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Massive congrats to you for securing FT at a BB in this environment! Just wondering, if you didn't do a summer IB, what's your profile?
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What monster asks someone to derive Black-Scholes on the spot?
First off, sleep now. You’ll regret not doing so once you start working.
Secondly, you’re doing the right stuff. Many banks use courses such as Wall Street Prep to train analysts. And I’m sure they’ll probably train you once you start. It’s more expected for interns to not know anything, but even as an AN1 you’re going to make mistakes (or so I’ve been told, I’m only an intern lol) and your associate is well aware of that. Biggest piece of advice that changed my intern game was printing shit out and proof reading everything before sending it off for review —— helps quite a bit.
Lastly, they hired you for a reason. Unless you got the job solely because your dad golfs with an MD, you obviously demonstrated enough competence for them to want you.
Best of luck and congratulations on securing a good job especially in todays market.
Thankssss, appreciate the kind words, also good luck to you on your internship :)
Also super anxious and in a similar position. Actually was diagnosed with clinical and crippling anxiety lol. My approach is to use some anti-anxiety medication while also exercising more and sleeping more before I start. I am also planning on just going through WSP again and really just building some models from scratch, along with familiarizing myself of shortcuts and usability of Excel, Outlook, and PowerPoint. Would really emphasize the shortcuts and usability must-knows, because I struggled with this as an intern and it skyrocketed my anxiety. Like if my Associate asked me to set up a call with a client next week Wednesday, I would read the call invite 5x before sending it because I was so anxious I would fuck up the time, timezone, or screw up the title.
Coming to realize that "good enough" is perfect in banking because you're going to get comments on shit anyways. So long story short, would just target the -parts of banking that make it anxiety-provoking for you before you hit the desk because that's what has always helped lessen my anxiety for things. Can't know how to do everything obviously as you learn on the job, but much better to know how to do the basic shit so you're actually a bit ahead of the learning curve.
My .02
Thanks for taking the time, also sorry to hear about your anxiety situation, hope you’ll get better soon!
In terms of prep, I’ve got my hands on a few courses but still deciding if I should go for wsp/ cfi / biws courses, would love for some input. Did you get the wsp most popular modelling package?
Don't pay for modelling, plenty of free resources out there.
Dude shut the fuck up. Anxiety is a real thing and the kid along with me just want to fucking know how we can be prepared for our rightfully earned positions and not fucking fired for incompetency related to execution anxiety. If that’s not enough to warrant a post here, go fuck yourself
"rightfully earned positions and not fucking fired for incompetency related to execution anxiety" - you sound autistic
Recently started as an analyst at GS. I spent a ton of time prepping for technicals, learning modeling etc. It was a complete waste of time in my view and you should not be worried. Let me tell you why.
1. When you join as an analyst, no one expects you to know very much. Especially not if you didn't do an internship in IB. You're expected to know some basic technicals but that's about it.
2. You won't be doing any work that is even remotely complex. The work I'm doing mainly consists of formatting in PPT, populating data in PPT / Excel, putting together simple lists / tables in Excel, saving down documents, updating trackers in Excel, scheduling meetings etc. My VPs / Associates always provide a shell or a template for things, so it's extremely rare for me to be putting anything together from scratch. Modeling is typically handled by senior associate / VP. Any text that is not just copy-paste from company website or existing materials will be handled by senior analyst / associate. Any text that relates to more strategic issues will be handled by VP / MD. With that said, you will pretty much be a glorified assistant.
3. You have unlimited support. As I said, no one expects you to know anything. Whenever you don't know, just ask. If it's about functions in Excel etc. then, of course, you can google it. But as soon as there is something that you can't google and you can't figure it out on your own after 10-20 minutes just shoot a message on teams to a colleague. Moreover, you will always have multiple people reviewing your work so you definitely do have a safety net. Everyone makes mistakes and no one will blame you for it as long as it's clear that you're doing your best.
If you want to spend time preparing, I would rather try to understand how processes work, how the team dynamics work and keeping up with market events. My recommendation would be to enjoy the time you have before starting.
Thanks a lot for taking the time! Will definitely take the time to rest up, also wondering what sorts of prep material you used?
Also in terms of starting on the job, curious if the seniors would be annoyed if you ask to get more involved on the model/actual strategic side?
For the financial modeling I used CFI FMVA but I have heard good things about wallstreet prep as well.
From my experience, seniors are happy to walk you through the strategic rationale of things. As a first-year analyst, I don't spend that much time speaking with seniors but when I do they are always happy to talk about the strategic aspects of the deals we're working on. This is very valuable, especially as you will many times not be allowed on the strategic meetings. For example, as a junior I have not been allowed to join pitches (even virtual ones). In some cases companies are also very sensitive when it comes to confidentiality and demand that only MDs / VPs are on the meetings.
When it comes to the actual strategic work I think the best approach is speaking to associates rather than the seniors. However, the key here is that everyone tries to maximize efficiency and minimize their own workload. When you are completely new on the job and on a deal, an associate will probably have to spend twice as much time teaching you and reviewing your work as it would just take to just do it himself. Moreover, you will be a lot slower. So make sure to pick your moments. Ask to be included on more difficult / strategic tasks when there is not a time crunch and you know that the associate has the capacity to teach you and review your work.
Did you read where GS Analyst 1 in IB said prepping for technicals and learnings models was a complete waste of time?
You making this worse for yourself. Chil
Welcome to the meat grinder
Haha trying my best not to get freaked by all the posts, seeing your title as asso 3, curious how your experience has been so far?
You need to chill. Won’t need to do anything, you’ll be fine
Fingers crossed.. thanks for the comment!
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