UBS Debt Capital Markets vs. Houlihan Lokey FAS
I have to decide between these too. Anybody have any opinions with regards to which position is more prestigious, should offer better learning opportunities, set me up better for full time offers...
Not sure exactly what full-time I want. Either banking or trading...
UBS is a better name and DCM is a better group. HL FAS will most likely have higher conversion rates.
what do you mean by conversion rates? Could you give me a little bit of why you think DCM is better to work in than FAS?
As in, summer analyst to full-time offer.
ubs
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If you want to do banking, UBS.
UBS is crumbling in the US and their credit/fixed income operations are the worst off of the entire bank. Houlihan is rocking it right now.
1, dcm is not banking, its capital market. Capital market guys always say that they do a half banking and half trading, or hybrid blah blah blah..... its not true. they do like 3% banking.... HL FAS is so much better than ubs dcm if you want to do banking/pe in the future.FAS requires a lot of DD and modeling. moreover, HL FAS is one of the best on the street.
2, UBS is going down. MM is really hot right now....
Amidst the GFC and loss of the healthcare team, Oswald Grübel seems to have quickly gotten things moved in a positive direction (just as he did at CS). Most MM's won't advise on deals like RBS/Lloyds, NBC/Comcast and Kraft/Cadbury. Although UBS is now more like top 10 in the US instead of top 5, they're def. top 5 globally.
All that said, if I wanted to model and get better quantitative experience, I'd take the FAS offer at HL.
How is FAS in terms of exit opps to the buyside? Do most analysts have to go to B-school in order increase their exit opps? You would think the technical skills picked up in FAS could be very applicable to PE/HF.
Does anyone know what bonuses for a FAS Associate? I heard starting salary is 100K
Look at the date of the original post. I think most now would agree to steer clear of UBS.
fas has bad exit opps...not banking
fas gets paid well. low hours. banker pay.
assuming associate salary for fas starts at 100k...what would you expect first year lassociate bonus range to be? Clearly not as high has the ibankers but how much lower?
WTF is FAS?
Just looked it up...is in non-m&a advisory to financial institutions?
Superior, I'd say, to almost anything at UBS, although doing m&a is better for PE exit ops.
fas is basically valuation...fairness opinions solvency opinions etc. I'm just ciruos if anyone knows whether that means despite 100k for a 1st yr associate that the bonus is only like 10-20k or if it's at least 50 or 75ish? The corp fin group is the m&a group.
Hey, I have experience in FAS...valuation. I've been doing it for the last year or so and I don't think ops are very good and here is why: HF and PE do their own valuations as part of financial and tax reporting. Therefore, your client base is mainly corporations (which I find interesting), but you wont build up incredible contacts unless you want to work at another val shop. Also, you do a lot of modeling, but it's a volume business, so A) you don't delve deep into a companies financials to scrub them and B) the valuation you are providing is based on what a market participant would pay in an orderly liquidation, therefore it is more based on how the market would value something at a particular given time as opposed to an intrinsic value to the company. The fees charged are low, so it will necessarily be a volume business
ReeF, is that HL FAS that you have experience in? Do you know what associate bonuses are roughly for HL FAS?
HL is a huge joke. We are on a transaction advising with them (co advisors) and their team is a complete set of jack offs. Low quality poeple from sub par schools who couldn't get into BB or got laid off because they were bottom tier pussies.
cover, are you talking about the FAS team?
Hey sorry, I just wrote FAS so that people understood that I do the val work, but I actually work at a competing firm (or larger firm than HLHZ in the val space). I would be surprised if they were on par with a banking bonus' only because the nature of valuation work is low fee, high volume. I mean, fees as in majority in the 30K - 100K region up to 1.5-2 million (the latter being an incredibly rare event).
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