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+26
What was your first big break?

kyleluck

My first big break was back in freshman year, I managed to cold call the head of investment banking at X bank. Managed to impress him enough to say he would help in pushing my resume for an interview for that year's internship. But never got the internship nor interview for the summers...

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+13
Books You Recommend

isa2130953

What books do you recommend!? Name any of your top picks - finance related or not. * Venture Deals - Brad Feld (Great for VC) * Prince of Tides - Pat Conroy (literally nothing to do with finance just a great book- sad tho) * Straight to Hell by John Lefevre (stories from a...

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+10
TN Visa success/failures

mergeandacquire

The threads for TN Visa after the USCIS memo has gone quiet. Be interested to hear, even anecdotal evidence on success / failure of Canadian ibankers getting into the US for ibanking under the TN Visa. Would be good to describe: experience level, type of bank (BB/<abbr title="elite...

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+1
Business Tax Advisory Internship with FTI Consulting

MarkBaumClone

Recently accepted an offer from FTI Consulting for a Business Tax Advisory intern position, currently am a rising senior at a non-target and wanted to know if this is a solid internship to have on my resume if I would like to land a job in IB after I graduate? Is this transition possible? The reason...

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+6
The Corporate Clapback

isa2130953

One of the biggest benefits of working at a job is some of the people you will meet along the way........ but it can also be one of the worst. Have you ever had to clap-back at a coworker? Got into a fight at work? Had a big misunderstanding? Have you let your coworkers ever see the side of you t...

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+1
Healthcare Associates in IB - What's your typical work week like?

biobro

For those of you who are associates in healthcare - what does your work week look like in terms of hours and activities? I've heard stories ranging from absolute sweatshop conditions to something around 65 hours / week. Please share which company if possible....

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+3
Re: BAML London Group Ranking

ford1234

Hi everyone, Trying to gauge BAML's best groups in London. Anyone have any idea's on their top 3 groups? Thanks...

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+3
Besides relationships, what are the the main differences in an m&a process at EBvsBB

ballin3201

From the client side, assuming no prior relationships, is the experience that the client gets from any top group the same when selling their company in an m&a process like ms menlo/gs tmt/qatalyst?...

4
+1
2020 IBD Summer Analyst at BB

VPR

**Background information** * Age 22 * Speak 4 languages fluently (Dutch, English, French, German) * Just finished my 4 Month internship at a Private Equity fund. * Did a 1 month investment banking training in London. * Did a 1 month equity research internship in London. * Had a successf...

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+2
Is it worth applying to SA 2020?

derp08

Title. I'm a rising sophomore at a semi-target (think Nova placement-wise), who hasn't even started networking or learning technicals yet. I also lack relevant internships, this summer I'm interning for my city in their "Finance" department, but it's more accounting and reconciliation. I've heard th...

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+1
London graduate analysts drug testing

newbieeee

Does anyone know if new grads in London fresh out of Uni will sit any drugs tests as part of their screening. Start a new role at a BB in the summer and want to know whether or not to stay off the Rec drugs over summer. I'm gunna play it safe, unless somebody can tell me for sure I wont be tested...

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+2
Email database

NYCguy8080

Hey all I gotta list of contact information of MDs, VPs, and other senior officials from pretty much every financial firm (IBs, PEs, VCs) in the country, and a lot of the world. It includes phone numbers and emails. It's the cumulation of years of work. Just landed an offer, so it's no use to me an...

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0
Emory vs USC

arunbains09

Which school would present more opportunities for breaking into investment banking? ...

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+1
Tips for investors

aifos_850

Hi, I would like to learn more about investment banking tips. I am a finance student and I am trying to get as much insight as I can,...

1
+1
answered and deleted

trtyuend

................................................................................................................

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+1
Exits Ops

mrferragamo123

Can someone provide color on exit opportunities for each of the following - Barclays, UBS, RBC, and BAML? and perhaps even group specific exits. ...

1
+6
Disclose mental illness to HR?

confusedanalyst

Hi everyone, I hope that this post will keep me sufficiently anonymous. I'm starting as an investment banking analyst at a top BB in a few weeks (not in a US office). I'm really excited to start the job, and I think I will really thrive there, but there's a catch: I've had to push my start date bac...

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+3
RBC and Exit Opportunities

99WR

I received an offer from RBC for their NY IBD, and I was wondering how the firm is perceived and how the exit opportunities are. I'm very excited to have an offer on the table, but I think a boutique would be a better fit for my vocational goals. I am not sure if I should take the offer or continue ...

2
+3
Accelerated Process - Lazard

99WR

I received an offer from a top MM firm last week, and the offer expires in roughly three and a half weeks. I'm extremely interested in Lazard, and I was wondering if asking for an accelerated timeline would be an advisable move. Has anybody had experience with this? I want to let Lazard know that th...

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+2
How to leverage this unique connection correctly?

ibsa2020

Currently recruiting for 2020 IB SA positions. I have networked with a few alums at a bb group I am really interested in and have spoken to a VP in the group. Recently, it has come to my attention that a family member of mine might be a client of this VP soon. What should I do to take advantage of t...

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+1
Weatherly IB Compensation Report - How Accurate?

Shortwork

Weatherly publishes the most comprehensive compensation report I have seen for Investment banking - associate level and above. For those who have seen the report, how accurate is it? And for those curious about getting the report, you can go to the Weatherly Group's website and they ask for a $25 d...

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+1
Non-finance bachelor + MBA, where do you start in IB?

blackcow3434

Assume no banking WE, where do non finance degree + MBA grad start their career in IB as an analyst or associate?...

1
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Chicago IBD: GHL vs WB vs HL

offalofWSO

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+1
GPA cutoff banking explanation, seeking input from those IN ib

wolfofballstreet

This isn't a woe is me bad gpa post begging for help. I was just wondering if anyone in IB could chime in on the concept of GPA cutoffs. Is it a 3.5, 3.7, what at your banks for lets say a semitarget/top state school? And how does someone below the cutoff but networked + work experience get "pushed...

5
+1
Morgan Stanley 2019 SA S&T Superday Toronto

Ebitdaddddyyyyy

Had my final round yesterday for the Toronto office. Just wanted to see if anyone heard back yet or interviewed because the process has been pretty different than everything else I've been through so far. ...

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+1
An Direct To An Active Provider Of Bank Instruments!

Appavdo Raddia-Ramakrishnan

Hello Sir/Ma, I'm Appavdoo from Indian but presently in UK for work.. i work as financial consultant for my clients, am direct mandate to the provider of bank instruments such as (SBLC/FC BG & LC) We have this instruments for lease/purchases and we can deliver instruments strictly with our terms o...

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+3
Houlihan NYC RX SA 2020

QjcjaZ9

Does anyone have insight into this group's process? Is the process completely paused until the fall? They never came to my school and the app isn't up...

7
+1
IB internship Before Junior Year?

Who is John Galt

I've heard that it's important to have experience before you start recruiting for the crucial junior year IB internship, and that ideally this experience is IB related (small local bank, boutique, etc.), I'm a rising sophomore and incoming revenue analyst and next summer I'll be interning at Bloombe...

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+1
Exclusive Clubs on Campus

Who is John Galt

I'll be transferring to Cornell AEM next year and I've been doing research about the finance, investment, and IB clubs on campus. It appears that they're extremely exclusive. I'm more of a bookish type of person which is why I've sort of stayed away from frats, so I'm worried that I won't be able to...

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+1
Goldman Sachs Fall 2019 Exploratory Hirevue

ProfessionalPatagucciHardo

I have until tonight at 8 P.M to complete the Hirevue. Has anyone completed it and wants to give insight as to what the questions were?...

1
+1
Equity Derivatives Interview - Structuring Team

Chrisbougias

Hi all! I am having an interview with Societe Generale for a intern position within the Structuring Team (quant position). What should I prepare for this interview (technical questions, brainteasers, etc.)? What books do you recommend to study about Greeks, brainteasers and in general for qua...

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+1
Investment Banking Panel Interview

Triple GGG

Panel interview with 6 total interviewers. I have never had an interview with so many people. Any tips (who to look at, how to ask questions at the end, etc.) ?...

4
+1
Baird M&A - London

cpu_3489

Hi all, I am curious about Baird’s reputation in Europe and in the mid-market M&A space in terms of deal flow and opportunities to exit to PE after an analyst stint. It appears they have been growing in Europe these past few years and have had some solid sell-side mandates. Is this a good enough...

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0
2021 Private equity recruitment discussion

unbalanced_model

Incoming Analysts, what are you doing to get prepared for PE recruitment and when do headhunters begin reaching out?...

5
+1
Gugg RX 2020 SA Phone Screen

QjcjaZ9

Anyone else have the phone screen on Friday? Were yours more focused on RX or general M&A back/accounting? Any idea when we will hear back? ...

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+40
2019 Sumer Analyst Recruiting Starts

prothena

Not to keep reiterating other threads but...the timeline is officially confirmed to be way earlier than any previous year. At a target OCR event a couple days ago for a BB, HR head said apps were literally opening Feb 15th (!!!wtf) and that superdays would happen in April and May. This is insane t...

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+39
Investment Banking in London (EMEA) - Strongest Players, League Tables, Salaries, Differences...

MorganStreet

Here is a summary of Investment Banking in London. ###Strongest Banks: In Europe, Goldman Sachs and Morgan Stanley are traditionally the strongest banks that get the most high profile transactions. They are followed by the 'Elite Twins in London' Lazard and Rothschild and the remaining 'big five' ...

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+30
Wharton kids favor restructuring/distressed investing?

SBL

I was talking to a few friends who are currently there and learned most of the top kids (current junior/senior) are going to restructuring shops (whether it be PJT Rx, Millstein, Houlihan Lokey Rx, Evercore Rx, Moelis...) or distressed funds. Of course, you have a few at silver lake and such but ove...

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+3
No Drug Test provision in offer letter

idkidkidk

I just received an offer from a boutique IB and it makes reference to my adherence with standard corporate policies and a reference check but it makes no reference to a drug test anywhere in the letter. Has anyone had any experience with this? Does this mean there is no drug test?...

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+1
Temasek M&A Internship Interview

outofoffice

Is Enterprise Value Independent of Capital Structure? EV = EQUITY + DEBT - CASH + NCI Whether your raise more equity or debt it will be offset by the cash raised. (Independent of Capital Structure) However, I'm looking at this at a perspective of a DCF. When you discount your FCFF by WACC to arr...

4
+2
Forward EBITDA vs. LTM

Federico32

When valuing a company through the comparables methodology, why do we apply the transaction multiple result to LTM EBITDA and trading multiples result to forward EBITDA?...

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+1
Can someone help me understand why my text's solution for the value of a futures contract is different from how I would do it

smeagol97

I'm trying to solve this problem in the textbook, but the answer doesn't make sense to me given the formulas I learned. Here is the question itself: A one-year long forward contract on a non-dividend-paying stock is entered into when the stock price is $40 and the risk-free rate of interest is 10% ...

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+1
Greenhill Exit Opportunties

Danny123

What are Greenhill's exit ops in comparison to Goldman, JPM, Centerview, and other mid-to-bulge bracket banks?...

1
+1
HL NYC v. Jefferies NYC (M&A)

LeveragedFinesse

I know there are literally dozens of posts comparing one bank to another, but I wanted to hear the current comparisons between these two in particular. I've heard that Jefferies is known for their Healthcare and Energy groups, while HL has one of the best RX groups on the street, but how are their r...

1
+1
How long to wait to hear back from a Superday

trtyuend

Had a super day earlier this week but I forgot to ask about when to hear back from the team. I believe they have an additional superday next week so I am not sure if they are waiting or if they made decisions already. Should I email to ask about their timeline? If so, how would you phrase the email?...

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+1
Graduating Soon. Help!

enyeebenny

Any advice for students who have lower GPAs that want to get into IB? I am currently a BO intern (Fund Accounting) at a bigger private equity firm and would like to get into the investment side of things. I quickly found out that that is near impossible to do without relevant M&A experience/high GPA...

2
+20
Series 79 free study guide

Trnr13

I have a very detailed outline that I'm going to make available to the forum. Either through a editable gdoc or through a personal wiki. Frankly, we all spend way too much time studying / preparing for the exact same things. I'm hoping that a few people will taking it upon themselves to improve u...

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+3
Crazy Hard Investment Banking Interview Question

outofoffice

You have a company incorporated in Malaysia Operating a factory in China Customers are from Southeast Asia, mainly Indonesia Cash flows are denominated in USD The company is listed in Hong Kong How do you find this company's Cost of Equity? Which risk free rate do you use? Why? Which index to benc...

11
+1
London IB Associate Comp

Tempest8

I've seen info on M&I and picked up a bit from WSO, but I haven't seen specific, credible information on current associate comp in the London market. I'm in a regional market in the U.S. for the summer but am curious about the London market post-MBA (top 10 U.S. school). But, I'm concerned about the...

3
+1
Thread was deleted

biobro

Please delete this thread as it is no longer relevant. Thank you all for your help! This forum has been great....

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+1
Lazard culture/hours/pay/brand in London

CriVi

Hi I was offered an Associate role at Lazard in London. Could someone with experience at Lazard and across EBs/BBs shed some light on culture/hours/pay/brand in London? Many thanks!...

1
+1
Associate lateral hire - financial modeling test

Rogerwu

Hi guys - for a 1st year associate-level (M&A team) lateral hire modelling test, does anyone know what kind of modeling would be given (3-statement forecast/ DCF valuation, Merger, LBO)? Thanks!...

7
+1
Young IB hopeful: any tips?

IBfantasy

Hello all, I'm a high school student with interest in IB/general finance. While I understand that this is very early to consider a profession, this has been a long time goal/dream of mine to work on deals. This is by no means a resolute decision and my goals could obviously change, however in the ...

5
+2
Networking during summer internship

sailingbill

Hey all, question about networking and how to do so appropriately during an internship. I have a list of contacts I have been in touch with from anywhere from 6 months- 2 years, and would like to meet with them now that I am working in their city. Is it best to shoot for after work (21), weekends, o...

3
+1
Companies that get investor credit for being 'data driven' through AI/ML

Optimistic Consultant

Wondering if anyone on WSO can help me out with this... Does anyone have examples of public companies that clearly receive credit (e.g. through a higher multiple) for being 'data driven' through the use of AI/Machine Learning compared to their peers? How do they do so? Are there any common invest...

1
+2
Non-traditional path, want advice

Dhmrs

I recently graduated from the University of Michigan with a BS in biomolecular science and English. I graduated with a 3.6 GPA. I am originally pre-med and have taken the MCAT and am applying to medical school, but I have always had an interest in business and will be taking a gap year this upcoming...

3
+2
MHT Partners-Anyone know anything?

God Emperor Doom

I'm in Dallas and I'm exploring my options for post MBA. I've came across this firm but I don't see much about it online. Anyone have any info?...

8
+1
Harvey & Company - Newport Beach

patekphilippe

Anyone know anything about these guys? I think this is the absolute lowest comp package I have EVER seen for an Investment Banking Analyst: Analyst Compensation: $40,000 base salary, guaranteed year-end bonus of at least $2,000 and active deal bonuses. In 2006, total analyst compensation ranged fr...

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+6
How do you get from EBITDA to free cash flow?

Bankybanker1234

I got asked this in an interview and it tripped me up. I can get from Revenue to FCF. My thought process is you take Rev - COGS - Operating expenses = EBIT , then take EBIT * (1-tax rate) then add depreciation, subtract change in working capital and capex. So to go from EBITDA to FCF do you subtrac...

47
+3
Remote IB Jobs?

weezyfgrady

Anyone know of any remote investment banks? Given the work involved I feel like you could be an experienced analyst/associate remotely and not lose much in terms of workplace efficiency. Would you guys be interested in working remotely as a banker?? ...

8
+8
[FT Recruiting 2020] Updates on banks that still sponsor H1B for international undergrads?

lowkeyexcited

Looking to get an update on a list of banks that are still sponsoring Visas for Undergrad Internationals for FT 2020 recruiting. Below is a list of firms that were reported/mentioned to still sponsor. Appreciate any insight, update or add-in. JPM Boaml GS Barclays NYC MS Citi NYC Credit Suisse ...

33
+1
Madison Park Group

bill_ackman

Was wondering if anybody has more info on this firm. Reputation, deal flow, exit ops, etc. Seems to be a small boutique shop with fairly good deal flow. Thanks a ton!...

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xxxx

middlechild1

delete delete delete delete delete delete delete delete delete delete delete delete delete delete delete...

3
+7
"The Ask" - How to?

CHECK6

Hello All, Applying to SA 2020 spots now but I know that the applications themselves are a black hole. I've been networking for a while and really want to understand how I can leverage my network to get a position. How do I go about asking them to push my resume to their firm. Would something like ...

6
+1
Credit Suisse Sponsors

arbdawgie15

Hi, Looking for some updated info on CS sponsors, anyone know how the group has been doing recently for buyside placement? How would the NY office compare to LA?...

4
+3
Question on Retained Earnings and Enterprise Value?

Ardnic

Hi! I hope this is the right forum for my question, Im new to WSO :) In short, I struggle with two things: 1. Retained Earnings To my understanding represents the total sum of all [Net Income - Dividends] paid over all FYs of a companys lifetime. Now, when I consider huge, profitable companies tha...

16
+10
Hard Interview Question (MM)

Triple GGG

Was asked this in an interview (CB): You have a widget factory and a mine, to which would you extend financing to? How would you answer this? ...

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+2
Qatalyst SA 2020?

ballin3201

Does anyone know if Q is done recruiting for SA 2020? I know they had some superdays but was wondering if anyone could confirm/more details?...

1
+1
London hiring freeze

b43b6b7b82b87

Saw a similar thread for traders. Wanted to see what everyone's thoughts are on IB in London. I myself can confirm hiring freeze at two Bulge Brackets....

4
+1
Experience with JC Flowers

jaystickers

Does anyone have experience with this process? Can you please DM me? I want to understand what they are looking for? Thank you in advance ...

1
+1
QUESTION: Federal Reserve and Private Banking

EFCSsponge

Hello! Does anyone know if you can work or intern with the Fed and then subsequently intern or work in the private sector?...

1
+11
How to leave your IB analyst job?

throwitaway

Currently a second-year at a MM, satellite office with a smaller team. I've recently accepted an off-cycle MM PE associate role in my industry vertical and I'm going to start in July. My bonus pays last day of June, and for logistical reasons I'm going to have to relocate for this new job the first ...

16
+84
The Path to Least Resistance: Why IB May Not Be What You Really Want

bill_ackman

As I am spending some time on my vacation and feel bored to death (please don’t judge), I wanted to share something that I think might be important to you guys. Although this thread will cause a lot of controversy, I have nevertheless decided to give in to my temptations and write a counterintuiti...

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