Investment Banking SA at Texas Capital Bank?
Just got an email from hr asking yo schedule a interview with me for this bank. For context I’m an Asian male that goes to bumfuck nowhere university in Texas and I can’t believe I even got an email back 2 days after applying. Was wondering if anyone did a summer internship here before and what it’s like? Looking through wso stats it seems you mostly work 60 hours which is doable for me
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You're welcome.
AN2 at TCB/TCS here…
We just had our 2023 SA class depart ~6 weeks ago and from my understanding / developing a friendship with the one I was managing, they really enjoyed it. Couple points to note:
Hours worked/type of work done:
Average of 45-55h/week. Most of this time (~8:30am-4:30pm M-F) is committed to the training program that the program lead has set up. This includes lots of WSP courses, various meetings and teach-ins with key individuals across all lines of business, etc.. The SAs were not involved in any live deals as their limited time with us and lack of experience made it seem redundant to get them up to speed. That being said, they all contributed to various pitches, debt/M&A comps, industry research, etc., so they did get that exposure to actual work-related deliverables. In addition to all of this, they also had various “projects” including an end of summer LBO model and PPT walkthrough of a company of their choosing.
Note: we were told when they started this past summer that due to pay being hourly, we cannot give them work after 5:00. Any “work”done after then was almost always them working on their various projects or WSP courses.
Pay:
Not a damn clue but I believe it was relatively competitive when you consider hours worked and TX taxes.
Culture:
The current AN1/2 class is great, and our new STARs (recent graduates that are officially full time) seem like a nice bunch. Associates and VPs are also great. These are the people you’ll interact with the most. Not much face time with directors and MDs, but that’s typical as a SA. Regardless though, I love the culture here and it’s one of the primary things keeping me here.
Full-time offers:
Of the 9 SAs we had, I believe only 3 were given FT offers for August 2024. I wouldn’t necessarily say that it’s because we’re incredibly picky (we look to bring on 9-12 full time analysts the following year and prefer picking from our prior years SA class) but most of the recent SAs just didn’t perform at the level we’d expect after an 8+ week program.
I think I about summed up all the key points. Hope all of this information helps and feel free to reach out with any additional questions.
Not interested in the SA program, but would be interested to hear the types of deals you all are working on...is it primarily O&G + Real Estate, a mix, cap markets, etc?
Lot of O&G and branded/consumer retail. Used to be a lot of RE but you can imagine that’s slowed down significantly. Bit of FIG here and there. M&A is still slow for us as we’re a new shop but from 1 year ago to now, definitely has picked up. Capital markets / levfin / syndications are our bread and butter in IB atm.
Thank you. I actually just made it to round 3 interviews and I’m waiting for that. Glad to hear the culture is great because that’s what HR was telling me. She said they wanted to recruit humble people.
Also the pay is $32/hr for IB interns and 27/hr for commercial banking
Also another question, how many hours do you work a week? Since you’re a full time analyst
It ranges drastically. I’ve gone through many weeks capping out at 55, this past week was >80 (live M&A deal). I’d say this is largely due to having >15 analysts across M&A and capital markets/lev fin as well as relatively slow deal flow (relative when compared to any larger and more established shop). Keep in mind that the IBD is about 2 years old but when comparing to a year ago, deal flow is significantly higher.
Thanks for all the great info - curious on comp. How does it compare with market (adjusted for hours, COL, etc.)?
Well I can’t speak for the interns but at an analyst level, I’d say comp is definitely in line with market when factoring in both hours and cost of living. After running the math, I’d argue that analysts are making $38-46/hr and taking home about $29-36/hr after both tax and 6% to 401k (based on 55 hour avg week). I can get through most months with 40% of that going straight to savings and the rest towards food, rent, and a 10-20% discretionary fund (travel, going out, etc).
Some of my fellow analysts are far better at saving than I am and manage to put away 50%+ of their income. Not sure how doable this is in a HCOL city such as NY, LA, SF, etc, especially when rent alone seems to account for over 30% of many analysts take-home (whereas in Dallas, I don’t know anyone at the AN level paying over $1,500/mo in rent) and a Chipotle bowl costs at least 20% more.
Once you start factoring in other costs such as needing a car + gas, Ubers, maybe NYC becomes more appealing, but I also don’t have to worry about being mugged or getting stuck outside my office due to a protest everyday.
Edit: Just saw the unusual_whales post regarding average Manhattan rents being $5,552/mo. I’m no mathematician but even an analyst making $200k/yr and paying 20% less than that in rent is still paying well over 30% of income on rent. Absurd.
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