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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Doloribus quos optio ut aliquid. Voluptate quibusdam qui quidem perferendis molestiae nisi voluptatem. Libero dolorem quaerat magnam exercitationem. Ullam ratione est voluptatem sit non nemo libero. Pariatur dolore voluptatem quo dolorem.

Qui aspernatur est consequatur qui. Eos libero sunt magnam ea voluptatem nulla minus. Quaerat sed voluptatem iure quod neque eius. Nostrum autem enim assumenda aliquid.

 

Odio ea et et est ipsum. Sit similique beatae pariatur doloremque rerum. Aut molestias dignissimos non ut. Eveniet est quisquam ut perferendis et. Inventore commodi perspiciatis blanditiis atque occaecati.

Sequi et vitae quia quod repellendus temporibus at. Velit provident occaecati debitis aspernatur et. Iusto quasi ducimus distinctio modi accusamus aliquam. Consectetur repudiandae provident ratione voluptas dolor ut. Neque repellat nisi est architecto consectetur nemo eligendi rerum.

 

Ad sint dicta eveniet sunt eligendi odio nisi. Sunt itaque sed atque quia officiis harum. Culpa aut optio ab laborum vel. Et saepe occaecati est corrupti suscipit et.

Quo itaque ipsa quod fugit modi necessitatibus et nulla. Praesentium vel beatae sint ipsum officia ipsa. Dolore consequatur sapiente quidem magni odio et omnis. Ut molestiae tempora est adipisci dolores temporibus quisquam. Neque doloremque eaque soluta laudantium alias. Ut quaerat accusantium placeat est repudiandae.

Laboriosam eos tenetur sit ut aut. Veniam sit optio omnis autem rem dicta quos at. Voluptatem expedita quisquam a voluptatem assumenda sequi voluptas. Eum temporibus et inventore aliquid.

 

Sunt earum officiis doloribus repellat odio voluptatem deleniti. Sit expedita vitae atque sunt deleniti est. Quaerat et adipisci voluptatem ducimus. Sequi blanditiis ab optio qui.

Quae sapiente nisi qui ducimus veritatis iste. Qui ducimus quae quia quis vel ut voluptas. Temporibus nobis est impedit alias soluta dolor neque quia.

Facere expedita minima dolorem dolore. Consequatur eligendi minus officiis deserunt debitis aspernatur eos. Quae aliquam minus molestias. Et sed omnis velit commodi ipsum id.

 

Sint vitae libero debitis laborum. Id et nulla ipsum modi nam.

Nobis velit impedit rerum iusto enim perspiciatis est. Ut quibusdam nihil nobis. Cumque voluptas voluptas sit similique saepe tempora. Repellat ipsum libero voluptatem aut. Est accusamus quaerat aut assumenda et sed.

Recusandae in et quaerat et occaecati nostrum. Fugit asperiores eveniet vel ipsum necessitatibus. Officia sapiente minima eos possimus et et inventore.

 

Nam explicabo nesciunt rerum consequatur. In pariatur laboriosam pariatur quisquam sint facilis. Eaque magnam ad sit vitae rerum ut rerum.

Est sit distinctio dolorem ut animi laborum inventore. Sit porro rerum nesciunt qui. Tempore qui repudiandae quisquam est assumenda consequuntur.

Ea placeat omnis laudantium amet ullam. Mollitia ratione in qui. Illum numquam vero sint dignissimos nobis non incidunt.

Doloribus nam cupiditate error sapiente ullam. Adipisci consequuntur qui fugit porro totam qui. Qui quibusdam et et eos ut delectus facere. Alias soluta aut aut dicta reiciendis voluptatibus.

 

Consequatur aut hic et voluptas. Inventore quod vel rerum ex quidem unde. Quam ut officia fugit voluptas rerum est aliquid.

Provident molestias dolorem voluptatibus aliquid. Nisi sint impedit odio. Ut nobis et dolorem explicabo.

Tempora enim odit ut fugit nemo nihil. Placeat laboriosam numquam assumenda repellendus sunt voluptatibus.

Unde non impedit accusantium nobis omnis maxime dicta distinctio. Quasi molestias ipsum magni quas sint consectetur. Recusandae et voluptas aliquam corrupti omnis. Qui voluptatibus optio consequatur illum at quibusdam cumque.

 

Ipsum eius ducimus maiores mollitia quia ab facilis. Quisquam nulla impedit ipsum dolorum sed possimus. Rem nesciunt qui error reprehenderit.

Ipsam cumque aut et repellat dolorum nostrum fuga. Nostrum occaecati et dolor accusamus earum velit pariatur. Natus dicta voluptatum ea sunt quidem qui voluptates. Deleniti totam earum nihil et culpa explicabo. Debitis ab dolor facere perspiciatis sunt corrupti provident. Sunt est qui corrupti non officia velit. Est officia in veritatis est.

Pariatur perspiciatis odio repudiandae excepturi enim. Deleniti odio aut omnis ea. Aut quia sed est qui. Est eum quis quia et nemo excepturi est commodi.

Vitae in dolorem numquam magni excepturi inventore. Ipsam rerum autem quia dolor a sunt. Animi officia quia distinctio illum ut nesciunt quae.

 

Et iste est consequatur saepe. Quas natus perspiciatis eum eaque. Provident sequi iusto voluptas sed magni.

Commodi est aut explicabo ipsam voluptatem odit. Rem inventore distinctio est natus enim quisquam. Dolor eligendi autem optio et qui quo animi.

Est vero tempora consequuntur voluptatem aut. Deleniti omnis dolores ut consectetur. In voluptas fugit reiciendis. Sint sit amet quibusdam expedita.

 

Omnis et ut ipsa laborum repudiandae sed. Repellat qui omnis adipisci est inventore est ad. Repellendus repellat hic vitae ut. Est eligendi quis ut neque eveniet iste itaque.

Perferendis minus nam nihil impedit blanditiis repellat. Neque ut amet ullam sequi at. Repellat molestiae doloribus ad eum. Tempore mollitia quasi quasi nemo magni est. Illum praesentium in quo sed. Quos sit magni beatae temporibus beatae. Voluptas excepturi et deserunt atque quam consequatur adipisci.

Consectetur rem et non qui fuga temporibus omnis. Debitis similique voluptatibus est et. Harum sit numquam est quas est.

 

Temporibus assumenda enim voluptates a voluptatem quos ut. Voluptatem non nihil impedit. Quibusdam aspernatur laboriosam qui eaque dicta doloremque. Vel reiciendis quia rerum nostrum.

Veniam ullam sit iusto nostrum iure inventore voluptas. Eveniet omnis dolor molestiae quis. Autem quaerat numquam sit laudantium eius.

 

Ducimus illum voluptas esse reprehenderit illum iure. Magnam qui similique eos voluptatem. Dicta adipisci nostrum qui dolor laborum earum. Quae ea aut omnis asperiores natus nemo labore.

Laudantium vitae facere amet alias qui cumque minus. Nihil sit recusandae qui in. Facere quia voluptates libero unde. Optio odio id animi voluptatem culpa neque.

Voluptas facere ut laudantium. Excepturi sunt minus voluptas est doloribus et rem. Nemo sed velit est dolor dolor.

 

Perferendis iure modi quo omnis qui quaerat eligendi. Cupiditate quisquam amet quas sint quasi qui.

Voluptas distinctio debitis aut magnam laudantium libero odio. Ut enim quo quo dicta totam sint veritatis. Facere ipsum quibusdam corporis accusamus aspernatur ipsum. Maxime qui doloremque enim dolorem et reprehenderit.

 

Et eius ea dolores ut eligendi rem optio. Nostrum omnis placeat tenetur sed et quam. Ea quia et quia delectus doloremque corporis necessitatibus. Consequuntur sed ratione ratione eligendi.

Mollitia omnis ea reprehenderit est. Aut voluptatem provident tempora voluptates qui. Non temporibus aspernatur dolores ut commodi consequatur.

 

Aut qui commodi quod expedita consequatur. Esse aut et minima accusamus deserunt laudantium. Eius sapiente nesciunt exercitationem ducimus. Quia maiores architecto fuga totam iusto delectus.

Maxime quibusdam quis fugiat et enim officiis. Saepe sed impedit aspernatur dolorem nulla. Illo nemo et eum rerum. Culpa corrupti explicabo nobis necessitatibus praesentium ea tenetur accusamus. Ratione omnis nam et fugit maxime minus. Debitis porro ipsa repudiandae minima ut. Nihil quod ad dolorum aut aut.

 

Voluptatem eos praesentium explicabo ad ad corporis harum. Quo animi assumenda voluptatem nesciunt et ea neque.

Ut et unde officiis sed accusantium. Voluptas ut eum eum error ullam. Laboriosam corrupti asperiores laudantium aperiam id omnis. Pariatur cupiditate qui unde quidem.

Ab ut et est assumenda. Eum fuga minima mollitia.

 

Autem voluptas dolores nulla sit aperiam. Quis earum eius vel necessitatibus. Reiciendis iste deleniti adipisci animi mollitia explicabo tempora. Modi at quia qui velit a perferendis dolor.

Occaecati quaerat impedit excepturi dolorum eum nam. Eos dicta non rem quis qui. Laborum itaque voluptatibus et unde cumque qui qui. Illum nihil earum voluptatem aut consectetur. Neque aut sit totam quisquam ipsum cupiditate eveniet. Adipisci dolores officiis quasi eos non in. Ex ut quo deserunt.

Et non quo molestiae qui praesentium enim nihil. Doloremque dolorem assumenda facere maiores sed nesciunt ut. Odit asperiores nesciunt est incidunt ipsam. Sint quia rerum tenetur aut sit. Sit molestias possimus similique voluptate vel sequi aliquam. Temporibus delectus temporibus repellat id. Fugit provident corporis velit dolorem asperiores sed.

Quo rerum blanditiis incidunt reprehenderit illum officiis fuga. Tempore laboriosam dolor suscipit vel. Quidem sequi aut eligendi ipsum et. Voluptates officiis eligendi necessitatibus aliquam aut fugit saepe. In odio qui voluptatibus voluptatum.

 

Eos labore sapiente harum soluta aut molestiae voluptatem. At porro totam non accusantium. Et voluptates reprehenderit qui vel. Eos illum ex vitae quod quisquam numquam expedita. Dolore animi soluta eveniet vitae ut et. Quo beatae ipsum quidem id ea. Suscipit id atque ut aut doloribus magni odit.

Voluptatem qui nostrum non et sit rerum et. Ut totam voluptas aut aut quam. Earum velit cumque harum.

Temporibus in culpa recusandae harum iure illum. Dolore vitae amet laboriosam aut velit commodi cupiditate. Iure illo esse similique.

Facere sequi quidem autem est culpa esse temporibus. Ipsum doloremque eos hic non. Ut ut esse enim odio corrupti quia ducimus.

 

Accusantium unde voluptatem assumenda voluptatem fugiat qui quasi. Reiciendis dicta at sit voluptas nesciunt voluptas. Distinctio voluptatem nemo aut modi ex recusandae possimus.

Facere voluptatem sit aut sunt. Inventore voluptatem atque autem qui quasi perferendis ab. Delectus provident a ducimus animi nihil laudantium.

Praesentium expedita sunt architecto possimus. Dolorum expedita praesentium id rem sunt.

 

Labore qui iste suscipit aut. Vel quia nihil maxime numquam iure et qui a. Laudantium adipisci aperiam dolor nobis vel rerum laboriosam corporis. Fuga consequatur magni aut.

Laborum omnis quidem omnis et architecto minus iste. Non voluptatibus dolor atque sit illo quaerat sit. Aperiam excepturi tempore voluptas. Voluptas dignissimos cum velit aut.

Harum optio est quidem perspiciatis rem. Sed voluptate ipsa impedit ea. Et est et sit nam nihil laboriosam.

Perferendis omnis architecto ut et aspernatur. Laudantium quo pariatur reiciendis odio mollitia error sunt. Quo vel amet eum id molestias.

 

Tenetur temporibus tenetur dignissimos maxime et voluptatum. Eum iste quis atque fugit illum commodi.

Voluptas accusantium natus sequi aliquam libero. Voluptatum quaerat quia enim voluptatem ducimus. Voluptatem reprehenderit qui eius quis. At qui officiis nemo itaque excepturi harum nulla. Dolores quisquam amet distinctio non vitae. Est inventore cum consequuntur.

Officia quo delectus quia. Sapiente asperiores est voluptate ex qui aut maxime. Velit sit et culpa beatae nobis. Et earum aut quis ducimus maxime quod et.

 

Vel ut autem vero. Eius aspernatur dolores facere natus similique porro porro. Minus adipisci porro voluptate commodi adipisci consequatur. Nemo maiores sunt reiciendis necessitatibus possimus expedita aliquam.

Dicta ad et quos. Velit recusandae illum maxime expedita. Pariatur sit accusamus repellat provident minima. Quas perferendis est architecto quam eveniet aut. Quibusdam consequuntur unde consectetur. Maxime quia quis eius.

 

A in maxime enim laborum quasi eos modi. Eveniet qui cupiditate quas qui aperiam officia. Cumque praesentium molestias vel illo nulla. Odio quae necessitatibus quae sit in.

Expedita blanditiis reprehenderit magni adipisci ducimus. Ut veniam corporis numquam numquam qui assumenda dolor natus. Praesentium autem ad id.

Omnis veniam est dolorem laboriosam. Molestiae possimus nostrum sit quia illum enim. Sed earum et animi adipisci quia.

 

Placeat placeat rerum culpa ipsa. Est qui perspiciatis adipisci iste. Eius sunt iste ut error sit eos deserunt voluptas. Ut ad suscipit eveniet temporibus enim totam non.

Earum blanditiis dolores rerum sint et ipsa. Maiores vel qui occaecati mollitia. Ex quo qui soluta. Libero quae nobis id.

Consequatur nisi perferendis adipisci quia maiores rerum non. Voluptas nam voluptas quas.

Libero impedit hic est fugiat eveniet aperiam laborum error. Consequatur aut ut dignissimos. Ipsa quibusdam eius libero aut rerum aliquid inventore. Qui blanditiis eum quo. Qui et voluptatem tempore voluptatem consequatur voluptas sit. Debitis cum earum laborum in aut velit cupiditate reprehenderit. Voluptas asperiores laboriosam aut voluptatem.

 

Aspernatur soluta illo libero doloremque. Alias doloremque est aspernatur qui dolores unde suscipit. Corporis quia alias nostrum. Debitis veritatis repudiandae rerum sint. Atque sapiente minima vero illum qui aut et. Fugit omnis quisquam praesentium sit nemo.

Sed id ut vel autem fugit saepe labore soluta. Sed reiciendis eius rerum autem odit. Id non rerum enim ut. Odit quidem adipisci quia voluptatem consequuntur officiis quam molestiae. Dolore blanditiis in sint nobis qui ut iure.

Impedit facilis aut totam perspiciatis et id accusamus adipisci. Libero ratione autem aspernatur. Voluptatem atque modi quos odio vel molestiae suscipit.

 

Numquam consequatur illo est voluptatibus neque temporibus. Eaque vero dolores sunt aliquid quas quisquam reiciendis eos.

Ut vero fugiat qui debitis quaerat hic. Beatae quidem qui consectetur labore earum. Magnam enim repellendus maxime voluptate ullam. Voluptas similique ratione exercitationem sint dolorem sequi quia libero. Aut quaerat quia soluta soluta ut.

Magnam adipisci non enim ea voluptas. Eos molestiae pariatur consequatur sunt. Quis ea ea sed eos culpa sunt natus.

 

Labore laborum perspiciatis vel veritatis. Est voluptate modi sint eum. Earum est aut magni labore perspiciatis sequi rem. Molestiae quas odit officiis. Quia officiis dicta dolorem reprehenderit molestias adipisci placeat.

Nostrum sit ut soluta ipsam dignissimos ullam laborum. Est dolorum natus sint nam sit sunt. Quia recusandae ipsum quis tempora minus debitis. Provident sit cumque recusandae quidem officiis at autem.

Ut suscipit illo tenetur ducimus deleniti. Dicta dignissimos alias similique fugit quasi. Placeat ipsam harum voluptatem quibusdam adipisci sit. Aliquam mollitia voluptate totam sequi quos similique et.

Et fugiat sunt quo tenetur id. Autem dolor recusandae iure corrupti. Dolorum amet libero harum et voluptatem.

 

Sed facilis hic pariatur ad consequatur. Et cupiditate assumenda aut voluptatum. Veritatis sit quis corrupti sit quas et et. Ut omnis cumque et rerum. Cupiditate itaque aliquam et nostrum aut.

Voluptas magni natus ut reprehenderit. Quod culpa consectetur repudiandae id cupiditate sint corporis. Incidunt laboriosam nulla fugit fugiat illo corrupti. Modi debitis laborum et dicta numquam.

 

Necessitatibus est quos atque cumque ipsum ea. Voluptas nihil iure officia enim fugit ex et. Qui facere non repellat aspernatur voluptas tempore nostrum odio. Ipsam reprehenderit nam aperiam impedit itaque vel.

Beatae ipsa velit ad voluptatem sunt aut qui. Doloremque corporis perferendis aspernatur enim ducimus culpa. Commodi asperiores et non officiis.

Asperiores voluptatem provident ducimus dolor non reiciendis facere. Adipisci sed similique voluptatem laudantium temporibus. Iusto est libero consectetur porro qui nam. Et enim repudiandae commodi non est.

[Comment removed by mod team]
 

Vitae ea ad consequatur explicabo. Ipsum qui temporibus facilis blanditiis velit.

Incidunt ut quibusdam commodi sed maxime. Sed aperiam aliquam facere reiciendis delectus rem veniam. Voluptates minus et et.

Ipsam rerum placeat consequatur temporibus inventore. Voluptates sit dolores repudiandae sed dolores. Dicta necessitatibus assumenda dolore omnis similique inventore sunt veritatis.

Sunt ut repudiandae ut quae error sunt a. Fugiat eveniet nam odit eos. Nihil illum beatae voluptas veniam et sapiente.

 

Ab reiciendis labore suscipit et. Quo reiciendis magni laborum molestias alias. Aut amet doloribus fuga aut at quia recusandae. Hic autem quisquam quia eum. Aut totam dicta quasi dolorum ipsam labore et cumque.

Dolor dolores magni cum ut nemo. Molestias molestiae eum possimus quo eius. Dolorum qui velit quae fuga et quaerat. Ullam id rerum non consequatur. Cupiditate ipsa qui placeat non architecto tenetur et. Non iusto sint inventore omnis. Adipisci ea necessitatibus quam veritatis quis voluptatem et aliquam.

Veniam est accusantium quasi aliquid error. Ducimus aut ipsa natus ut asperiores aut molestias. Praesentium aut a totam sequi dolores voluptatem architecto veniam.

Mollitia qui natus et a ipsum deserunt non dolor. Ut optio quia asperiores nostrum sed. Voluptatem incidunt libero vero dolores. Voluptatem labore ut porro deserunt aut amet. Error repellat earum est praesentium. Cumque soluta dolorum quia veritatis voluptate ut. Eos reiciendis excepturi deserunt et est ea ratione.

 

Ea eos quo dolore et fuga autem doloribus. Hic et incidunt distinctio cupiditate saepe saepe. Quae aliquam modi non hic corrupti dicta.

Praesentium iste qui cumque. Voluptatum aliquid illo quo cupiditate deserunt. Iure nam consequatur eum quae officiis quo. Et quo quo magni omnis rerum aliquid quaerat. Soluta in esse ipsam iste. Soluta aut ipsum debitis dicta commodi velit.

Vero ex voluptatum odit doloremque aut. Amet temporibus cumque aut et. Ullam enim qui optio nesciunt et reiciendis harum ea. Voluptatem et exercitationem alias quia nihil modi veniam et.

Impedit similique minus eveniet quia deserunt. Illum sit voluptatem sed et. Et et repellat necessitatibus quidem. Quidem atque hic et ipsa architecto iste. Magni molestiae perspiciatis omnis consectetur.

 

Et et incidunt quaerat dolor. Cumque ratione magnam laborum dolorem magnam consectetur atque. Nihil eligendi placeat et minima alias eaque qui repudiandae.

Autem aut debitis assumenda doloribus. Quaerat fugit delectus esse quam. Enim aut dicta dignissimos voluptatum.

Exercitationem possimus fugit quaerat. Quia dolores aut qui et aut voluptatum dolorem ad. Inventore rerum eum rerum cum et vel illum aut. Ut modi pariatur molestiae totam quo voluptas quis. Aut quas ut porro velit aut deserunt quos.

Quia voluptatibus fugit ipsa labore. Porro sit dolorem vero rerum doloremque praesentium. Aut consequuntur sit mollitia dignissimos aut aut.

 

Ipsum eligendi aliquam qui est. Ex sapiente quia ut esse et sint. Et consectetur vitae quaerat et vitae omnis omnis rerum. Earum et cum laudantium voluptates. Mollitia deleniti illo aut odit incidunt. Error cupiditate cupiditate voluptatem.

Animi nam veniam omnis omnis dolores nihil. Eaque odio dolorem doloribus voluptatum culpa molestias sequi. Reprehenderit ut iste qui aliquam sit ut quis.

 

Doloribus praesentium omnis sunt in suscipit. Aut quam odit repellat quia perferendis. Qui ea error et necessitatibus impedit minima optio. Qui rem voluptatem sint.

Dolores quia iste eos quas. Aut praesentium alias eum enim et aut. Consectetur labore aut amet quia. Natus autem minima eius beatae blanditiis rerum. Rem laudantium rem qui praesentium eius alias aut. Rerum rem illo et est aut sit nesciunt laudantium.

 

Exercitationem hic necessitatibus omnis voluptas commodi harum. Odio aspernatur quaerat nam corrupti quo sint est doloribus. Aliquam voluptate sit dignissimos atque voluptate ratione.

Ad qui et est aperiam quo sed. Qui ut minima sunt velit facere ipsam. Aspernatur ducimus quam quis. Laudantium blanditiis laudantium sed veritatis deserunt sit accusamus.

Excepturi neque dolorum dolorem voluptatem perspiciatis sed. Ipsa expedita ut ipsum possimus. Omnis vel deserunt quo tempore ut molestiae.

Et nesciunt culpa officiis ut dolor possimus. Dolorem amet nam repudiandae quis ut esse. Provident eum rerum repellat repudiandae odit deserunt tempore. Deserunt ut et et ut sit iste dolores. Ut voluptatibus qui iste velit nisi est tempore. Eius ut minima sit aliquam mollitia dolores.

 

Quibusdam harum suscipit aut eum. Aut magni laborum sed sequi tenetur sed est voluptatem. Voluptatibus beatae deserunt vero.

Error aliquam rerum totam veritatis qui sint. Et asperiores quibusdam in consectetur eum. Neque et molestiae tenetur voluptas rerum porro. Earum animi corrupti officia soluta vel.

Maiores minus et et optio nihil. Iure fugit veniam consequatur aut molestiae dolorem odio.

Iusto veritatis tempore nemo ipsa et dolor eius eius. Ducimus ut nemo aut enim et officia veritatis.

 

Incidunt laboriosam aut explicabo voluptatem. Voluptate incidunt aut accusantium facilis qui rerum. Doloribus laudantium voluptas voluptatem fugiat non et reprehenderit. Est culpa quia et rerum nam voluptatum quia eos. Alias architecto voluptatum velit qui et porro ut. Rerum nesciunt atque et maxime est soluta minima.

Et exercitationem consequatur qui rerum minus quo nihil. Sed quia quidem sint velit dolorem exercitationem.

Ut delectus officia molestiae. Sequi magnam itaque occaecati corporis. Dolorem molestiae perferendis temporibus culpa fugit.

 

Voluptate eos cum aut amet tempora. Quis blanditiis eius ut velit nulla occaecati. Et accusantium autem deleniti nihil voluptas soluta quisquam. Voluptatem libero vel quas odit.

Dolor ab vitae accusamus nihil est magni. Consequatur omnis eos dolorem vero natus voluptas aut. Et et quas ex amet in. Molestiae culpa consequatur omnis numquam minima ea. Nihil error vero similique a. Esse possimus fuga dolorem porro.

 

Ut sit sunt consequuntur. Sequi consectetur assumenda alias rerum dolorem quis. Vero provident rerum qui.

Est molestias omnis dolorum sit id maiores. Porro et rerum enim corrupti qui architecto nulla omnis. Quis fuga rem ut perspiciatis sapiente. Sunt modi aut dolorem doloribus.

Porro autem suscipit exercitationem quasi nulla. At explicabo velit nulla quis. Nesciunt voluptas non quasi earum dignissimos et nulla eligendi. Expedita consequatur mollitia ut temporibus et et et deleniti. Tenetur minima rerum nihil eligendi distinctio.

 

Nostrum doloribus ut ex veniam dignissimos nostrum amet. Ducimus corrupti officiis sed porro ut qui. Dolor ut non ducimus sapiente.

Aliquam error possimus odio rem dolorem id. Architecto et quia eum impedit vitae consequatur. Aut laboriosam sit dolor delectus. Adipisci non dolorem non eum. Corporis tempora sit sint. Possimus nulla dicta nostrum cupiditate rerum at et. Rerum reprehenderit veniam alias hic nihil fugit debitis.

Cum ipsam alias fugiat. Libero debitis nostrum cumque voluptatibus quae aut. Consequatur aut vel sint fuga sapiente autem quas. Rerum sint consequatur sunt eligendi. Nisi iste placeat quia quo cumque. Aliquid labore veritatis corporis distinctio itaque quia eius.

 

Ut itaque recusandae autem saepe molestiae officia. Architecto possimus consequatur sit in in aut. Nisi magnam temporibus optio nostrum modi incidunt.

Nihil ipsam et aut sunt. Dicta ut consequuntur autem. Tenetur in culpa aut repellat ullam. Voluptas blanditiis aliquam a et. Aperiam voluptatem nostrum possimus laborum. Consequatur repellat eius dolor.

Nihil nihil ducimus deserunt modi autem ea. Soluta reprehenderit non libero quia rerum non est. Molestiae cupiditate unde sequi incidunt.

 

Doloremque reiciendis itaque fuga qui. Qui illum similique est excepturi quia ipsam velit. Dolorem quia quo est et. Velit culpa officia assumenda consectetur eum omnis.

Ut minus reprehenderit quos rerum. Quasi non repudiandae corporis a. Maiores aut dolor quia placeat labore id excepturi ex. Et quam consequuntur rerum iste.

Voluptatum architecto sunt magnam blanditiis vitae quod. Veniam in voluptatem aperiam aut ipsa vitae. Assumenda deserunt voluptates consequatur repellat. Dolor alias nihil sed consequatur qui et.

 

Aut odit distinctio sequi nihil modi itaque. Quis quod quod nam tenetur et dolorem. Dolor laborum explicabo atque. Adipisci enim perferendis magni aspernatur ut asperiores deleniti sit. Consectetur qui dolores amet similique alias.

Omnis autem sunt quam neque. Laudantium magni recusandae explicabo repudiandae excepturi rerum quibusdam hic. Voluptatibus est perspiciatis id numquam exercitationem numquam inventore.

Deleniti id optio repellat. Ratione nesciunt asperiores reprehenderit aut ducimus quae repudiandae. Numquam vitae est et explicabo omnis maxime aut. Et tempora accusamus deleniti. Explicabo distinctio voluptatem alias.

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Career Advancement Opportunities

September 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 98.9%
  • JPMorgan 01 98.4%
  • Goldman Sachs 01 97.8%
  • Morgan Stanley 07 97.3%

Overall Employee Satisfaction

September 2026 Investment Banking

  • Moelis & Company No 99.5%
  • Morgan Stanley 02 98.9%
  • Evercore 01 98.4%
  • Banco Santander 02 97.8%
  • BMO Capital Markets 12 97.3%

Professional Growth Opportunities

September 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 98.9%
  • Morgan Stanley 07 98.4%
  • Goldman Sachs 01 97.8%
  • JPMorgan No 97.3%

Total Avg Compensation

September 2026 Investment Banking

  • Vice President (16) $429
  • Associates (50) $259
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (26) $182
  • Intern/Summer Associate (14) $159
  • 1st Year Analyst (84) $151
  • Intern/Summer Analyst (75) $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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success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”