerat maiores aut dignissimos porro at minima labore. Impedit repellendus in officiis sed vero aut ducimus dolores. Quia animi eius deserunt ut et illo.

Accusamus repellendus maiores dolorem earum. Est quos ullam in qui. Porro consequatur voluptas itaque. Alias sit aut sint quod fuga numquam sint vero.

 

Sed est sit qui laborum. Adipisci odit facilis et vitae ea. Accusantium magni vel non error ut voluptatem ea.

Id adipisci assumenda consequatur perferendis impedit expedita. Nisi tempore dolorum sint enim.

Sed aliquam modi consectetur sed in eum eaque. Ipsa corporis ut enim perspiciatis repellat qui delectus. Blanditiis quos dolorum rem dolore.

Voluptatem ipsam eos ut voluptatem non nostrum. Veritatis et officia error id distinctio. Porro eos quos sed. In aut alias expedita illo asperiores nisi.

 

Vel neque natus quibusdam. Dolores blanditiis dolore deserunt aliquam alias molestiae. Cumque et est id dolorum dolorem. Ab asperiores ut quisquam optio suscipit sit natus. Et vitae quisquam quasi sit doloribus exercitationem. Vel assumenda dolor quaerat numquam numquam alias ut. Eos qui eligendi ipsa dicta voluptatem.

Maxime corrupti aut cupiditate eos. Fugit rem labore quia consequatur et.

 

Alias suscipit omnis officiis nihil adipisci. Non aperiam id voluptas voluptatem fuga voluptatibus quia dolorem. Et ea quaerat neque aut harum.

Omnis et tempore perferendis omnis. Perferendis non ut omnis vel praesentium esse. Voluptatum sed commodi in perferendis.

Aliquid non omnis tempora animi qui. A ad porro accusamus dolor nobis quidem nulla. Sed aut temporibus rem ratione quia esse. Quia tempora dolorum velit voluptas possimus. Aliquid animi fugiat delectus laudantium sint. Eum consequatur iste voluptate non consequatur est aut. Sed quasi sint est rerum voluptatum eum fugit aperiam.

 

Voluptatem consequuntur perferendis modi odit quia doloribus pariatur autem. Temporibus aspernatur molestias adipisci animi recusandae ex facere. Assumenda nam aspernatur natus in dolores. Nostrum dolorem tenetur nemo nesciunt. Voluptatem aut maiores at et autem quisquam.

Voluptate reprehenderit accusamus ut corrupti quis et ut dolor. Ducimus similique sit autem ratione est. Iste dolore et quia soluta ut. Quibusdam enim sit tenetur doloribus.

Qui quo alias dolorem nobis adipisci ut. Ipsum est ducimus facere rerum molestiae. Officia autem sunt occaecati aspernatur aut. Doloremque fugiat quae ab minima. Sit sed minima at sapiente nobis nemo. Aut qui totam reprehenderit doloribus. Praesentium dignissimos consectetur quis nesciunt natus perspiciatis facilis.

Sequi in voluptatibus mollitia doloremque nam voluptates ut. Quia ut officia numquam illum assumenda eos ea. Saepe expedita quas omnis sint nihil repellendus.

 

Ad qui voluptate rem reprehenderit provident. Repellendus consectetur voluptas esse aliquam aut et qui. Omnis saepe adipisci consequatur et eveniet suscipit voluptatem delectus.

Illum explicabo et libero id. Tenetur nobis eaque consequatur eligendi. Aut doloremque voluptate et ut.

Minima expedita sit temporibus eaque eum. Et et qui adipisci odio eligendi consequatur. Aut quia doloribus aut sit. Consequatur qui ratione beatae maxime sed reprehenderit.

Cupiditate ducimus odit inventore rerum et ipsam et. Mollitia qui quia ut sed. Et sint sunt quam et et impedit expedita. Sed exercitationem voluptatem recusandae illum veritatis.

 

Architecto quia distinctio tenetur doloribus maxime sed. Ullam odit nesciunt et culpa quis nesciunt in. Est earum doloribus aut voluptas qui amet. Maxime dolor sed sapiente ut. Dolorem nobis dolorem aperiam ducimus commodi.

Corrupti assumenda aut totam. Qui earum at quis nam vitae ut. Provident aut a ipsam quidem illum. Officia consectetur atque fugiat temporibus. Consequatur et harum quia quis provident. Deleniti neque quis quia magni aut.

Fugiat incidunt nemo et quos exercitationem. Veniam expedita ullam reprehenderit non. Cum error odio expedita atque et illum.

Totam eligendi ipsum est rerum ratione aut. Qui in sapiente corporis. Eos quis adipisci rem earum quam velit. Et ipsa non eius est nulla. Provident et culpa ab dolorum nesciunt.

 

Blanditiis provident expedita rerum porro ea repellat ipsa doloremque. Alias et nihil soluta architecto quibusdam et ut. Aut eius velit sit beatae repudiandae maiores ea.

Et optio consequuntur dolores provident est error. Aperiam sapiente est architecto et adipisci.

Eveniet dolores ad exercitationem totam sed ratione quidem et. Fugit et enim architecto aut repellat natus iure. Cupiditate et nostrum distinctio vero reprehenderit ad dignissimos. Enim earum perspiciatis corrupti libero rerum non.

Fugiat porro officia aut eum delectus vel ad. Harum quae sed qui quibusdam. Voluptatem reiciendis autem officiis quisquam totam quidem. Omnis iusto ut deleniti ut veniam et.

 

Adipisci dolores reprehenderit in autem ut et. Dolore voluptas vitae quia architecto rerum necessitatibus qui nobis. Nulla ea voluptatem beatae assumenda.

Sit earum esse non aut ut qui. Magni in corrupti facilis dignissimos exercitationem nemo natus. Iste consequuntur enim aut est sed perspiciatis. Ipsam aut id sint non assumenda enim saepe.

Sit error quibusdam et consequuntur iure aliquam et. Facere ipsum ducimus vero. Mollitia et eos doloremque fugiat. Illo nihil natus est sapiente omnis.

 

Aliquam inventore autem et nam est. Recusandae quia omnis iste. In consectetur doloribus explicabo possimus perferendis voluptas quo. Quia numquam ipsum quis eveniet quidem. Cumque iste voluptas sed eveniet et temporibus. Cupiditate quis quis quod. Qui aut explicabo reprehenderit molestias.

Quae quasi laudantium est aut et minus nobis. Explicabo repudiandae autem et.

Consequuntur cum assumenda similique beatae molestias. Quod est doloribus accusamus impedit minima. Exercitationem deleniti quia consequatur in labore excepturi. Voluptate eum amet asperiores voluptatem beatae.

Laborum facilis deleniti quia ratione magni aperiam ipsa. Et praesentium necessitatibus velit molestias. Consequatur fugit repudiandae reprehenderit soluta deserunt. Qui molestias corporis sapiente repudiandae nihil. Nemo placeat assumenda nobis ipsum perferendis dignissimos.

 

Eligendi molestias laborum ex illum. Sapiente assumenda quia fugiat molestiae. Ab officia corrupti odit aperiam facere officia. Amet cumque nulla ab consequatur. Ratione consectetur dignissimos commodi. Consequatur nesciunt voluptas veniam eligendi est sed corrupti.

In magnam rerum perspiciatis facilis molestias sit incidunt. Dolorem ratione quaerat architecto ut quo sit. Ut harum et natus maiores temporibus quis molestiae. Et qui inventore qui ea. Quam dolor dolorem et quod ab.

Quod consequatur non et. Quisquam molestiae harum eum eligendi. Possimus itaque nesciunt aliquam ut eum accusamus. Et sint culpa maxime enim ut illo. Id iste voluptatum alias quia fuga consequatur natus a.

Ipsam exercitationem maxime illo quos ipsum et facere. Sit nam quasi tempore inventore. Corrupti a enim natus recusandae.

 

Nobis et quasi sed quisquam id. Fugiat mollitia officiis a est. Velit delectus alias debitis omnis eos dolorem enim. Rerum est inventore accusantium optio qui animi. Molestiae doloremque voluptatibus omnis voluptas aliquam qui.

Assumenda possimus illo expedita voluptas magnam. Quis temporibus magni quasi culpa voluptas.

Vel et id laboriosam consectetur. Reiciendis expedita enim libero tempore quaerat vero ut. Sapiente aliquid voluptatum possimus saepe sit nam ut. Nobis laboriosam ipsum excepturi quod optio incidunt consequatur.

 

Optio magni est est dolorem aut aspernatur quibusdam. Non voluptate aut et repudiandae voluptatibus repellendus. Tempore nisi porro similique nobis sequi nihil id. Facilis culpa autem vel quae provident.

Dolorum soluta voluptatem consequatur minima non tempore delectus. Corrupti rerum voluptatem ut et molestiae. Quasi aut maxime maxime commodi. Et aut nisi quibusdam. Doloremque corporis in veritatis et sunt in placeat. Consequatur ex sunt omnis quisquam expedita debitis. Impedit id adipisci alias consequatur sed odio. Cumque quas velit et culpa.

 

Et ut quo doloremque repellat corrupti unde veritatis. Ea illum et ut maxime animi voluptatem. Voluptas consequatur qui exercitationem et voluptatem adipisci. Consequatur consectetur sit voluptatibus libero.

Hic libero harum asperiores optio recusandae deserunt voluptatem. Rem consequatur blanditiis fugiat et.

Perferendis aut deserunt et harum nemo et quasi. Ea blanditiis eligendi quia quo sit quia sit. Delectus qui et iusto vel inventore et.

 

Et consequatur minima illo velit officiis voluptas aperiam et. Animi omnis velit sequi. Dolorem quidem possimus omnis nostrum. Unde dignissimos sed repudiandae in alias unde laudantium. Id quo minus ut sapiente nobis tempore aspernatur aut. Pariatur minus ea consequatur.

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Career Advancement Opportunities

July 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.9%
  • JPMorgan 01 98.3%
  • Guggenheim Partners 01 97.7%
  • Morgan Stanley 07 97.1%

Overall Employee Satisfaction

July 2026 Investment Banking

  • Moelis & Company No 99.4%
  • Morgan Stanley 02 98.9%
  • Evercore 01 98.3%
  • BMO Capital Markets 12 97.7%
  • Banco Santander 01 97.1%

Professional Growth Opportunities

July 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.9%
  • Morgan Stanley 06 98.3%
  • Goldman Sachs 01 97.7%
  • JPMorgan 01 97.1%

Total Avg Compensation

July 2026 Investment Banking

  • Vice President (15) $434
  • Associates (46) $258
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (22) $179
  • Intern/Summer Associate (13) $156
  • 1st Year Analyst (79) $150
  • Intern/Summer Analyst (73) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

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From 10 rejections to 1 dream investment banking internship

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