Silver BananaTopicReplies
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MBD vs. IBDHey folks, A lot of bulge bracket firms such as Goldman Sachs have their own Merchant Banking Division and I was wondering what are some advantages MBD has over IBD in terms of work, pay, exit ops, lifestyle etc. I have a MBD interview coming up and this is my last candle burning. I'd appreciate ...
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Deutsche Bank - Review - Mergers and AcquisitionsI would say the biggest pros are the pay and the analyst culture. I can't say I loved all the VP's and MD's, but I made great friends with some of the other analysts which helped me get through.. Overall, Deutsche has certainly made some sizable mistakes recently. Beyond that, the hours were extreme...
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GS MBD (PIA) Interview - London Hi Monkeys! I am invited for a telephone interview at GS MBD (PIA) for London as SA. I did use the search tool bar but little information have been published regarding interview questions and interview experiences. To all former applicants - what can I expect from this besides standard M&a stuff:...
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2019 FT Recruiting QuestionsI was hoping to ask those with prior experience recruiting for FT roles some questions: Is prior networking with analysts/associates at banks that have 2019 FT recruiting processes pretty much the only way to have a shot at being selected for an interview, or can having a strong resume and applying...
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Lazard - Review - Investment BankingStrong developmental culture from the seniors, very set on retaining talent - opportunities to lateral, Actually pushes diversity initiatives (has a lower gender disparity ratio at the junior ranks). Typical complaints about work life balance, during busier times of the year you will be staffed on m...
RBC Capital Markets - Review - Investment BankingThe firm has a really flat structure and lean deal team. Juniors tend to get a lot of senior exposure and responsibilities.. As one of the safest bank with high credit rating, the firm requires a lot of compliance and internal work....
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UBS SA - CCS Investment Banking Fellow Monkeys, Has anyone interviewed / heard back from UBS for the 2019 recruiting cycle? I have a sonru video interview coming up this week. This is my first interview with the firm, and I'm not familiar with their recruiting process - aside from the fact that you have to take a prerequisite IQ...
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Worst slides everShare your worst - I've had a lot shitty PPT work this week, and want to commiserate. **My worst in banking:** MD thought it would be value-added to show a slide summarizing all the equity research analyst takeaways on the recently announced M&A deal -- company in question was fairly big public co...
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Farewell Gift for Senior BankersAnyone have good suggestions for farewell gifts to their senior bankers after their analyst stint is over? Leaving my firm after 3 years as an analyst and a short bit as an associate and I actually like pretty much everyone in my group and know their recs throughout my interviewing process were huge...
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Stout Risius Ross - Review - ValuationEasier work life balance then higher middle market banks due to less hours. Staff was nice and company culture was enjoyable to be around.. Compensation was not as good as more primer banks. You didn't get connected with bigger clients and deal flow was often slow....
Goldman Sachs - Review - Investment BankingBrand name, prestige, dealflow. Quality of people is impressive with lots of overachievers and teamwork excess. Hours are difficult, expectations to please, facetime and intensity, some teams run lean and although the effort to make juniors' life easier is appreciated the truth is that things are ro...
BNP Paribas - Interview - Investment BankingTell me about what's going on in the market and politics and how they coincide. What is your future outlook on the market? I was also asked to pitch a white shirt, thinking as creatively as I could on the spot. Tell me about what's going on in the market and politics and how they coincide. What is y...
Auspex Capital - Interview - Investment BankingNothing was unexpected. They did ask me about my interests which I was kind of surprised. The interview was very laid back and all were 1 on 1 for about 30-50 minutes each. Next steps would consist of a group lunch/interview and a skills-based test (excel). From what I heard, the excel test doesn't...
JP Morgan Securities - Review - Leveraged FinanceGreat company, great culture, smart/driven people. Best levfin team on the street, outstanding deal flow and experience. Would have liked bonus to be in line with other IB groups (although our hours are relatively better). Other than that really no major complaints...
JPMorgan Chase - Interview - Investment BankingThe interviewer started with general questions like tell me about yourself, why tech investment banking, why sf, what you did over the summer. my work was finance related, so they dug in a bit more and asked about my favorite pitch from a portfolio i worked on. Then went to technicals, which include...
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2018 TAP AdvisorsI realize there are two or three threads - but can I get some honest opinions on TAP Advisors? Any updated opinions would be appreciated. I realize they got torn apart on a thread from a year ago....
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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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Did IB hate moving from Excel 2003 to Excel 2007?I know there was a lot of controversy with excel moving from menus to the ribbon. Did you old timers initially hate the change?...
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Financial Sponsors GroupThere really isn't a whole lot of discussion on this board about Financial Sponsors. Can anyone enlighten me on their experiences in the group? Maybe a day in the life? The type of work done? Is this group known to be a sweatshop at certain banks? How does it prepare you for various exit ops? Fin...
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IB vs AuditI have been given the opportunity to work in IB at a boutique in South Florida FT or Audit at the Big 4. My plan is to work in a Finance role long-term as a career. I know that doing Audit Big 4 to the transaction services at a Big 4 is possible after a couple years. For me to have a good career in...
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Why does FCF calculation ignore interest?Haven't looked at finance in a while, so apologies if I sound dumb, but when calculating FCF using EBIT, you multiply EBIT by (1-Tax). My question is, by doing this, aren't you ignoring the fact that interest is tax deductible?...
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Difficult to Transition from Coverage to Product Group?Has anyone made the transition from a coverage group like Healthcare/Energy/FIG/Real Estate into product groups like M&A? How difficult was the transition? And now that you can reflect back, was it worth it/did you make the right decisions? I am going to an Oil and Gas group next summer. I like the...
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Société Générale - Review - N/ASenior employees are willing to help junior employees, great culture, base pay is higher than industry norm, hours are less than industry norm, French culture isn't overwhelming.. HR could be better at communicating, depending on your department your hours may be restricted (yes this is a thing and ...
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If I see another "Incoming IBD Analyst/Summer Analyst" on LinkedIn.. I'll k--l someone Guys, This is a serious and sincere plea to any of you undergraduate kids who're using these silly titles on their LinkedIn profiles. Please for god's sake, take this out. It just looks stupid and wannabe-ish. I don't know who started doing this and where, but it's just annoying to see. We get that ...
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Société Générale - Interview - Capital MarketsOverall, the questions were pretty standard. 1.) Walk me through your resume. 2.) How did you find out about us? 3.) Why did you apply to our firm? 4.) Do you know what we do? 5.) Explain your previous internship experience. 6.) What organizations are you involved in outside of academics? 7.)...
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Barclays Superday August 15thDoes anyone have any information for the August 15th Superday at Barclays?/Does anyone know how many people are going?...
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Strata Partners - Interview - Investment BankingNo really difficult, usually question but entailed a bit of proving why to want to work for the firm, culture and midcap line. The financial question were no difficult if you have a basic accounting knowledge. Also you would need to draft emails to PE firms, but anyone with previous experience shoul...
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WACC vs. Cost of Equity in a DCFWhy would one use Cost of Equity over WACC as the discount rate in a DCF? And in general why is WACC used?...
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Anyone else fed up with the banking/finance industy?Happy Monday everyone. It'd be good if we keep this discussion amongst those who have actually been there and done that (i.e. no high school/college students) I thought I'd start a topic that perhaps a lot of you think about but don't bring up often enough - Is anyone else fed up with the banking...
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Which Offer to Take - Bad Dept. at Goldman, or Good Dept. at Jefferies?What do people weigh the most when considering multiple offers? The overall firm, or the specific department in which you'll be working? And by "Goldman," I don't necessarily mean Goldman, but top-tier firms, in general. Same for "Jefferies" -- that represents a "second-tier" firm. I'm just tr...
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Nomura Holdings - Review - OperationsI work with a group of about 20 people around me that are all nice and approachable people, whether they are an ED or an analyst.. I would rather be working in the front office, but have to work here in order to show my commitment to the company....
RBC Capital Markets - Review - Investment BankingGreat experience in growing bank - pay is in-line with or above street at junior levels - job placement has been strong in last couple years. Bad culture in some groups. MDs and Directors in some groups stay later than the Analysts - technology is not great and hasn't improved at all even though HR/...
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Can financial advisor offer bridge loan in an acquisition to the acquiror, a listed company?Hey guys I was wondering if a financial advisor can offer loan to a listed company (buyer) in an acquisition. Is there any rules/regulations regarding this issue? I am from a top Chinese investment bank and would like to learn how the US treat this. In China, financial advisor to a listed company i...
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Piper Jaffray - Interview - Investment BankingWhat is minority interest and where can you find it in the financial statements. What does it mean if you see minority interested revenue at the bottom of the income statement. What is the exact formula for IRR. School preps you well for the type of questions you will likely receive, however, when...
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Barclays 2019 SA IBD MegathreadAnyone have any updates on recruiting process at Barclays for 2019 IBD? I heard people received early offers a few weeks ago and there is a potential super day coming up....
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B4 Audit or straight to IB I have an offer to start in Big 4 Audit (South Florida) in October. My plan is to transfer into Transaction Services after 2 years then eventually transfer out of the firm into a financial analyst role, possibly even investment banking. I recently was contacted about a position in investment banking...
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IBD Goldman Sachs Applicant from Nigeria. What happens when its time for Superday?Hi Guys, What happens when an applicant that doesn't live in America gets invited for a superday for NY office? Do they still cover the expenses? Visa applications? Or will there be an alternative used to interview? Please help....
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Have you heard of these guys?Just came across a bank, Torreya Partners, on LinkedIn. What is their reputation, comp, culture? ...
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PE Analyst versus EB Currently have an offer from a top PE analyst program (BX/Warburg/SLP) and a top EB (PJT/EVR/CVP). Trying to get some insight from those who have been in this position in the past / know people who have been to see how others have thought about the trade-off of skipping banking and going directly to...
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Penalisation on multiple applicationsWill I be penalised if I apply to different 'kind of internships' at the same time (all in IBD)? like off-cycle, summer internship and Full-time...
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Boston College CASGoal is to work at an EB in IB in NYC after graduation Is this viable as an Economics major from Boston College? Or is OCR and networking events only favorable for CSOM students?...
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Deloitte - Review - Mergers and AcquisitionsGood work life balance, and team was mostly happy - fairly low pressure 90% of the time. Overall, positive. . Poor pay for industry and no real bonus potential at the junior levels. For this reason, long hours were dreaded. ...
Credit Suisse - Review - Investment BankingWell structured, good benefit, nice teammate, nice working environment and good TMT IPO deal flow etc . Longer working time, high pressure, lower pay than other bulge bracket and no work-life balance etc......
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Experience / Exit Opps: Jefferies, HL, PJ Solomon, William BlairHate to make another thread comparing various firms but I really need some guidance / advice if anyone has some insight. Are any of these firms clearly above / below the others in terms of exit opps or experience as an analyst? Trying to decide between a couple offers, not sure if I'm making the wr...
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Goldman Sachs - Interview - RiskThere were some pretty tough questions on Linear algebra, probability and stats I'll list some of these questions. 1) Two points are chosen randomly in a unit square. What is the probability that the circle formed using the diameter of the 2 points contains the square's center? 2) Choose any 9 poi...
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When you are MD/head of your IB group, how do you know it's time for you to found your own shop? (e.g. P.J.Taubman / Millstein)How do you know you will be successful? Also, what are the tradeoffs and considerations? What are some of the largest challenges ppl like Taubman from PJT, Jim Millstein from Millstein & Co., and the Centerview guys encounter when they open up shop? What determines whether the shop will stand on ...
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Indiana investment banking workshop admissionsHello Wall Street oasis, I have a question about Indiana. So I was recently accepted there but I am not a direct admit and I have a question about a few different things. first off I am confident I can get the gpa requirements but when is the timeline of getting into the ibw compared to getting into...
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Senior ibd analyst with a star studded CV, apart from an undergrad 3.15GPA / high 2:2 degree(mitigating medical circumstances)?Hi everyone, I graduated from Warwick university 4 years ago, which is a top target and highly competitive uni for Wall Street, for my undergraduate with a high 2:2 degree (converted to 3.15 GPA). I suffered from debilitating social anxiety and mental health illness and considered taking my life a ...
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Evercore - Review - GeneralistThe work environment is incredibly supportive and the generalist staffing model takes into account individual preferences for industry groups. It is highly likely that the more intense (but rewarding) deals will lead to late nights/weekends; note that Evercore generally does not have protected weeke...
Alvarez & Marsal - Interview - ValuationI wasn't expecting technical. Questions about terminal value, WACC, initial public offerings, general valuation questions. For behavioral it is just an overview of your resume, nothing too complicated. Make sure you've studied for the technical questions otherwise it will be hard. Recommendation: If...
Bank of America - Interview - Investment BankingHonestly was pretty easy since the Hirevue was mostly behavioral questions - nothing too complex that you couldn't handle with the 30 seconds of prep. From what I could remember, the most difficult question was "tell us about a time recently when you were faced with a difficult choice and how did yo...
SunTrust Robinson Humphrey STRH - Review - Debt Capital MarketsI've just started as an analyst in the investment grade debt capital markets team at SunTrust and so far I really enjoy the culture and work life balance. . This is specific for me but I am an off cycle hire so I have to study for the Series exams (7 & 79) on top of working so that has been a challe...
Citigroup - Review - Capital MarketsI loved seamless, the offices were nice, people were super friendly, what more can you ask. a good summer. Working late sucks, as does having to get in early. Getting yelled at for mismanaging phones is hard...
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What to bring to coffee chat at a MM?Have a coffee meeting with the head of analysts at a MM next week, does anyone have any recommendations as to what to bring? also, I imagine I'd wear a suit to this, correct?...
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Piper Jaffray - Interview - Investment BankingSome of the most difficult questions included being asked about the different levers within a DCF and how they ultimately affect the valuation. Also, I was asked a lot about capital investments and how they flow through the three financial statements. I got the standard accounting questions from th...
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*****2019 Houston SA Recruiting Megathread*****EARLY RECRUITMENT PROCESS / APPLICATIONS / INTERVIEWS / SUPERDAYS Hey guys. With this insanely early timeline and recruiting already under way, I wanted to establish a single place where all students can come come to share knowledge, questions, information, and concerns regarding Houston investment...
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Is this a feasible plan to get into investment banking with an accounting background?So far this is how I have it. From my understanding, school prestige doesn't matter nearly as much for accounting as it does for IB, and Big 4 recruiting is extremely regional. So I've concluded that my best bet for undergrad is to save money with my education while trying to go to school in New Yor...
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Morgan Stanley - Interview - Investment BankingThere was a question regarding a paper LBO. Basically asked what happened when you were given some figures (Initial EV, initial Debt, Post EV, Post Debt etc) and then you had to calculate the IRR based on the figyres given. There was another question on the cost of equity without using CAPM. This wa...
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How Long Does it Take to Hear Back from a Superday Interview?I just finished a super day interview yesterday (Wednesday) and it's Thursday night and I haven't hear anything from HR. She told me they should let me know by the end of this week or early next week. I have heard many times that they either tell you the night of or the day after, which hasn't happe...
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STRH Recruiting?Does anyone have any insights on their recruiting process? Not from a school they consider a "target" but is a target for most other banks. ...
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Alpha Capital Holdings - Interview - Mergers and AcquisitionsThey asked the following questions: What do investment bankers do? Why do you want to be an investment banker? What is your outlook for the economy? Tell me about any deal you've been following. Tell me about any deal between two companies that you would "pitch" to an investment banking client i.e. ...
Goldman Sachs - Interview - Prime BrokerageMost difficult question asked were about my future plan for higher education, it took some time to convince them that I don't have any plans for higher education for the next 2-3 years. I was asked this question nearly at each round of interviews telephonic and in person. Unexpected question was ve...
Wells Fargo and Company - Interview - Investment BankingIf you had to choose 2 financial statements to use, what would they be? If you could only access one financial statement, which would it be? How do you feel about the culture at this company? Walk me through a discounted cash flow. Talk to me about a current United States economic trend. Talk to me ...
Wells Fargo and Company - Interview - Investment BankingStandard technical questions, such as: 1) Run me through a DCF - As you explain how to value a company through the DCF method, they will continue to interrupt and ask you questions (e.g. what is WACC? How would you calculate it? etc.) 2) How would you value a company? - Again, as you go through th...
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DBO Partners? (fka Dean, Bradley, Osborne)Wondering what the latest was on these guys, nothing on them on WSO since they were founded. Seem to have great/consistent deal flow for the size, and a great culture. Any thoughts on working there, interviews, reputation? ...
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Morgan Stanley London2019 full time analyst applicants. I decided to start this thread seeing as the other thread on MS is dominated by the Americans. I’ve applied for three programs at MS for the early applicants 2019 program. I’ve completed all tests and I haven’t heard anything regarding the status of my application. Has anyone else applied ?...
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Bank of America - Review - Investment BankingTypical nothing stands out. Good people. At least my team is nice. My boss is friendly. But I can’t say the same for other teams. Nothing reallly. Better pay?better benefits? More promotion. More mentoring and more community like feeling...
Wells Fargo and Company - Interview - Investment BankingWalk me through the calculation for unlevered free cash flow for use in a DCF, and explain why the average cost of debt (for use in the WACC) is generally cheaper than equity. Then once I had walked through the calculation of Enterprise Value from the DCF they asked to backtrack the enterprise value...
Wells Fargo and Company - Review - Consumer - RetailTeam environment is really great: people are genuinely happy to work there Hours are usually predictable unless you're someone who is on calls with people from all over Flexibility is really great - come in when you want and stay till you want as long as you get 8 hours in. Not for someone who needs...
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FIG M&A platforms: non-BBDoes anyone know anything about the US/Canadian FIG advisory capabilities of the unusual suspects? i.e. not BBs, not FIG boutiques, not Lazard/Evercore. I've gathered info on some of these platforms but would like to know more: BMO BNP Paribas CIBC Credit Agricole Greenhill Guggenheim HSBC Jefferie...
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Wells Fargo 2019 FT 1st Round Phone InterviewGot an invite for Wells Fargo 2019 FT analyst program interview for next week and wanted to know what to expect (this is my first IB interview ever). There seems to be some content from past years that suggest a mixed bag of technical and behavioral/fit for first round, but I was hoping to hear some...
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RBC and Macquarie London reputation/market standingI wanted to check what is the market standing in the UK of the IBD's of RBC (Royal Bank of Canada) and Macquarie. I've run into quite a few of their job ads on Linkedin over time, recruiting into this area, yet they barely show up on UK M&A league tables. For example in this one Macquarie just come...
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When do Deutsche Banks Summer Analyst Positions Open up Have been on there website the whole month and don't see any options to apply for the New York Location. When do these spots open up ...
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Should I apply to Germany as well?Hey guys. Got a new dilemma here! I am an international student from a non eu country and received an offer from Edinburgh for undergraduate economics.Now what I wanted to know is that when I am applying for internships and possibly even jobs at investment banks can I apply to investment banks in ...
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Goldman Sachs - Review - Investment BankingThere are great people that I get to work with. We all stress together and can mentally understand where everyone is at due to similarities.. Pretty stressful. Physically and mentally taxing, as well as socially; outside of the company. Wish we were more free....

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