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+25
How was Investment Banking modeling done back in the day?

Howard Hughes

Have always wondered this. Investment banks have been around long before excel - even back to the 80s and 90s - so how would investment banks and private equity firms create <abbr title="initial public offering">IPO</abbr> pricing, valuations, <abbr...

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+12
Net debt: The definite list

plsfixtx

Since this topic comes up on <abbr title="Wall Street Oasis">WSO</abbr> every now and then, I thought that it might help to collect everything in one list. The underlying definition is all "interest bearing liabilities". I will split it up into “positive...

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+7
The wall street personality

Oligarch92

Yet to work my first 'real' job, I have had my first real exposure to people in the industry through reaching out to a handful of PMs, associates, etc. Many are happy to grab lunch, well-mannered, yet, and particularly with more senior people, are unsmiling and morose. It confuses...

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+14
Best Houston Banks for Exit Opps?

HoustonAnalyzerMon

Title says it all, which banks in Houston have the best buyside exit opps? How does this vary if you want Energy vs. Generalist, PE vs. HF, MF vs. MM etc? Are people mostly constrained to Houston or can they recruit for Dallas/Austin or NYC/SF/etc? thanks!...

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+38
An Honest reflection from my first Summer Analyst role: The Good, The Bad, The Ugly (mainly bad and ugly)

sell-syde

I come from a target West Coast school. I say target because being on the West Coast, there are only three name-brand schools you can land a job on at an i-bank on the West Coast. Those name brands from my POV are Stanford, Berkeley, and USC. I go to one of the first two. Hats off to the Moelis - Cl...

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+1
Exit Opportunities BB Investment Management

dino46

Hey everyone! I was wondering if anyone has information on the exit opportunities at a BB Investment Management job. More specifically GS PWM. ...

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+2
First year analyst role at HSBC DCM vs Rothschild Equity Advisory vs. CIT Healthcare levfin

burt101

Does anyone have any info on these places and roles? All would be in New York, and I do not know enough about this stuff to know which would provide the best career path....

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Financial modeling professional for answering questions??

SP11

Is there anybody that could help with answering exam questions about valuation? Obviously, we can discuss the details. Thanks, Sergio...

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no corp experience MBA student and want to get into investment banking

coptorcam

So, here is my full background. I am 30 and have been an entrepreneur for years. Back in grad school to get my MBA and am not really at a target investment banking school, however my school is in NYC and still top 50. I do not have corporate finance experience, but have a 3.8 GPA and secured an...

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BB v EB V MM

mthomas711

How does the lifestyle, compensation and exit ops differ from a BB, MM or EB? ————— Thanks in advance ...

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+1
Background Check Question - Employment Dates

Close But No Sigar

I had an on-campus job that I listed on my resume to have ended 1-2 months after the actual end date. This was an honest mistake because the school tried to place me into another position so I did not “officially exit” from the systems/payroll until 1-2 months after I had left the on-campus job....

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Credit Suisse Alternative Investments - Credit Investment Group

topcrust07

Hey guys, I have an interview with CS Credit Investment Group next week. Any advice would be greatly appreciated. This is a description of the post: "The Credit Investments Group (CIG) is an industry leader in managing leveraged loans, high yield bonds, and special situations in credit with over $...

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Macquarie Capital (London), any info?

Rayluvs

Title tells a lot. As Macquarie is well known for its asset management arm (MIRA), there are very few information about its principle investment & IBD arm (Macquarie Capital, MacCap), especially in London. Does anyone have some info about how MacCap, especially its infrastructure & green investment ...

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Macquarie Capital

tzn007

Hello, Could anyone offers some insights into Macquarie Capital, some pros about the company, some company specific things (i.e. corporate culture) that perhaps it does differently than its competitors. I know that Macquarie is a MM firm, and is big on restructuring. Tried doing some research, but ...

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+2
Honestly, how much better is a GS/MS than a lower tier BB?

QuestionsNeedAnswers

Hey guys, As a student going through the recruitment process, I wanted to ask a question to people who are actually in the industry - is there a meaningful impact on one's career if he ends up at a high-tier vs. low-tier BB? Obviously, going to GS would be a far better career move than going to so...

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Should I take a coding class or a class that interests me before graduation?

laughamout

I'm a senior heading off to BB S&T in June and I have one class to fill for next quarter (since my class adopts the quarter system). I have zero coding experience, and I am torn between taking a class in python or a class that really interests me. As my final quarter in school, should I take this co...

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Are we allowed to apply to multiple cities for one firm?

SabalSabal

I guess this is firm specific. If so, which firms allow it? Is there a difference between the boutiques and Bulge Brackets?...

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+3
MD ignored my emails but got hired by his boss

NONAME22222

I got a summer internship on the trading floor. I got a tour on the trading floor this week and I saw one of the MD who ignored my emails. To make it worst I spoke with him before and he started ignoring my emails after inquiring about the summer internship. The MD (who is not my boss) will sit acr...

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UK IBD M&A 12-month intern tips

thehipsterwannabe

Dear all, I have received an offer for a 12-month IBD M&A internship in London; I will complete this between the 2nd and 3rd year of my degree as a placement year. I have no experience in finance and I study an unrelated subject (Chemistry). I learnt about M&A through reading online, but I have v...

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+1
Indicative Rating Modeling?

Jasonal

Hey everyone Has anybody got experience in a rating advisory team or HY DCM at an IB? I was wondering what type of model the team needs to produce to derive an indicative rating for pitching purpose, It would be really great if someone can send me a template on this. I am looking for something to...

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BB/EB/B/MM - Which to chose, which is better - Where to draw the line?!

sell-syde

So I'm sure a lot of recruits (myself included) would like to know how to really draw the lines between EB (Elite Boutique) /B (Boutique) /MM (Middle Market) banks. From those of you who have **Bulge Bracket Experience **- please comment on your day to day (preferably as an Analyst) From those of...

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Anyone has heard of CICC and their HK/SG offices?

tellmehowtoplay

Edited to prevent doxing Would appreciate any feedback if any, especially on their prestige (if they are in the same league as a top bb) Thanks! ...

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+2
London Compensation 2018/19

throwaway531531

Hi, given it is now bonus season for most banks I thought I would start a thread on compensation figures for London to allow us all to compare and see whether we are paid street or below/above. Thanks Bank: Boutique Division: IBD Role: Analyst 1 Stub: 7 month - joined in June with end of year revie...

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Quantitative Finance vs Financial Econometrics

HSR95

Hi Folks I am a 23 years old economics graduate from India. Right now doing internship with the Central bank of India. Past internship in development economics in Germany. The reason I didn't pick up a full time job after graduation is I wanted to study for the Foreign Service Examination which did...

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+26
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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+1
Allianz Global Investors Graduate Programme vs Investment Banking?

Asset Management kid

Hello guys, I have just received an offer from Allianz Global Investors to join their graduate programme in the investment track September in the Frankfurt office. I still have not signed the offer and I told HR I will think about it. I come from a target German uni and applied for Frankfurt as I th...

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Non-Target applying for SA Position with no connections?

_west

Hey guys, I am sophomore at an extreme non-target in the south with a couple of relevant internships under my belt. With many of the major firms application deadlines coming up within the next few months, I was wondering if it was still worth applying to these firms without any connections/speaking...

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You’re at the end of your meeting with an Associate. You want him to refer you. What do you say?

SabalSabal

This is of course assuming that the person himself doesn’t say anything. As a result, you want to push for a referral but don’t want to say it directly because that’s just a dick move. What can you say? Thanks!...

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+3
Evercore Lateral Analyst Model Test

AxeCap007

Have a model test scheduled for Evercore coming up and wanted to see if anyone had insight into what I should expect. This is for a lateral analyst position in New York. ...

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+2
Roast my Networking Call

youngling

Hello WSO community, Edit: This thread kind of turned into "what to ask an Analyst/Associate" I had some kind Investmemt Banker respond back to me a week ago and he gave me the go ahead to call him for an informational interview in the near future. I've searched hard throughout the networking gu...

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+10
Goldman Sachs Undergraduate Camp/Pride Summit/Women's Event 2018

fndngscrd

I figured I would make a thread for everybody applying to Goldman's spring events. I just got my HireVue request for the undergraduate camp. Let me know how your processes go!...

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Sophomore Summer Internship to SA 2020

berkeleybear2021

Hey all, Sophomore at a semi-target. Wondering if an internal audit internship at a large financial services firm (KKR, Blackrock, etc) or corporate finance internship at tech company (Visa, PayPal, etc) would be better for SA 2020. Already have a boutique IB remote internship under my belt, wonder...

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+2
Stella EOC

msv785

Hey, i was wondering if anybody had any information on Stella EOC and its standing in the European market? They seem to have talented (background wise people) but anything further than that?...

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+1
Lateral into Leveraged Finance?

Chimp scampi

Is it essentially the same as a lateral to IBD? Are you able to apply specifically for leveraged finance? For context, I don't have prior IBD experience but do have some buy-side experience. Moving against the current here by starting off where IBD people typically want to end up and I'm not sure ...

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+2
IB Travel as an Analyst

Slinking-

I know that VP/MDs are always out, but I was wondering how much analysts at BB/EB/MM travel a year? I get the sense that 3-4 times a year is normal. Are there groups that travel a lot more than others?...

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+2
Taking a Gap Year or going to State school (UMD-CP)?

XI67895

So, I am a high school senior and I really got overwhelmed earlier this year due to multiple family problems, and struggling with heavy senior year course load. Because of this, I didn't have time to take all the standardized test and write essays, so to avoid near certain rejection, I decided to no...

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+1
How much $ in exchange for a semester

BobTheBABYBuilder

Hello all, I was looking for some advice on my current situation, specifically how much $ you would have to be paid over the course of 10 months if it meant taking of the Fall semester of undergrad. If I continue with my current job I will have to take off the Fall semester. I told my bosses that ...

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Key Banc Investment Banking & Equity Research

kacryawbnraatbs

Thoughts on this place? Any prestige? Is a job her a career limiting move unless? ...

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Passive Income -- Share your success/failure story

Aerfally1

This really applies to all forums on WSO, and I know some members have really solid input to offer. How many of you have a source of passive income? How did you create it while working a demanding job (and potentially studying for CFA/CAIA/CPA/insert charter here)? Dividend stocks? Real estate i...

2
0
How should I read WSJ?????????

yooyounggi

Hi, I'm a freshman thus know practically nothing about what wsj talks about. But I know keeping up with these stuff is very important, so could you guys give me some advice on where to start with this awesome website? Thanks guys...

153
+2
How Do You See the Industry Heading if Bernie is Elected

Bigchief41

Hi all, I saw there was some discussion of this back in 2016 but since Bernie just entered the 2020 race, how do y’all see the state of IB headed if he wins the election this time around? He’s already mentioned goals of breaking up the big banks. What kind of effects would this have on investme...

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+2
Why work late instead of getting in earlier?

NA123

I don't understand why staying late is the *only* way to get work done on time when trying to meet a deadline. There seems to be a general expectation that the later you work, the later you can go into the office the next day. For example, working until 4am means you can go to the office for 10 or...

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+1
Applying to SA's as a final year?

SabalSabal

The usual practice is for juniors to apply to SA's. But I'm in a 2 year masters and have an internship between the 1st and 2nd year at a firm (not too strong. Think firm trying to become a BB). As a result, I would prefer a stronger firm but applying FT is very difficult and many firms (like Moelis ...

1
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Curious to why Fordham’s Gabelli school of business is poorly regarded for undergrad?

AdderallMonkey

Tbh everyone on reddit and wso kind of shits on Fordham University’s Gabelli School of Business (I am talking about undergrad). I've seen it a lot. However, I was looking at undergraduate reports for placement for last years senior class. 24 were sent to JP morgan, 14 to Morgan Stanley, 9 at Meril...

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+2
Lateral to EB or Take PE Offer?

knightbanker

Fellow Monkeys, Some background about myself - currently a 3rd year analyst about go A2A working in an industry specific M&A group. Have been able to secure a PE offer (~$5bn AUM) and an offer in IBD (Associate Role at PJT/EVR/Moelis). Both opportunities seem to be great, but having trouble figuri...

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Is it Too Late for Corporate Banking out of Undergrad?

MidnightRoomba

I am a junior studying finance and information systems at a non-target. I have a 3.61 GPA and a decent set of extracurriculars. This semester, I am joining a few more finance/professional clubs in order to boost my resume. I have an internship with Big 4 doing risk consulting this summer. I'm gratef...

1
+1
Is I-banking a still possibility for me?

JustTrynaBank

Hi, I'm a junior at University of Southern California and a lurker since mid-August. After my internship at a search fund (basically a micro private equity firm) in NYC, I was convinced that finance, and particularly investment banking, is what I want to do after hearing my managing partner's exper...

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+2
Which offer is the best?

fitzmagic

Currently looking at Baird (industrials), Raymond James (industrials), and Silver Lane for analyst positions. My other option is to go into Rx Consulting at A&M or MIII Partners. Does anyone have any recommendations? Financially all these firms are offering similar pay with similar bonuses. In ter...

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+2
Free resume review - former IB currently in PE

Private what...

Hi all, After a few years in the industry and currently active at a MM PE fund I am voluntarily reviewing resumes. Over the years I have seen many cv's cross my desk, by know I should be able to provide you with some best practices I have learned over the years. Please send your resume to: privatew...

1
+1
Nuances of PE as M&A Advisory Clients

LDNFinance

Hi All, Gave this a shot in the search bar but only saw results about the Financial Sponsors Coverage Group. From my understanding, boutique firms may not have a dedicated FSG team, so the industry coverage teams may advise upon sell-side and buy-side processes for PE firms. From conversations and ...

3
+2
Notre Dame (Mendoza) vs. UNC (Honors Program and Kenan-Flagler) Undergrad

weltz145

Notre Dame would be about 20K more per year, and I prefer the social scene there. Would UNC with Honors be worth giving a look? What are job prospects like at both schools? Looking for IB or PE...

6
+13
Investment Banking Post-MBA pay

rawdoge

Hi, I have applied to B-School for 2019 enrollment. I am interested in either working in management consulting or IB. I noticed on managementconsulted.com that they published 2019 management consulting salaries and MBB post-MBA salaries shot up a decent amount. Has anyone heard of anything like ...

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Dutch IB in the US

IvyGuy

Can anyone speak to how the Dutch banks do in terms of deal flow, exit opps all other relevant info in the US. Also curious as to where they are located ie CHI/NYC or smaller cities. Saw ING had some things open, and know that Rabobank and ABN Amro have offices. ...

5
+1
Information Session Updated Opinions?

amaiolo4

Hi all, I dug through the forums and the only information I could find on Information Sessions was from 7-11 years ago. What are the general thoughts on attending information sessions hosted by the company? What's the expected dress attire? What are the good questions to ask, and what are the ...

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+1
Property developer structure

akhid

Hi all, just wanted to get your opinion on a potential structure that my firm is advising a client on. In brief, my client is a property developer and given tightening of housing loans for new home owners, they are intending to create an SPV, financed by a line of credit, to purchase Cars of the p...

1
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Entering Investment Banking Older

bobste

This also applied to private equity boutiques that raise capital. I have worked in asset management and treasury, I have also working in consulting for commercial real estate. I have developed a substantial network of hnw and uhnw investors. Some of these are personal some business. I believe I can ...

4
+1
Roadmap to IB

Clocking

Hello forum users, If you were in your penultimate year at at target school in Australia what steps would you take to land a summer internship? I know that grades, networking, and case competitions help but I'm curious as to how other people would approach it. Essentially a step-by-step process....

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Institutional Trading Hong Kong - SMS Associates

press

SMS Associates has built a team comprised of some of Asia’s top talent. Our focus and unparalleled sales and trading expertise have created a powerful domestic and international distribution capability that has lead to a consistently high level of client satisfaction....

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Roles and responsibilities of business analyst

dnagrowth

Hello I am MBA student and I want to start my career as a business analyst. So, I want to know the roles an responsibilities for this job. Any pros and cons are highly appreciated. Thanks!...

4
+1
Asset Backed Securities Outlook

Tego987

I was wondering if anyone could speak to the ABS banking function at top BB banks. Is this a role that would be a good starting point for a career? Also, read an article a weak ago saying there's a company using AI to purchase the underlying ABS loans, so I was wondering how susceptible ABS banking ...

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Need Help Figuring Out Group Name

ISE_CS_Monkey

I come from a Computer Science and Industrial and Systems Engineering background. I am trying to develop my career in investment banking, and I am very interested in one specific group, but I do not know the name. Basically the group sits within the investment bank automating the processes of and ...

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Promotion Process in BB IB - Up Or Out

awpeoijf

Does anyone have any insight regarding the promotion process in banking specifically for BB. Is the process really up or out? What does it look like from analyst to associate and associate to vp? Thanks for your help....

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FT overtime in corporate banking?

Dont-bank-on-it

Hi All, Just got an offer for a T3 global bank in a corporate banking originations capacity. Offer was about 5k lower than what I expected but it was structured that I would get 1.5X OT for all hours past 40. Has anyone seen an offer like this before? I am coming in with just under 2yrs experience ...

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+6
Asset-Backed Finance & Capital Markets Exit Ops from BB

FiredFedChairman

Have an offer from a BB/borderline BB (think UBS, Wells, RBC, etc.) Wondering whether to pursue asset-backed finance or something in the capital markets division. My main concern here is the exit ops -- what kind of career opportunities does someone coming from asset-backed finance or ECM/DCM have? ...

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What do you think about the IBP Credential?

BabyAckman

**IBP Institute** Investment Banking Professional Credential I would like to hear your opinions, especially from the ones who aspire to be in IB, currently in, or anybody who has already served their time in IB. Perhaps mention that here and whether you come from a target, semi, or non-target since...

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