Hey monkeys,
Longtime lurker here. I'm a first year analyst in coverage at a mid-tier bank. Would really appreciate your advice - I'm considering leaving finance, and I want to get peoples' thoughts before I do something rash.
Things were pretty slow when I joined this summer - not much deal flow and the second years were getting most of it. I was not prepared for PE recruiting, so I decided to wait a year, but it looks like a lot of other people are doing the exact same thing... Now the group is starting to get busier, but me and most of the other first years are stuck on mindless pitch work and not really learning transferrable modeling skills.
How and when does it get better? Will getting a couple deals on the resume over the next year really distinguish me from the pack, or should I cut my losses and do something else? I always thought I would enjoy PE, but I don't have some super story. I'm another well-educated guy in a medium bank.
A friend and I were bullshitting about doing a coding bootcamp or trying to get into cryptocurrency - seems like everyone is minting money these days. Let me know if anyone else is thinking the same thing / if older monkeys have any advice.
Thx.
Lol - we were just talking about crypto this AM. I bought some ripple a couple weeks ago, because my uber driver wouldn't shut up about it. $$$
Any advice - besides randomly speculating on the advice of uber drivers?
Haha yeah sorry - realize that wasn't too helpful... trust your gut man. I'm not loving finance these days either, but looking for the right opportunity.
I have heard a lot of similar complaints / stories from younger analysts. It's never been easy. some advice and feedback below.
Since the dawn of time, the best analysts in each group get the best work. The rest get the scraps. That's how it is. Sounds like you're getting sick of eating scraps. Fortunately for you, you're only 6 months in - you've got time to turn it around. Some advice below:
1. Find a mentor (ideally older associate / younger VP that you get along well with - who you can speak semi-openly with) 2. Try to work for the best-regarded people in your group. Crush yourself doing good work for them - it will pay off 3. Regarding the modeling skills, you need to invest extra time to learn it on your own and then you'll gradually get the opportunity to apply it on real projects. Dig through your drive, ask the good second years for example models, use macabacus.com, multipleexpansion.com, etc. 4. Be efficient - cannot emphasize this point enough. Instead of bullshitting all morning until your associate swings by your desk with turns for the pitch, spend the time growing your skills. Work on a practice model that AM. You say you're at a big bank - leverage the India team, use graphics, create custom shortcuts / macros, save your own template slides, etc. Use external tools (bamsec.com, logointern.com, mappingintern.com). There are a lot of other posts about being efficient on WSO. Your time is your most valuable and scarce asset.
5. Don't give up. If you grind for the next 10 - 12 months, you'll be well positioned to apply for PE.
Do people typically pay for the external tools out of pocket or pass them off to the bank? I imagine if you're actually busy then the amount provided in the free versions are not enough...
My firm pays for bamsec / logointern. Know of others who pay out of pocket (bamsecs gotten more expensive, but they're all pretty cheap). Macabacus office addins are also good. Your time's the most valuable thing you have - don't squander it on stupid shit. That's my approach anyways.
Since when do the best analysts get the best work? Work on the most high profile transactions, maybe. From my perspective, the "good" analysts work far more than the mediocre analysts and as a result end up working on more of the "scraps". Sure a bad analyst might only work on "scraps" but if you're good, you're more in demand and will work more hours because you'll be staffed on more things.
I do agree with finding a mentor or just getting close with an associate or VP in your group that does a lot of the work you do like. This way, you can get first pick on the better projects, and have someone shield you from the awful stuff.
It's a rough two years, and it'll honestly probably get worse before it gets better. But its worth it. Stick it out and you'll be glad you did. The first 6 months are kind of easy because you don't know anything and people don't really want to work with you. The next year to 15 months is awful because you're in your analyst "prime" and will be working on the most stuff. Last 3 - 6 months are usually pretty chill.
I think the answer to your concerns is called delayed ratification - maybe you should read about it.
Not very helpful
Saddd ! Very Sadd!!
Anyone else thinking of doing a coding bootcamp or getting into cryptocurrency?
Coding bootcamp is a complete career switch - so I can't comment on that. Cryptocurrency is just the fad of the day. We're watching the next tulip bubble real time. Buyer beware.
I would advise you to practice LBO models / merger models on your own during weekends and holidays. The key thing is just to know well the deals you worked on and understand the rationales, show your business sense. Once you feel that your are able to talk anyone through what your worked on and why + know how to build a simple 1-2 hours LBO model. Just be proactive and contact a lot of headhunters. Do not feel depressed if you don't feel like a shining star in your bank, just start being proactive and keep an open mind. New opportunities will arise and not just in PE!
If you go to a bulge bracket, you will most likely get more work that is useful to you because bigger banks tend to get bigger deals because of their reputation; thus there is more work to go around. Also, sometimes you gotta just stick it out because interns and first-years get a lot of the grunt work. As you move up, you will get better work like the deals and modeling.
Hope that helps at least a little.
Sounds like you're in a rough place and I'm sorry about that, but I would strongly advise against your coding/cryptocurrency ambitions... just does not make any sense with your current career and experience. To address the two ideas separately...
For coding: it's not the early 2000s anymore where anyone who could program "hello world" is employable - Computer Science has become an extremely hot career (for obvious reasons) and the bar to entry is getting higher every day. A coding bootcamp wouldn't really help you at all get a job.
For cryptocurrencies: huge potential for it to be a fad, and even if it isn't, you can't just "mint money." The bar to entry for making consistent money as a job (not blindly speculating) is also high and it would take you years to reach the level of experience with blockchain/cryptos to make money - is there even going to be money made by the time you actually have the expertise to pursue it? Seems like a very poor option.
Now obviously banking isn't for everyone and I'm not going to tell you to stick around if it's not for you. Fortunately, just having "IB Analyst" on your resume opens up a wealth of other career paths/jobs for you that you would be much better suited for. Have you considered looking for a job in FP&A, Corp Dev, or something related?
Got a couple friends who did the bootcamp route and got decent starter coding jobs - so not sure where you're getting your data from...
Did you miss out on bitcoin or ethereum?
Personally, everyone I know who codes for a living had to do a lot more than a bootcamp to get a well-paying job at a real company. Maybe a bootcamp coupled with clear experience (GitHub portfolios, completed independent projects, etc.) it's possible to break into the industry without a relevant degree/prior experience, but it's a longer road than just doing a bootcamp.
Also, I do not (nor plan to ever) own bitcoin or ethereum... I don't considering refusing to buy trading sardines with the speculation that they increase in price to be "missing out." I'd rather have my money sitting in real investments, which, ya know, have actual underlying value.
Anyone else have any thoughts / advice on the coding route?
My preference would be buyside, but I don't think I could get it at this stage. Really dreading another 18 months of stupid Excel charts...
Hello... echo.... echo.... anyone out there?
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