Vent Some Wisdom to Incoming Analysts/Interns
I've seen a lot of Interns/Analysts on here lately asking for advice. Thought it would be nice to have a thread where everyone throws some quick, simple pointers out on how to not piss your bosses off and be a bottom bucket analyst (;
- Never intentionally take your time on an easy task just to keep occupied and stay looking busy longer during what feels like a slow period to you. You never know the schedule of the reviewer of your work - they may get wrapped up with something after 4PM and now have to stay extra late to review your work when it could have been completed and reviewed by 3PM.
- Always, always, always overcommunicate. If somebody gives you a task then forgets about it and doesn't respond to your first email then follow up in person/with a call when their calendar is free. Once somebody assigns you work you take ownership and are responsible for keeping track of the deadline. Just because your boss doesn't remember doesn't mean it isn't your job to.
- Be respectful, kind and a team player who considers the impact his/her effort has on other team members
One of the first post toward analysts that is insightful and didn’t come of as really douchey.
Thank you.
And in return, he hit you with Monkey Shit. Rule #1 on Wall Street kid, trust no one.
"Rule #1 on Wall Street kid, trust no one"
Counterpoint to your first bullet. Learn when you can take your time on tasks and when things need to be done ASAP. Some easy tasks can be pushed off until later and doing them too quickly will lead to more work down the road. People like to “add value” and finishing something too quickly will inevitably lead to iterations even if the work is perfect. Top bucket analysts in the class above me knew when sending a presentation out too early would blow your day up or weekend and compromise your ability to deliver on other deadlines.
I think the big thing is just don’t make any mistakes and the rest will follow. Mistakes slowly erode trust and overshadow everything you do. If you mistyped the multiple on page 15, who is to say you didn’t switch a plus and minus sign in the excel backup? No matter how simple or insignificant the task, make sure the work is absolutely perfect. If people can’t trust your work, you won’t be put on the meaningful staffings.
I agree and thus disagree with the first point too. You really don’t need to do all work super quick because more often than not that’ll lead to more, unnecessary changes. I’d say the quality of it once you submit it is more important than how swift you churn through it.
Much better practical advice here. Also to marry your two points, nothing worse than doing an easy task quickly because you're trying to impress someone and then making a mistake in the process. If you have time, take time.
“Just don’t make any mistakes and make sure your work is perfect” gee why didn’t I think of that thanks bro
You would be surprised. A lot of analysts are messy and blast work out with properly checking it when they want to go to sleep or think a task is so easy it doesn’t require checking. When you’re working on tight deadlines and sleep deprived, avoiding mistakes is easier said then done.
You need to develop a system that works for you and reflect on the common mistakes you make in order to avoid them. A simple checklist and some common sense goes a far way in spotting and avoiding errors.
I strongly disagree. 6-12 months in you can and should make judgement calls on when things are really due, however as a new started you have no conclue about deal dynamics, how your team work, and how long it will take you to do it.
Some of my interns take literally 2h to consolidate notes (when I would just send mines to team at the end of calls usually after maybe a 2mn cleanup), so ok to do this when you know what you’re doing but would not advise to push work at the beginning.
However if your analyst/assoc says no pressure then don’t stay up until 1am on a Sunday night when he’s not gonna look at it before mid week.
Maybe try to treat others like how you would like to be treated if you were in their shoes to the extent possible
Very insightful. I would never have thought of this myself and have never heard this before, even not all through elementary school.
Ok. Would you like me to remove the comment?
Edit: lol to those SBing this as funny… I was and am being serious here :)… I’m happy to remove the post if it annoyed/bothered that commentator or anyone else. I am not sure if the above person is being sarcastic or not, I thought the poster was…
edit 2: alright guys… thanks for the SBs and all but def no need :)… not trying to pile onto some intern here….
High level thoughts. I assume most people in this thread will talk about learning technicals, modeling, formatting, etc. but wanted to share some reflections as an Analyst (BB and top ranked analyst in the most humble way)
If ANY investment banking analyst has to read one thing, its the above.
This job and its title has absolutely no association with your self worth, so you should treat it as such. Never prioritize this job over your own basic needs, and make time to ensure you are still enjoying your life day to day. The moment you conflate your self worth with your job is the moment you lose all respect for yourself (and typically become a bit of a cunt).
Unless the meeting is the next day, I've never seen something that absolutely MUST be done within a certain time frame. Typically, its the people above you wanting adequate time to review and try to figure out where they can add value. Adding "value" has never won a deal or a pitch. It solely relies on your MD's ability to charm a client. A good MD relies on their social skills to win a deal / negotiate terms / etc. and uses the materials as backup when needed. If your MD is relying on the book to sell the client, then you've already lost the deal... which in that case you may as well take your time on turns.
These ones are the ones that stand out the most to me. You have to play the game a little bit and you can have a significantly better life.
you can't get a chick pregnant if you only do anal
oh sorry wrong thread
Should be added to the Brofessor wise advice thread
Something that pisses every analyst/associate when working with someone new - gtfo of the backups if you aren't using them. Never, ever, ever stay in the PPT or XLS overnight if you aren't working in it - sometimes early morning meetings require early morning comments that you may not be awake for.
Also, intern should definitely turn on auto save. Some day I went I to my deal folder and freaked out because all the docs were saved as of today 9am, so I freaked out as I wasn’t sure when buyer logs were updated etc. Just learn to save docs regularly And when you’re done close it
Get ready for a terrible time
mine would be
its just another job
dont take it or yourself fo seriously
Double check thoroughly, once. Then send and don’t worry if you didn’t catch something.
First year analyst here. Great advice. I have a dumbass question: How do did you guys check your work? Did you have a look at every cell in excel and verified the correct formula? Was it a checklist when going through decks? Sorry for the dumb q. Just want to hear what exactly worked best
a great tip i got w/ ppts was printing it (if possible) or viewing the pdf on a diff screen/device after like 5-10mins of finalizing it
I find that if I don't have a printer. I have to PDF and take a 2 min break (usually to grab a drink, water, coffee, etc.) this gives me enough of a break and the PDF allows me to not think I am staring at the same document.
I find that actually checking every formula to be waste of time - your eyes tend to glaze over after repeatedly F2'ing each cell. Focus on the key numbers tying out between sources and your intuition. Does Revenue / GP / EBITDA match between pages/source files and is it directionally in line with other guidance and your own napkin math.
Used to be a staffer and managed associates and analysts. My biggest advice to incoming associates /analysts / interns: get out of the bullpen and make yourself known. Yes, it's awkward and intimidating but, in the end, when we are sitting in roundtables deciding on whether to give you a return offer or year end review, people pound the table for people they like and remember.
Don’t get too carried away like some douches. You’re not making that much money. Not even at director level. A good cafe will definitely make more than you in a month
Thanks for these points. I think there are some popular misconceptions about the value of appearing busy. Definitely agree with your take in the first point. No lollygagging
A big piece of advice that I haven't seen yet is staying present and not looking too far into the future. This is easier said then done, and I definitely wasn't able to take my own advice, but I think it's critically important for junior banker sanity.
For example, I'd destroy myself mentally when we got a new deal signed up because I'd be thinking about all the work that needs to get done. On week 1, when I'd be putting together the WGL, KYC checks, and setting up deal team distros I'd be dreading the CIP iterations, buyer outreach, dataroom, DD, deal docs, etc. Obviously those things are all coming down the line, but it serves no practical purpose to dwell on future work to the extent that you're depressing yourself. It is just too overwhelming.
The best people I worked with were always (seemingly) able to stay present and not get caught up with future obligations. Focusing on daily and maybe weekly tasks/milestones is very important for mental health.
Great advice. Overachievers like most of us here love to plan years down the road to maximize comp/title/happiness but staying present and doing the best job you can in your current role is most important. Opportunities will then follow.
slow down on everything. much rather have something that's an hour late and mistake free than two hours early riddled with mistakes. i usually double check my deliverable, get up and walk around for a few minutes, and review it again once more with a fresh set of eyes
Removing Comments
Hobbies? Trips? While working in investment banking?
can't go running upside down
Strive to be a B+/A- analyst -- as long as someone is willing to speak favorably in a reference check you're fine. Marginal effort to try to be top bucket is never worth it. Check your work but don't overdo it because you're gonna get comments anyway. Push back if you think a page is stupid -- it probably is.
Don't focus on getting things done fast, focus on getting them done right. Early on, you're not going to be trusted enough to be given any high leverage deliverables on a condensed timeline, so you're not under the gun. Any associate/VP would much rather wait an extra 30 minutes for a deliverable than get something right away that has obvious mistakes. And the only way you're going to gain trust early is by not fucking up the simple things, so take your time and make sure that you don't.
You cannot move from “middle office” to front office. Good performance makes you sticky, and managers are reluctant to let you go. It’s best to make the move up by moving firms or study harder in school in the first place.
My advice is to chill out on recruiting. I remember being a first year analyst in your shoes, thinking that I needed to immediately start preparing for buyside recruiting so that I would be ready for on-cycle 2-3 months into my analyst stint. I thought that all the good opportunities came during on-cycle recruiting as a first year, and that if I missed out on on-cycle during my first year, I would never make it to the promised land of PE/HF.
BOY WAS I WRONG. Some of the most compelling opportunities I’ve seen, at firms that most people on this website would be absolutely thrilled about, have come during off-cycle recruiting during my first, second, and even third year. As an analyst three months into the job it’s impossible to know what you want to do next. I came in thinking I was PE or bust, but now my focus has completely pivoted to other areas. As a first year, just know that the buyside opportunities continue to come through your entire analyst stint (even the super compelling opportunities) so don’t put too much pressure on yourself to participate in on-cycle.
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