Guys, just finished sophomore year at a semi-target. Interning at a very-well known boutique I-Bank in ER FIG after completing an internship at another I-Bank as a spring analyst. Got an email from a recruiter at Macquarie basically looking to hire me.
Anyone got any info on these guys? He looked at my linkedin profile, where I have my title as "Equity Research Summer Associate at xx"
I think he thinks I'm a FT employee here but I have it written everywhere that I am still in college.... He asked me to email him if I'm interested.
Whats the dirt on this firm? I've been reading good and bad on them and can't seem to figure out if its worth the time and effort to make the trip down there. Worried that if I set up a meeting, I will go down there for nothing after I tell him I'm going to be a junior next year when he's looking for just FT hires.
Also, this is for an ER position - I would be more interested in IB, is it a bad idea to ask him if there are any openings for that as well?
Thanks
They get no more scrutiny than any other IB out there. Try finding a firm with no dirt on their hands; it's impossible, somethings are always going to piss people off.
Why not go ahead and contact the guy back? The only thing you'd waste is time and lining up potential full time gigs is always a good thing. I'd go along with it and if he's unaware you're only an intern that's his fault.
Best of luck
Macquarie is an Australian Ibank with a decent reputation. It isn't Morgan Stanley or Goldman Sachs, but it is definitely a well-respected bank. I've heard some stories about slightly lower compensation (think 10% less) and slightly more work (i.e. the 100-120 hour weeks may be a tad more consistent at Macquarie). But overall, it is your run of the mill, international Ibank. Perhaps not the ideal choice, but it isn't a terrible place to work.
So its an Aussie bank, and its no Goldman viewed globally a la size as highlighted above; however thats how their viewed in Australia because before the GFC they were making a ridiculous amount of money, like from 2000 to the the GFC they outperformed major BB's by quite a bit, think 50-100% share price for GS and much more for others.
Just a small note; They made their money in a major way by using what was dubbed the 'Macquarie satellite model' they basically bought businesses and then re-listed them on the stock market and then charged large management fees and ran it almost like a fund. Babcock and Brown ( B&B ) basically Australia's version of Lehman tried to copy this model, however they held major parts of these business on their balance sheet, thus the difference after the GFC was that B&B went bankrupt after the value of these businesses they bought went down in value whereas because Macquarie didn't keep it on their balance sheet the fall in stock prices didnt affect their balance sheet.
Obviously investors ended up unhappy because they were paying large management fees to Macquarie in their listed satellites that weren't making money so Macquarie let them buy them out of their management contract for millions.
There a smart bunch of guys, thats where i will be looking at working in Australia - plus they have never had a negative year of profit either.
Unfortunately i cannot give you any specific knowledge about ER in America however they did buy up alot business in Europe and the America's post GFC to take advantage of their strong blalance sheet and buying power at the time of the AUD however they seemed to have under performed the market and their business macquarie as a whole had a ROE of ~ around 6.7% FY2012. My opinion is that there could very well have been a fairly large exodus of talent and they haven't been making a whole lot of money.
That being said they are still a global investment bank albeit smaller ~ around 15 Billion market cap +/- 10%.
If i can give you any other advice or more specific info about them as a company you can send me a PM.
Cheers.
Lol. Got the same email. Was the recruiter of chinese descent?
DotteringandSpl, thanks for that!
Beny, yep. Haha. Are you going to pursue it? I just told him I'll be in NYC on the 28th for the WSO conference the next day and asked if he'd be willing to meet up.... I wonder how many people he reached out to
I am going to email him back with my updated resume. I think their Associate means an Analyst in the US. I am also incoming senior in college doing a SA stint this summer at 3 places.
Associate in ER is equivalent of analyst in IB.
An SA at 3 places? Something doesn't seem right...
Good work ethic. How are you gonna fit all that in?
Macquarie is head hunting associates for ER in NYC? That's a surprise, in this environment...
Bingo. In ER associate is the entry level position, then you get promoted to analyst -- basically the reverse of IB.
It is actually IBD analyst + associate combined. ER analyst is VP or MD level.
At my firm Analyst is like 2nd/3rd year associate, Sr. Analyst is VP/low-MD. We have MDs though, usually like 45yrs+
Pro tip: You should assume that recruiters are shitheads until proven otherwise. This guy may have just blindly sent out 100 LinkedIn messages. This doesn't mean that you shouldn't talk to him--there's never any harm in talking. But don't put too much stock in it.
Macquarie Equity Research (Originally Posted: 11/05/2010)
Does anyone have any input on Macquarie's US ER department, or the firm in general? How is comp vs. street, how is reputation, how is it viewed by the buy-side vs. other middle market/boutique firms(Jeffries, Stiefel, Oppenheimer, KBW, etc.)?
Ya, varies from firm to firm. Have seen post-MBA associates with the same sr. analyst for 5+ years, so is more than an entry level gig.
Comp is 70 and 10 sign on bonus. Not sure what the end of year bonus is.
Thanks for the input. I heard their US office was expanding, but still unsure of its rep on the street in US.
I know a few of their analysts took off for comp reasons.
Don't think they are too strong in anything honestly.
Macquarie Horror Stories (Originally Posted: 03/03/2011)
I have seen some Macquarie stuff on the IB talking about zero bonus, below street pay, etc.
How does this look for ER? I am really looking for some information on culture as well.
I know people dont like to throw out their pay, but +/- percent of street and +/- bonus would be helpful.
Thx
i hear they purposely have no walls so its one big open area -- no privacy. the analysts could also be sitting right next to their MD...that's a horror story right there. this is what i heard for IB.
Yea, speaking to my OP, i have heard bad things about Mac IB. Does anyone have any info on ER here?
Does nobody have insight on Macquarie research?
ER at Macquarie (Originally Posted: 06/07/2012)
Have an interview with Macquarie coming up - what's the inside scoop? What's their research platform like, anyone interviewed with HR before? What sorts of questions to expect?
Just to clarify, this is their sell-side business, not Delaware Investments.
HR was the usual background, excel skills, walk through a DCF, why Macquarie.
I interview with the head of research over there in the final round. Let me know if you get that far and I'll see if I have any insight.
Otherwise, honestly, everyone was pretty unhappy in the group I interview with. They were part of an acquisition and i think Mac f'd them pretty hard from where they were previously.
For starters, they kicked all the VPs and MDs out of their offices and made them sit in cubicles with their associates. Its a Mac thing. And Mac has never been known for high comp.
No idea on their overall platform.
Lots of turnover
Agreed. I have heard talk of layoffs and resignations over the past year, but don't know the numbers.
And I can vouch for the VP/MD seating thing...as of 2 years ago, they were bragging about it at info sessions. I have no idea why anybody would like the arrangement.
Thanks to all who responded.Wanted to post an update to the benefit of posterity. sk8247365 above was spot on, that is exactly how the convo with HR went. Second round was a lot more technical - a few basic valuation and accounting questions (how do you value a company, BV vs MV, etc). One analyst focused expressly on fit, so I think it depends on who the interviewer is. That being said, I did get the sense that Mac cares more about technical proficiency than a lot of other shops.
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