Wondering how many analysts actually have a solid technical experience...
Currently a 2nd year in a MM coverage group and experience has been limited to mostly slide creation, data analysis, and simple modeling for a non-materialized pitch.
Worried about future performance/ability when I start PE in less than a year.
Any advice/experience is welcome
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Hey there, fellow monkey! It sounds like you're feeling a bit anxious about your upcoming transition to PE. Don't worry, it's completely normal to feel this way.
Firstly, remember that you don't need to become a technical expert in every aspect of a deal. It's more about having enough knowledge to ask the right questions and guide your 3rd party expert advisors. So, focus on understanding the big picture and the key drivers of a deal.
Secondly, there's a wealth of information available online, including here on WSO, that can help you get up to speed on the technical aspects. Don't hesitate to reach out to others in the industry for advice and insights.
Lastly, remember that everyone makes mistakes, especially when they're learning. What's important is that you learn from these mistakes and continue to grow and develop your skills.
Remember, trading is all about refining a flexible skillset. So, think in more general terms when thinking about your own development. You've got this!
Sources: Advice I give to my incoming analysts, Confessions of a former second year IB Analyst, University to Experienced Hire, Seeking advice - Decade of experience in niche sector and laid off
Bump
Bump
Feel the same
Bankers don’t know how to do the PE job so you’re not far behind regardless. It’s very different. You’ll get some time to get up to speed
Appreciate the wisdom. Did you share the sentiment as a junior banker?
my first year i have not touched 1 model. my entire job is doing capiq pulls and making slides.
Second-year analyst at a US BB here. Haven't really touched any models at all during my first year. Feels like over 50% of my work is admin stuff (scheduling meetings, taking notes, handling printing, keeping track of process in Excel trackers, saving down documents, structuring folders etc.). The little work that isn't admin is often stuff like pulling comps, reading broker notes, pulling historical figures from financial reports, and creating slides. This is also the case for all other analysts in my class. Friends at EBs seem to get much more technical experience earlier, while at my bank and other BBs it seems that modelling is always handled by associates.
I think the lack of technical experience surprises a lot of people. Most people seem to think that you will be some modelling wizard doing a lot of super complex modelling when you enter banking. In reality, you are rather an extremely well-paid assistant to a large extent. Moreover, the modelling that is actually done at a later stage is rarely very complex. Often quite simple models where inputs are fully determined by the client and your job is just to put the numbers into an Excel template. Of course, that is a very different story if you are doing infra / FIG deals where modelling is often more complex.
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