Does anyone know anything about them? Seems like the equivalent of an "elite boutique" but for sovereign advisory. Is there any available info? Saw them on LinkedIn and the entry requirements seem hard asf, anyone have any experience interviewing there perhaps?
| +152 | How to stop feeling like shit for not making it in IB? | 57 | 7h | |
| +115 | If Tik Tok is forced to sell, what banks do you think would be involved in the deal? | 58 | 5h | |
| +80 | Updated LA Banking Scene (2024) | 57 | 4h | |
| +38 | Ranking banks that went under | 20 | 11h | |
| +34 | Burnt Out M&A ASO | 18 | 9h | |
| +32 | A strategy for SA applicants late to the game like myself | 15 | 15h | |
| +30 | Relevance of A-Levels for U.K. London recruiting | 21 | 23h | |
| +26 | Series 79 Help / Tips to Pass The First Attempt | 11 | 2d | |
| +26 | Intern Ettiquette | 4 | 19h | |
| +23 | What are hours like at BBs in London? | 47 | 17h |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
Analyst 1 in IB - Cov, have you checked out these or run a search:
More suggestions...
Hope that helps.
I know that is a very new firm, more like consulting not bankers. Very cut throat and logistics heavy from what I hear from friends who have crossed paths with their analysts.
Definitely try to go to a top bank like Lazard or Rothschild or banking... or if you want to do consulting then McKinsey. There you have a bonus, big brand name reputation and excellent name on the street.
Can I DM you for more info?
Sure
Hi, could you clarify what you mean by “very cutthroat and logistics heavy?” I’ve been trying to get some info on the firm but there’s not a lot out there. Thanks!
.
Yeah mate look I actually do speak French and can tell you don't...
I dropped out after one semester :(
But you can always count on French speakers to shit on those who suck at it.
I’d be interested to hear if someone has any additional information on this as well
It's an advisory boutique founded by an ex-Lazard. Healthy deal pipeline given string of recent sovereign defaults... They are either on creditor or issuer side, depending on the situation... No idea about firm specific culture but likely heavy hours similar to Lazard/Rothschild but more DIY.
Would you say that it has better deal flow than firms like Citi or JPM which have a Sovereign Advisory team? What internships should one do in order to be competitive when applying to those teams + Lazard / Roth? Thanks !
I wouldn't compare it with BB sovereign advisory teams, which are little more than glorified admins for the DCM team. Best advice is to contact people on LinkedIn that work in the field. Preferably avoid the BBs.
I wouldn't call it "deal flow" because some of these firms cannot issue bonds or have liability management right. They are more players like how the IMF used to help with creditors or how consultants help to brainstorm transactions.
No deal flow can compare to the bulge bracket banks because they have so many products like markets, deposits, capital markets, private wealth etc. From what I know they help high yield sovereigns on similar things as the IMF. I know Lazard is the best on restructuring negotiations with official creditors (not to be confused with commercial debt and work banks do) and win left & right... so go there if you can or a big name brand like Goldman or JP.
I got through to final (or latter) rounds for Lazard, Rothschild, and GSA earlier this year but didn't end up getting an offer from any of them. GSA is definitely the newest player around and trying to prove itself as being the most specialised. People from GSA look down on the other Sovereign Advisory Boutiques because they see themselves as the most innovative, while the other Sovereign Advisory groups look down on GSA as it doesn't have the same cachet as the more prestigious, larger banks. GSA's work is more diverse, more focused on general counselling in the intersection of the political and economic. Lazard is definitely the go-to super-large deals and sovereign debt restructurings.
Entry requirements wise, they are the same more or less for all three banks although Lazard is the most exclusive. You need to be from either HEC, Polytechnique, or Sc. Po.. Most often your education will combine 2 of the three. There are a few exceptions to this formula, but they're definitely few and far apart. The interviews consist of a first round case interview which will mix Macro-economics, public finance, and bonds. None of the questions are super complicated (definitely achievable after 2-3 semesters of Undergrad econ) but they do require you to think flexibly around the inter-relationship of all three. The case-study for Lazard for example will have you thinking through the macro-economic situation of an unnamed country and commenting on different policy questions (monetary and exchange rate related) as well as bond pricing and structuring questions. GSA is relatively similar having you prepare a presentation on a recent debt restructuring or negotiation, giving your views on the numbers and ideas involved. The second interview is a general grilling on your knowledge and experience with analysts and associates, they will ask extremely technical questions on different policy related questions (macro and debt sustainability). I don't know if this is by personality or design, but some of the Analysts or Associates will definitely try to pick holes in everything you say and test you on very specific knowledge. One analyst in particular dragged me down a 15 minute tangent on IMF loans, credit facilities, and special drawing rights and how a country could use these best. Probably 15 of the worst minutes of my professional life.
Later stage interviews will be with more senior people in the organisation, and focus more on your career plans and achievements, seeing what you've worked on previously and discussing ideas.
I will say that the teams do seem very homogeneous in their french-ness. The work they do is super-cool on the outside, but don't be fooled it's mostly a variant of other IB jobs at junior levels, not that that's a bad thing. One thing I have noticed is that there is relatively little permeability in between the junior ranks and more senior ones. Generally senior are experienced career hires with a background in public finance or economics, while juniors start at analyst and cap out at VP. After their stint in sovereign advisory a significant number of the Juniors go to do an MBA/MPA at Harvard and then move on.
All three of the SA firms hire their Juniors almost exclusively through internships.
Thanks for sharing this, really helpful - it sounds really intense, and all this for just an internship I presume…
If you don’t mind me asking a few questions; what do you think made your CV get past the screening round? Do they expect candidates to have previous internships? If so, how long/ how many/ what type?
Do you think it would be possible to get an interview if you attend an international target school for masters (Columbia SIPA, Johns Hopkins SAIS, Georgetown, Yale, Bocconi, LSE etc) or do they only hire people from French schools?
Also, what are some common exit opps, other than MBA/MPA given many already have masters)? Is PE feasible? Or more roles like World Bank, IMF?
Sorry for all the questions, there’s just so little out there on SA for those who don’t study in France..
So, what got my CV through the screening round are: 1. Education - I have a BA from a foreign Target School and a Master's from one of the three French schools I named - also, my education mixed Public Affairs and Management/Finance. 2. Languages - I speak 4 languages all of which are useful for them. The languages which are particularly targeted for Sovereign are English (obv), French (obv), Russian, Arabic, Spanish. 3. Experience in Fixed Income and Public Affairs Previously 4. I'm a Native French Speaker
So, it's def possible to get an interview coming from a foreign target, but we are really talking about the absolute top targets (Top 2-3 schools by country) and Major in Econ. or Financial Economics. I'd say your odds would be good / very good if you came from one of the schools you mentioned and had experience at an institution like the IMF. Without experience it would be very difficult since most french applicants have a Master's and experience in Fixed Income / French ministry of economics. Also French fluency (even if not necessarily native) would be a requirement.
To give you an idea of the typical candidate or hire at Junior level. It'll be a frenchman who went to HEC, then to Sciences Po. or to Sciences Po. then to HEC. Did a Gap year during his Master's, worked in Fixed Income or M&A for one of his 6 month internships, and then worked for 3-6 months at one of France's Embassies in the Economic Research department. He'll likely have at least a decent beginner level in one of the three "foreign languages".
All that being said I do know of some people being hired with relatively little experience but they were hired for being Econ Whizz kids.
To be completely honest, exits are def what I'm least clear on, all those you mentioned are definitely attainable, but I don't know how desirable they'd be to people exiting SA. From what I've seen people exit out of SA at VP/Senior VP level, so they're probably looking to get off the grind.
Aw sounds intense. How big is the bonus? Do you know? I know their hours are long AF.
I got an internship Interview invite there in the past and their first round was a four-hour economics and finance assessment in person and in French. Honestly don't think it's realistic for someone who doesn't speak fluent French and have an advanced degree (or significant mastery) in Econ to apply. Probably harder to get an interview offer if you’re not coming from a French school but definitely not impossible and you can network your way to an interview as long as you think you have the right skill set/language fluency.
Thanks for sharing - what was the level of difficulty and the style of the finance / econ questions? Were they more testing knowledge and understanding of concepts, or did they also involve complex calculations, formulas, etc (like postgrad academic economics-style)? It would be awesome if you could give an example, if you happen to remember. Appreciate your insight.
do you think ESCP/Dauphine is a target in SA?
Rothschild does a lot in the space
Yeah they do! They are out there charging for non deal road show presentations when banks do it for free lol but they are good team, facts
Приветик's comment is quite accurate and gives a great overview.
Ex Laz-Roth SA here, happy to discuss further if needed, just DM me
I have tried to send you a message, but feel like I might have screwed it up. Could you please confirm if received? Thanks in advance
Dolor quod aspernatur similique nihil nemo. Blanditiis in maiores sit aut.
Culpa dolorum omnis velit. Voluptate numquam facere tempore aspernatur ipsam quo ut rem.
Praesentium et laudantium vel corporis illo quia libero. Est architecto minima repellat repellendus et voluptatem. Nobis vel necessitatibus et ex ducimus ducimus suscipit reprehenderit. Soluta sapiente aperiam quis.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Qui consequuntur tempore minus. Enim ut rerum inventore maxime et natus ut. Dolor neque quia aliquam sapiente maxime harum. Ducimus tempora et cupiditate qui autem. Pariatur molestiae deleniti nihil.
Ea saepe mollitia natus. Est sit rerum dolores perferendis est. Qui pariatur minima eaque rerum eveniet. Rerum iure quos incidunt ut cupiditate in.