Silver BananaTopicReplies
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People who didn't make it into IB: What are you doing now?I am currently in the process of applying for IB related internships and I have a feeling I'm not going to make the cut. You know how sometimes you dance with the hottest girl in the club but you KNOW she's not going home with you? That's how I feel about IB and it got me thinking- What if I don't m...
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HSBC - Review - GeneralistIt has a nice working environment, and people are mostly friendly. Also good career developmen and allows junior analysts to gain hands on experience. Overall good colleagues, long but manageable workloads . Business is hugs and there are many sub departments within each division or business functio...
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Back Office to IB/PE? Offers to choose from Fund internship, IB Business Management, Corporate Finance, etc.Hey Guys, Sorry had a same post in job advice forum but the format seems messed up and it won't let me edit it. It would be great if I could just have some advice on the offers/in progress interviews I am having, as I am not 100% sure which path I should take. My ultimate goal is moving into a PE ...
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Breaking into Investment Banking in Hong Kong with a Masters degreeHi everyone, I'm here to seek advice on the difficulty to break into banking in HK as a Masters degree candidate? I did a dual bachelor's degree program between a non-target and a target(final two years at target). I actually decided on banking pretty late (end of junior year), but I'm very certai...
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Citigroup - Review - Mergers and AcquisitionsComp, corporate branch supports m&a, high deal flow, experienced team, international opportunities, strong brand. Weekly hour, seniors don't care for juniors hours, senior don't plan their schedules as they should resulting in last time pitches and material required...
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Summer 2020 Recruiting Has Started.. (See Attached)I applied to a certain bank for SA19 in June. It's now only two months later, and I've just applied to their SA 2020. Am I reading this wrong or am I misunderstanding the app? This is pretty retarded - I applied just in case. ...
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Should I put “incoming analyst” title on my LinkedIn?I saw that old thread on here making fun of kids that put incoming, but now that it seems like everybody has it I wonder if I’m missing out on any opps by not adding it to my page? Those of you that have it do recruiters reach out to you? I didn’t do banking last summer but starting at a bouti...
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Analyzing Financial Institution (Depository & non-Depository)Hello - I have an upcoming interview for a Counterparty Credit Risk Management position. The role will be similar to a bond rating analyst, but for financial institutions only. One of the questions I will likely be asked is, walk me through how you may analyze an FI. My question to you is: where wo...
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2019 Citi Sophomore Leadership ProgramCiti sophomore leadership applications opened up a few days ago. Figured I would make a thread since I have not seen one. I submitted the application and the assessment following it. Does anyone know what the recruiting timeline looks like/have already heard back?...
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Morgan Stanley 2019 SA Megathread Figured since MS just officially opened their applications for summer 2019 I’d start a megathread to keep track of updates. Has anyone applied yet?...
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Is Elite Boutique Salary/Bonus the same as JPM/GS/MS?I'm super sorry if this is a dumb question. I'm the first in my family to attend college, currently a freshman at a top 10 college. After searching the forum I could not find a clear answer. I believe both are $85K base salary? Unsure about bonus. And I think, but not totally sure, hours are better ...
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Credit Suisse 2019 SA MegathreadFigured that some of the BB's already have their threads but not CS. Post any updates that you guys have about Credit Suisse's recruiting timeline (especially NY)!...
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Do you think trading is rigged?Just wondering what your thoughts are about becoming a trader/quant is there a way to actually make money trading or is it a zero sum game where you always lose in the long run? ...
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Overcoming Low GPA for FT recruiting? Have solid work experienceHey guys I'll be graduating next year and want to prepare for FT IB recruiting since the timeline is becoming super accelerated. For some background, I'm in Canada and go to a "target" school in the country but I'm assuming the US and international firms on't give a fuck about Canadian school presti...
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Investment Banking With No College Degree[This article](https://www.wsj.com/articles/study-offers-new-hope-for-english-majors-1540546200?mod=hp_lead_pos9) from the WSJ states that 43% of college grads are underemployed in their first job, meaning that their jobs do not actually require degrees. Of those, roughly two-thirds remain in jobs t...
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HSBC - Review - Investment BankingGreat environment Nice teams - small when working in sector teams Everyone willing to help Occasional friday night drinks too. Long hours - work life balance is tough - not much of a social life - cut throat industry and very competitive...
JP Morgan Securities - Interview - Investment BankingWhat skills can you bring to JP Morgan? Can you tell me about any recent economic events? Can you tell me about a time you made a mistake? Why do you want to join JP Morgan and Why investment banking? Can you talk about a recent transaction? What should a company with a substantial amount of debt do...
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Lateraling into Banking I’ve been working at a solid prop firm (Optiver/DRW/etc) for the past year now and am looking to break into banking. I have the option of working for a small asset manager now and breaking in later or just trying to break in now. Is it even possible for me to break in now? Or should I go to the as...
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Goldman Sachs - Review - Investment BankingGood team environment. Smart people. Relaxed environment in quant team. Not the typical investment banking 18 hour day. Was there for a short period of time. Earlier stages of learning the work were not exciting. Spent most of the time generating reports...
Barclays Capital - Interview - Generalist1. When would an analyst use debt and when would an analyst use equity to finance an investment? Please give examples of the respective investments in your answer. 2. How is the Weighted Average Cost of Capital (WACC) in the Capital Asset Pricing Model (CAPM) calculated? 3. If Barclays offered you...
Raymond James Financial Inc. - Review - HealthcareGreat team, with a great deal flow. Hours not as bad as bulge banks but comp is great. Overall great experience.. Not as many top-tier deals. A slim team can be a pro and con. Not as much experience on differing deal types....
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2019 Goldman Sachs IBD Summer AnalystI don't think there's already a forum on Goldman's 2019 IBD Summer Analyst recruiting process, so figured I'd start one. Please share insights/questions below! Is anyone else recruiting through the accelerated timeline? Goldman Sachs Summer Analyst Timeline It seems like the recruiting cycle start...
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Goldman Sachs Investment Banking Summer Analyst Hirevue OverviewWho else got this? Let's discuss. I know there was a giant thread on this last year, but does anyone have experience with Goldman Sachs Hirevue questions for this recruiting session? Please add your interview contributions in this shared google sheet for 2018 IB SA recruiting: https://docs.google....
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RBS Royal Bank of Scotland - Review - Investment BankingGood environment and management team. Working hours were fair and good benefit. Boston wasn’t my top choice but nothing to blame. Less exposure and flow wasn’t perfect. But overall really not much to blame. Liked the experience there...
Lazard - Review - Mergers and AcquisitionsCulture was very good. Lots of opportunities to talk with members of different teams. Emphasis on doing all aspects of a deal and making interns speak in meetings.. Quite long working hours. Culture is very good in some teams, in others it is quite poor. Convert very few interns relative to other in...
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GIC Hirevue and Assessment Info 2019 full timeThis is for full time recruit 2019 program. I just received a email inviting me to their hirevue and assessment, have anyone done this before? What do people think about GIC vs. BB?...
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What other jobs pay as well as IB?As comp in IB continues to disappoint, I was wondering what industry paid as well as IB, and had the potential salary upside of IB for an associate / VP - any ideas? Does corporate pay as well? How much would a Business Development director earn at a Fortune 500 company? How about consulting? Pros...
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Sucessful Senior Banker - Net WorthLet's say by the grace of god, not only did you stick around long enough to make MD. You also had the tenacity and grit to grind the early MD years out and not get fired. You've now had 7 - 10 years of steady deal flow under your belt. The last 5 years have ramped quite considerably, and you find yo...
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2019 SA Sophomore Internships ThreadRight 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...
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Question on Selecting Precedent TransactionsWhen trying to figure out which transactions are the most comparable, I understand that you want similar size, within 1-2 years, industry/sector, type of purchaser, etc. But typically where is the trade off i.e. would you take a a transaction that is more recent and same industry/sector or possibly ...
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Who do I approach about an off cycle internship at a larger bank?Disclaimer: I've read nearly all the WSO posts about off cycle internships My particulars, currently in the Northeast and have a IB boutique experience. I've heard conflicting things whether to reach out directly to HR or try to network with employees. I'm close to NYC so I'm thinking that I should...
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2017: Tiers based on exit oppsGot this from a friend working at a top MF fund and the list overall seems right so reposting here. He said these groups are tiered based on an # of offers / # of analysts in each class basis. Again, this is the list they use there and does not represent what everyone necessarily thinks. Before we s...
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Analyst pay increase: 95k base yr1Hearing a lot of rumors that for incoming Analysts (class of 19) that base has been increased to 95k. Can others confirm this? What does this mean for current analysts, and how will it impact A2 and A3 base? Would seem like A2 would jump from 90 -> 105 and A3 from 95 -> 112.5-115 Update (from comm...
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JPMorgan Chase - Interview - Wealth Managementyou dont go to a top b school how did you get here? what is the price of oil today? why did you choose JPMorgan instead of goldman sachs? tell me how you work in a team? what are some of your hobbies? how many checking accounts are opened in the US per year? tell me one thing you know about jpmorgan...
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company wacc vs project waccDoes the way you finance a project affect the project's wacc? Let's say Apple has a wacc of 10%, and it is starting a new project that has a similar risk profile to the project. However, Apple is paying for this entire project with just cash. In this situation, would it still be appropriate to use t...
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Piper Jaffray - Review - PharmaceuticalsHours aren't bad. Protected Saturdays are generally enforced. Team is nice and generally helpful when not busy. Good comp. Protected Saturdays are not always enforced, since MD can just say make sure you have this done by Monday, which implicitly means work Saturday otherwise you're not gonna get it...
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Thoughts on BMO Capital Markets and their NYC office?I haven't seen this bank get a ton of attention. What do you guys know of their dealflow and rep? It had a big turnaround years ago and seems to still be clamoring for US market share. Very strong Metals and Mining coverage back in Toronto however. ...
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2019 SA Offers and Acceptance Hey. I just wanted to know more about the overview of recruiting for 2019 SA. If you would like can you list your offers, acceptance, whether you are target and non-target and your classification. Thanks...
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Leaving banking after one yearAnyone left there banking job after one year? If so, what did you? How did you make your decisions and do you think it has hindered your career at all? I would really love to hear some opinions. ...
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Cracking jokes during an interviewHaving some trouble recruiting. Want to improve my strategy. I'm a jokester but in interviews I shut that down because I'm scared I'll get dinged for being unprofessional. But I'm getting dinged anyway.. probably for being too nervous/not personable enough if I had to guess. When I say cracking jok...
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Does Anyone hear something back of the Barclays Insight Day? I saw the description said that "If selected to attend, you will be notified by Wednesday Oct.31. Does anyone get a good news?...
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Piper Jaffray - Review - HealthcareGood deal exposure and lean team results in above average experience. Wide range of various transactions across the sector including private placements, IPO/ equity, and buy and sell side M&A. Transactions range from as small as $10M to $1B+ with outliers above the range. Well regarded HC group on W...
Canaccord Genuity - Interview - Investment BankingI was asked to walk through a lbo and how to structure it. I was asked about a school project I was doing which revolved around me gauging the number of boutique hotels in Phoenix Arizona. A lot was focused on past experiences That I had listed on my resume. Overall no really deep or difficult qu...
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Cheating on online assessmentsWhat would happen if an intern candidate at a BB cheated on the initial online assessment (hacker rank or hirevue), but passed and super day and eventually got an offer? Do you think their initial online assessment will ever get reviewed? Wouldn't it be very easy for a candidate to cheat on these on...
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SMBC: Structured Finance Analyst position - Exit ops?Hello all, I am currently in the process of interviewing with SMBC and their structured finance team (Think ABCP, ABS, CLO's). I am currently in a role where i perform fundamental analysis on companies and want to continue to do that in some capacity in the future. I realize that if get this role I...
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IB Screening - Practice for SHL Numeracy Tests?Does anyone know where to get good practice at the numerical reasoning tests like the ones on www.shl.com ? Many banks use these to screen potential candidates... I have run a search on the WSO forums, but there was no info about any books or online sites where you can get a lot of practice for the...
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Banco Santander - Review - Investment BankingGreat talent working here. Somewhat flexible hours Paid holidays (28 days) is pretty decent Boadilla offices are ridiculous . Hard to get promoted No incentives to work harder. Bonuses are evened out and hardly ever depend on your individual performance...
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In a massive dilemma - need help! To keep things real short and straight to the point: Been working at a no name boutique for under a year now straight out of college. Attended a strong target with a 3.0 GPA and had various internships, one of which led to a grad offer at a Big 4 CF. I loved my time there and the team was solid as ...
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Bank of America Merrill Lynch - Review - Investment BankingWe're in risk tech dept. People are very nice and work hard. Things are moving very fast in the team, and deliveries are quick. People in the team are productive and professional, things and move fast. However, environment in the team is friendly. Promotions chances are few and base salary increases...
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Horror Story from the investment banking worldI will tell you a story that is sure to give you chills about a young investment banking wannabe who had no skills. He graduated college and thought he'd do well, a 3.5 GPA seemed quite swell. But this is a horror story with no sweet endings after months of applying his will was bending. Six months ...
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HSBC Job SimulationHas anyone done their job simulator for HSBC? could you possibly tell me what does it entail? Thanks ...
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Internship or not worth it?Currently interviewed for a fall internship that I thought would be in risk management for a start up, but ended up being in a sales & operation. I have no previous internship experience, but I have made a lot of connections and well on track for a boutique internship during the summer and hopefull...
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Morgan Stanley - Review - Mergers and AcquisitionsPeople were willing to answer questions, and everyone was close to each other. Very intellectual and hardworking people. . Too much overworking on the weekends and Sunday staffing calls...everyone also spoke Chinese fluently there, and expected you to speak Chinese, even though the recruiter clearly...
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Macquarie Commodities & Global MarketsI have an upcoming superday for Macquarie's Commodities & Global Markets group. Wondering if anyone has any insight or experience with the group? Looking for any information anyone is willing to share. Thank you....
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Macquarie Group Limited ABN - Review - Generalistgreat firm really sick loved it super sick great firm really enjoyed every second but total sweat shop. really nicey ufjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjsdsdfjasdj;jgsnjfdnjdsnfjndsfjndfjnjdsfnjansdfkjndjn...
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BNP PARIBAS 2019 SAHi everyone, Didn't see a thread on this yet. Since BNP Paribas is one of the banks with a more relaxed timeline, I was wondering if anyone is recruiting for their US offices and how that process is going? Feel free to include other banks with similar timelines. I just had my first round today ov...
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What does EV/EBITDA represent?What exactly does EV/EBITDA or any of the EV valuation ratios represent? For example, P/E means that you're paying X dollars for every dollar of a company's earnings. Does this apply with the EV ratios too? So for example if a company has a EV/EBITDA of 10x, you're paying $10 for every dollar of tha...
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Big 4 vs TD BankHi everyone, I want to know which of my two offers would best position me for BB M&A IB . One of the offers is for TD Bank's Corporate and Specialty Banking summer rotational program while the other is for PwC Start. While not related to investment banking, TD Bank will provide me with exposure to ...
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Delete011118[Please delete this post, posted in wrong section] [Please delete this post, posted in wrong section]...
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Most Badass Intern Story? I love the stories of interns crashing and burning, drinking too much, or doing something stupid as much as anyone else, but are there any tales from the opposite end of the spectrum? Mod Note (Andy): One of the most viewed posts of 2017. ...
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Bank of America Merrill Lynch - Review - Sales and TradingGreat team culture, at least for our desk. We have great training programs available for juniors as well.. The company is very big, and therefore it is hard to know everyone on the floor. Minimum interaction with other desks....
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2018 Barclays Insight DayAnyone going to the Insight Day next Friday? Also, anyone who has previously gone to one of these events at Barclays, any insights on what to expect?...
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BNP Paribas - Interview - Global MarketsThey went through my CV in a lot of detail, asked me to go through pretty much everything on it. Very much a behavioural/competency based interview. Asked the standard questions, i.e. why BNP Paribas, why global markets etc. It wasn't very difficult as it was mostly competency based, and I had th...
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Leveraged Loan Pre Rev Tech CompanyI’m in an argument with someone and figured I would consult the best. I’m arguing that a pre revenue (200k) company with 30mm in cash and 13mm quarterly run rate working in the tech space could still get credit. Am i right? If so what product and guess on rate (L + 500?)...
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Best M&A news source?Just wondering what sources people generally rely on to get broad M&A news, including the more industry-relevant details (leverage multiples, funding mechanisms, lead banks/law firms, etc.). I'm looking in particular for a place to get the "less newsworthy" deals on my radar. ...
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HSBC SA IB Assessment Test?Has anyone taken the HSBC online Assessment Test for SA IB yet? I have just taken it last night and wanted to see when I would be able to know if I got put through to the next round. Also has anyone had the phone interview yet? Is it mostly behavioral questions?...
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Numerical reasoning test FAILHi guys, I'm in London and I just failed Lazard's numerical reasoning test. I've never been good at timed tests like SAT or GMAT but the content wasn't that hard - I think I needed more time. Also, I just guessed the last 5 questions. Do these tests penalize for incorrect answers so is it better to ...
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J.P. Morgan - Online Numerical Reasoning test (London, UK)Hi everyone, I just received an email to complete an online numerical reasoning test for J.P. Morgan after applying to their London, UK office. a) Is everyone automatically invited to do this test or has the application pool been given a first cut already? b) What % of people do they cut with th...
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Investment Banking Online Numerical TestsHey, guys. Another recruiting season is coming soon! For those of you who struggle with online numerical tests (SHL, Kenexa, Elements), I offer my help and advice. Please pm me if interested. Thanks....
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Citi IBD Summer Analyst London Assessment Centre - In-house numerical test?Hi there, anybody knows if Citi's assessment centre for IBD summer analyst requires candidates to sit an in-house numerical test? If so, how is the test? is it a Talent Q test? Thanks!...
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HSBC SHL Online Assessment Testanyone here has done the test? what should I expect? how should I prepare for it? I have to complete it by sunday. thanks. SHL Online Assessment The SHL assessment is an apptitude test used by several banks across Wall Street as a pre-interview screen. There are several exams geared towards differe...
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UBS Online AssessmentsDoes anyone know what is UBS online test like? I need to take numerical reasoning and logical reasoning ones. Are they difficult and where can I practice some? Thanks guys Online UBS SHL Test As more and more employers are utilizing online assessments, UBS has adapted its own pre-interview test f...
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Bank of America Online Assessment Test and Application ProcessImmediately after submitting my application an assessment appeared on the career portal. Anyone know what that Bank of America online assessment test covers? Here's what I've gathered. BOA Job Assessment There are deadlines for this assignment and you should should check your application portal regu...
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Thoughts on fit assessments/psychometric testing?Interested in hearing everyone's thoughts on the personality assessment game-survey things that some BBs are using for their 2018 SA apps - Koru, pymetrics etc. Are we moving to a more test-based recruiting approach a la the UK? Are banks collecting vast amounts of data for mysterious algos that wil...
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Psychometric Assessment?The psychometric test I just took involved 3 tests. Verbal, logical and just a personality questionaire. Assuming I did well in the verbal test, the personality results are what the are looking for and I did not do too well in the logic test? Should I still get a call for an interview? The actua...
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Online psychometric tests..Any ideas on the best way to prepare for these psychometric tests banks use in the (SA) application process?...
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ER is dead so I'll try this forum...need some guidance regarding splitting weight for DCF/Comps valuationTL;DR - tried tweaking DCF to make it more optimistic but cannot honestly justify tweaks. Resorting to arriving at target share price with DCF/Comps weight - don't know how to justify/explain my decision for 60% DCF 40% Comps. Need some guidance. Disclaimer: I'm creating an equity research/stock pi...
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DCF valuation results into post-money or pre-money valuation?Business plan involves future revenues which are already based on investment from investors, so valuation based on DCF should be post-money valuation? I am confused because usually if you perform valuation before investment it is pre-money valuation and than plus investment results to post-money val...
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IB focused on Video Gaming & Movies?I know this seems like a stupid question, but, do you know of any Boutiques/Teams (located in London) which only focus on Video Gaming & Movies? I assume Arma, GP Bullhound and Torch would be the best fit? Furthermore, do you know of any firms where it's ok to ditch the suit and show up even in sne...
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TAP Advisors - Interview - N/AMulti Staged, interviewed with multiple HR people, and people from the actual buisness line. Given both a Brig-Mayer and other test to determine mental compentancy Refrence process is rather tedious. Normal interview process: introduce yourself -> go through your resume -> ask questions. The cultur...

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