FactSet vs manual hardcoding
just started my third year at IB and I wonder why FactSet is still not used enough front office bankers still need manually hard-coded figures instead of pulling it using FactSet formula an analyst spends atleast half an hour per company when the results are out and then ends up spending another 5-10 matching their numbers with FactSet. 40 mins per company vs a fomula that can pull the same data in seconds.
plus, I am pretty sure FactSet is more accurate than manual hard-coded figures
thoughts?
I dunno what bank you work at, but when I was in banking we used CapIQ pulls all the time, then adjusted as needed. Definitely did not just manually hard code everything - would have the CapIQ pull as the base and then adjustment lines if changes needed to be made.
Some people are not too comfortable pulling numbers from FactSet unnecessarily - they end up double-checking the number against 10K to ensure that their codes are correct and this takes up even more time. However, I do recommend pulling numbers from FactSet directly.
Live deals -> hard code Client financials -> hard code / manual spread Pitches/Marketing/Comps -> factset/capiq
Anyone director/MD that asks for otherwise is not worth working for. Naturally with factset/capiq you should be doing a couple spot/sense checks to make sure your codes are working properly and/or there arent glaring errors
exactly. my backend manager wouldn't let me ask the FO analyst whether we can move to FactSet based templates with additional adjustment lines because this would reduce his team's billable hours
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