Silver BananaTopicReplies
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Share buy back effects on share priceI wanted to start a thread on share buy backs and how they effect the share price. Here is my basic understanding. When a company repurchases shares they are decreasing their equity value and also decreasing their number of shares outstanding. By decreasing their equity value, they theoretically als...
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Average time for a equity follow-on deal?What's the typical process for selling the idea of a capital raising event, follow-on debt or equity, to a company? Are you looking for those in need of capital or is that event usually a consequence of something else? Finally, how long would you say the entire capital raising event takes (not sure ...
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When do you get your team allocation as a summer analyst at a BB?Hi folks, very quick question: After submitting your team preferences, how long does it usually take until you get the information which team you will be joining over the summer? Cheers!...
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A question about Enterprise Value and Market CapIm sorry if this isnt the right forum to post, but im not sure where to post this question. So from my understanding a market cap is a price you need to pay to the current shareholders of a company to be able to acquire it. Enterprise value on the other hand is a price you need to pay to aacquire i...
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PJT Partners - Park Hill Real Estate Interview InfoReceived an email about a first round video interview. Does anybody have any insight into what kind of questions to expect and what the process looks like? Interview is for SA ...
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The Raine Group - culture, reputation and comp informationHas anyone heard of them? Any insight on their culture, reputation, and comp would be appreciated. ...
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Do they give relocation bonus to London summer interns?Hi all, I decided to use a throwaway account. I'm a first year student in a UK non-target and I have solid chances of getting a first. This summer I will start applying for summer internships for 2019 and even though my odds are technically slim to get into a BB or Boutique I'm worried about reloc...
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Full time advice after missing 2018 SA Long time lurker first time poster. This isn't a pity post, rather just wondering how to differentiate myself for full time recruiting. Background: top-20 school and varsity athlete with ~3.3. Recruited for 2018 SA and came up with nothing. Cold called and emailed over 150 places and eventually ca...
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GPA dropped below cutoff after accepting offer help!Hi everyone, please help me figure this out, essentially should I be worried or not? I am currently a Junior and will be a Senior after this summer. Last fall my GPA was a 3.5 which is what I had on my resume when I applied for my summer internship. I accepted a summer analyst position with a respe...
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Credit Suisse - Interview - Investment BankingNone were particularly out of the ordinary. The interviewers asked insightful, relevant questions. The most unexpected questions came in the behavioral portion of the interviews: tell me about a time you supported a charitable endeavor; how do your friends and family feel about you taking on a role ...
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Bank of China - Interview - Investment BankingThe most difficult question for me was the self-introduction in Chinese. Since it was supposed to be "international," I did not expect anything to be asked or answered in Chinese. However, they didn't seem to have a general rule as to which language to use when it comes to interviewing, which made i...
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What is the best route to Municipal Banking post MBA?I know I'm one of those people who likes public finance and am eager to make a career of it! I had some good informational interviews with GS and RBC bankers and learned that MBAs are never really recruited for public finance ops (not impossible to accomplish, but just have to work hard to make my c...
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Wells Fargo and Company - Interview - Investment BankingWhat do you think an average day was like for an analyst? What group would you want to be in an why? If you could invest in debt or equity which would you choose and why? How many tires are sold in the US each year? Another important question was why Wells Fargo? This was hard because of their situ...
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UVA vs. Villanova (VSB) Investment BankingI am between these two schools for IB. I am out of state for UVA so tuition is expensive. I have a $15k a year merit scholarship at Villanova and I am in the honors program. I feel slightly more comfortable at Villanova but I feel comfortable at UVA too though I am worried being out of state....
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MBA now or forego for couple years [goal of IB]I was recently admitted into Yale SOM, out of 3 schools that I applied to for R2 this year. I'm fairly young (2.5 years out of undergrad), come from a solid school with decent test score. I have a feeling that I could have gotten into Columbia if I applied ED, and maybe a slight chance at Booth. ...
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Moody's Structured Finance Hi, I was recently contacted by a recruiter regarding a job in this group, does anybody had an idea how the interview is setup, are there any tests or anything else that should be considered? ...
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Corporate strategy to finance post mbaLooking for some inputs from seasoned folks here. I am a mid career corporate strategy professional in 30s who is looking to switch to finance focus on credit research. My BG: I've gone through the consulting path + top 5 MBA + corporate strategy. There is a clear ceiling in terms of pay in corpora...
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What's the difference between a business broker and an M&A firm? Was curious if there was a big difference or if anyone could shed light on the difference between a M&A firm and a "business broker" since I've seen them both very recently. Not from a job perspective, just simply a operations type of aspect. ...
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How much of a target is Emory?I will be attending Emory University in the fall and I would hope to enter the investment banking world after graduation. So I was wondering how much of a target Emory is and how prestigious the school is. Also what schools would you put in the same tier as Emory?...
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Bank Debt/Leveraged Loan InvestingHi I'm interviewing with a CLO loan shop with a BDC out in New York and was wondering what the career progression is and if there is flexibility in this type of product. I know that distressed funds tend to recruit people from high yields and sell side leveraged finance. I'm just wondering if inve...
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GCA Savvian - Review - Mergers and AcquisitionsGood team that helps you get started in IB, a lot of Private Equity exposure with mostly Private Deals.. Working hours are quite tough (1am and worse is possible) but weekends were free often. Tasks which did not make a lot of sense because they would not be successful anyway. ...
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JPM vs EB?I recently secured an offer from JPM for a SA analyst role. I am anticipating this offer to amount to a FT offer after that summer. I haven't worked in an IB yet, so I don't know what coverage or product group I will end up taking on. That said, I am wondering if I should try to leverage this offe...
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BO to M&A and think I've failed; should I move back to BO?Hi guys, I've been a stalker here for some time but never got round to posting until now. Looking for a bit of advice from all you wise monkeys, especially anyone who has tried the BO to FO M&A move (whether successful or not). **TLDR:** I spent about 6 years of my life in BB BO in the UK, found i...
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Morgan Stanley Credit Risk Analyst Interview HELP!! Hi, Has anyone interviewed with Morgan Stanley for a Credit Risk Analyst role before? If yes, what questions did you get asked? I know with Credit Risk, there are so many avenues they can explore. I have two interviews with some Executive Directors. So I guess it will very detailed. Please shar...
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Beta for WACC CalculationI am building financial model for a ecommerce startup in India. Trying to calculate WACC, but there is no public company listed on NSE or SENSEX in ecommerce industry. In such case which sectors/companies beta I may use? May I use IT Companies (TCS, Infosys) as benchmark for these values?...
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JPM SF Technology Superday Results?Hey guys, Just throwing it out there - did anyone hear back from the JPM SF Tech superday last friday? I've heard that only 1-2 offers were given out of 20, and just wanted to see if this was actually the case or more people have heard back. Honestly f*ck this accelerated process....
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Brainteaser - Doesn't make too much sense I was looking at this brainteaser and it doesn't make too much sense to me. http://www.ibankingfaq.com/interviewing-brainteasers/three-envelopes-are-presented-in-front-of-you-by-an-interviewer-one-contains-a-job-offer-the-other-two-contain-rejection-letters/ Let's change the scenario. What if I in...
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Morgan Stanley - Interview - GeneralistOverall the interview was not too difficult. Right away I got asked your typical walk me thru a dcf, how to value companies, why one valuation over the other etc. Then got more into the oil and gas side and got asked to rank the industry verticals by their betas. At the superday I also got asked a l...
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Evercore - Interview - RestructuringNothing super hard - the most difficult was probably walk through how an acquisition of a company would look like in terms of the three statements when financed half cash, half debt. then asked to do the same thing for the following year assuming interest rate on the debt and straight line depreciat...
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Evercore - Interview - RestructuringA company has the same multiple as another. They have the same capital structure, and everything about the two companies is exactly the same except for the industry that they operate in. One company is a biopharmaceutical firm with several drugs in the development pipeline and uncertain cash flows i...
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Wells Fargo and Company - Interview - Investment BankingMost difficult question was about how a portfolio is affected by a divesture concerning debt/ebitda ratio. This question was open ended and was left to me to figure out on my own. Reminded me of a management consulting interview where you are essentially interviewing yourself. I had to expand on the...
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Modelling Quarterly or Monthly Growth Rate to Get a Certain Annual Growth RateLet's say I have a quarterly model that starts from a year of actuals that is stagnant (no quarterly growth): Q1-Y1: 250 Q2-Y1: 250 Q3-Y1: 250 Q4-Y1: 250 Y1 total: 1000 Now if I want the revenue to grow by 10% annually, but with a quarterly model, that's 2.4% quarterly, so for year 2: Q1-Y2: 256 (Q...
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UBS AG - Interview - Investment BankingThe questions were very standard. I was asked to describe in detail the different value drivers in a leveraged buyout and how changes would affect a private equity fund's return. In addition, they asked about the different types of valuation methods and which would produce the highest/lowest valuati...
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Any visibility on JPM's Family Coverage Group? JPM has a 2-3 year old platform in their IBD called the Family Coverage Group. They essentially provide M&A advisory services to middle market customers originating from their private banking / commercial banking platforms. I’m aware that there are some posts on this website regarding JPM’s Mid ...
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Millstein and Co - Interview - RestructuringA lot of questions regarding cram-downs. Also, was given a laptop with a sources and uses table for a LBO of a distressed company and was asked to model it out using their assumptions. This was part wasn't really hard but the time given was only 20 mins so you have to be really quick. Other than tha...
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2019 UBS Investment Banking Summer AnalystPlease post any updates/questions/concerns regarding the 2019 UBS Investment Banking Summer Analyst recruiting process!...
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Advice - BB IBD Associate Lateral HiringHi all, I worked at a large firm in M&A for over 2 years and switched to a much smaller firm. Been here about 1.5 years now, I'm doing well and got promoted and everything but want to get back to a big firm. I have traction with some BB and elite boutiques (my main targets) and have an interview co...
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DCF Terminal Value using EBITDA MultipleWhen doing a DCF and you are calculating Terminal Value using an EBITDA multiple, I understand that you have to take the multiple and multiply it by the final year EBITDA. But my question is do you have to discount that number? Or do you just add it to the present value of the other 5 year cash flow...
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If I ever get fired in banking its because...CFOs who provide me with financial statements that look like something out of Jumanji. How am I supposed to work on the model when capex is in your pre-tax expenses and you've clearly had your audit done by El Pollo Loco. I drooled over working in M&A as an undergrad and now I regret not getting in...
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Morgan Stanley - Interview - TechnologyThe most unexpected question was "How does a computer work" This wasn't really sensible to me, for I'm not that involved in technology as I should be. Similarly, I was described to explain what happens when you open up a computer and go to google chrome or safari or internet explorer, from the back ...
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Barclays Capital - Interview - Investment BankingWhat is the most important way to value a bank? ...
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This forum helped me go from Blackstone to Facebook to YCombinator startup founder (rebrand.ly/getourchat). Ask me anything!Wow does this forum brings back memories! WallStreetOasis was a welcome discovery my freshmen year in college and I checked it religiously back then - trying to gauge the relative prestige and status of different firms and sucking in all the hilarious and offensive terminology along with it. Honestl...
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Pen (CAS) vs Duke vs Chapel Hill (pre admit) ...........................................................................................................
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Getting hired as an analyst without prior internship? Is it common / possible to get hired as an analyst without ever having an internship? I'm two years out of undergrad (biology) having worked in the environmental / biology field for the last two years. I'm attempting a career change and starting a M.S. Finance program in the fall as a means to "re-b...
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RBS/NatWest Markets Graduate Analyst SuperdayHas anyone heard back from the Superday earlier this month? They said that we should have beeen notified of a decision by the end of last week....
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Morgan Stanley Early Insight Programs 2018Just thought that I'd make a thread for this year's MS early insight programs. Does anyone know when we will start hearing back from MS?...
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J.P Morgan Asset/Wealth Management Video InterviewI have a interview with J.P Morgan where I have to answer 4 questions on video, but there is not an interview on the other side. Has anyone had any experience with this? What to expect from a JP Morgan Hirevue Video Interview All applicants are asked to conduct video interviews after applying to a...
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Stout Risius Ross - Review - Investment BankingGreat culture and lean deal teams. Open door policy with senior bankers along with the ability to get heavily involved in all aspects of the deal. Hours are much lower compared to other banks.. Close rate is low, but this is gradually changing. Quality of deals is not as great, as such one tends to ...
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Raine Group InterviewHi, Anybody know about the interview process for this boutique investment banking shop? They've worked on deals like Sprint - Softbank and the Dodgers and are digital media/sports focused. I have a phone interview this coming week and was wondering if anyone has gone through the interview process w...
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Goldman Sachs - Interview - Engineering1 - Imagine before the exam at university someone uploaded questions and answers on the Internet. You know that some of the students of your course have already looked through them. You are about to take the exam with them. What would you do? 2 - Describe the situation you were very different with t...
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London: How to lateral to BB or EB from low tier bankDid a summer analyst position at one of GS/MS in IBD and unfortunately didn't convert, didn't manage to get any other offers but received an offer from a small low tier MM investment bank to start June and want to move over to a BB or EB as soon as possible. What steps should I take, should I wait 6...
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2018 FT Roomate ThreadHey everybody, I wanted to start a similar thread to the one the website had last year to help us look for roommates. I'm a very clean and respectful guy, who doesn't go hard during the weekends. We are going to be working very hard and I want to have the house as a place where we can get good slee...
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Finance/Investing Clubs and Organizations (or Undergrad Investment Funds)Currently conducting some research on finance/investment clubs and organizations on college campuses around the nation. I have found a solid list so far just from googling, but probably have missed many. Most of these clubs don't have great SEO unless you search the exact name so I was wondering if ...
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Final Decision Undergrad B-School PollHello Everybody, The time has come. I have to put down my enrollment deposit tomorrow (may 1st) Poll: which university (undergrad) would you choose for IB/HF/AM a. Georgetown McDonough b. Michigan Ross c. UVA McInitre Thanks for your time and feedback!...
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Stuck in Internal AuditSo I'm a semi-regular who hasn't been around much lately. I'm taking a significant risk bey posting this but thdamn is about to break. I took a job in Internal Audit in December because I had a kid and needed money, so I wasn't in a position to hold out for another job. I've now been there and I'...
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Goldman sachs Background check now going on for 4 weeksit has been a total of 4 weeks since I submitted my employee application on HRworkways, but I have yet to still hear back. Is this a bad sign?...
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Is Relationship Hire Normal?I work in a BB at midtown west. Heard one of intern is daughter of a MD in sales & trading of our firm. She get in because of her father. However, she may work in UK instead of US because his father located in New York. Is that normal?...
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What transaction experience to highlight on resume? Comm. Banking -> IB/MM credit fund/PEBackground: ABL at a BB. As the title says, what type of 'Transaction Experience' should I list on my resume to best spin/highlight my experience if I want to lateral into a IB position or a MM credit fund/PE firm, if possible? A majority of my time is spent on the portfolio side (working with e...
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Boston roommate housing threadHi everyone. Recently accepted a FT offer in Boston for June 2018 and looking for some roommates to get a place with. I'm very easy going/laid back/respectful. I enjoy anything fitness/sports related, video games, going out on the weekends. Ideally looking for roommates to become friends with that h...
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DCF Question - Large Growth CapEx for One YearI'm currently doing a DCF for an automotive parts supplier. Management has stated that they will be spending a few hundred million to build a new factory in 2018. However, when I incorporate this growth capex into my unlevered DCF, it causes the entire PV of UFCF to go negative. As a result, more ...
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JP Morgan Securities - Interview - N/AThey went into significant depth about my experience, particularly because my experience was somewhat consulting focused. I was asked a number of questions about what I did at these firms and how they apply to banking since they were consulting based. I also got questions about examples of when I wo...
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Currently a sophomore in college: Now what?I've started networking, but I understand that interviews have already started since it's about early May. Should I have mastered my technicals by now? What's a good benchmark to see how I'm doing to prepare myself for my junior year internship?...
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Easy A classes?Hi Monkeys! I will be attending a non-target state school and on majoring in finance later this year. From what I understand, GPA is one of the most/the most important aspect of breaking into FO IB. With that being said, if you're on track to graduate on time, does it make sense to take filler/eas...
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which should I do for summer internship??? S&T at a lower tier MM bank vs IB at a no name boutiqueHi WSO, I'm wondering what you all think I should do in the case that I end up with only the offers I currently have. I'll still be hearing back from many firms and I think I still have a chance with some BB's in Hong Kong for IBD, but let's ignore that for now. Currently I'm a junior in the state...
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Shareholder Advising vs. Advising Company during M&A?What is the difference between advising the shareholders in a deal vs. advising a company in a deal? I was reading a Bloomberg article on the T-Mobile/Sprint merger and saw the following statement: "T-Mobile was advised by PJT Partners and Deutsche Bank, while Goldman Sachs advised the company and...
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Rothschild London vs BBsIn London, where would you place Rothschild amongst the BBs? Over which BBs would you pick Rothschild? Thanks...
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Hong Kong Biotech ListingsAhead of the changes to the Hong Kong Stock Exchange listing requirements, which are expected to generate a boom in biotech companies listing in Hong Kong, which investment banks have (or are expected to have) the best biotech equity capital markets teams there? (If anyone knows which law firms will...
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Deloitte Corporate Finance 2017 CompI've been hearing of these M&A groups (not transaction services, but DCF as in post McColl Partners acquisition) at consulting places like Deloitte. Generally it seems like people agree comp is lower but hours are better. Just wondering exactly what the comp is like in 2017 and how good are the hour...
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JPMorgan Chase - Review - Investment BankingGreat culture, lots of opportunities to take ownership of work, lots of incentives and perks, prestigious name. Long hours, senior management can be a little hard to access, lots of internal competition between analysts....
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Treatment of short and long term deferred revenue in terminal value calculation?As the topic title says, trying to think about the treatment of short and long term deferred revenue in a terminal value calculation. This is a company with substantial buildup in it's LT-DR, but I'm fairly certain that LT-DR doesn't go into working capital, and so there's a ton left over after the ...
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BB Operations MD AMAHaven't seen too many posts to shed light on this so ask away. Also see my latest post here: //www.wallstreetoasis.com/forums/how-to-get-the-md-to-push-your-resume Mod Note (Andy): This is an older AMA originally posted on 2/20/16 but the OP let me know he's still able to answer some questions! C...
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Which sectors does PJT Strategic Advisory focus on / do best in?The analyst program is generalist but which sectors are they strongest in / are doing the most deals in? I know they are still rebuilding, but any thoughts?...
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JP Morgan Securities - Review - GeneralistMeal and taxis are typically paid for Nice and very helpful colleagues Location directly close to a gym . Very long hours, often weekend work No parking at the office building Often repetitive and time constraint work...
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Evercore Women's / Diversity Symposium 2018Anyone else going to this? Has anyone done it before and/or knows what to expect from the event? It seems like it won't involve a first round interview at the end (as opposed to similar events at other banks). What should one prepare before attending? I'm assuming its more like an in-office netw...
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Citigroup - Interview - Debt Capital MarketsThe interview was 30-minutes and consist of both behavioral and technical questions. However, unlike traditional interviews, all the questions were mixed together and it is sometimes very hard to understand whether one question the interviewer is asking for technical or behavioral. It is thus very i...
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Wells Fargo and Company - Interview - Investment BankingWhat was the lowest grade you received in college and why? Walk me through a DCF. Which statements would you choose to value a company? which valuation methods are you familiar with? walk me through them. Describe a time where you failed a team. Walk me through your resume Why Wells Fargo? ...
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3-Statement Inventory Accounting QuestionDoes inventory get written off of the balance sheet after it's sold for revenue and recorded as COGS etc.? Context: I'm looking at this question, and the only way the balance sheet balances is if we don't write off the inventory at the end. ...
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Deutsche Bank - Interview - Investment BankingWhat is dividend recapitalization? How does a lower tax rate affect the capital structure? Why is there higher multiples associated with precedent transactions as opposed to regular comps or DCF? Tell me about yourself? Why deutsche bank? who have you talked to here? what other banks are you talkin...
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CL King and Associates - Review - Equity ResearchNice people, interesting work. Managing directors in Equity Research are very smart. They paid pretty well. . Bleak outlook for sell-side equity research. Office was a bit dilapidated, and there was a fair amount of turnover. ...
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Would you tell an MD you got other offers?Hello fellow monkeys, I'll put you in perspective then I'll seek your knowledge. I networked my way to an MD of BB and had the opportunity to get a coffee with him. Two weeks later I received a call from the bank telling me that they wanted to have an interview with me. I went to the interview and...
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Moving to SecuritizationHello, I'm looking at a job offer for a securitizations (structuring) role. I'm coming from a corporate banking job right now. How do those compare in terms of quantitative skills necessary, and what would an average day look like in securitizations?...
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UVA vs. USC (Undergrad)I would really appreciate any insight on the above undergrad decision. I have narrowed it down to these two schools (over other schools like Mich, BC, UNC, etc.) and am also pursuing the waitlists of some higher-target schools like Dartmouth and Georgetown. I know I would definitely like to study ...
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Bank of America Merrill Lynch - Review - Equity Capital MarketsRelatively modern open source software components are used. Working hours are not bad. Not a high pressure environment.. A lot of systems have issues which are not funded to be addressed. Downstream systems then spend far more effort than should be necessary to build workarounds. The result is that ...

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