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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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+4
Mistakes in pitches / models - who is responsible

b43b6b7b82b87

Hey guys Was reflecting on my experience in IBD with a couple of other analysts from my team when we touched upon a topic that we all couldnt agree on. If an analyst makes a mistake in a model (doesn’t move valuation by much) but an associate doesnt catch it and an analyst fixes it an evening b...

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+2
Ultimate Guide for IB outside of New York / California

Bill Stern @ Axe Cap

Growing up in New York, I was never big fan of the city, however I always wanted to pursue a career in IB. After trying to look everywhere on Wall Street Oasis and not finding too much information regarding IB in Atlanta, Charlotte, Chicago and Houston. I made this guide with the intent of helping ...

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+1
Should I contact the MD?

JohnnyZ47

I came from a non-target school, worked 1.5 yrs at a related job and want to make the transition into DCM. I networked with an alumni who's an associate at the boutique and he referred me to a job and gave me the email of the HR(VP) and asked me to contact the HR after I finish the online applicatio...

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Career Advice: Big 4 Audit to Independent Valuation Firm

careeradvicemonkey

Background on myself, 1st year senior at Big 4 Audit completing my 3rd busy cycle. CPA and Level 3 CFA Candidate. Recently got offered a 2nd year analyst role at a top valuation firm. Comp is higher than what I make now, but comp is not really a top priority for me at this stage... Looking for advi...

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+1
Analyst and/or Associate – Energy and Commodities Risk Management - Houston

edmcnally212

Highly-regarded international bank/investor seeks two immediate hires with 0-5 years of experience, ideally with exposure to financial statement analysis, banking and/or credit, possibly with an energy focus, to fill needs on their Energy Risk Management team. Naturally, the bar will be higher in te...

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+1
Non-Ivey Target Undergrad?

black.swan.analysis

Hi) I am form Europe but I've been considering studying in the US, majoring in Finance. My grades aren't stellar and I am looking for nonIvey (or generally less selective) target schools in the US. Is UoMichigan noteworthy? Or should I just stay in Europe (btw I won't get admitted to UK's top 10 tar...

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+5
2020 FT IB Recruiting Thoughts

T5R

Wanted to ask more specifically about full-time recruiting since there aren't too many posts regarding this A little background on myself, currently a junior at a top target, 3.5 gpa, solid ECs, but due to the ridiculously early process for SA recruiting this year and some personal issues I struck ...

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+1
Informational Interview/Coffee Chats

rzlfc

Hey guys, Just wanted to get some tips on how to land an informational interview (phone or in person), what kind of things to ask during an informational, what kind of things to expect you will be asked, etiquette (do we buy our own coffee? do I offer to buy their coffee since they're doing me thi...

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+1
Cold Emailing this Late into the Recruiting Cycle

Treway

I reached out to a lot of bankers in the summer with a short and fairly broad email temple. Something along the line of: "I'm a X year student at X school and was interested in learning about your experience in investment banking. Would you be open to answering some of my questions over a cup of cof...

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Cover Letters - Do you read them? Are they worth it?

TradeGreek

TLDR: Do you read cover letters? Do you find them useful? I work at a boutique investment bank and I love that being part of a small team I get so much exposure to the entire deal for example I am completely responsible for all the modelling which I really enjoy as I feel i gain a much greater und...

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+2
Citi London IBD Teams

zzzrzzz

Joining Citi London as SA this June. What are their best teams in terms of dealflow/prestige? Thanks...

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+2
Rate my profile and help me get into the right BB

svk_monkey

Hey monkeys, anyone down to rate my profile? I really want to get into a BB IBD/MBD position in London. I am considering my options as to work FT for the next year, accept RSM's MSc. Finance & Investments offer, and/or apply to Bocconi. - 22 y.o. undergraduate finishing undergrad degree in economic...

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+1
Pulling metrics for model tips??

YungValue

Does anyone have any tips on pulling metrics from SEC fillings more efficiently? Right now I normally just pull them by hand or use BamSEC but I feel like there has to be an easier way. Looking specifically for metrics like same store sales or other KPIs....

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+1
Summer Associate gets overtime?

XHexK12

Seems like summer analysts receive overtime but what about summer associates? and there is no signing bonus, right?! I believe there is a relocation fee though. ...

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+5
Guggenheim Partners Investment Banking

prospectivefadfasdf

Hey everyone, there is a lot of old info on Guggenheim investment banking and a lot of disagreement about its prestige / ranking. I was wondering if anyone could provide insight on best groups / culture / direction / prestige / exit opps. Thanks!...

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+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...

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+1
Best Investment to Make right out of college

Suburbansummerbanker

So I am definitely one of the very, very lucky people who will be graduating college with no debt. Currently I have a summer internship that I have accepted at a top private credit shop (Antares), and obviously my main priority is getting a return offer after this summer. However, for the sake of th...

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+1
2019 Develop with Deutsche Bank

w17hmywoes

Anyone get an invite? Was thinking of setting up a GroupMe to help prepare the logistics of travel/hotel....

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+2
JPMorgan Middle Market Banking (MMBSI) details?

CapTable

Have an undergrad friend that is interested in an internship at JPM MMBSI. Can anyone shed light on the position and comp/hours? Thanks in advance to all. ...

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+1
Judge business school

thistooshallpass

I want to do an MBA and I am considering Judge business school. How is this business school viewed for breaking into investment banking? ...

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+1
Currently have 2 year of Corp Dev and 1 Year of IB Analyst experience. Possible to move into Associate role or PE?

Bernie L Madoff

Title says it all but some background is that I have deal experience from both positions and am looking to maximize my opportunities and limit time wasted....

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+1
Calendar/Fiscal Year Models and Multiples

ether007

In IB, is it more standard to be using calendar years (Jan-Dec) or fiscal year (October 1, 2017 through September 30, 2018) when you are referring to common stats (eg. EBITDA or EV/EBITDA) and usage in a model? When building DCFs and such, should I be using the Fiscal or calendar year? I see the 10...

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+1
Coverage Versus Lev Fin

Bill Stern @ Axe Cap

Can someone shed some light on what has a better exit opps? After being at my job for 3 months, I spoke with my manager about lateraling into an coverage team or Lev Fin team over lunch recently. My manager is very supportive, he's a very down to earth and easy going guy. I have no doubt I will be a...

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+1
Will a mistake in my interview model ding my chance to receive superday invitation?

ariel25

Hi everyone, thank you in advance for your help! I had an phone interview with a boutique investment bank located in Chicago, and during the interview, the interviewer asked me about a number I put on my slides to illustrate my model---and it was a mistake: I updated my model and the next slide with...

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+1
Market value of cost of debt for interview question

TheZhanMan

Hi guys, If a company's debt is not trading at par, would you use current yield or the coupon rate for your cost of debt calculation? My thought would be to use the coupon rate, because the cost of debt is from the company's perspective, and for them they are still paying the same interest as befor...

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+1
CFA level 2 books

Thortoise

Selling CFA level II prep books; DM for details; pickup in NYC midtown; untouched; cannot take due to work intensity...

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+1
SF Bankers

EatClenTrenHard

Hi all, and happy Friday... In a bit of a predicament, and would love an opportunity to pick your brains... Please shoot me a PM if you're willing to impart some wisdom, your guidance and opinions are much appreciated. Relevant to all bankers in the SF region, the more experience the merrier. M...

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EV decreases when increasing Sales

fwyld

Hello everyone, I have 2 sources of sales, one is sales of phones other is sales of chargers. This year we will lose 10% in sales of chargers, and when I project in 10 yrs, my COGS and SG&A are static - 80% COGS, 16% SG&A, 30% Taxes over EBIT. When i increase sales by 2% (USD) it loses value, howe...

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+1
Current Junior - Non-Target - Accounting - How to Proceed?

Protege

Where I am now: Currently attending University of South Florida completing their Accounting program online given my family had to relocate and I could not afford to live in Tampa. I live 2 hours from Miami. I have a 3.1 overall GPA. I have no accounting GPA yet so I have a chance to 4.0 this. I...

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+4
FT 2020 Thread

WallStJesus

2020 SA recruiting is underway and I haven't seen a thread solely dedicated to 2020 FT analyst recruiting. I also haven't heard much regarding FT recruiting being accelerated at my target. However, I did see that Citi FT 2020 is open for PubFin/Muni IB which made me assume that we might be seeing a...

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+1
Modelling Test - Infrastructure M&A Bank

GordonDash

I'm currently interviewing at an investment bank whom specialise in infrastructure assets and financing the deals. Have been successful to get through to the modelling test phase, which I understand involves operational modelling, financing and valuation. Thoughts on what it could be? Also is the...

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+105
Investment Banking Resume Template - Official WSO CV Example

WallStreetOasis.com

Attached to the bottom of this post, you will find the Wall Street Oasis Investment Banking Resume Template for undergraduate students, used by the WSO paid service and thousands of candidates to successfully land a job in investment banking. For those of you looking to make sure your CV format i...

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+3
How to Approach 2020 SA Recruiting as a Junior Transfer to a Target

andrewmyles80

I'm looking for a little bit of advice regarding how to approach applying for 2020 SA positions. I currently attend a community college and was accepted to Columbia University where I'll start in the fall as a junior. Being that recruiting is so accelerated, I'm realizing that even though I'm transf...

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+1
How bad does it look transferring from a semi-target to a large state school?

John-Joy

TL;DR I currently attend Lehigh university, and am unhappy and wish to transfer. Would transferring to OSU Fisher be career suicide? Has anyone here managed to transfer into IU Kelly? Hi WSO, I currently attend Lehigh university, which isn't exactly a target school, but it isn't an immediate re...

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Small-cap company credit ratings

laskinsteven

I have a system that automatically calculates the credit ratings of small-cap and penny stock companies based on an innovative new math framework. Our results represent an independent risk outlook allowing investors to quickly check the creditworthiness of companies that are not rated by "the big 3"...

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+1
Automated Credit Rating Valuation

laskinsteven

Hey guys, I have an algorithm that automatically calculates the credit ratings of all publicly traded companies, across all markets. The system currently rates over 10,000 US companies with continuous quarterly updates. The change in credit rating overtime can give an early signal about approaching ...

1
+3
Wells Fargo FAP

J23217

I am about to begin my work in the Wells Fargo Financial Analyst Program. Has anyone on this site gone through this program? If so, is there any information you could give me on what it was like, information you learned, if you feel it benefitted your career, or anything at all you would like to sha...

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+2
What are some of the biggest mistakes you see candidates make in interviews in/ just out of college?

DCFCzar

Title says it all. Curious what type of things turn you off from an otherwise good candidate............

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+1
FT Recruiting 2020

cbj2019

I was wondering peoples takes on whether or not having an IB internship greatly affects the chances of interviews/likelihood of interviews. Does it matter how many IB internships? Does it matter how many internships (1 in VC 2 in IB)?...

1
+1
Advice needed for incoming FT recruiting

lollllllkids

Hi all, For those who secured a 2019 summer ib gig, but might be interested in expanding their options for FT recruiting, are you thinking about attending on campus IB info session for 2020 SA now in the spring term to network? I thought it might be good to know who is in charge of next recruitment...

5
+1
What are some of the biggest mistakes you see candidates make in interviews in or just out of college?

DCFCzar

Title says it all. Curious what type of things turn you off from an otherwise good candidate............

1
+2
How to make deal sourcing sound good on resume?

intlcomm

Any tips on how to make a deal sourcing/business development internship at a PE firm look good for IB recruiting? I want to refrain from seeming like it's just a sales job, but have not done any modeling or real financial analysis. Maybe something about reading CIMs, writing NDAs, interacting with b...

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+2
Deferred Tax Assets and Liabilities

iturbe

Calculating the Cash flow for a company. Was wondering if you add/subtract DTAs and DTLs to cash from operations. ...

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+5
Where did you go to school and where did you end up?

mthomas711

I’m interested in how your school choice affected your ultimate career path. Did you go to a target or no? Did you up at a BB EB MM out of school? Or if not, how did you end up there? Or if not, where are you now and where do you want to be?...

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+10
Feel Like I Got Conned - Small No-Name Boutique

SmallBoutique911

Hi everyone, So I'm specifically looking for input/feedback here from people who work at "no-name" small boutiques. When I say no-name, I'm referring to firms with less than 10-12 people, MDs do not come from BB or solid MMs etc. Anyways, I took this position about 6 months ago and we are currentl...

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+1
Surety bond agency industry multiples?

ecthompson

Can anyone provide insight valuing a surety bond-only agency with $40M+ in revenue? Current EBITDA multiples?...

1
+1
*ADVICE NEEDED* - Grad IBD @ BNP Paribas (LONDON)

Colonel Sanders

I have an offer for their grad scheme Was wondering if anyone has any insight into best desks / products relating to IBD in london .... I have to choose 3 from the following as part of 3 x 6 month rotations (ie 18 month Grad programme in total): - M&A - DCM - Lev Fin - Coverage - Corporate Broking...

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+1
Cyber Insurance Markets

eachisown

Hey Ya'll. Does anyone have any ideas of Venture Capital firms that are focused on investing in Cyber Insurance or Insurance companies in general? Thanks everyone. ...

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+1
From Nordic investment banks/advisory groups to London PE

nordlys.tromso

Hello, fellow monkeys. I have a question regarding the reputation of Nordic investment banks and how their employees fare when it comes to London recruiting. As a 2y analyst in one of the leading Nordic players (think Carnegie, ABG Sundal Collier, Arctic Securities, SEB, DNB), how are my chances wh...

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+1
Information on Blackstone Tactical Opportunities

letgoofhope31

I’m interviewing for a job with Blackstone TacOpps next month. Does anybody have any info on what they're doing or what an interview with them might look like? Are they a good group? What is Blackstone Tactical Opportunities? Blackstone Tactical Opportunities was created as an opportunity to in...

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