Duff & Phelps IBD

Looks like there hasn't been any updated posts regarding Duff & Phelps, the company had very negative views in previous posts. Can anyone share some thoughts on this firm now? Seems like they've been ramping up their IBD with a string of acquisitions over the last couple of years. Anyone in the industry can share some insight on their deal flow now?

38 Comments
 

I got an email from them last week asking me to schedule a first round phone interview (they put a resume drop for my college). I of course said no thanks since I've already accepted an offer.

 
sweetmelonanyone know how their interviews are like btw?

I had 1st round interview for Valuations last week. Compared to the other interviews I've had so far (mainly Big 4 val/FAS/CorpFin and some others) the Duff interviewer spent the most time on technicals. I was actually relieved since I spent a lot of time prepping for technicals and they finally came up.

I used the BIWS guide and the interviewer said at the end that I "nailed them" so if you have prepped with that or another guide I would assume you should be covered, as it was more than sufficient for me.

 
The Kid
sweetmelonanyone know how their interviews are like btw?

I had 1st round interview for Valuations last week. Compared to the other interviews I've had so far (mainly Big 4 val/FAS/CorpFin and some others) the Duff interviewer spent the most time on technicals. I was actually relieved since I spent a lot of time prepping for technicals and they finally came up.

I used the BIWS guide and the interviewer said at the end that I "nailed them" so if you have prepped with that or another guide I would assume you should be covered, as it was more than sufficient for me.

Can you share a couple of the technical questions?

 

The recent investment in acquisitions and headcount has been great at the senior management level, which has shown in the deal flow this year. Not sold on a lot of the junior staff that was carried over or recently hired. I personally love it at my office - for the most part the seniors are knowledgeable and the environment is great. However, at several other offices the work quality can be sub par. Workload fluctuates but on average 70 hours of real work is about right.

Most of the incoming Analysts will be "Generalists" where they will also be staffed on M&A engagements along w/ Fairness Opinions, a big component of D&P's IBD practice. This gives consistent work flow to the junior guys.

Interviews will be pretty technical and may have a case or two for those coming right out of school. I would know multiples and other finance basics, be able to work through IS, BS, and CF statements and clearly describe the relationship between the three, and be able to talk through the different valuation methods.

 
Best Response
DPibdInterviews will be pretty technical and may have a case or two for those coming right out of school. I would know multiples and other finance basics, be able to work through IS, BS, and CF statements and clearly describe the relationship between the three, and be able to talk through the different valuation methods.
This. For IBD and Valuations, depending on your office you'll probably be asked to do a group case (Excel DCF + Powerpoint slides). I would also know how the 3 statements link together like the back of your hand - lots of the "If I decrease depreciation by $6 what happens to all the statements" and "Which would most likely have lower enterprise value, a software start-up or an industrials firm" type questions. Use BIWS interview guide and you'll be golden.
Currently: future neurologist, current psychotherapist Previously: investor relations (top consulting firm), M&A consulting (Big 4), M&A banking (MM)
 
DPibdThe recent investment in acquisitions and headcount has been great at the senior management level, which has shown in the deal flow this year. Not sold on a lot of the junior staff that was carried over or recently hired. I personally love it at my office - for the most part the seniors are knowledgeable and the environment is great. However, at several other offices the work quality can be sub par. Workload fluctuates but on average 70 hours of real work is about right.

Most of the incoming Analysts will be "Generalists" where they will also be staffed on M&A engagements along w/ Fairness Opinions, a big component of D&P's IBD practice. This gives consistent work flow to the junior guys.

Interviews will be pretty technical and may have a case or two for those coming right out of school. I would know multiples and other finance basics, be able to work through IS, BS, and CF statements and clearly describe the relationship between the three, and be able to talk through the different valuation methods.

You're going to receive so many PMs...

 

Interviewed IBD. Have not heard back yet. To be fair, it happened in NYC last week and it is sad to see the aftermath of the storm on NYC and NJ. I am sure there are greater concerns at the moment for the firm and others...

Authored by: Certified Corporate Development Professional - Director
 

D&P IBD is usually really fast to give out offers. My year they extended offers the day right after superday to the candidates that they wanted. (Superday at NYC IBD and Boston Valuation).

Currently: future neurologist, current psychotherapist Previously: investor relations (top consulting firm), M&A consulting (Big 4), M&A banking (MM)
 

Duff and Phelps has an interesting history

they were always Duff but also Chanin Capital Partners (google this to be sure, im pretty sure- this created their restrucuturing practice)

they do MM deals, but lower echelon of the MM scale, so not like Jefferies (approaching BB level) or Blair or Harris Williams, but maybe similar to Imperial Capital

they also do a lot of fairness opinions, more than actual M&A, but its still a good place to be. you will definatley have solid modeling experience and can lateral if you want, the name/brand is well known

base should be 70K, but bonus is probably 10-15k lower than street-- but also keep in mind the hours are less

exit opps- this matters to a lot of shit, work you do, vertical etc. but you wont have top head hunters after you obviously (they arent moelis, gs, ms or lazard)

hope this helps!

 

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