Technicals Question

I am currently a sophomore trying to recruit for IB and AM. What is the best and most efficient way to learn technicals? Since applications and interviews are happening right now, how long would it take to learn what is needed? Would appreciate any advice. 

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Hi man, I just wrapped up SA 2026 recruitment so hopefully this is helpful. Ended up taking an IB offer but had some AM interviews as well in Private Credit/Private Equity

IB) Most accessible/common resources out there that a lot of banks pull questions from are 400 Q’s BIWS, BIWS Concept Packets, Wall Street Prep Red Book. Would also recommend the BAM book and IB Vine as well.WSO has great courses to learn on too. Assuming you don’t have to cram for an interview and have time, make sure you are understanding the concepts rather than just memorizing information. Makes interviewing way easier when thrown a curveball and you can just rely on that conceptual knowledge.

AM) The technicals in AM are a lot more scarce and less available as a universal set of questions on the web. In my experience most places care about you knowing the platform the firm invests on, what trends are going on in their space, and why you are interested in them specifically. Be familiar with their portfolio company’s too. If PE would also recommend being comfortable with paper LBO’s and related questions. Always have a stock to pitch as well.

PM me if you’d like, more than happy to answer anything else.

 

To efficiently learn technicals for IB and AM recruiting, here's what you need to know:

  1. Resources to Use:

    • The WSO Investment Banking Interview Prep Course is highly recommended. It includes a Technical Guide that covers essential topics like valuation, accounting, and financial modeling. This guide is relevant for both IB and AM interviews.
    • The Mergers & Inquisitions Guide is another excellent resource for finance interviews, but the WSO material is more in-depth and will over-prepare you, which is ideal.
    • For AM-specific technicals, focus on understanding valuation techniques, portfolio management concepts, and market analysis.
  2. Time Commitment:

    • If you're starting from scratch, dedicate 2-3 weeks of focused study to cover the basics. This includes learning valuation methods (DCF, comps, precedent transactions), accounting principles, and financial statement analysis.
    • Allocate 1-2 hours daily for consistent progress. If you're under time pressure, consider intensifying your study schedule to 3-4 hours daily.
  3. Key Topics to Master:

    • IB Technicals: WACC, DCF, LBOs, and understanding financial statements.
    • AM Technicals: Portfolio theory, risk management, and understanding market trends.
    • Be prepared for curveball questions like PiK interest or niche valuation methods, as some banks or firms may test deeper knowledge.
  4. Practice:

    • Mock interviews and practice questions are crucial. Use resources like the WSO Prep Pack or Vault guides for practice.
    • Focus on being over-prepared. As noted in WSO threads, candidates often get dinged for not being technically sound, even in early rounds.
  5. Networking and Mentorship:

    • Leverage the WSO Networking Guide to connect with professionals who can provide insights into the specific technicals their firms emphasize.

By following this structured approach, you can efficiently prepare for technicals and maximize your chances of success in both IB and AM recruiting.

Sources: Asset Management vs Investment Banking 101, Advice for summer Asset Management interns, Guide for Investment Banking Full-Time Recruiting, Advice for summer Asset Management interns, As a freshman what should I be doing?

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