Silver BananaTopicReplies
+3
Accounting questions...help :(

XHexK12

This one is driving me nuts... How selling of $100 of A/R for $70 in cash impacts the three financial statements? (assuming no tax) IS: -30 (loss on A/R) Cash: -30 + 100 (decrease in A/R) = +70 B/S= +70 (Cash) - 100 (decrease in A/R) = -30 ...matches with -30 from I/S. Is this correct? ...

6
+38 26
+26
Mom is friends with an MD from GS... how do I approach this?

AdderallMonkey

I am a freshman at a semi-target. My mom is friends with an MD at GS and she told him im pursuing a career in IB. He gave me his email and told me to reach out to him. I realize he can’t instantly get me a job or internship. I just don’t know how to approach this email. I obviously want to int...

18
+3
Net debt for WACC

plsfixtx

Hello, In the company I worked in last summer, they used net debt when calculating the WACC. Assuming you have negative net debt (i.e. net cash). How would you incorporate this into the WACC. Would you (A) Just assume net debt to be zero. Thus, WACC = Cost of equity (B) Assume net debt to be ...

2
+2
UBS 2019 Sonru

simba4132

was wondering if anyone has more info on these Sonru first rounds. Are they selective or go out to the masses?...

17
+22
The rise of RBC Capital Markets

TheSleepyBanker

RBC Capital Markets made it in top 9 IB revenue in 2017, above UBS and below the rest of the BBs. Can any of you experienced professionals tell whether RBC is now considered a BB in the financial world? I know they also made it into the top 30 systematically big banks this year, the "too big to fa...

71
+3
This seemingly false notion (?) about M&A

TheSleepyBanker

I see the first thing many say about M&A is that it is modelling intensive – highly technical. Please correct me if I’m wrong but from my personal experience, while this is true to some extent, M&A is a lot more process-oriented than analysis-oriented. What you really do as an M&A banker is yo...

10
+6
Can international students in Australia break into IB?

luketr

Hi folks, I'm currently a sophomore at a non-target in Australia. I have maintained a good GPA, have done one M&A brokerage internship (deal sourcing) last summer. And I will intern at a boutique this summer. However, my school is operated in non-Australian timeline, which means I will have summe...

15
0
Where to go from no-name boutique?

nycpabanker

Hi all! I'm a political science major at a top liberal arts college (think Williams, Amherst, Bowdoin) and due to some serendipity and hard work I secured an offer at a no-name boutique in NYC. I interned the summer prior and I like the people there. Deal flow is a bit slow but solid and the bank is...

0
+3
Should EBIT include stock based compensation expenses?

Kevin ZH

In a model class sample, I saw that EBIT = operating income + stock based compensation expenses. In this case, What's the logic behind that(if not certain, might venture a guess )? Is the model wrong? I think the figure of EBIT and operating income should be reversed. ...

8
0
writing abillity required in investment banking

iu2011

how much writing is involved as analyst, associate, vp, etc...?...

42
+13
Be Careful what you write to HR (Real Life Example)

KingKongBanker

Mod Note (Andy): Throwback Thursday - this post originally went up March 2008 "Go all the way down to the beginning" From: ****, ***** Sent: Wednesday, November 28, 2007 4:12 PM To: ****, *** Subject: RE: Help This is how I would respond Dear *** When is KPMG going paperless? I don’t know but ...

76
+4
Elite Boutiques on the West Coast

arbdawgie15

Hi all, wondering how strong/what exit opportunities are available for elite boutiques on the West Coast. I've looked into the New York groups and know that some of these firms have the best placement into MF/HF but couldn't' find too much info for west coast shops. Do BBs dominate the west coast fo...

9
0
US$175,000 bonus for 2nd year analyst. Good or bad?

collahola

Received communication on bonus today. Slightly higher than last year's - US$175k equiv in Hong Kong dollars. Is this on par with global benchmark (e.g. NYC or London)?...

11
+131
Want to get me on the phone? Here's how - a networking overview.

Sil

It’s been a slow day at work, so I decided to do something useful and type up this thread with some basic networking tips. I went into my background in detail in my lateraling guide, but basically I went to a non-target for undergrad, then started at a “no-name” boutique, lateraled to a top MM...

199
+4
Which firms had the earliest processes for SA 2019 recruiting?

arbdawgie15

Hi! So I've heard all about the accelerated recruiting that happened for SA 2019 positions. This year's recruiting timelines still seem pretty up in the air, but was wondering what banks had the earliest processes for last year. Was it the EBs / certain BBs?...

15
+2
Veteran looking for advice on getting Internships during the School Year

AF-Vet

Just looking for advice or guidance. I'm a Senior Finance Major at a non-target school with an internship at a Hedge Fund under my belt but I'd like to get into Investment Banking. I haven't had to much time for Internships other than that since I was in the Air Force for the past 7 years and came i...

7
+1
Regional (Europe) office at top BB (GS/MS) vs MBB for London PE exits?

Baguette MIA

Hi guys, I am debating between offers a top BB (GS/MS) at a regional European office (think Frankfurt/Paris) vs MBB (McK/Bain) at another smaller city. I am aiming for a PE exit in London at preferably one of the upper middle market funds (e.g. Bain Cap, Advent, EQT, H&F), but would not mind going ...

2
+4
Group Decision: CS M&A or Citi Industrials

ResumeAttached

Hi all, First year MBA student here thinking about summer associate internships this summer. My top 2 groups through the recruiting process have been Citi Industrials and CS M&A so I'm just curious as to the general reputation of the two groups and what everyone knows about them. Any insights are ...

14
+5
LSE Alternative Investments Conference?

CompletelyLeveredBeta

This is the annual conference that a group of LSE students organise every year, primarily focusing on Private Equity and Hedge Funds. I went last year, and I therefore figured I could offer some insight into whether it is worth going. I am doing this now, as the conference is being advertised: **P...

8
+1
Levered FCF - Mandatory Debt Payments vs Net Debt

Maxcmus

When looking for the Levered Free Cash Flow formula I find two versions: A) Net Income + deferred taxes + depreciation & amortization + changes in net working capital - capex - mandatory debt payments B) Net Income + deferred taxes + depreciation & amortization + changes in net working capital - c...

3
+1
Accounting Question help

Joeso31

I recently purchased the Wall Street Prep interview guide and was hoping someone could explain this to me. The question is "How does selling a building impact the 3 financial statements?". Their answer is this: "If I sell a building for $10 million that has a book value of $6 million on my balance ...

1
+1
Barclays - Top IBD Groups in UK/EU?

yesbrainer

Hi guys, "long" time lurker here. I was wondering if anyone could drop some insight on top IBD groups at Barclays, London office in particular. I was given an opportunity to name my top 3 preferences for the SA internship. I talked to several analysts last week, so I have some information. PE and...

24
+1
2020 IB SA Groupme

JCC223

I am a current sophomore at a semi target and I am creating a groupme for other sophomores interested in IB. Message me and I can add you to the groupme. We can discuss timelines and bank application information. ...

1
+1
Best time for IBD Rotation to another city (and how / when to ask)

IBDL

Will be AS1 in the summer and interested in doing a rotation overseas for 1 year. Currently based in London at an American BB. Rotations are not a "formal" part of the programme here (unlike GS for instance, which I think sends everyone on rotation in the second or third year, either to a different ...

1
+6
Greentech Capital Advisors Summer Analyst 2019

sell-syde

Hi has anyone who attended the Superday at Greentech in SF received their offers? I'd love to know who I'll be working with next June! - DM me...

9
+2
KPMG M&A London

alexjones41

Hi guys, Was just wondering how well regarded the KPMG London M&A team is? I am assuming their M&A team is more like a traditional IB? (They have 4 components of deal advisory - M&A, corp finance, TS and restructing) Any thoughts on best teams within KPMG M&A and are exit opps respectable? Cheer...

9
+9
Financial & Valuation Modeling Boot-Camp

WallStreetOasis.com

Financial modeling is a skill that any investment banking analyst will have to master. Although the majority of investment banks and other financial firms now have formal training programs, many students and prospective finance professionals are choosing to enroll in self-study financial modeling tr...

53
+4
What is unique about Citi IBD?

XHexK12

What is Citi IBD known for? Anything unique? Huge BS - Financing capability (which sometimes provides opportunity participate in mega deal) What else? ...

6
+5
Thoughts on Financial Technology Partners

ucb_kid

Saw these guys posting they were looking for an experienced analyst couple days back & was looking into the opportunity. Looks like a lot of the posts on them are pretty dated (2013-14). Any recent opinions/thoughts? Seems like they do well very well in their space but analysts get absolutely work...

29
+4
Bringing your Notebook/Notes to an Internship

Flomm

Can I actually bring my notebook to an internship or access my cloud storage from my desk? Or would that be weird? Whilst preparing I have made so many notes that could be very helpful when I get stuck (rather than researching it again). This could be something like the information provided in the ...

14
+17
Non-Target who broke into BB

NonTargetHardo2019

Hey WSO Community, Been lurking on this website for little over half a year and just wanted to share my story since I finally have one to tell and hope to inspire other Non-targets like I was inspired when I started up on this site. ### Background### Public state school, not well known, with li...

18
+2
Morgan Stanley 2019 Freshman Enhancement Program

pare

Didn't see any other posts related to this insight program. Did any of you guys apply and to which groups? I applied to both the Institutional Securities Group and the Wealth Management program but only got a HireVue for the Institutional Securities Group so far....

5
+3
IB to Entrepreneurship

mclf101

Hi everyone. Long-time reader, but this is my first post. My background isn't important to my question so I'll just say I'm a current undergraduate student. This question is probably geared more towards some of the more experienced professionals on this forum, but I'm interested in everyone's opini...

1
+2
Deciding between BB offers in Hong Kong

WhartonOrBust

I currently have multiple offers from BBs in Hong Kong (to preserve anonymity, I won't say which ones, but a few are considered here "top BBs"). I know the US reputations of the BBs, but are things the same/different in Asia (for example, is GS TMT still considered the best, followed by MS M&A)? N...

22
+2
Best M&A Tax books

Little Sheep

For someone with an Econ and Philosophy degree what would be a good tax book to pick up for private equity? I saw recently on WSP that tax treatment of the financing fees had changed on the LBO model. I'm looking to get better at building DTL, DTAs, and the PPA entry. Very sexy I know...

7
+3
Middlebury vs Georgetown vs Wash U St. Louis

BobbyJagnaf

Hey Guys, I'm currently deciding between these 3 schools for my undergrad education. I know that Georgetown has the best "Brand" name, but I am will be participating in a men's varsity sport where Middlebury's Alumni for student athletes(Especially for the sport I'm playing) is incredible.(3-4 Barcl...

20
+1
URGENT - Need advice

NonTargSouth

I graduate in May and have been trying to land a position or internship in IB after graduation. I recently found out one of my fraternity brothers who graduated last year is working at a boutique investment bank. I reached out to him via text this past week asking for general advice. He told me he w...

2
+1
How to conduct industry research?

King_Dong

I've recently been looking at pitchbooks/discussion material examples and I was wondering how people research information about a specific sector/industry/company. For example how would you find information about total addressable market, consumer characteristics, competition, or even something lik...

1
+1
Are Big 4 Transactional Services at risk for automation?

corporatebanking

Since audit is similar to TAS and audit is at risk for automation does this mean that TAS is also at risk for automation? Or since it's close to M&A it's safe from automation?...

1
+1
Macquarie NYC

oulixeus

Anyone have insight into Macquarie IBD in NYC? Did a search and nothing recent. Seems there used to be a ton of talk of very low / no bonuses. Is that still the case? Can anyone provide info on associate pay/bonus?...

1
+2
Is it too late to find a job by summer?

xabi

So I'm still emailing people with hopes of finding something by summer, but I'm afraid the window has closed now that the New Year has passed. I'm graduating from a target school in July, and am looking to get any size banks. ...

2
+17
2019 SA Sophomore Internships Thread

CreditMadrid

Right now it does not look as if there is a thread going regarding 2019 Summer SA positions specifically targeted at current sophomores so I intend for this thread to serve as a tool for all of us regarding this. Down below are the programs currently open to those graduating in 2021 that I have foun...

139
+2
Career Advice LONG POST PLEASE HELP

FinanceCats

Hello monkeys ATTENTION: LONG POST, I rarely seek advice from forums, however any help/guidance would be greatly appreciated. To start off, I have graduated with a Finance degree from a non-target school less than two years ago and then got PWM job at Morgan Stanley, where I currently work. At tha...

5
+2
Best NYC Bars for Casual Client Events?

NoEquityResearch

Hey guys. I'm planning a small post-conference networking event around Midtown for approximately 40 to 50 people. Any thoughts on good bars preferably with an expanded back room? I've been to a good bit of these types of events, but am always underwhelmed by the choice of location. Wanted to see i...

1
+1
Any thoughts on overvalued company buying another overvalued company?

XHexK12

Any thoughts on overvalued company buying another overvalued company? Do you think they are using same currency? ...

1
+5
Do IB analysts get laptops to work from home?

sam_2

Hey guys. It's time for me to upgrade my laptop and I will be going to banking next year. Was wondering if to put up the money to get a high quality one that I can use for work, or if the firm will provide one once I start?...

16
+3
Duff & Phelps Valuation or Big 4 Valuation

analyst1243

Hey guys, I want some input on deciding between Duff & Phelps and a big 4. I got offers from a Big 4 and Duff & Phelps for their valuation. Ultimately, I want to do private equity in the long run and willing to take any route I can to get there, which offer should I take?...

15
+1
2020 FT Recruiting Timeline?

John-Jacobs1

Just was curious if recruiting is going to be pushed up like last year or if it will be a little slower?...

5
+1
Online MBA investment banking?

kprempeh89

I wanted to know if you can get summer assoicate position in IB with an 2 year online MBA? I want to do online MBA and break into IB but I dont know if golman sachs etc. select people fo rsummer associate programs from online Mba. Thank you for letting me know. ...

4
+1
Morgan Stanley Early Insight Events 2019

xterns

Hi everyone! Morgan Stanley recently posted early insight programs for women, students of color, and lgbtq+ individuals. You can find all those opportunities along with other financial services externships at **xterns(dot)com**. Good luck!...

1
+1
Another Monster Biotech Deal: BMS Acquires Celgene for $74B

The Pharma Guy

What a deal (https://news.bms.com/press-release/corporatefinancial-news/bristol-myers-squibb-acquire-celgene-create-premier-innovative). Interesting that CVP aren't financial advisors for either side... Thoughts?...

1
+8
Would you leave Goldman?

Stephen A. Smith

I think most people know by now about the 1MDB scandal that GS is involved in. As the weeks have gone on and more information has come out, it's become clear that there's definitely an issue at GS with ethics that stems from the top. Noting that IB is such a mentorship business and the success that ...

19
+1
STRH Investment Banking Sophomore Summer Analyst Position

UgEcon

Hey guys, I was wondering if anybody had any insight or experiences with the STRH sophomore investment banking position. I recently received a first round interview and have no idea what to expect out of the interview or position. Thanks...

3
+1
Acceptable networking practice?

arbdawgie15

Hi all, so I'm a current sophomore and going to be working at a BB doing equity research for next summer. However, my goal is to do investment banking junior summer/full time, and was wondering how to approach this? Would it be acceptable for me to start networking with the firm's investment banking...

1
+1
Convo w traders - what to ask?

krispee

So I have a lot of phone interviews set up the next few weeks with traders from different BB on different desks. What are some good questions to ask the trader that makes me seem knowledgeable about the market without seeming like I'm trying to over impress them?...

1
+1
Does Los Angeles contain any Technology Investment Bank Groups?

Bernie L Madoff

Does Los Angeles contain any Technology Investment Bank Groups? I love Los Angeles and Tech and I don't want to pick one or the other....

1
+1
I have 2 offers

sophi.ho

Hi-- I have worked 1 year at a Structured products valuation shop doing risk retention valuation. I have an offer for Senior Consultant at Deloitte Securitization Transaction and Senior Associate at DP Complex Asset Solutions (Alternative Asset Valuation). I want to go to an IB, would be happy w G...

4
+1
What's your morning and evening routine?

anon1654

Pretty self-explanatory. How long after waking up do you get to the office? How long after finishing work do you end up asleep? Thx ...

1
+1
Carried Interest vs Shares or Warrants

bobste

Hello, I was looking at a couple roles where one offers carried interest and the other offers warrants. From people who have worked in these models can You run through the main differences. Also is it more common in a pe fund as opposed to an investment bank to use carried interest instead of equit...

1
+1
Investment Banking vs. Business Valuation

papermachine

What are the pros and cons between investment banking and business valuation (think Duff and Phelps)? I am looking at both for full time recruiting. At the end of the day they seem to be very similar so I was wondering what sorts of things I should be thinking about when trying to decipher which rou...

20
+1
TwinBrook Capital Partners - Any Details?

anonymooose33

Any details on TwinBrook Capital Partners? There website is obviously helpful. Not sure if anyone on here works for them and can provide details on; (i) work/life balance, (ii) compensation, and (iii) overall thoughts on the firm? Seems to be a very active player in the leverage lending space and, a...

4
+5
Piper Jaffray Career Exploration Program 2019

RocketToTheMoon

There hasn't been a thread on this yet for this year. Anyone have any insight or details on the process or the program itself? Just had my phone interview, but not sure when we hear back. My call was also pretty short......

15
+3
The Myth of the 100-Hour Week

Need Rest

Hi all, I am a first-year Analyst at one of those, wants to be a BB but isn’t but also is not quite a MM either firms. Anyway, I have just gotten done my first 5 months and I cannot for the life of me understand where this myth of 100 hour weeks came from. Sure things get terribly busy sometimes ...

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