7 Practical Tips for Entering 1st Year IBD Analysts

It's been over 3 years since I first came across WSO as a junior in college. Eventually, I was able to land an IBD analyst gig at a BB. My experience has largely been great, and I am now a 2nd year analyst who will soon join the buyside. I owe a debt of gratitude to many, not the least of which is the WSO community.

I've noticed that there are plenty of resume / interview prep materials and topics out there, but less so practical, easily actionable tips for those entering banking. Therefore, as a contribution to the WSO community, I've put together a short list of direct, practical tips that I feel that every new analyst should know. I've tried to keep these tips group/bank – agnostic, and noted when they might be less relevant where applicable.

So without further ado:

Tip #1: Sign up for frequent flier /hotel programs. If you are in a group that allows analysts to travel to meetings, this is money. Business / First class tickets => bonus miles. Even if you will not be travelling, or not working in banking at all, you should still sign up asap. It costs you nothing and can only lead to good things.

Tip #2: Sign up for AMEX Award program. It used to cost $75 /year (may have gone up since then). This allows you to earn points on corporate purchases (cabs, meals, travel, deal toys, closing dinners, etc). The quick and simple math is 1 pt equals $0.005. You earn 1 pt for every $ you spend. The breakeven level of corporate spending is $15,000 / year for a $75 / year membership. You should ask other analysts in your group how much they spend per month on average on corporate expenses and plan accordingly. (I won't disclose how much I've spent per year but it was WELL over the breakeven amount)

Yes you can use your personal card and get rewards that way, but depending on how much you spend you may not have that kind of working capital, and you also have to worry about lost receipts, paying extra close attention to reimbursements and the such.

IMPORTANT: If you do go with the awards program, make sure to get a personal AMEX at somepoint before you leave the firm so that you can transfer your accrued points to your personal account (otherwise they will go to waste).

Tip #3: Treat your assistant, the presentation / production guys, the janitors, and basically anyone "below" you with respect and dignity. It's easy for anyone to kiss up to the MD, but it's a good reflection of person's character based on how that person treats others "below" him. There are many ways you should build a good rep for yourself, this is one of the easiest ways.

Sidenote: Treat (tip) your assistant especially well. Depending how good they are, they may go beyond their call of duty to hook you up when you need it most. (Think flight upgrades, lost receipts, helping you on a weekend, etc)

Tip #4: Get a gym membership and use it. Obvious reasons.

Tip #5: Don't treat the $25 meal allowance as a target that must be met. Yes you would be leaving money on the table, but sometimes less is more. $25 of anything, even sushi, is a lot of food. Though there are things you can do to counteract this (have a naturally fast metabolism, get a gym membership and use it frequently and right before eating that $25 feast). Saving food for lunch the next day is always an option.

Tip #6: Pay what you must for fast, reliable internet. Invest in a good keyboard, mouse, chair, and at least 1 large monitor. Buy a quality set of earbuds with a quality microphone. You want to be able to take calls and work from home as much as possible in as comfortable of a manner as possible. (Note: this is not the case for groups where facetime is important, nevertheless you should still invest in the above => no group I know expects facetime on weekends)

Tip #7: Headhunters are good to talk to, regardless of what you want to do. Just keep in mind as friendly as they are and how much help they provide, they are not your friends and it is a business relationship. This applies for everyone throughout their careers, not just IBD analysts going through buyside recruiting: you should be speaking with multiple people whom you trust who have YOUR best interests at heart and no ulterior motives that may conflict with those best interests.

I'm sure others have tons of tips as well so I'll stop here and let others chime in.

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Comments (77)

Apr 17, 2013 - 3:35am

Let me be the first to give you an SB.

I am permanently behind on PMs, it's not personal.

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Apr 17, 2013 - 2:29pm

hopingtobreakin:
Tip #9: Don't bitch about how much you hate your job to everyone especially when you suck at it!

Yup, worked with that guy too.

Ace all your PE interview questions with the WSO Private Equity Prep Pack: http://www.wallstreetoasis.com/guide/private-equity-interview-prep-questions
Best Response
Apr 17, 2013 - 3:00pm

Tip #10: Personal items for your desk:
1. Tooth brush, tooth paste, mouth wash and extra stick of deodorant
2. 1 bottle of your go-to hot sauce
3. 1 hardcover copy of "Valuation" by McKinsey, latest edition. Don't ever have to open it, just make sure it's in plain sight. Also maybe buy a used / worn copy of the previous edition and stick it next to it
4. 4 EMERGENCY 5-Hour Energy bottles. Use for all nighters and mixing in your yogurt
5. 2 new and sealed white Charles Tyrwhitt shirts
6. 2 cans of snus (some mangy-er guys will go straight for Skoal, don't go down this path, trust me)
7. 1-2 "nerf" material football(s) / preferred sporting good. 2 is better 'cause your lazy VP will steal one
8. 2 cans of peppermint Altoids
9. 1 putter. Preferably one that has a wood shaft, retired from your bag or that your dad gave you
10. 1 American Flag. One that's as big as appropriately possible, you're in IB not on a trading floor BTW

Optional / honorable mention: lacrosse "fiddle" stick, college lacrosse / hockey helmet (if you work at LAZ, this could be useful when your MD throws a printer at you), ipad, high powered laser pointer, extra tote bag, sleeping bag mat if you work at a really depressing shop, 1 pack of Titleist Pro V1's, maybe a bottle of Makers (use judgement here), one of these (only if you're good / go-to analyst): http://tinyurl.com/bsu2mb7

Ace all your PE interview questions with the WSO Private Equity Prep Pack: http://www.wallstreetoasis.com/guide/private-equity-interview-prep-questions
  • 15
Apr 17, 2013 - 3:48pm

Stringer Bell:
Tip #10: Personal items for your desk:
1. Tooth brush, tooth paste, mouth wash and extra stick of deodorant
2. 1 bottle of your go-to hot sauce
3. 1 hardcover copy of "Valuation" by McKinsey, latest edition. Don't ever have to open it, just make sure it's in plain sight. Also maybe buy a used / worn copy of the previous edition and stick it next to it
4. 4 EMERGENCY 5-Hour Energy bottles. Use for all nighters and mixing in your yogurt
5. 2 new and sealed white Charles Tyrwhitt shirts
6. 2 cans of snus (some mangy-er guys will go straight for Skoal, don't go down this path, trust me)
7. 1-2 "nerf" material football(s) / preferred sporting good. 2 is better 'cause your lazy VP will steal one
8. 2 cans of peppermint Altoids
9. 1 putter. Preferably one that has a wood shaft, retired from your bag or that your dad gave you
10. 1 American Flag. One that's as big as appropriately possible, you're in IB not on a trading floor BTW

Optional / honorable mention: lacrosse "fiddle" stick, college lacrosse / hockey helmet (if you work at LAZ, this could be useful when your MD throws a printer at you), ipad, high powered laser pointer, extra tote bag, sleeping bag mat if you work at a really depressing shop, 1 pack of Titleist Pro V1's, maybe a bottle of Makers (use judgement here), one of these (only if you're good / go-to analyst): http://tinyurl.com/bsu2mb7


I can't tell if you're being sarcastic with any of these, as some of them seem like perfectly sound advice while others seem tongue-in-cheek.

Regardless, great thread. Keep them coming. I'm guessing that most of these are applicable to summer analysts as well?

Apr 17, 2013 - 4:10pm

Stringer Bell:
Tip #10: Personal items for your desk:
.....6. 2 cans of snus (some mangy-er guys will go straight for Skoal, don't go down this path, trust me)

You can get away with Skoal pouches, at least in Htown. Remember to have a non-transparent spitter (no gatorade bottles) so you don't gross out the VP in town from New York

  • 2
Apr 17, 2013 - 5:22pm

porkbellies:
Stringer Bell:
Tip #10: Personal items for your desk:
.....6. 2 cans of snus (some mangy-er guys will go straight for Skoal, don't go down this path, trust me)

You can get away with Skoal pouches, at least in Htown. Remember to have a non-transparent spitter (no gatorade bottles) so you don't gross out the VP in town from New York

straight chaw or nothing, you should be picking leaves out of your teeth. tell the pussy VP from NYC its a new herbal diet from Nepal or something. he'll probably say, 'oh, my husband does the same thing twice a yearrrrrr!'

My drinkin' problem left today, she packed up all her bags and walked away.
  • 4
Apr 17, 2013 - 7:58pm

Point number two is not right. If you are getting one point for every dollar you spend, you are getting ripped off. There are many better credit cards out there that gives you more points.

Apr 17, 2013 - 9:01pm

bonobochimp:
KKS:
Point number two is not right. If you are getting one point for every dollar you spend, you are getting ripped off. There are many better credit cards out there that gives you more points.

Like what?


The 3 credit cards I have (it sounds weird saying that... But, I'm extremely responsible with them) all earn 2x to 4x that amount in rewards and they all occasionally have deals where they offer 10x that in rewards. They also cost me nothing...
Apr 17, 2013 - 9:05pm

bonobochimp:
KKS:
Point number two is not right. If you are getting one point for every dollar you spend, you are getting ripped off. There are many better credit cards out there that gives you more points.

Like what?

It depends on what you want.

Citi Forward does 5X on bookstores, restaurants (including fast foods), and movies. Chase Freedom and Discover More do 5X in revolving categories (Starbucks, gas, departments stores, etc.). Fidelity Investment Rewards American Express does 2X on everything. American Express Blue Cash Everyday does 3X (or 6X if you pay a yearly fee) on groceries. PenFed Platinum Rewards Visa does 5X on gas.

Apr 17, 2013 - 9:53pm

narby:

Tip #6: Pay what you must for fast, reliable internet. Invest in a good keyboard, mouse, chair, and at least 1 large monitor. Buy a quality set of earbuds with a quality microphone. You want to be able to take calls and work from home as much as possible in as comfortable of a manner as possible. (Note: this is not the case for groups where facetime is important, nevertheless you should still invest in the above => no group I know expects facetime on weekends).

An important tip that's barely mentioned.

Apr 18, 2013 - 3:04am

In response to

KKS: Point number two is not right. If you are getting one point for every dollar you spend, you are getting ripped off. There are many better credit cards out there that gives you more points.

Yes, there are better personal credit card reward programs out there, but we are talking about tens of thousands of dollars of corporate expenses and hundreds of receipts. Hence my previous comment regarding personal net working capital. It takes weeks for certain firms to reimburse out-of-pocket expenses. Additionally, having to keep track of receipts on personal accounts is just an unnecessary headache. When you use your corporate card, they are automatically charged to the firm and logged down. You will need to worry less about lost receipts and potential screw ups. Are the superior rewards on a personal card worth the hassle? It's your personal decision but a no-brainer for me.

In response to

Dukebanker2012: Any tips to prep for PE recruiting? Or tips to get in the top-tier bucket?

I do have tips for both those questions, but those would run long, so maybe I'll start another thread or respond some time down the line, or someone else can chime in for now. I think I have seen previous threads discussing those topics as well. During training / orientation your firm will certainly teach you "analyst best practices." Different analysts have different ways of being "good" and differentiating themselves. In any case, the best answers for your questions would need to be highly tailored based an your group, background, personality, and interests. I would ask older analysts in your group and other friends who have worked in banking who know you well for advice.

Last tip from me on this thread: Minimizing Taxes and Saving $

This last tip is written from a US-perspective and may be less applicable for monkeys in other countries. First, as a summer analyst, you should be getting nearly all of your money back when you file your taxes. If not, you did something very wrong. Think about it, they are taxing you on $70k base, but you really only made $15 -$40k that summer (depending on which bank you worked at, overtime and such). Your tax refund come April of the following year should be enormous.

Likewise, when you start full time in June / July. You are getting taxed on a $70k base, but you will only work 50% of the year and make ~$45k counting the signing bonus.

Note: The above numbers will obviously be impacted by any other sources of income throughout the year (part time job, investment income, etc) It will also be impacted if someone like your parents are claiming you as a dependent.

When you file taxes, do not forget about the student tuition tax credit (if you were in school). Also, if you are planning to save any money, you should definitely contribute to your IRA. It functions as a large and easy to use personal tax shield. Very few people know that you can actually use your IRA to pay for certain things before you are old and retired, like business school. If you want more details about the benefits just Google it.

The 401-K is a must too. It's a personal tax shield and the firm will match some portion of it. More free money. Though you have less control over when you can withdraw the funds, the benefits in my opinion far outweigh the drawbacks. You should max it out.

Sidenote: One thing to keep in mind is when your bank pays bonuses. I for one did not realize that my 2011 bonus paid in Jan 2012 would not affect my 2011 taxable income (it counts toward 2012 taxable income). Without going into details that might be confusing, let's just say that I would've allocated my 2011 401-K contributions a little differently if I had known this was the case.

Disclaimer: I am not a tax expert and am not certified to give personal financial advice. Do not try to hunt me down and sue me if you take this advice and something bad happens. You should only put funds in illiquid investment accounts such as an IRA / 401-K if you KNOW that you will not need it any time in the near future. Also, if you feel that there are better personal capital allocation opportunities than a 401-K / IRA, by all means go for it.

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  • 3
Apr 28, 2013 - 3:26pm

Just do #2 and only bother with #1 for hotels/flights(i.e. 2 or 3x point categories where you can easily get a replacement bill). You REALLY don't want to be the guy who lost the receipt to the 50 person event at Michael's that you put on your card for the points.

Stringerbell, a lot of the other stuff can be improved with a little bullpen coordination. We all had different sauces at our desks. Sriracha, while great, is not helpful when you order a steak on seamless and they don't include the Worcestershire. This also works well for ties if you don't wear them everyday - inevitably you will need to go to a meeting on the day where the tie in your desk doesn't match your wso/">shirt/wso/">suit.

The 4 key replacement is gold. Although based on use I'd rather replace my F4.

  • 3
Jan 3, 2014 - 8:46am

great post.

Progress is impossible without change...
Jul 18, 2016 - 5:48pm

Seven guerilla techniques I learned from third-year veterans - No one will ever tell you you'll need (Originally Posted: 03/29/2007)

These are the skills that no one will ever tell you you'll need:

How to field-strip HP9000 laser printers using only a letter opener and a piece of twine... and no ink on the Thomas Pink, natch.

How to ungroup and alter charts in PowerPoint instead of pasting them in from fresh data. Yeah, don't say you don't know what I'm talking about here.

How to FactSet, massage, then Alt-ESV the entire comp summary sheet. It's parallel to a gangster shooting his opponents and burying them in concrete. It's highly unlikely anyone will ever find the evidence, but if they do... run. Just run. No amount of omerta is gonna save you.

How to change any and all "data as of" dates to something more current without actually rerunning the numbers... and how not to get caught. (Hint: double-check with a data provider to make sure it's still in the ballpark.)

How to make sure nobody actually ever scrubs your numbers. This technique requires many boxes of tiny sticky flags, six colors of highlighter, several big black binders, bad handwriting, and a solid knowledge of the associate mentality. If you drop a truckload of hard-copy backup on their desk with several hundred sticky flags pointing every which way and color-coded handwritten notes that look like they're in Farsi, you really think they're gonna roll up their sleeves and start scrubbing? No. They'll trust you.

How to keep one big dinosaur of a project -- hopefully one requiring very little daily attention -- on your staffing sheet for months at a time so that whenever anyone walks over with a new project to give you, you can point to it and shrug.

And the best one of all: how to bullshit your way into being allowed to take a nap. You can't overuse this one, but it can be a lifesaver if you time it just right. At 3 AM, figure out a critical question that definitely should be answered before you go any further. Email your superior about it in a highly concerned tone. Then head to the lounge and catch a few hours of sleep. And enjoy. You earned it.

Jul 18, 2016 - 5:49pm

not mine, but worth postimg. for those who realized that they hated banking from the get-go (this is from a commercial banker, but the tips may earn a few minutes of respite in IB, instead of the hours he gets away with in the slow lane of finance).

  • enjoy

originally from http://www.justquitwork.com/index.php?p=34

How To Look Busy (Without Really Trying)
Filed under:

* Corporate Whore

There are a few things that are necessary when you have to appear to be working:

  1. If you’re on a computer, angle your monitor so that nobody but you can really see it.
    Duh… I’m sure you know this one already. Most cubicle formations are designed so that a manager or supervisor can snoop on the other employees’ computers from the privacy of their executive cubicle (or office). Turn your shit to a funny angle; if anybody asks, tell them it’s for ergonomic reasons, and that’s the only way that you’ll feel comfortable. They might scratch their heads in confusion, but very few people will openly question you about it. This is especially important when you’re doing your IMing or non-work-related emails. Even if they catch your screen at a slight angle, they don’t get a clear shot.

  2. Stack your paper.
    I’m a pack rat by nature, and this habit evolved directly from that trait. I keep about 2-3 folders full of unnecessary forms, printouts, and unimportant documents that I employ to maintain the appearance of being busy. I make it a point every morning to take out my stacks and spread as much paper around as I can. I usually like to alternate the folders in case anyone is anal enough to sift through them. I don’t want them to see the same stuff everyday. By doing this, I prevent anyone from dumping extra work on me. I always tell them that I have to “finish up a couple of things” before I can get to anything else. Works like a charm every time…

  3. Keep your hands full
    You will always see a piece of paper in my left hand when i’m sitting at my desk. I usually don’t even know what’s on the paper. This lets people know that you’re working on something that needs to be completed RIGHT NOW - and they shouldn’t bother you until it’s done.

  4. Pick up the phone frequently.
    Especially if you’re in danger of being approached by somebody that you don’t wanna fuck with (customer, co-worker, boss). Give the appearance of being on hold. If your phone has the lights that indicate whether or not you’re connected, find a useless 800 number to keep it lit until the coast is clear. My favorite useless 800 number is 713-H-O-U-S-T-O-N. It gives you a bunch of tired information about events here in Houston. I spend the whole time navigating its menus. You might trip, but it works. People will be hesitant to fuck with you if you’re on another line.

  5. Look perplexed (my personal favorite).
    “Wow. Whatever you’re working on must be serious.”
    “Come holler at me whenever you’re done with that. Looks like you need to knock that little issue out.”
    “Whoa! I won’t disturb you right now!”

These are all desired responses when you deliver the “perplexed” look. You have to screw your face up and give the appearance of reading something in an alien language. Nobody makes this face unless they’re up against something serious. Nobody will approach you in this situation because they run the risk of being asked for help. Lazy bastards.

Follow these simple steps, and you’re well on your way to looking busy without trying…

Jul 18, 2016 - 5:50pm

a few of these made me laugh, in part, because i've been guilty at times. it's one thing to do this when an upper needs something and you really have no excuse to not help but the last thing i need is an entry-level needing help with something that will take me longer to explain for the third time than if i did it myself. i'm not going to feel bad about presenting a facade of being busy so they are prompted to figure it out without more of my help.

Jul 18, 2016 - 5:52pm

bullshit, bullshit and more bullshit

------------ I'm making it up as I go along.
Jul 18, 2016 - 5:53pm

At the analyst level: Good attitude. NEVER EVER COMPLAIN, except in front of other analysts (and even then, not all of them)

Above the analyst level: ^^what the poster above me wrote

Jul 18, 2016 - 5:55pm

1) Money

2) Cash

3) Hoes

__________________________ if you ain't first, you last
  • 1
Jul 18, 2016 - 5:56pm

Perseverance - Obviously you go through a lot as an analyst, and there are going to be 5 to 10 "crisis" moments when all you want is to go home, to go to sleep, to quit. Making it through those two years is all about being able to hold strong through those moments without breaking down.

Bullshit - During your time as an analyst you're going to churn out a lot of bullshit. You'll be asked to conform analysis to fit a pre-determined conclusion or to create a whole slide of company profile with only a CapIQ tearsheet. Reach down deep and pull out your best garbage. Smile.

Humility - Speaking of bullshit, you are going to get shit on. By everyone. Associates will ruin nights, weekends, date plans, and holidays. You'll pull all nighers doing crap work for an MD that doesn't add value and that nobody will ever see. You've got to keep your head down and avoid the "I'm too good for this" feeling - because once you get that in your head, every single day is that much more brutal.

- Capt K - "Prestige is like a powerful magnet that warps even your beliefs about what you enjoy. If you want to make ambitious people waste their time on errands, bait the hook with prestige." - Paul Graham
  • 3
Jul 18, 2016 - 6:00pm

@Banker88

Considering reviews will be a primary factor in your bonus comp and associates have the most direct exposure to your work, I don't see why you would bitch to one of the people who has a significant pull on your total takedown. A number of other factors obviously contribute to bonus, but I would do your best not to negatively influence any of them.

Jul 18, 2016 - 6:02pm

hotness, work ethic, attitude

========================================= We are excited to formally extend to you an offer to join Bank of Ameria
  • Anonymous Monkey's picture
  • Anonymous Monkey
  • Rank: Chimp
Jul 18, 2016 - 6:06pm

Seven guerilla techniques I learned from third-year veterans - How to ungroup and alter charts (Originally Posted: 03/22/2007)

These are the skills that no one will ever tell you you'll need:

How to field-strip HP9000 laser printers using only a letter opener and a piece of twine... and no ink on the Thomas Pink, natch.

How to ungroup and alter charts in PowerPoint instead of pasting them in from fresh data. Yeah, don't say you don't know what I'm talking about here.

How to FactSet, massage, then Alt-ESV the entire comp summary sheet. It's parallel to a gangster shooting his opponents and burying them in concrete. It's highly unlikely anyone will ever find the evidence, but if they do... run. Just run. No amount of omerta is gonna save you.

How to change any and all "data as of" dates to something more current without actually rerunning the numbers... and how not to get caught. (Hint: double-check with a data provider to make sure it's still in the ballpark.)

How to make sure nobody actually ever scrubs your numbers. This technique requires many boxes of tiny sticky flags, six colors of highlighter, several big black binders, bad handwriting, and a solid knowledge of the associate mentality. If you drop a truckload of hard-copy backup on their desk with several hundred sticky flags pointing every which way and color-coded handwritten notes that look like they're in Farsi, you really think they're gonna roll up their sleeves and start scrubbing? No. They'll trust you.

How to keep one big dinosaur of a project -- hopefully one requiring very little daily attention -- on your staffing sheet for months at a time so that whenever anyone walks over with a new project to give you, you can point to it and shrug.

And the best one of all: how to bullshit your way into being allowed to take a nap. You can't overuse this one, but it can be a lifesaver if you time it just right. At 3 AM, figure out a critical question that definitely should be answered before you go any further. Email your superior about it in a highly concerned tone. Then head to the lounge and catch a few hours of sleep. And enjoy. You earned it.

Jul 18, 2016 - 6:07pm

Invaluable to any analyst. Those, and so many more. Those are life-hours you're saving. That's like a whole turn of personal EBITDA right there.

<><><><><><><><><><><><><><>Once more into the breach, dear friends.
Jul 18, 2016 - 6:13pm

This is not just a joke, sometimes you have no choice but to take shortcuts. I've seen quite a few of those things happen. Some are not really avoidable in special cases of emergency, others you just get shot by the pool and your superiors, earning a real bad reputation that sticks (re. the Alt-ESV: just never do that!)

Jul 18, 2016 - 6:14pm

is this really possible?....

How to change any and all "data as of" dates to something more current without actually rerunning the numbers... and how not to get caught. (Hint: double-check with a data provider to make sure it's still in the ballpark.)

Jul 18, 2016 - 6:15pm

Happens at different levels. You 1) get the date changes on the presentation itself, or 2) running the automatic updates (share price, exchange rates) without updating the rest (net debt, broker forecasts).

In the 1st case an MD actually asked the analyst to do that. Who's the analyst to suggest otherwise?

Remember that comps are an average over quite a large sample of multiples, and the multiples themselves unusually only show 1 decimal. You only get big changes after a certain amount of time, with:
- share price evolution (not an issue in case 2, and these are often averages over 1 to 3 months)
- announcements from several companies: quarterly results, strategic financing (as opposed to refinancing), which would make you recalculate net debt or cause equity analyst to publish new reports with different forecasts.

At the end of the day, these shortcuts will be used when you don't have a choice and normally only in pitching situations. I'm not saying this is right, I'm just explaining the "why" and "how".

As for "personal integrity", consider this:
- this will only be done if they don't impact the bigger picture.
- what is less ethical between the above and all the hardcore number "tweaking" that takes place in executions to reach the right price. Example:

Analyst: here's the DCF, EV=2bn
MD: that's way too low, keep it right but give me 3bn, that's the price they’re ready to pay
(If the analyst is inexperienced enough to question the MD, discussion continues:)
Analyst: but that's impossible, I already took bullish assumptions based on the best sources
MD: hey, rethink working capital, capex, terminal growth rate, discount rate, etc; don't tell me you can't find a solution, you’ve got more tools than you need!

Jul 18, 2016 - 6:16pm

Indeed, that's one of the hallmarks of a good Analyst: being able to conjure a desired valuation for the pitch while still using reasonably defensible assumptions. And do it quickly.

A good Associate should in turn be able sniff out tenuous assumptions and adjust accordingly.

A good VP should be shifty enough to be able to take the credit for the now-ironclad valuation, maybe making a tweak or two so that he/she can claim ownership (not that I have anything against VPs or anything).

And a good MD should be able to look the prospective clients right in the eye and, without blinking, tell them that their company is worth much more than all the other banks say it is. And be right.

<><><><><><><><><><><><><><>Once more into the breach, dear friends.
  • 2
Jul 18, 2016 - 6:17pm

"How to ungroup and alter charts in PowerPoint instead of pasting them in from fresh data. Yeah, don't say you don't know what I'm talking about here."

My charts are always picture files from excel. I don't know what your talking about. I usually just do a quick redo in excel and paste them in as a picture. How do you do it?

Jul 18, 2016 - 6:18pm

You can convert it to a windows drawing object and it just breaks apart the picture into a billion little pieces that are all grouped together. You can then manipulate it that way. It's good in a pinch to make little cosmetic changes, particularly if the original file with the graphic/picture is unavailable for whatever reason, or if you're trying to get Excel to make a chart and it's just being obstinate and isn't displaying something correctly. It's messy and very rarely used, but is a helpful shortcut to know.

<><><><><><><><><><><><><><>Once more into the breach, dear friends.
  • 1
Jul 18, 2016 - 6:21pm
  1. The ability to separate important points from unimportant ones
  2. The ability to read your client, read the situation, and tailor your response accordingly
  3. Knowing who to put on the deal team
  4. Planning ahead, allocating time and resources appropriately
  5. Making it seem to the client that you are devoting the majority of your time to them
Jul 18, 2016 - 6:22pm

Relationships. /end thread.

"They are all former investment bankers that were laid off in the economic collapse that Nancy Pelosi caused. They have no marketable skills, but by God they work hard."
Jul 18, 2016 - 6:24pm

Daily Routines at Work (Originally Posted: 05/12/2010)

So I'm switching to IBD M&A for an analyst position in about a month for a boutique but prestigious firm - about 35 people that does deals starting at $1b and up.

My background has been in Asset Management and although I'm good with Excel - I have never worked in IBD and have never dealt with complex M&A models. There is no training program so I'm a little nervous that I will be handed a lot of responsibility early on. As a typical analyst position would entail - I have to do a lot of work with Excel models.

I was wondering if people could post their daily routines at work. I'm particularly interested in knowing what type of work is done on Excel - I'm under the assumption that firms have a particular M&A model and analyst are expected to run different scenarios using that model and provide analysis - so more data manipulation instead of creating models from scratch.

Thanks :)

Jul 18, 2016 - 6:26pm
IlliniProgrammer:
This would be one of the rare cases where a "work prep course" might be helfpul.

I went through DealMaven about 2 years ago - I don't find it helpful in terms of real world experience, it was helpful in terms of learning some Excel functions

I really want to know more about daily routines and more specific details in the type of Excel work I could expect in M&A

Jul 18, 2016 - 6:29pm

I was in a similar situation. I went from HF to IB, came in as an off-cycle analyst. Its hard to give you what the routine will be like, but just know it is NOT rocket science and if they hired you, it means they thought you were intelligent enough to quickly pick up and do the work. Dealmaven should have been enough to at least give you some of the basics of the valuation work. Everything else will mainly be bitch work and can be picked up as you go along.

Only thing you should be worried about is how you will maximize your free time (if you have any) in between your move from your current job to the IB.

  • 2
Jul 18, 2016 - 6:33pm
Mezz:
I was in a similar situation. I went from HF to IB, came in as an off-cycle analyst. Its hard to give you what the routine will be like, but just know it is NOT rocket science and if they hired you, it means they thought you were intelligent enough to quickly pick up and do the work. Dealmaven should have been enough to at least give you some of the basics of the valuation work. Everything else will mainly be bitch work and can be picked up as you go along.

Only thing you should be worried about is how you will maximize your free time (if you have any) in between your move from your current job to the IB.


Thanks for the feedback Mezz, I'm not sure what your Excel background was before coming on board, but did you have any trouble handling the tasks you were given? Did you have to ever ask for help? I know this isn't really hard but since I'm going to a relatively small firm, my work will definitely be very visible.
Jul 18, 2016 - 6:31pm

yea, anyway, maybe you can have someone send you over the training models from a bb

there are plenty of resources available, id refer you to the rosenbaum / perella book called investment banking: valuation, leveraged buyouts, and mergers and acquisitions.

------------ I'm making it up as I go along.
Jul 18, 2016 - 6:32pm

None of the elite boutiques have 35 people... Just because a firm does a few 1 billion dollar deals doesn't make it elite.. Now 20 billion dollar deals are a different story.. I'd say Gleacher if its that small..

Jul 18, 2016 - 6:34pm

If you are going to Gleacher, which I assume you are since you avoided my response, then you need not worry. Unlike many of the other firms out there, they don't have a 2 and out system. You can be an "analyst" for 4-5 years. So they really try to nurture you since you'll be working there for a while.

Jul 18, 2016 - 6:35pm
bunkerbanker:
If you are going to Gleacher, which I assume you are since you avoided my response, then you need not worry. Unlike many of the other firms out there, they don't have a 2 and out system. You can be an "analyst" for 4-5 years. So they really try to nurture you since you'll be working there for a while.

Thanks for the info, but its not Gleacher :)
Jul 18, 2016 - 6:37pm

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