Silver BananaTopicReplies
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Updated 2018 Seamless/Blackberry survey I made a post last year about blackberrys that took off. I was hoping to make an updated survey of seamless allowances (last one i found was 2008) and if your bank still uses blackberrys...
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Piper Jaffray - Review - Mergers and Acquisitionsvery satisfied with job, all the teams are friendly and will look out for each other, same behavior is expected from you. common in investment banking, hours can be long sometimes, however, more positives than negatives, location is expensive...
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Deutsche Bank - Interview - Investment BankingThe questions were not too difficult in terms of technical ability but they grilled me on my prior experience and wanted to know exactly what I contributed specifically to those deals, how big the deal team was, any nuances involved in the financial model built or tax code of the specific countries....
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Change in NWC: WC as % of sales, or Change in WC as % sales?Thanks for taking a look at this - see below for quick summary. Very high level model. Have 2016/17 balance sheet, no balance sheet projections. Need to know what to use as driver going forward. In driving Change in NWC impact going forward, do you: A) Take WC as a % of sales each year, then use t...
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Top Bank vs. Top MF I am fortunate enough to have gotten SA offers from a couple of top banks (2 of PJT RX/EVR RX/Moelis LA) and a top MF (BX/SLP/Bain). My goal is eventually to get to a top HF. Is there an advantage to any of the potential options? Or should I choose based on fit? ...
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How is it possible to have a negative EV?So the answer is that a company has more cash than the market value of equity. That makes no sense because the market value of equity takes into account cash, thats why you have to subtract cash from enterprise value in the first place......
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Millstein & Co InfoHi, wanted to get some insights on the firm. i had an interview with them recently, and wanted to learn more about them. - What is their interview process like? Cutoff GPA? etc. - What is the reputation of the firm? - How big is the SA / FT class, and what is the return offer rate? - What schools d...
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Baird Montage Summer Analyst Interview HelpI couldn’t find a thread on the Montage Video Interview for Baird and was wondering what I should expect going into this next week. It’s my first IB interview, and as a freshman I haven’t had any relevant coursework to help prepare for difficult technicals. I just wanted to know if these are...
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Perella Weinberg Partners - Interview - GeneralistWhat are 3 places where the tax affects the DCF? What would be the margins for a company in (insert sub-sector here)? How would you value a subscription-based company? Create a sources and uses schedule given certain information including the company's multiples, debt usage, and debt-related assumpt...
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How is recruitment at Brown?Any Brown alum here who could speak to how strong recruitment is? Is it as strong as other ivies? Thanks for any input. ...
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Greenhill -- Reputation / ExitsHave been reading here recently that they are on a decline. Can someone confirm? How does it compare to the other EBs, e.g. Moelis, Evercore, Centerview? How are the exits? How is the restructuring practice? How many SA per class? Target schools? Thank you...
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Non-Target Recruiting Guide Part I: Resume and NetworkingHi everyone, I just accepted an offer for the summer of 2019 from my dream group at a BB. This website has been invaluable to my recruiting efforts both in terms of interview preparation and networking. I wanted to do my part and write what I feel is a solid and broad guide for freshman at non-core...
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Industry Research ReportsFellow monkeys, What sources do you use when conducting your industry research/market outlook? My team currently uses IBISWorld and am looking for other options. If you've used IBISWorld and other resources, how does IBISWorld stack up against your other sources? ...
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GS AFGAnyone have advice on Goldman Sachs NYC Financing group? Which is the top group within financing?. Any idea on exit ops from the financing groups and if it is possible to summer in financing and move fulltime to classic? Any info would be appreciated....
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Moelis LA vs Moelis NY vs Lazard NYHi, First-time poster here. Just wanted to get some insight on the above decision I am making. In regards to Moelis LA, some current information would be helpful. What is the lifestyle/culture like in comparison with the other firms mentioned (I know they all work hard)? How is dealflow at each?...
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Evercore M&A Interview After speaking with several people across firms as well as on this forum, I've heard that Evercore has historically been notorious for extremely technical interviews. How accurate is that for summer analyst interviews and is that still the case? Is there anything I should be doing outside of the gui...
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Debt/Equity financing and financial statementsHi guys, Just had a quick question please. 1. If a company raises finance through equity, does this show up in any way on the income statement. I understand it'll be under 'Share Capital' under Shareholders Equity of the balance sheet and that it'll increase cash flow from financing and so net c...
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PJT SA vs Moelis LA vs EVR M&AHave offers from 2 out of 3 of these for summer analyst positions. PJT and EVR are in NYC. How would you decide between these in terms of exits, culture, comp, etc. ...
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Accrued ExpensesHi guys, Would appreciate your help on this one please. Under CASH-BASED ACCOUNTING, if accrued expenses or accrued revenue increases by 10, how does this affect the 3 financial statements. I understand how it would affect the statements under accrual-based accounting, not too sure on the cash-b...
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Goldman NYC vs. Moelis LA vs. JPM NYC vs. Moelis NYC Hi guys, Just wanted to solicit some advice. I'm currently looking into opportunities for the summer of 2019 and am fortunate enough to have offers at 3 out of the 4 places listed (Goldman NYC, Moelis LA, JPM NYC, Moelis NYC). Does anyone have good insight into where I could potentially get the be...
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Why would a company offer tender offer?i was just wondering why a company (or fund) does tender offer? If I understand correctly, they do it to buy back shares from the existing shareholders by paying them premium, right? What's the rationale behind it?...
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Few Contacts in New Location -- How to Network for FT?Posting from a throwaway account. Coming from a top school and tried to get NY banking for SA but didn't. I was very fortunate to get a great lower bank on the West Coast. All my contacts and networking was done for NY however, so I barely have any West Coast contacts. Planning on killing it for my...
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Associate vs Analyst Work BattleHow is work divided between associate vs analyst at your bank? What is the norm? Do your associates make slides or do models or do they only open pdfs and mark them up? At my group, some associates will help out analysts in excel/ppt when busy but others will refuse to do so entirely. Certain ass...
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Useful/neat resources for on the job?Not looking for interview guides or anything’s like that, more like macabacus, logointern, hunter.io or anything that might help with day to day work in IB/PE. Thanks in advance for sharing...
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Accretion and dilution - what does it mean high levelI'm a bit confused on the concept of accretion and dilution. Basically, what I can understand is that an M&A deal is considered "accretive" if post-merger the earnings of the company are higher than previously, and it's considered "dilutive" if the earnings are lower. But wouldn't pretty much any M&...
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Questions about Analyst to Associate promotionsHey everyone, I will be joining a "low-tier BB" (WF/DB/RBC/UBS) in NYC as a first year investment banking analyst in the M&A group this summer. So I'm from a non-target (top 20 US News liberal arts) school and I can count the number of alumni in PE on one hand. Our alumni who work in PE are all at l...
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JPMorgan 2018 IB Launching LeadersJust thought I'd start a thread for this as they begin sending out invites. Feel free to update this with offers, interview experiences, etc....
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Deutsche Bank Rise Into Success Event 2018I just received an invitation to this insight program. Is anyone else going? (We can make a groupme)...
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Final 2018 NY Bonus Numbers for AnalystsNow that bonuses should all be paid, I'm trying to gauge what final bonus numbers were for analysts at the BB. I know about the stubs for the most part, but I'm curious about what the buckets were for each class. Overall, I've heard numbers were somewhat down compared to last year....
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JP Morgan 2019 CIB Summer Analyst ProgramI am attending Launching Leaders Undergraduate Experience and I was selected for an interview for the Global Treasury Management position. I already had the behavioral interview by phone and hirevue (asking about leadership, experiences, etc.), how should I prepare for a position in Treasury Mgmt.? ...
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Which EB is the Wachtell, Lipton, Rosen & Katz (WLRZ) of investment banks? Watchtell Lipton has the highest revenue per partner among all the white shoe law firms and deals the largest and the most complex transactions. Small associate class and only hire top students from top law school (editor of law review, top clerkship and order of the coif). It's also one of the mo...
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Jefferies San Francisco Anyone in the process for this right now? Was not given a whole lot of information as to how their process will play out so I would love to compile our info....
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I’m back. CUNY to Banking. AMABeen a while since I’ve posted here. It all started a long, long time ago. 2006, by my count. Here it is 12 years, two home and three kids later. It’s been a hell of a ride. I started in ops making around $35k a year. I’ve added around $225k to that number since. I’ve done that by being genu...
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Guggenheim IBD NYC vs Barclays IBD NYCPurely from an exit opps perspective. Have one offer but I should be able to get an offer from the other firm based on prior networking. Need to decide soon!...
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SunTrust Robinson Humphrey STRH - Review - Leveraged Financework life balance, very low cost of living in atlanta, georgia, the office layout is very nice and open. Not a bulge bracket, lacks some IT / HR capabilities which would be beneficial. It gets hot in the summer...
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How do I get into IFC?I am a fresh graduate and I'm still pretty idealistic I think. I am really keen in work done by IFC as well as their Investment Analyst Programme offered each year. I stay in Southeast Asia. However, I have never heard of anyone managed to get in there before from the people around me. I'm just curi...
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Project Finance or ECM plus relocation?Hi, first of all, thanks for clicking this post. I have a choice to go either ECM or Project Finance from two international banks. ECM bank has a much stronger branding and is international known but the problem is the location is in Hong Kong but I stay in Southeast Asia where there isn't much ECM ...
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Top groups at UBS London - need help choosing a groupHey, I am an incoming analyst and have to choose a group at UBS London. What are the strong groups at UBS London? I am mainly interested in exiting to PE so how does the lev fin at UBS London stack up against other banks? I also heard that the TMT is strong but what about the other product groups?...
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CITI CEEMEA Investment Banking Post - Superday London officeI had a superday for Citi Ceemea London IB full time on March 6th. Still haven't heard back. Anyone?...
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Deutsche Bank Closes Houston Office, Cuts ~70 Jobs*Reduction of investment banking coverage in the U.S. to seven sectors from eight *Oil & Gas coverage banking is dead while corporate banking stays is moved to NY Know quite a few folks at the office and have consistent heard negative things about the culture, pay, and work. Thoughts, reactions, o...
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Chances of starting full time in December I’m interning at an investment bank think (EVR/LAZ/PWP/CWP) this summer. If I’m graduating in December, what are the chances of them letting me start full time in December if I’m offered full time? Is this even possible, do you know anyone that’s done it? Thanks...
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Guggenheim vs. Jefferies ExitI hate to post one of these, but how do the exit opportunities compare between Guggenheim M&A in New York and Jefferies TMT in San Francisco? Any other comparisons or insights would be helpful too! ...
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Investment Banking in Montreal vs TorontoWhat’s the main difference between the two cities? In terms of deals, size of teams, opportunites, And finally, what is the salary difference? Are bankers in Montreal paid much less than bankers in Toronto, or is it comparable and sometimes insignificant? You can also add the compensation by l...
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Bay Street VS Wall Street Investment BankerIt's been a while since the latest blog posts on Bay Street VS Wall Street have been up to date, so I decided to refresh the trend to get better information reflecting the current market condition. I know Wall Street bankers will undoubtedly close more big deals, have better exit ops, and be in the...
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A controversial “portfolio theory” of career planningHi all. I posted earlier (about [reflecting on six years following a career change](https://www.wallstreetoasis.com/forums/checking-in-6-years-later-ib-to-mbb-transition)) and got treated to a fascinating discussion — thanks to the questions raised by all of you! In that discussion, some thoughts ...
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Citi CEEMEA coverage or Wells Fargo International M&A, both LondonGuys, I got offers from both and I have to choose in the next one wee. As a back ground, I am currently a second year in a BB Industrials group in London. I am attracted to the CEEMEA team since I am from that region and I met most of the team who seem great. I am attracted to the Wells Fargo M&A t...
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RBC Women's Advisory ProgramIs anyone going to this event? It's their first year doing this so curious to know how many people are going. ...
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Goldman Sachs - Interview - Real EstateThe most difficult questions were mostly behavioral. Not too many technical questions besides how would you value a piece of real estate. One of the hardest behavioral for someone with no real estate background would be "why real estate management". Besides that most questions were pretty straightfo...
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Goldman Sachs Chicago OfficeLooking to hear any insights or information that you guys have on the Goldman Sachs Chicago office. Have heard that they mainly deal in Industrials, Consumer/Retail, and FIG. Would appreciate any insights on the level of execution that comes out of this office, top MD presence, as well as deal flow,...
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What should I do/study at MIT?I will be attending MIT for undergrad starting this fall. What would be the best thing for me to major in for IB? I am mostly considering finance, econ, a major that combines CS/econ/data science, or possibly some kind of engineering. Should I just go with finance (or double with econ), or double in...
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TD Bank - Interview - Investment BankingThe majority of the interview consisted of a mix of behavioural and analytical questions. Many "Give me a time when..." and "what ratio would you use..." types of questions. Towards the end the interviewer asked a series of odd questions such as: - If you were an animal, which animal would you be an...
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2019 Bank of America Merrill Lynch Summer Analyst Process BeginsJust got the email for the 2019 process. It looks like non-accelerated information and networking sessions will begin mid-June. Official apps will be open July 1. Pool your updates/comments/questions below!...
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Too Early To Apply to GS SA 2019 as Incoming Freshman?I've been lurking for a little while and I'm new to posting; I may be asking a stupid question, so please just MS me if I am -- although an explanation of why would be greatly appreciated. I just wanted to check before I did anything stupid. I'm an incoming freshman at NYU Stern and was wondering i...
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looking for perspective (career transition from military + MBA to finance) looking to get perspectives from finance professionals for future career transition out of the military into finance: Background: I graduated from the Air Force Academy in 2012 and started pilot training. It took about 2.5 years to complete training and after completion I have a 10 year service co...
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Investment Banking Summer Analyst Salaries 2017Curious to know how pay stacks up now on Wall Street across divisions. From what I hear, 85K Prorated seems to be the norm right now for IB, but I'm intrigued in hearing about other people's experiences. investment banking internship compensation For the big banks, salaries are often pro-rated off ...
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Bryant Park Capital - Review - Mergers and AcquisitionsFlexible hours, ability to take on meaningful work and be a part of live deals, pretty laid back and chill staff. Not really too much. They were very supportive of me while I was looking for FT opportunities. Sometimes it was a little bit slow....
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Wells Fargo and Company - Interview - Investment BankingNothing too difficult. Standard fit questions (why investment banking, walk me through your resume) followed by several questions relating to resume experiences as well as random additional information listed. Technicals part pretty standard, started with "how would you value a private company?", af...
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Frontcourt Group - Interview - GeneralistThe interview was very behavioral. They asked me to talk about the market as well as stocks that interest me. They asked basic valuation questions as well. They were mainly concerned with why I am interested in working there and what I was looking to gain from it. Overall, it was not too difficult a...
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What are the Strongest Non-Target Schools for Undergrad Recruitment?I've noticed that there is not a thread exactly like this for prospective monkeys to take a look at. I'm currently an undergrad second year applying to some targets/semi's as a transfer, and this would have been helpful if I didn't know exactly where I wanted to be. What are some strong non-core un...
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PJT Partners - Interview - Mergers and AcquisitionsOnly behavioral question was: Walk me through your resume-then it went straight into technicals. Most difficult questions involved constantly recalculating share price given EV and "company raises 50 in debt" or now "company does a share buyback". Also asked why company would trade at different EB...
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Real Estate Investment Banking/Private EquityInternship is at a boutique. Would this help my chances for 2019 summer Internships as a rising junior or nah? I would be doing basic PPT slides work on potential property deals , some excel/modeling but very basic, and other busywork tasks. ...
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Recent Offer Rates - Boutiques ?Can anybody share what offer rates seems to be like at boutiques for restructuring? Having offers/superday finals for Houlihan Loukey, Ducera, Moelis, PJT and want to increase awareness of how offers are for interns. For completeness would benefit from knowing for other banks too eg Evercore Thank...
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Call and Meeting Targets In SalesCurious to hear what the call and meeting targets are like in a sales role at a bank, either PWM as an advisor gathering assets, or in equity sales. Currently in an AM sales role at a vendor, and have a feeling our call targets are not very high, but would like to compare. Thanks...
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What to do summer after freshman year if no internshipSo summer is about to arrive and I emailed around 50 internships, got two interviews and no offers. I go to a southern semi-target, my GPA is subpar (3.4) and I have no extracurriculars to speak for because I was a lazy fuck first semester and second semester I was pledging for a fraternity and it t...
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Excel Help! - Cells do not update when they reference another Excel fileWe run complex models, like really comlpex. It's not unusual for us to run a model that references back to 20+ other Excel files. Anyway, I put together a pretty simple spreadsheet where a single cell will reference one other file, very simple. So I closed out of my work so my boss could review. ...
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Banking Compensation Prior to the 2008 CrisisDoes anybody have information around what analyst / associate compensation was back in the early/mid 2000s? I’m curious to compare current 1st year Associate comp ($125-150K base + $75-$125K bonus) is today. I’ve looked online quite a bit and haven’t been able to find any specific / detailed...
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boutique v BBWhy is it that for being a career banker, people are advised to go to start at boutiques? At the MD/partner stage, isn't it easier to assemble a client book if you have the "brand value" of a well established BB behind you? That makes more sense to me -- after all, boutiques like Evercore hire partn...
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Turbo TTS QHello monkeys, I'm having some issues with the TTS Turbo add-in to Excel... whenever I add a row or column in Excel, it freezes up. Once I disable Turbo, it works perfectly fine, so I know it's the root cause. In general, it also just slows down Excel considerably. Any advice or experience with th...
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Guggenheim LADoes anyone know anything about Guggenheim's Santa Monica office? Trying to get a feel for how many bankers are in the office, what groups, culture, etc. before I start informationals in the fall. Cheers!...
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Why can't the growth rate be higher than the discount rate?Why can't the discount rate be lower than the growth rate in terminal value? What is the theoretical reason for it. Thanks. Preparing for investment banking interviews? The WSO investment banking interview course is designed by countless professionals with real world experience, tailored to peo...
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RBC Capital Markets - Review - Investment BankingFelt like I was getting valuable experience when I show up to work. Engaging co-workers and collegial atmosphere. While my time here has been very good it is not characteristic of every group at the bank, definitely vet the culture of the group you are going into because some are hostile and sweatsh...
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JP Morgan Securities - Review - Investment BankingGood corporate environment with easygoing people. Great career prospects and opens many doors beyond investment banking.. Hours can vary but mostly 80+ weeks and the stress can get to you as a first year analyst. Gets better though...
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Piper Jaffray - Review - GeneralistGreat culture and opportunity to grow and learn from very talented senior bankers Good place to work, the company cares about keeping the employees happy. Benefits are good. . Satellite offices feel very secluded from the firm's headquarters. Piper Jaffray could really work work on management train...
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William Blair - Review - Investment Bankingdeal flow is good and working with many high profile technology companies. Deal flow and quality has increased significantly . long hours, people are not always the best to work with slash for. Can be very demanding and unreasonable...
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Analyst BudgetHey everyone, I couldn't find a good up to date thread on this so I made my own. I'll be starting my job in NYC this summer and am trying to plan ahead by creating a good budget. I just signed a lease yesterday with a few buddies ($1700/month) and am looking to fill in the rest of my budget. Does ...
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Evercore - Interview - RestructuringVery standard restructuring technicals on waterfall, leverage, bond math. Had some accounting/enterprise value/general technical questions on things like LBOs thrown in. First round was mostly technical, and Superday was almost completely technical. Not too much unexpected questions, and while the q...
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Best Book / Resource In Corporate Finance Strategy / Advisory? (ECM,DCM,M&A)There's plenty of resources to learn financial modeling, but what about books on corporate finance strategy or advisory? Basically the strategies that you can pitch to companies so you can do deals with them (Capital raising or M&A). ...
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Houlihan Lokey - Interview - Restructuring1) Capital versus operating lease accounting on the income statement/balance sheet 2) Go from EBITDA to UFCF 3) Which section of CF statement does interest expense go in? 4) Lengthy multi-step accounting question: Year 1: company buys 100 of inventory using debt, 10% interest 5% PIK, 5% regular, 20...
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Training for EMEA IBDs which IBDs send graduates to New York for training? - CS , Rothschid, DB , Barclays , Macquarie , Morgan Stanley, Lazard : these banks don't to my knowledge - JP , GS , BAML : they do. any other banks? Thanks ...
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What are the key modelling differences between unitranche and senior bank deal?I was looking to get more insight into the key differences between these two structures and how to best reflected these differences in the model....
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