UBS IB Analyst Q&A
I’m a current 2nd year analyst in Investment Banking at UBS. With summer analyst placement season wrapping up and recruiting for the next class heating up, I figured I’d hop on and do an AMA. I’ll check back over the next day or two and answer questions as honestly as I can.
No personal background or specifics here - just want to share general thoughts from someone on the desk right now.
Ask me about whatever:
• Recruiting process at UBS (interviews, superdays, what stands out these days)
• Day-to-day life, hours, and WLB (keeping it real)
• Deal flow and pipeline in IB
• Compensation (base + bonus expectations for the current cycle)
• Culture and the ongoing integration stuff
• Exits (PE, corp dev, buyside, etc.)
• How UBS compares to other banks
• Advice for incoming summer analysts or full-time analysts
• Anything else — no question too basic or too blunt
I’ll stay as transparent as possible without crossing any lines. Views are my own, obviously not official UBS commentary. Fire away!
Congrats on UBS!
Why UBS??
I didn’t get offers anywhere else
How is UBS? People on WSO make it seem like it’s pure hell, I’d love to hear your thoughts.
Not great, culture/morale is quite low and has not gotten better in the years following CS acquisition. Overall would rank it as 3.5 out of 10.
How many hours do you work? Are you forced to have face time?
They got rid of WFH Fridays, which was the last remaining reason to work for UBS
Plenty of banks with 1-2 days WFH, I don’t know why 5 days in office is necessary.
My read is it’s more of a “natural attrition” driver, or maybe is a factor in actual layoffs down the road.
Do you see UBS going to complete shit and focusing on other parts of its business or just getting "bumped" down to MM?
Also curious if you think a turnaround is possible and if so how?
I think UBS WM is generally fine, despite lots of redundancies and bloat post CS. There is plenty of competitive pressure and advisor attrition, and overall the wirehouse model is going to see fee compression.
S&T at UBS is relatively strong (and helps keep overall global banking results up).
Rest of IB globally is better in places like Europe, I do think Americas IB is the weakest link.
So overall, I don’t think there’s a restructure to whole business - but there are of course more redundancies and cuts post CS merger. For the Americas IB business, if it continues to slide in the league tables, there may be a restructuring in 2-3 years but who knows.
What is the Apprentice to Master promotion timeline at UBS? Currently comparing offers from UBS and a Chattanooga, TN-based IT M&A boutique.
I think Chattanooga is paradise
Going through group placement now. What are your thoughts on GIG, C&R, and FSG for experience, exits, hours, etc? Pretty torn where I want to end up
would say the below - all of those groups are mid but far from the worst at UBS
GIG - mid deal experience, mid exits, mid culture, sweatier hours
C&R - lower mid deal experience, lower mid exits, mid culture, slightly less sweaty hours
FSG - low deal experience (but you get credit for being on deals despite doing nothing), lower mid exits, not very sweaty hours
What about HC?
If the top coverages are mid what are the good groups in your eyes? Lol
What have you heard about RELL?
cr chill hours. mostly coasting
What are post-superday deliberations like for SA recruiting? What are conversations like when you’re deciding who to give offers to? What is that process like? Do you rank candidates you interviewed? Are there similar deliberations made after first rounds? Or is it just a yes/no as to whether they passed the R1 technical screen? And, as you alluded to, what stands out in interviews these days?
Not that involved in that but be personable/likeable, show genuine interest in IB, be able to answer behavioral, ace technical questions and show technical knowledge/following markets etc
Do you have any insight into ECM bonuses?
How has yours been as well?
Appreciate you taking the time brotha
Bonuses are slightly below street but not too out of line for BBs
Also dealing with group placement right now, how many calls should we have figured out right now/how many should we have by the end of the period?
I'm at only 3 rn feeling very behind
.
Talk to 3-7 people in the groups you want
If it’s your top group (or top 3), explicitly tell them it’s your top group and you’re super interested
If you don’t want to end up in a group, don’t talk to anyone that in group
Who has the most sway in decision making
1) the people leading group specific recruiting 2) seniors if they have a preference
Any advice on performing well during the summer? How to make the most out of it and get the return?
Worst MD in the firm that I should avoid?
what were bonuses like last year at the analyst level and what are you expecting this year (number wise if possible)?
Below street
Am also an An2 in the bank at one of the "top" groups. Disagree that top groups don't have deal flow, but will concede on culture and hours. I would not want to stay at UBS if your goal is anything outside of exiting in two years. For a more full review of views, can check out my post on review of UBS groups.
If I were going through placement at UBS and targeting PE (as a lot of WSO posters are), I would target only sponsors, tech, and industrials. I would recommend LevFin if targeting PC but not PE, just due to lack of solid PE opportunities and exits from the group in the past few years.
The only group at UBS with UMM PE exits is Industrials. I would rank tech and sponsors as second and third if you can't get into Industrials. Those groups still have good WLB so you can focus on recruiting out. Even if you don't get an offer at another firm for FT, they still have some exit opportunities with UMM exits possible but not likely, so it optimizes for both scenarios.
Thoughts on PFG?
Super chill group but deal experience is bad and exits are mid. If you want to chill for 2 years in a not too sweaty group and exit to IR it’s not a bad gig. Also quite small group.
any advice for like m&a technical screens?
Don’t do M&A is the advice
If you seriously are considering going into the M&A group after all the UBS posts about how it's at best one of the bottom two groups, not sure you can be helped. M&A is a terrible group with terrible exits, terrible people, terrible WLB, and terrible culture. It's the worst of all worlds.
m&a, fig are the worst groups in terms of culture and experience. You’ll be overworked in a toxic environment and have subpar deal reps and exits to show for it.
also opinion on SPO / any advice on what other groups to consider
Stop complicating it. Just target the good deal flow groups (LevFin, Industrials, and CR) if your optimizing for deal flow, target LevFin if you want to go to PC, target Industrials for PE, and target the WLB groups (tech and sponsors) if you want to chill with some exit opportunities. Outside of these groups, you should not be ranking any other groups top three.
just out of curiosity is there any movement to wealth management from banking within the bank
Doloribus qui aut non quia eius. Officia atque similique blanditiis distinctio. Sed quos voluptatibus ut harum eum quam occaecati.
Aut quibusdam qui at voluptatem sint assumenda. Facilis voluptas magnam doloribus dolorem architecto.
At iste et non harum. Quisquam error cumque molestiae molestiae error minima. Perspiciatis odit perspiciatis magni ex.
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...
Delectus at facilis veritatis eum omnis at non. Aut error corporis omnis vel. Incidunt facere voluptatem aut adipisci. Possimus numquam blanditiis earum.
Doloribus iusto est optio explicabo saepe. Est quos expedita et reprehenderit voluptate. Eligendi enim deleniti fugiat et ex incidunt ipsum fugiat. Enim deserunt et placeat accusantium dicta. Nemo voluptatibus illum architecto dolor velit.
Repudiandae voluptas est explicabo dolores voluptatum similique. Placeat quo quo amet enim. In consequatur optio porro.
Voluptas in rerum veritatis assumenda. Deleniti quo aliquam qui ullam temporibus. Ut rerum aut voluptatibus sed nostrum sit. Qui iure voluptatem aut sit inventore animi ab. Quaerat aut minima qui perspiciatis optio.
Nobis mollitia odit fugiat ipsa est cupiditate. Aut et voluptatem quam. Impedit accusantium eos cumque autem voluptatem. Quis ex est reprehenderit tempore quaerat veniam voluptas. Corporis quasi possimus enim. Consequatur ex esse est eum.
Inventore neque est necessitatibus eaque ipsum aliquid. Corporis perspiciatis voluptatibus enim laborum eos distinctio. Inventore quasi id quos quaerat et veritatis voluptatem ratione.
Distinctio fuga veniam et suscipit. Ipsam aut eaque nemo. Ex fugit molestiae autem at veniam placeat velit.