Hey Guys,
Just got invited for a second round interview with Cowen. Not exactly sure which division but it's either technology or Healthcare. Can anyone let me know what I can expect as far as questions go? How hard are the interviews? Are there brain teasers? Anything I should know about Cowen specifically that might help me out. Thanks a bunch guys!
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Interviewed with their FIG group for SA. Basically a standard set of interview questions: why banking? why Cowen (as opposed to a larger firm)? how do you value a company? how would you value this table/chair? what is EV/how to calculate it? Very standard mix of behavioral and technical questions. Didn't get any brain teasers.
The thing you need to know about Cowen interviews specifically is that they really want analysts and summer analysts who are energetic in their interviews. If you tend to be laid back, make an effort to show how pumped you are about the opportunity. Obviously you want to be energetic in any interview but maybe drink a red bull before this one.
What about for a FT position?
FT is like any other FT. They recruit at good but def not normal target schools - they want people who want to be there, know they want a smaller, MM environment.
NY office has had a ton of turnover lately, just be wary of what group/people you're working for.
Sinking ship... don't mention that in an interview though
Why would you say that its a sinking ship and which groups should I watch out for? How are their tech and health care groups?
I believe their Tech head left for Jefferies awhile back and a lot of healthcare jumped ship to Stifel
Tech head did not leave, however the top MD in the tech group did leave for JEF. Entire HC group left to Stifel, save a few senior guys (two or three), but it was the top HC bankers that left, leaving a rather weak HC group.
NY office for tech blows. One decent MD focusing on Digital Media, but that's about it. Pretty shoddy FIG group (if it even exists anymore) and the fintech group is small and quite weak.
At this point, their strengths lie in the capital markets business. They have a fairly strong research and S&T group. M&A is a joke nowadays and going forward, I'd expect most revenue to come from co-managed IPOs and FOs and PIPEs (i.e. falling into the Rodman & Renshaw model). There just isn't enough talent to win meaningful M&A mandates nor is there enough reason to pay them to play a meaningful role on an equity offering.
Hmmm....
So what I'm hearing is both of the groups I have a shot at aren't really that great. Would hc be better than the tech group for cowen? And then could you guys rank the following and tell me why you rank them that way?
Say I have an offer from those places, which one should I take?
Personally I'm not really sure. Just from reading other comments it seems as though people might choose stifel over cowen. Does Cowen still have health care now or what does it mean if everyone left for stifel.
As far as OP and FBR I don't really know what to tell you. Maybe some one else has some thoughts on the subject
Cowen 2nd Round (Originally Posted: 02/08/2009)
Cowen summer analyst final round on wednesday, does anyone have any insight into what to expect? obviously starting with a meeting with analysts/associates and working my way up to vp/mds but has anyone gone through the process? i've heard it's mostly fit, anyone have information? tyia.
depends on the group/office - mostly fit but it really depends who you get
post or pm more info and i can probably help you out
What's the word on the Street on Cowen?
i don't think it's very good to be honest, at least relative to a few years back
from an equity standpoint, i would say they did very well in the past (used to be very strong in HC), and for obviously reasons since they deal with growth companies primarily. you can imagine their backlog now...
M&A - not strong at all, though their head of IBD is trying to change that, realizing that when the markets collapse they basically have no business/fees. that said, they have a few M&A at director level who are very experienced but just not a ton of deal flow in that area.
HC is def their strongest group, maybe consumer/tech afterward, but i think it's negligible at that point.
Personally I've gone through interviews with Cowen for the last two years, and was never impressed with the people or liked the culture. Everyone seemed very bland and did not seem enthused about their firm. It seems like Cowen has a decent reputation in the MM--a notch below HLHZ / Jefferies, but above regional boutiques. It's a place that everyone in banking has heard of, but not necessarily a place that is highly regarded.
Take this all with a grain of salt--just what it seems like to me, not necessarily the reality of things.
i interviewed there last week and thought they were down to earth (more so than most BBs) and very nice. to the OP: when did you hear about 2nd round interview?
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