Rosenbaum vs. Pignataro
What investment banking book would you recommend to learn the technicals? From what I have gathered, Rosenbaum is the Bible of IB but maybe lacks some Excel models and remains too theoretical. I have also heard that Financial Modeling and Valuation by Paul Pignataro is also really good as it allows you to learn while applying the knowledge to actual case studies and takes you step by step.
Which one do you recommend?
Any other suggestion is also welcome.
I have read both so I’ll do my best here.
Personally I prefer the Pignataro series. Don’t just get the valuation book. Make sure you get the M&A and LBO books as well. Total this will cost around $200 but it is a way better resource than R&P. The primary reason is that it is just more comprehensive and comes with walk along excel models. When I was interviewing for summer associate gigs I constantly referenced my models from these books and it really helped me lock in on some of the concepts and processes. Total the Pig. series is about 1,200 pages and contains a lot more context and detail that R&P doesn’t.
One advantage R&P does have is that it gives better context of how the tasks relate to an investment banking job. R&P walks through the processes you would go through working in an investment bank while making these valuations.
If you are just buying 1 book then get R&P as it covers M&A and LBOs in addition to basic valuation but overall I would recommend the Pignataro series. For me I had never used or made one of these models before so having a chance to build one from (basically) scratch with a template of answers right there for me if I messed up was huge.
Do you think the Pignataro will help you once you hit the desk in the summer or will you have to relearn the way your specific BB/EB/MM builds their models?
Honestly I’m not sure. I have an internship at an EB this summer and I bet I will go through training that goes over a lot of that stuff again.
Can you PM me?
if you look hard enough, you can find all of pignataro's materials online for free. Pignataro is def recommended over Rosenbaum. Actually doing models will help you learn the theory, and Pignataro forces you to create models.
I've used the Rosenbaum (latest version) and I was a bit disappointed by the LBO part, valuation one was on point IMO.
Now I’m thinking about the Pignataro one to brush up my excel and LBO skills.
Sorry to jump in, does make sense to read only the Pignataro LBO book without reading all the saga?
Assuming that I’ve already a good understanding of M&A/Valuation topics
I'm looking to brush up on modelling, but am already in the industry - models I built previously were pretty basic and haven't done a proper full-on model for a while now.
Was reading online about Pignataro's books and the reviews were poor for those already in finance, it's supposedly a beginners guide.
I have Rosenbaum and it was quite good for when I was trying to get into the industry for interviews, but lacks substance.
Does anyone have a good financial modelling resource they'd recommend? Is the Tjia book any good?
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