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+25
How was Investment Banking modeling done back in the day?

Howard Hughes

Have always wondered this. Investment banks have been around long before excel - even back to the 80s and 90s - so how would investment banks and private equity firms create <abbr title="initial public offering">IPO</abbr> pricing, valuations, <abbr...

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+12
Net debt: The definite list

plsfixtx

Since this topic comes up on <abbr title="Wall Street Oasis">WSO</abbr> every now and then, I thought that it might help to collect everything in one list. The underlying definition is all "interest bearing liabilities". I will split it up into “positive...

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+7
The wall street personality

Oligarch92

Yet to work my first 'real' job, I have had my first real exposure to people in the industry through reaching out to a handful of PMs, associates, etc. Many are happy to grab lunch, well-mannered, yet, and particularly with more senior people, are unsmiling and morose. It confuses...

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Anyone with access to a bloomberg terminal? Need a favour please.

kartik_b90

Hi guys, I'm kind new here but was looking for a favour if possible. I'm currently doing some macro econometrics research on via SVAR models (Vector autoregressions). I needed a time series of UK Government Gilt 30 year yields (bloomberg ticker: GTGBP30Y:GOV) from 1997 onwards. Would any of you ...

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+24
GS Veterans Integration Program (VIP) 2019

vet_1

I'd like to start the 2019 Veteran Integration Program thread this year. The application just opened up and I plan on applying in the next week few weeks. Taking this content directly from last year's post - In past years the application entailed an online resume screen, followed by a Hirevue inte...

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+1
Private equity vs IB

Swissbankeer

I'm a second year undergraduate student, really interested by both industries. I have read dozens of post on WSO and I still can't decide which field is the most interesting. Would love some insights from you guys !...

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+2
Why is the acquisition of a company with a lower EV/EBITDA multiple accretive?

Federico32

Please explain in detail the mechanisms behind accretion / dilution when speaking about EV/EBITDA multiples and why a company would not want to acquire another one with a higher multiple....

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+6
Early IB Offer with exploding deadline - months before normal recruiting

wacokid

As many of you know, the timeline for junior year internship recruiting has been pushed up a ridiculous amount. I'm currently a sophomore at a target business school and I just got an offer to IB at a MM global firm summer 2019. A lot of my friends already have their offers (one of my buddies who ju...

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+3
Citi Early ID 2019 Program

lightbulb

Just got the invitation to a phone screening after the program. Markets (S&T) track. Anyone know what the phone call will be like?...

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+2
Securitization of Pharmaceutical/Biotech IP - Intangible Asset-backed Securities

The Pharma Guy

Dear Friends, I am conducting some research for a paper exploring the potential for large-scale securitization of pharmaceutical/biotech IP and their role in forming an alternative funding method for small to mid-cap pharma. If anyone works (or knows someone who works) in/with securities, derivati...

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+1
CBD JUUL Vape Pen: Should I Be Worried about My FT Analyst Drug Test?

cbdbanker

Incoming BB IB analyst this july and just got all of my onboarding emails to take the fingerprinting,drug screening, etc. Started taken CBD vape pens through the JUUL cartiridge's several months back love the results and chilled out feeling I get. Wondering if you monkeys ever had a problem with th...

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+1
Credit Risk Sponsorship

VancouverHusky

Does anyone know if the credit risk teams at BB sponsor canadians. Have a few connections and was wondering if being Canadian is gonna be a deal breaker even if I have my 3 year STEM OPT...

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+6
New Case Webinars in WSO Investment Banking Interview Prep Pack

WallStreetOasis.com

Over the last 12 months, we have made a big effort to improve our investment banking interview prep package by bringing to you relevant webinars with specific regional information and actual deal walk-throughs...I think for those of you that don't watch the webinars, it would be helpful to give you ...

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+2
CS women's mentor program 2019

sabster123

i applied to this program a while back. did the assessment thing which was so painful. was wondering if anyone has heard back yet...

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+2
Deferred revenue decreases by 10, 3 statements?

worklearnfun

Deferred revenue decreases by 10 how does it change the 3 statements? my understanding: (assuming 40% tax rate) I/S: revenue+10, taxes +4, NI+ 6 B/S: COGS-10, unearned revenue-10 no change to CFS (but NI+6...how to offset?) I am not sure. Can anyone help? Thanks a lot!...

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+1
Freshman Internship Concern

ThePiedPiper

I'm a freshman with a 4.0 GPA and a very minor private equity internship I did over the winter, and I have been looking for a freshman internship at a boutique since December, but now it's mid-March and I still haven't gotten any offers yet. What should I be doing now? I've cold-emailed over 200 sma...

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+5
Biotech/Life Sciences Vertical in IB: Day to day

bulls1997

Hi all, Hoping someone could provide some insight into the kind of deals you'd be working on in IB under the HC umbrella within a biotech/life sciences group. Outside of IPOs & M&A. What does the day-to-day look like & how does it compare to other HC sub-sectors? ...

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+1
Form S-1 Amendment Question

Fionn

When a company files an amendment to an S-1 form (an S-1/a) is there an easy to tell what has been changed/updates from the original or amended? ...

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+10
AMA: A2A 2nd Yr BB Associate (Healthcare) Residing in SF

BB_ennui

A2A at a BB with ~5yrs of experience in Healthcare Investment Banking coverage. Current focus towards the Biotech/Biopharma subsectors. M&A focus; transaction experience across all common product groups. To preempt, I do not have a medical degree but do have a natural sciences background....

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Best pharma/biotech groups?

cabbagecorpIPO

Interested in working within the life sciences vertical more so health services. What banks have the most deal flow/best groups? ...

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+1
When is it too early in the recruiting process to ask about compensation range for a position?

theotter

This questions is mainly for internal recruiter led processes for open positions, or ones where the process is led by a deal-team associate or someone similar. My question is basically exactly what I said in the title. But, some context might be, given difficulty of getting time off in banking, it ...

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+1
Deloitte M&A case interview

welcometooasiss

qewwwwwqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqq...

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+1
BDA Partners standing in the industry

sleeping_in_awe

Does anyone have any information on BDA Partners and its reputation in London IBD circles? I am aware that it is not a huge brand but was wondering if anyone can offer information on how it is regarded by other bankers and how this may impact future 'horizontal transitions' and so on. Thanks...

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+2
Moelis LA vs Moelis NY. How do they compare in terms of exit opps and career projection? What would you choose?

EB1997

Hi, I will soon be joining Moelis in a second tier banking city in the US as first year analyst. The company is pretty good at letting you transfer and I plan on applying for either NYC or LA. Do you have any advice on which city would be better given my ambition to join a hedge fund. I know people ...

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+1
Help on Networking Outside of My Group

gc2019

Hey guys, any advice or guidance you have here would be greatly appreciated. I am currently a senior in college and will be starting at a BB this July. I am really excited about the group that I am starting in, but am hoping to eventually move into Investment Banking (after 1 or 2 years). How do I ...

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Preslink for Office 2007

arh333

Hello, Does anyone have a copy of Dealmaven Preslink (specifically the application that allows you to link excels to .ppt; if the fastrack macro application is separate, I can do without it) that is compatible with office 2007? I moved jobs and tried installing the dealmaven productivity suite soft...

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+4
What Podcasts Cover Restructurings and Bankruptcies?

YungBull

For those interested in the restructuring/bankruptcy space, what podcasts do you listen to? Are there any podcasts that cover this area on a regular basis or focus solely on this topic? Been interning in NY the past two months, and I've been listening to the Joe Rogan Experience on my daily commute...

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+1
New Question - Minority Interest and Enterprise value

alberto.jg

I understand that for EV/EBITDA to make sense, EV should include the minority interest of company B because EBITDA includes it because of the consolidated statments. But what if we are not using EV in a multiple and we just want to know its value, would't it be wrong to add a minority interest that...

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+3
Cornell vs Northwestern for NYC IB/PE?

ThePiedPiper

In terms of opportunities per student body, should I be choosing Cornell(Policy Analysis and Management major in College of Human Ecology) or Northwestern(CAS Econ with Kellogg Finane Certificate)? Cornell is $20K cheaper but there are more students to compete against and the quality of the school c...

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+1
Jefferies Inspiring Women for Finance Symposium

ghjvfccvbb

Has anyone heard back from Jefferies regarding to this program? Will the selected candidate receive interviews in the program?...

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+5
Blackstone Future Diversity Leaders 2019

jfjioaw

Anyone get an interview yet? We hear back from the program before February 15th, but I still haven't gotten an interview. Thanks!...

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+1
Is Investment Banking worth it if you don't want to stay?

fsdfadasdf

Do you think investment banking is worth it if you don't plan on staying as in IB or going towards the buy side? I know from IB, many jump over to the corporate side like CorpDev or FP&A but, in the process, take a huge pay cut. Doesn't it seem better, in the long run, to join capital markets origin...

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+1
Talking about EBITDA multiples in M&A deal

excitedtobank2345

Hi all, When discussing M&A deals/transactions in interviews, I commonly hear the importance of talking about EBITDA multiples (purchase price/EBITDA, etc.). My question - where do you find this information? On WSJ there's mostly info about method of payment, premium, purchase price, but I rarely se...

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+1
Cold Email Alumni- Send to their work email or personal email?

JohnnyZ47

Hi guys, I graduated from a non-target state school and now I'm trying to make the transition. I've read many posts saying that I should send emails instead of using the LinkedIn in-mail, and that's what I am trying to do. And then I found if I get connected with someone, I will be able to click th...

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+2
Really Rare GPA Resume Question (Not generic)

momnpopshop

So I transferred to a non-target the beginning of my junior year with a crap gpa, (2.9). Since then, I have made Dean's List every semester at this new school, bringing my cumulative gpa to an OK 3.2/4. This is where it gets weird: the school I transferred to has a gpa reset policy which currently o...

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+6
M7 IB Associate Full-Time Recruiting

danpo

Hi fellow monkeys, I'm headed for a non-H/S M7 MBA this summer and am trying to get a feel for recruiting, so I'll have a viable battle plan soon. Before reaching out to my school's relevant career groups, I wanted to ask here first. I understand that generally you would need an IB internship to b...

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+1
Biotechnology Model Template / Example

bulls1997

Hi All, I was hoping someone in Biotech ER/VC/IB could share a model they used to forecast the IS for a pre-revenue company. Preferably one where there is a revenue build with # of patients, prevalence, adoption curve etc. included. This would be a massive help. Thanks in advance. ...

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+1
Tips for networking coffee chats?

Andrew12345

Hey Guys, I am flying to Chicago next week and have 5 coffee chats set up with various connections, most of them being alumni. I am a non-target. Two of them are analysts and three of them are MDs at EBs and BBs. Being a non-target, alumni are very excited by and willing to help students who serious...

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+2
Group Ranks

DealTeamSix

Monkeys, There’s a lot of posts about rankings - I wanted to start a new one about Groups. With some banks starting recruiting and going through placement days, it may be beneficial for everyone to know. So what are the 2-3 bank/groups that come to mind for each major Group. For instance, GS TMT...

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+1
What does the career path look like for investment banking business development?

GibbonAwayNow

I recently discovered my love for PE and startup BD roles and while searching for some postings I came across a couple BD jobs at EBs and MM boutiques. Duties include being involved in capital raising, prospecting and pipeline management, supporting pitch deck creation and developing knowledge of th...

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0
Deutsche Bank Muni Capital Markets

bazinga91

Can anyone shed some light on what this group is like? Apparently it's a small group of about 20 or so and is split between NYC and Jacksonville. Can anyone elaborate on the structuring aspect of municipal capital markets in general? How would the exit opportunities be? DB does not underwrite mun...

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+4
Value a Buy-Out Clause

weksos23

Hello, Asking WSO to think through this with me. How would you value a future buy-out clause in a contract today? I.e. Company X can purchase Company Y's equity in five years for a payment of $XXX today. Or -- would a better way to structure it be something along the lines of: "Company X can pu...

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+1
[deleted] .

coldchicken

[deleted] ....

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+38
Failed to "Break In" at my MBA Program - Next Steps?

lookingbutlost

I'm currently a first year MBA student at a top finance MBA program (Booth, Wharton, CBS, etc.) and was unsuccessful during the recruiting season and did not land a summer associate internship. My goal is to break into IB, but I'm not sure what options are left. I casted a wide net during recruiti...

86
+1
Deloitte Business Valuation - What to expect? Exit Opps?

nrg44

Hi everyone, I'm currently a senior at a large non-target state school. I'm going to be starting at Deloitte's NY Business Valuation practice in fall. I wanted to get an idea on what to expect in terms of the types of project and how to get the most out of the projects I get. I also want to exit i...

1
+1
ASU Investment Banking Industry Scholars

BobTheBABYBuilder

Has anyone here ever been involved with ASU Investment Banking Industry Scholars? I'm curious to know if the program has any recognition in IB and to hear if anyone has any experience with it. https://wpcarey.asu.edu/finance-degrees/investment-banking ...

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+2
Excel formula design

plsfixtx

I have a style question regarding excel formulas. I developed the habit to put a plus "+" at the beginning at every formula instead of an equal sign "=". Is this considered "bad style" and something I should avoid. I know that this is just a tiny thing... Thanks...

6
+1
Credit Suisse Power & Renewables

smithjaneej334

Does anyone know the reputation of the Power & Renewables investment banking group at Credit Suisse??...

1
+1
CISI Regs exam

CV_88

Looking for fitch course login details please? I need to get through more of the exam questions and firm wont pay for it. Also have two books to get rid of. ...

1
+1
London IBD Cultural Differentiators between GS/MS/JPM

Prestige_Hunter

edit for conciseness/to avoid excess confusion- How does the culture really differ between GS/MS/JPM in the London offices? All three seem quite opaque. Are they all much of the same candidate pool or many differences? Cheers....

4
+1
Cut off to put GMAT score on resume for On-Cylce PE recruiting --- 720? 730?

banker2018

Hello, I'm wondering what the cut off is for putting your GMAT score on your resume during on-cycle pre-mba associate PE interviews. Do you think 720 is too low to put it on? 730? Most PE wants to send kids to M7 and I think those scores are high enough to get into M7 especially with IB & PE backg...

2
+1
Net debt including out of the money convertible securities?

lifeboat

Hey monkeys, Reading recently the manual for new analysts at a BB it says the following: Net Debt = financial debt (short and long-term) + non-convertible preferred stock (at liquidation value) + out-of-the- money convertible securities + capital leases + minority interest – cash and cash equiv...

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+1
Investment Banking in Sydney, Australia

Chad4422

Hi, Just a little bit about myself: - attend UNSW Sydney - 3rd year bachelor of commerce student, graduating at the end of 2020. - have a WAM of 85.2 (GPA: 3.64/4) - dean's list recipient (top 3% of my cohort) - have only received HDs or Ds. - have worked as an analyst intern at Commonwealth Bank ...

2
+2
Life science PhD for biotech focused IB job?

biobro

I was wondering which firms and roles I'd have the best shot at as a life science PhD. I have a somewhat non-traditional resume for IB: -Undergrad from non-target school but with 99 percentile score -PhD from a top tier school (target school for quants) w/ well known advisor -Biotech corporate VC (...

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+1
Credit Agricole - Reputation/Growth Opportunities

AVeryGoodMonkey

What is the reputation for Credit Agricole CIB on the street and in London? Any idea how they develop/invest in their staff?...

2
+9
Citi SA 2019

ProfessionalPatagucciHardo

Hi guys, I have applied to many Citi internship programs and was wondering if anyone had heard back from Citi. I applied months ago and have 2 applications "unsuccessful," but have the rest of the applications saying "Under Review" and "Received". I just want to know if anyone has gone to a Super D...

104
+2
Oxford Undergrad -> West Coast Banking?

AnishTheGoat

I know that Oxford is fairly prestigious, given that people give up lower tier ivies to go there, but how does it place into ibanking in sf/la? I doubt I'll get into a top tier school in the US because my gpa is ~3.65UW/4.05W, but my SAT is a 1560/1600 and I have 5's on 9 AP tests, which is all UK U...

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+1
Temp to Hire vs In Country Experience?

Anymouse

Staying in a Temp to Hire position (not employed and unsponsorable for licenses) in one of MS's Wealth Mangaement Operations buildings with hope of employment in MS in that building in a year or so (slower than I thought, but about the time required it seems) vs teaching English as a JET Programme A...

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0
real social dynamics for job hunters?

earthwalker7

Hey all, Has anyone tried applying real social dynamic / PUA to finance - either in job hunting or in the office? I'm not talking about picking up girls - but to a certain extent the RSD practitioners have identified certain social dynamics and behaviors that enable one to exude confidence, to con...

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+2
Finance Degree but no Finance Work Experience, how to break into IB

rzlfc

Hey guys, new to WSO (this is my first post) Here's the deal: I was late in realizing I wanted to go into finance, and even later in realizing I wanted to get into IB. I went to a top 20 public business school for undergrad, graduated with a 3.5 GPA in Finance in 2016. No finance internships though...

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+1
Third Year Internationally vs Associate Promotion

throwaway3333

Hi, I'm currently a first year BB analyst in NYC, sat out PE recruiting this year because I knew I wanted to either 1) do a third year analyst program internationally or 2) try to get the associate promotion after two years and then leave. Have a few questions about these two options: * For thir...

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+1
DB freezes salaries and bonuses: is their US investment banking operation long for this world?

jhd311

I know they've started merger talks, but they were MBA recruiting this past fall as if nothing was wrong. This seems to be getting worse by the day and all signs point to a brain drain. https://news.efinancialcareers.com/uk-en/3000390/deutsche-bank-bonuses-zeroed https://news.efinancialcareers.com...

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Reneg Private Markets Intern Offer for a LMM PE?

globalchimp

Hey WSO Community! I have already accepted a private markets internship offer from a PE FOF (think HarbourVest, StepStone but a lot smaller / they mostly do co-investments). I just got another intern offer from a LMM PE fund that manages roughly $200MM and is continuing to expand. Just to clarify, I...

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+1
Corp Dev Lateral Vs Keep Networking

chicag432

Hi, I recently got an offer for an acquisitive company in a corp-dev role. The corp-dev role focuses on the specific industry I have a background in and am interested in pursuing in the long term. However, I would prefer to do banking first before joining corp-dev if possible. I have 2 VC internsh...

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*delete* Duplicate *delete*

renzel

*delete* Duplicate *delete* *delete* Duplicate *delete* *del*delete* Duplicate *dele*delete* Duplicate *delete* te*delete* Duplicate *delete* * ete* Duplicate *delete* *delete* Duplicate *delete* *delete* Duplicate *delete* ...

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+2
Is EB or BB better for MBA application

robertk200w

Says EB are firms like Evercore/Centerview/Lazard vs GS/MS/JP. I have met many people that go to top MBA schools from the BBs but not many from EBs. Do MBA Adcoms care for one more than the other ? ...

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+1
Biggest Endowment Funds

DCF_king

Does anyone know how the biggest endowments are structured organizationally? Ex: Harvard, Yale, Stanford... Are most of the assets managed in-house or allocated to outside asset managers? What is a typical role of an analyst at one of these endowments? Would appreciate any insight. Thanks!...

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