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WSO Hall of Fame: Investment Banking Forum

WallStreetOasis.com

The Wall Street Oasis Investment Banking Hall of Fame provides a comprehensive collection of some of WSO's best discussions on the investment banking industry. Keep in mind this Hall of Fame does not include Q&A sessions by WSO veterans. To view a full list of Q&A’s & Interviews please navi...

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BB SAs - how much advance notice were you given for your drug test?

genuinelyconfused

I have already signed an offer but have not heard from the recruiter regarding onboarding nor drug test, when do they happen? and how much advance notice were given for drug tests?...

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Morgan Stanley 2020 Sophomore SA Megathread

pare

Didn't see any posts related to this topic, so wanted to create a thread where current freshman could discuss their recruiting efforts for Summer 2020. I applied for IB, GCM, and Quantitative Finance, what about you guys?...

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First face to face interview for a IB Boutique

bukijusu-.

Hello everyone, In a few days, I am going to have my first job (first timer) interview at Rothschild for a Summer Internship, I am an undergrad student, therefore I am super inexperienced with interviews. However, I have done 2 internships during summer, in a PE and VC. Consequently, I expect the qu...

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What are the exit options for this job? Moving from MO to FO

secretpanda

Delete delete delete delggghbhhbhhhfdghuggfddfghjuydgihc hhhbbvvfggggggyyrf bbbbbhhhhhhhhhh bbbbbhhhh...

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Freshman GPA - am i screwed?

hsjajajajja

Went through a pretty bad breakup this semester and a death in the immediate family last year - ill be wrapping up my year at a semitarget(UNC/BC level) with a 3.2 GPA. Is investment banking(MM/BB) out of the question for me at this point? I know this seems like a stupid question but with accelerate...

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Jefferies a BB?

ShapeShiftingBeaver

Inspired by that finance instagram post... When does a bank like Jefferies jump into the BB category over UBS/Deutsche? Pretty sure they are working more/bigger deals, obviously much stronger financially, and growing pretty quick. Do they need a stronger S&T team or something?...

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More patience to teach in London? About to lateral within BB from Corporate Banking (NYC) to M&A (LDN).

ghostofreddfoxx

I am extremely nervous and will begin next month. Is it worth trying to teach myself, or wait until the team is paying me to learn "their way"? I know there are a lot of system differences simply between regions. Also, I will only be analyzing European companies moving forward, as opposed to only c...

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When to start full-time networking?

mrfatfat6

Hi all, Current junior who is about to start an IB internship this summer, but really would like to break into an EB for fulltime (many reasons). I interviewed with Laz and Evercore, but never got an offer. When should I start reaching out to my interviewers/alum for fulltime? Additionally, how sho...

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Debt Advisory at a BB

Bill Stern @ Axe Cap

Can someone shed some light on what exactly does a debt advisory team within capital market at a BB do? Is it similar to restructuring? Culture, comps and hours?...

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Buy side vs Sell side ... what's the difference?

newbieeee

Can someone explain what these terms mean please. I've got a grad job at a big investment bank and figured this is something I should understand before I start. Maybe you'll be shocked I landed the job w/o understanding what these terms mean! Don't be afraid to say if you're amazed I don't already...

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Books relevant for Business Development and Originations roles in Investment Banking

Chimpy McChimp Face

I am about 4 years removed from post grad and I work at a boutique IB in SF. My boss recently told me that he'd like to expand my role and have me eventually mentor and manage a few of my colleagues and future hires. I have read a few sales books recently and I think they offer good advice but not ...

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Is this a good way into Lev Fin?

Leverup13

Wondering if this would be a good way into LevFin: I graduated last summer and have been working in the real estate arm of a large pension fund. I have an opportunity to switch to the loan originations team where they underwrite and give first mortgages and mezz loans to large single asset transac...

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Baird Summer 2020

Bourgie_Bankster

Hey everyone! So I'm getting ready for a phone interview (prescreen or 1st round maybe?) with Baird for 2020 SA position. From everything I've read on WSO and other forums Baird seems like a great place to start. Anyone else in the 2020 SA interview process? How are the questions/case study this yea...

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Too late to get into investment banking?

baller 000001

Honestly I have no idea about any concepts or topics related to IB. I bought the BIWS course and have started to learn some topics but there is a lot to learn. I plan to dedicate this summer to build these skills and also start networking. I would be entering my third year of undergraduate studies i...

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Private equity vs IB

Swissbankeer

I'm a second year undergraduate student, really interested by both industries. I have read dozens of post on WSO and I still can't decide which field is the most interesting. Would love some insights from you guys !...

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AM I REJECTED? Look at this Reply email

STUCK.IN.SELL.SIDE...GETMEOUT

Sent thank you email to brief informational/phone interview for an Open position. Received something along the lines of "looking to keep in touch". Am I rejected?...

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Which Graduate program to choose for a career in IB

leohriajw

Guys I'm a senior (international student) who will take my graduate's degree in finance. I wish to pursue a career in IB and this summer I would intern at a boutique shop in Chicago. I would really appreciate if you can share your insight on which program to choose. Option 1: UChicago MSFM: 15 Mont...

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CBD JUUL Vape Pen: Should I Be Worried about My FT Analyst Drug Test?

cbdbanker

Incoming BB IB analyst this july and just got all of my onboarding emails to take the fingerprinting,drug screening, etc. Started taken CBD vape pens through the JUUL cartiridge's several months back love the results and chilled out feeling I get. Wondering if you monkeys ever had a problem with th...

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Credit Risk Sponsorship

VancouverHusky

Does anyone know if the credit risk teams at BB sponsor canadians. Have a few connections and was wondering if being Canadian is gonna be a deal breaker even if I have my 3 year STEM OPT...

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Freshman Internship Concern

ThePiedPiper

I'm a freshman with a 4.0 GPA and a very minor private equity internship I did over the winter, and I have been looking for a freshman internship at a boutique since December, but now it's mid-March and I still haven't gotten any offers yet. What should I be doing now? I've cold-emailed over 200 sma...

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Form S-1 Amendment Question

Fionn

When a company files an amendment to an S-1 form (an S-1/a) is there an easy to tell what has been changed/updates from the original or amended? ...

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When is it too early in the recruiting process to ask about compensation range for a position?

theotter

This questions is mainly for internal recruiter led processes for open positions, or ones where the process is led by a deal-team associate or someone similar. My question is basically exactly what I said in the title. But, some context might be, given difficulty of getting time off in banking, it ...

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Moelis LA vs Moelis NY. How do they compare in terms of exit opps and career projection? What would you choose?

EB1997

Hi, I will soon be joining Moelis in a second tier banking city in the US as first year analyst. The company is pretty good at letting you transfer and I plan on applying for either NYC or LA. Do you have any advice on which city would be better given my ambition to join a hedge fund. I know people ...

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Help on Networking Outside of My Group

gc2019

Hey guys, any advice or guidance you have here would be greatly appreciated. I am currently a senior in college and will be starting at a BB this July. I am really excited about the group that I am starting in, but am hoping to eventually move into Investment Banking (after 1 or 2 years). How do I ...

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BDA Partners standing in the industry

sleeping_in_awe

Does anyone have any information on BDA Partners and its reputation in London IBD circles? I am aware that it is not a huge brand but was wondering if anyone can offer information on how it is regarded by other bankers and how this may impact future 'horizontal transitions' and so on. Thanks...

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Net debt: The definite list

plsfixtx

Since this topic comes up on WSO every now and then, I thought that it might help to collect everything in one list. The underlying definition is all "interest bearing liabilities". I will split it up into “positive items” and “negative items” which are subtracted. For some I don't have an ...

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New Case Webinars in WSO Investment Banking Interview Prep Pack

WallStreetOasis.com

Over the last 12 months, we have made a big effort to improve our investment banking interview prep package by bringing to you relevant webinars with specific regional information and actual deal walk-throughs...I think for those of you that don't watch the webinars, it would be helpful to give you ...

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Oxford vs. UChicago (UK vs. US) for IB?

xyzprospect

Hey guys, I was accepted to UChicago (potential Econ major) and Oxford for PPE (I've already met the conditions of my offer). I'm an international student with no real preference of where I end up (UK, US, or even HK or SG). I plan to go into IB, but have no real knowledge about the recruiting envir...

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Credit Suisse Lev Fin Origination & Restructuring (LFO&R)

Keepsake

Who can speak to the culture of the CS LFO&R group? Curious to hear from those who have been in the group or are close to someone who’s been in the group. Hours, attitude toward PE recruiting, etc. Thanks...

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New Question - Minority Interest and Enterprise value

alberto.jg

I understand that for EV/EBITDA to make sense, EV should include the minority interest of company B because EBITDA includes it because of the consolidated statments. But what if we are not using EV in a multiple and we just want to know its value, would't it be wrong to add a minority interest that...

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How was Investment Banking modeling done back in the day?

Howard Hughes

Have always wondered this. Investment banks have been around long before excel - even back to the 80s and 90s - so how would investment banks and private equity firms create IPO pricing, valuations, LBOs, etc?...

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Value a Buy-Out Clause

weksos23

Hello, Asking WSO to think through this with me. How would you value a future buy-out clause in a contract today? I.e. Company X can purchase Company Y's equity in five years for a payment of $XXX today. Or -- would a better way to structure it be something along the lines of: "Company X can pu...

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Group Ranks

DealTeamSix

Monkeys, There’s a lot of posts about rankings - I wanted to start a new one about Groups. With some banks starting recruiting and going through placement days, it may be beneficial for everyone to know. So what are the 2-3 bank/groups that come to mind for each major Group. For instance, GS TMT...

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Why is the acquisition of a company with a lower EV/EBITDA multiple accretive?

Federico32

Please explain in detail the mechanisms behind accretion / dilution when speaking about EV/EBITDA multiples and why a company would not want to acquire another one with a higher multiple....

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Greenhill in 2019

tangiers

Hi All, I'm curious to know what thoughts are on GHL over the next few years? The firm churned out a decent result for last financial year, with fee paying clients and deals done up from 2016 and 17. I know GHL has been doing some solid recruiting the last few years, and while it would be easy to...

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[deleted] .

coldchicken

[deleted] ....

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Advance payments and valuation of a firm

Winsight

Hi - we have following discussion among partners You have a Company A with ENV = 50 (= ENterprise Value) C = 10 D (bank) = 15 EQV = 50 + 10 - 15 = 45 (=EQuity Value) Now the owner of company A has learned something about finance and does a smart move: she/he makes her/his customers pay advance p...

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IB After ROTC (Target)

OkOkOk

Hello. I am a current HS senior from the deep south and have been on WSO in one way or another since eighth grade. I was accepted ED into a top 15 undergrad college (think Dartmouth, Cornell, Duke) and have a full ROTC scholarship; I am looking at majoring in the usual -- econ with math or something...

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Jefferies Inspiring Women for Finance Symposium

ghjvfccvbb

Has anyone heard back from Jefferies regarding to this program? Will the selected candidate receive interviews in the program?...

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Deloitte Business Valuation - What to expect? Exit Opps?

nrg44

Hi everyone, I'm currently a senior at a large non-target state school. I'm going to be starting at Deloitte's NY Business Valuation practice in fall. I wanted to get an idea on what to expect in terms of the types of project and how to get the most out of the projects I get. I also want to exit i...

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Talking about EBITDA multiples in M&A deal

excitedtobank2345

Hi all, When discussing M&A deals/transactions in interviews, I commonly hear the importance of talking about EBITDA multiples (purchase price/EBITDA, etc.). My question - where do you find this information? On WSJ there's mostly info about method of payment, premium, purchase price, but I rarely se...

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ASU Investment Banking Industry Scholars

BobTheBABYBuilder

Has anyone here ever been involved with ASU Investment Banking Industry Scholars? I'm curious to know if the program has any recognition in IB and to hear if anyone has any experience with it. https://wpcarey.asu.edu/finance-degrees/investment-banking ...

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Credit Suisse Power & Renewables

smithjaneej334

Does anyone know the reputation of the Power & Renewables investment banking group at Credit Suisse??...

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CISI Regs exam

CV_88

Looking for fitch course login details please? I need to get through more of the exam questions and firm wont pay for it. Also have two books to get rid of. ...

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Tips for networking coffee chats?

Andrew12345

Hey Guys, I am flying to Chicago next week and have 5 coffee chats set up with various connections, most of them being alumni. I am a non-target. Two of them are analysts and three of them are MDs at EBs and BBs. Being a non-target, alumni are very excited by and willing to help students who serious...

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London IBD Cultural Differentiators between GS/MS/JPM

Prestige_Hunter

edit for conciseness/to avoid excess confusion- How does the culture really differ between GS/MS/JPM in the London offices? All three seem quite opaque. Are they all much of the same candidate pool or many differences? Cheers....

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Biotechnology Model Template / Example

bulls1997

Hi All, I was hoping someone in Biotech ER/VC/IB could share a model they used to forecast the IS for a pre-revenue company. Preferably one where there is a revenue build with # of patients, prevalence, adoption curve etc. included. This would be a massive help. Thanks in advance. ...

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Excel formula design

plsfixtx

I have a style question regarding excel formulas. I developed the habit to put a plus "+" at the beginning at every formula instead of an equal sign "=". Is this considered "bad style" and something I should avoid. I know that this is just a tiny thing... Thanks...

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Investment Banking in Sydney, Australia

Chad4422

Hi, Just a little bit about myself: - attend UNSW Sydney - 3rd year bachelor of commerce student, graduating at the end of 2020. - have a WAM of 85.2 (GPA: 3.64/4) - dean's list recipient (top 3% of my cohort) - have only received HDs or Ds. - have worked as an analyst intern at Commonwealth Bank ...

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Really Rare GPA Resume Question (Not generic)

momnpopshop

So I transferred to a non-target the beginning of my junior year with a crap gpa, (2.9). Since then, I have made Dean's List every semester at this new school, bringing my cumulative gpa to an OK 3.2/4. This is where it gets weird: the school I transferred to has a gpa reset policy which currently o...

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Cold Email Alumni- Send to their work email or personal email?

JohnnyZ47

Hi guys, I graduated from a non-target state school and now I'm trying to make the transition. I've read many posts saying that I should send emails instead of using the LinkedIn in-mail, and that's what I am trying to do. And then I found if I get connected with someone, I will be able to click th...

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Temp to Hire vs In Country Experience?

Anymouse

Staying in a Temp to Hire position (not employed and unsponsorable for licenses) in one of MS's Wealth Mangaement Operations buildings with hope of employment in MS in that building in a year or so (slower than I thought, but about the time required it seems) vs teaching English as a JET Programme A...

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real social dynamics for job hunters?

earthwalker7

Hey all, Has anyone tried applying real social dynamic / PUA to finance - either in job hunting or in the office? I'm not talking about picking up girls - but to a certain extent the RSD practitioners have identified certain social dynamics and behaviors that enable one to exude confidence, to con...

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