Piper Jaffray: Sweatier Than Ever in 2018

Takeaway message:

Piper Jaffray (PJC) is a massive sweatshop. Probably one of the worst MMs for work/life balance from what I’ve seen and heard. Imperial Capital is the only other MM bank I’ve heard that is worse, and I guess Lincoln now that somebody died.

Background:

Created this new account for anonymity, but I’ve spent a few years at Piper so I have a lot of first hand knowledge on just how bad it can be and what HR/sr. bankers never tell people in interviews or networking calls. Instead all they do is parrot on and on about how “Piper really cares about the people” and “We’re not like other banks”. Not true and is 100% group dependent. Even the “good” groups have some terrible individuals though. Posting this now because of some extremely recent instances which should not be acceptable at all and should highlight why you absolutely should join another firm if you have multiple offers instead of accepting Piper.

Examples and Stories:

- Two analysts had literal breakdowns within the past year. Talking about middle of the day, full blown tears and having to go home. Both highly well regarded too, so it’s not like these are scrub first years being overwhelmed. One of the instances involved an analyst having to print out CIMs and NDAs for every single buyer in a process and actually address and put them in FedEx boxes. Keep in mind Piper always says “we have a targeted buyer approach instead of a shotgun blast approach”, then proceeds to blindly reach out to 100+ or 200+ buyers. This MD apparently can’t accept sending out CIMs electronically and forces a single analyst to do this by themselves on every one of his deals instead of having admins or print services do it.

- Industrials this past summer with multiple interns, analysts, and associates pulling consistent nights until 4-10am, with some doing three days 7-10am in the past week alone. One instance was working until 10am Monday morning (as in was working all day Sunday, then worked through the night until Monday morning) then told to come back at 1pm. If this was really crucial deal-related work, fine. It wasn’t.

- Analyst in HC landed at say, midnight, but wasn’t allowed to fly into the city the meeting was at because an MD was flying into an airport two hours away and is apparently above uber/taxi/renting a car. So the analyst has to fly in at midnight, wait until 2am for the MD to fly in who was coming from a different city, then drive both of them to the final destination two hours away.

- Analysts having to run 15 detailed A/D analyses for a fucking pitch. Not just a generic let’s plug into a template type of thing and cut basic line items from the target’s financials, but full blown, digging into 10Ks/Qs and scrub each one as if it was for a fairness opinion.

- Buyer telling sr. banker they didn’t want to start outreach until after Christmas and New Years (this was before Thanksgiving). Sr. banker proceeds to force multiple turns of the CIM over Thanksgiving break.

- Sr. bankers publicly chewing out analysts and associates with no repercussions other than getting a “talking to”. Stuff such as screaming that somebody is “dumber than a bag of fucking rocks”, that “I’ll do your fucking job for you since you fucking can’t”, and sometimes even cussing people out in writing over email. Apparently this is all viewed as acceptable even though Piper is “a firm that cares about its people”.

- Saturday policy is a joke. Enforcement is basically non-existent and people work double digit hours on Saturdays all the time. I remember back when Piper had a one weekend a quarter off policy, an analyst was given work Sunday morning and when he told the senior banker that was his protected weekend the response was “oh enjoy the rest of your weekend, just have it on my desk first thing Monday”.

Other:

- People complain about the above and then nothing happens. At best a talking to where things die down for a wr two but then then it’s back to the same old horrible sweaty AF mentality. I swear to god the basement of a neckbeard who lives with their parents is less sweaty.

- Piper is super fucking cheap and doesn’t support its analysts and associates with the resources they need to do their job properly, such as fucking them on weekends by not having a print guy there just to save a dime on admin costs.

- Despite what management likes to think, Piper is not a “leading global middle market investment bank”. Two bankers in HK who do literally nothing and tiny offices in like London does not make it a global bank. I mean, the Zurich office just shut down lmao.

Final Notes:

- Some of you might be thinking “why is this poster complaining, that doesn’t sound any different from what I experienced”. Difference is this is Piper, a run of the mill MM. Many of the guys get worked over as analysts and have little to show for it in terms of exit opps. My view is if you’re going to get assfucked, get assfucked by Goldman, Moelis, JPM, Evercore, etc. where you can at least consistently exit to MFs and then it’s “worth it”.

Mod Note (Andy): Don't miss this post "Biggest Professional Regret?" from a former PJC analyst.

 

In diligence. Exactly. Which this banker is not going to be part of. Time spent on overly detailed models is time not spent on things like strategic fit, synergies, pro forma growth, profitability, and competitive landscape, investor reaction, etc. Without a strong case there, the most accretive deal in the world isn't going to get done, let alone initiated.

 
PJC Truther:
Prefer not to say but have heard bad things across all offices, including Charlotte.

I'd lay a bet this is not Minny. I've spent time years ago with A. Duff former CEO and found him much more level headed than other CEOs are in his seat

 

How does this sweatshop approach prepare you versus someone at another bank? Disregarding the long hours, unnecessary work, shitty worklife balance, do you guys feel that you might learn the same/more about finance than someone at another bank because of the extra work? Considering piper, so this would be helpful to know. Let’s say in a theoretical world the the sweatshop culture hypothetically didn’t matter and I only cared about learning experience, would it be worthwhile?

 

Yes, but it makes for painful and expensive associate recruiting when zero of your analysts (or the good ones at least) want to go A2A. The predictable result is that the firm has to spend a zillion dollars recruiting a bunch of MBAs who, let's be honest, are historically very unpredictable performers in IB.

 

It doesn’t make sense paying analysts £££ just to use them as admin or delivery boys/girls tho. I mean I get that they know people would jump to other shops anyways but don’t they want their analysts use their brains more often also?

I’ve been through probs a month of semi admin work without having to use my brain much in my current workplace. I felt like my brain was literally rotten and useless at some point.

 
Most Helpful

IB keeps its rep because no one will admit they slaved away their undergrad earning perfect grades to simply slave away at an IB as a glorified assistant. Therefore IBD analysts make it sound "baller" with how much money they make and how they are closing deals. In reality, they are powerpoint b!tchboys (aka the deck and CIM) who make pretty presentations to the sellers of businesses. Modeling is part of the job, but not a huge part. Despite what you learn in the CFA, valuation does not equal price. Some of you were bashing me for my comp valuation I was attempting awhile ago and how I should use free cash flows. Look, we are looking to buy a company at the lowest price possible and justify it by comps in the market, not do a DCF valuation and pay what the company is hypothetically worth 10 years from now.

IB is like spring break. Have any of you ever went for one? Every year tons of horny frat boys go South to places like Cancun, South Padre and Miami to party and hook up every night with ease like MTV made it out to be. I am here to tell you that it was all a ruse. When I went on spring break, it was easily 10 to 15 guys per girl, and most girls kept close to their crew since they know what our agenda was. The truth was far from what MTV made it out to be. However, no guy was going to admit they blew $2000 on a spring break that was shittier than the run of the mill weekend in their college town; so they lie and saied it was crazier than a GGW gang bang.

There you have it folks. The cat is out of the bag.

 

Woh that reminds me. I went on a boat trip once with another group of folks from the hostel. I suggested we jump in and swim with dolphins. We tried. The dolphins retreated straight away.

Got back to the hostel and had a bunch of people asking me how it felt to be swimming with dolphins. Must be amazing right?

We didn’t. We just tried but them dolphins weren’t having any of it. Apparently those guys told everyone it was balling swimming with the dolphins.

Lmfao people need to get their ego in check.

 

Ah yes. I will say you are lucky you were not attacked. Wild dolphins are pretty vicious and do bite.

Reminds me of farmers convincing city slickers how they get drunk and tip cows. City folks keep the urban legend alive.

 

It's the same with an MBA :

After doing my HSW and blowing $250k and two year of my life, I ended up in PE with a job I wanted (I think). A lot of my compadres are getting their nuts ripped in IB (I worked in IB after undergrad, didn't waste $250K to get in there...)

You do have to keep on justifying and telling each other how you are fucking amazing. I'll tell you what: an MBA is a huge money machine for the University - few will make something out of it, but all will tell you what a unique and amazing experience it was, and they won't forget to tell you they did an MBA...

 

Im all for hardwork, but I personally couldnt deal with being cursed at by a manager or disrespect.

If my work is shit, fine, call it a heaping pile of bantha poo poo. But telling someone they are dumber than a box of rocks, or cursing at someone...nah

 

Does Imperial Capital actually have that bad a rep as a sweatshop? A mutual friend is an associate there and it definitely seems like the analysts get slammed, but there is little info on the firm as a whole so I have never heard of it being widely known as a brutal place to work.

 
joeyballbag15:
Does Imperial Capital actually have that bad a rep as a sweatshop? A mutual friend is an associate there and it definitely seems like the analysts get slammed, but there is little info on the firm as a whole so I have never heard of it being widely known as a brutal place to work.

No idea about overall culture, but I was once on the opposite side of a deal with them. Their MD was the biggest tool that I’ve ever come across in banking, complete moron and abrasive to boot.

 

My MM was very similar to this. There is a general misconception on WSO by some kids that BB is the real deal while MM is taking it easy working 60 hours a week. It's really just the same culture as all the bankers cross pollinate across the banks. For example, my seniors at the MM were all ex-BB people.

Totally, agree that if you're going to slave away, do it at a BB as MM can be the same work but less money and less prestige. However, don't worry about exit-ops. If you got good deal flow and experience, you'll do just fine in MM also. I ultimately got a better exit-op than a lot of BB people coming from a MM and LMM background. It's all about how you play your cards.

 
Controversial

I have no doubt this is true but I think readers have to understand that this stuff literally happens everywhere. To paint Piper as more sweaty than the others is probably doing readers a disservice because I could probably describe similar things at the 2-3 banks I am familiar with/have worked at (disclaimer I've never worked at Piper, never interviewed there or even know anyone who works there).

At the end of the day, most of the banks people are familiar with are large organizations. The groups within them are generally fairly large and the diversity of personalities is generally broad as well. I would go as far to say that you need to be wary of any posts where people try to tell you X group at Y bank has better culture/hours than some other group/bank. It will always vary, people are constantly coming/going, and a single MD/VP/etc. can easily ruin your whole experience.

I wish I had advice to give the readers in terms of picking a bank/group but there really is none. Go off your gut in the interview process but just know you'll never meet everyone and the people you do meet and like may not be there just months later.

 

Yeah not saying it doesn’t happen elsewhere, but Piper lovessssss telling people that they’re different. They’re not. Like nobody at Jefferies harps on “the power of partnership” or any of the BS Piper loves to sell.

Here’s another story: Religious guy at the firm kindly mentions that he would prefer a VP not cuss at him while on an internal phone call due to his religious preferences. VP proceeds to them rip into him dropping all sorts of F bombs and what have you, screaming at the top of his lungs into the phone.

It’s just not worth it when you think about the tier of bank that Piper is.

 
PJC Truther:
Yeah not saying it doesn’t happen elsewhere, but Piper lovessssss telling people that they’re different. They’re not. Like nobody at Jefferies harps on “the power of partnership” or any of the BS Piper loves to sell.

Here’s another story: Religious guy at the firm kindly mentions that he would prefer a VP not cuss at him while on an internal phone call due to his religious preferences. VP proceeds to them rip into him dropping all sorts of F bombs and what have you, screaming at the top of his lungs into the phone.

It’s just not worth it when you think about the tier of bank that Piper is.

SB'd. This kind of commentary gives real examples that are helpful.

 
Quaneaser:
I have no doubt this is true but I think readers have to understand that this stuff literally happens everywhere. To paint Piper as more sweaty than the others is probably doing readers a disservice because I could probably describe similar things at the 2-3 banks I am familiar with/have worked at (disclaimer I've never worked at Piper, never interviewed there or even know anyone who works there).

At the end of the day, most of the banks people are familiar with are large organizations. The groups within them are generally fairly large and the diversity of personalities is generally broad as well. I would go as far to say that you need to be wary of any posts where people try to tell you X group at Y bank has better culture/hours than some other group/bank. It will always vary, people are constantly coming/going, and a single MD/VP/etc. can easily ruin your whole experience.

I wish I had advice to give the readers in terms of picking a bank/group but there really is none. Go off your gut in the interview process but just know you'll never meet everyone and the people you do meet and like may not be there just months later.

HR level bullshit. Then write about your experience if it was shitty at another bank. The generality comment is not helpful at all. This is about Piper J being a shithole that talented people should avoid. Stop pulling HR tactics to reduce the emphasis on PJ.

 

Banking is fucking stupid and I can't believe you cunts on this forum tricked me out of a CompSci degree, 6-7 hour work day, 100k base salary and stock options.

You shouldn't be defined by your career, but when you're a slave, you're a slave. After Uncle Sam and my landlord tag team my ass, I wonder how I'm going to build a castle in the hamptons with bread crumbs.

What concert costs 45 cents? 50 Cent feat. Nickelback.
 

" Industrials this past summer with multiple interns, analysts, and associates pulling consistent nights until 4-10am, with some doing three days 7-10am "

If PJC is actually doing 3/7 days up till 7-10am (on average) and coming back in the office at 1PM w/ approx ~2 hours of sleep then yes.

What concert costs 45 cents? 50 Cent feat. Nickelback.
 

I have friends that work at Piper; albeit not in the IB group. They had stories of violently throwing sht during breaks of rage breaking phones, breaking monitors, and someone breaking their keyboard over their knee. At the time I thought it was made up fables...

 

Well said. Not too different from my experience at a boutique that "was different from other banks."

Banking is banking. The difference is how much you are getting paid while you do it.

Lawyer turned VC, turned banker, turned VC and never leaving again.
 

From what I can tell, I really see most MM banks heading towards opposite ends of the spectrum. The really good ones are able to promote a better culture and actually stick to it (for the most part), while those trying to move up the ranks are turning into sweat shops so they can max out profitability. This could be a mass-generalization, but I still see it as the guys at the top of the MM saying "look, we are crushing it and we are taking our culture seriously", which leads the top candidates going there, vs. the middle/bottom of the pack saying "look, we aren't doing those same quality of deals yet but we are going to grind everyone until we do".

 

Here is my .02

I have several friends and close colleagues who previously worked at Piper, all with similar accounts to this one. There is always some element of pain for an IB analyst, as many of us know, but this type of stuff is excessive. Especially the insults/verbal abuse.

Piper isn’t the only offender. There is a toxic dynamic that is perpetuated by most banks:

Senior bankers treat juniors with zero respect, because they can get away with it and because they have zero incentive to change their bad behavior. Maybe they went through a similar experience themselves, or maybe they just enjoy the power trip. Analysts unwillingly enable this, because they typically just take it and keep their heads down, with hopes of exiting smoothly with good recommendations.

It’s a pervasive, toxic culture problem that enables those in control, and perpetuates this revolving door dynamic with top talent at investment banks.

A question for all of us – Why are we allowing this to continue? Is there something we can collectively do about it?

I think WSO has historically been effective at exposing the darker sides of finance and facilitating change. Maybe we start seeing some macro shifts when more stories like this come to light (and in greater frequency).

 
km190:
Here is my .02

I have several friends and close colleagues who previously worked at Piper, all with similar accounts to this one. There is always some element of pain for an IB analyst, as many of us know, but this type of stuff is excessive. Especially the insults/verbal abuse.

Piper isn’t the only offender. There is a toxic dynamic that is perpetuated by most banks:

Senior bankers treat juniors with zero respect, because they can get away with it and because they have zero incentive to change their bad behavior. Maybe they went through a similar experience themselves, or maybe they just enjoy the power trip. Analysts unwillingly enable this, because they typically just take it and keep their heads down, with hopes of exiting smoothly with good recommendations.

It’s a pervasive, toxic culture problem that enables those in control, and perpetuates this revolving door dynamic with top talent at investment banks.

A question for all of us – Why are we allowing this to continue? Is there something we can collectively do about it?

I think WSO has historically been effective at exposing the darker sides of finance and facilitating change. Maybe we start seeing some macro shifts when more stories like this come to light (and in greater frequency).

Here's a good one, an abrasive MD had a client in for a meeting. This client was a fraternity friend of said MD. The MD rudely barked at an analyst to come over and hang up the client's jacket. The client, sensing the hazing, continued the tirade and said something to the effect of, "Now you'd better be careful with this jacket young man and hang it up right, because if you can't do this right, then what good are you at anything else..." which at that point the analyst threw the jacket on the ground and went back to his cube. He quit not too long after that for greener pastures.

 

Good news guys! We got an email from the top saying we’re all on the same team and they’re going to root out the bad actors! Also, they noted that we’re not going slow down, which I can only presume they included because it would be impossible for them to send a let’s fix this email without somehow revealing senior bankers just feel we’re soft.

I would feel exponentially better if they simply ended the charade and acknowledged they really didn’t give a sh@t about junior bankers. They came close when they bragged last year about how profitable they were, since the banking staff was so lean. MDs should admit they can’t list three things they’ve done differently since the last staffing crisis 1.5 years ago or the one before that. Goldman’s weekend policy if five years old and PJC doesn’t have an effective one in most groups. Just admit they feel they’re in the “we made it club,” and that they were making a killing and couldn’t really say what it was like to be a junior banker where you could work on planes with 100MB models since their books look like they were written in crayon. That they can’t grasp the irony of yelling at people for not sending a version of something that can be viewed on an iphone when they started banking with rotary phones.

Just admit the reason why they don’t come to the office and they don’t invest their time in training and mentoring, is because they don’t believe there are benefits to engaging people and keeping them around. Otherwise, why wouldn’t they have done so by now? The system as it is, exists serves them and that’s fine. It boggles my mind the lack of effort some of them are putting into their business, and I can only deduce they’re ok with retiring or getting fired in a few years when the wheels come off and they have no qualms about wasting analysts’ time on crap deals / pitches / exercises.

The vast majority of senior bankers should be ashamed. You have smart kids working tirelessly for you and you can’t even put in the time to know what they look like, let alone try to coach. I have no doubt that the weeks of 3-hour nights is taking days off the end of my life and people won’t even sit with me for an annual review. No one should choose to work for the majority of groups at PJC if any alternative exists and nothing they do can change the disinterest in junior bankers’ lives they’ve so clearly demonstrated. Not doing anything for years is itself a form of decision.

And I can say the bad groups in PJC are exceptionally bad among other MM banks. I’ve worked for one full of hard@sses and 4a nights, but they were proud of what they did. MDs came to work and looked for VPs they liked to mentor and VPs looked for Associates, because it made a better bank. They wanted to work on the best deals and best teams. At PJC your late nights are caused because someone didn’t think about you versus trying to make you better, and you’re staffed too unfairly thin to do anything well, and the people who are supposed to be helping you are gone. If you’re recruiting then don’t trust this article, but ask them who’s a success story of someone who stayed more than 2 years. Ask for examples of how people have been mentored or what they’ve personally done to invest in someone’s future. If examples are nonexistent or seem a little fishy, I’d look to lever the offer.

 

Great posts - incredibly insightful and sad. But the real issue is the almost manic and irrational desperation of many to land these jobs. Thus there can be no doubt why the PJ offenders act like they do - because they can. I remember the post in the DB thread where someone said that in spite of DB's problems, they "would crawl through glass to land a job there". Or the Moelis 3AM desk check. Why do people put up with this? There are other careers for smart, driven people. Nothing will change until the supply-demand equation does - which it never will.

 

Sounds like there are some cultural issues. But lots of acc/dil analyses in pitches and updating books over Thanksgiving is pretty standard for investment banking anywhere. I also had to do all my own printing and binding as an analyst. The cultural issues should be brought to light, with the hope of eventually changing the norm. But I would try to avoid complaining about analyst tasks that are part of the job description...

-- sm
 

wow. There were so many times I wanted to write this exact same type of report about my bank while I was in IB, but dam, it was DEF not as bad as this. There was a lot of inefficient and inconsiderate people, but I never heard a single MD raise their voice in the office. Like the sr people were all professional/respectful on a personal level (even if they still torpedoed weekends with work). Also, protected weekends were sacred and pitches/deals would get restaffed for the weekend if you were protected (we had 1 full weekend per month vs every Saturday). So, dam man, you’re my hero for writing this!

"I know you think you understand what you thought I said but I'm not sure you realize that what you heard is not what I meant."
 

Good on you. More of us should be willing to do this. I recall someone doing a pretty thorough write up about STRH years back that was really good (albeit had a slightly diff tone) and I’m sure very imformatice to anyone looking to go there. I’ll have to do one on my bank someday.

Additionally, it’s also funny because I’m guessing that you, like myself, and like many (most on this forum) entered into IB with the belief that once we’d made it there that we’d be set. Would be no need to stress about career bc we had made it to the “top” from the perspective of our jr in college selves and we’d be making so much money and get to show how bad-A we are with our crazy IB war stories. The unfortunate reality is that banking lifestyle can be very brutal (and unhealthy) and despite the fact that there’s 1000 kids behind you willing to take your spot should have absolutely no influence on your decision to call out certain egregious acts for what they are. The crowd here makes it seem like those 1000 kids behind you would happily take over your spot and do the whole thing with a smile. That’s utter nonesense. They may be happy to take the spot but if it’s a bad culture they are going to hate it just as much as the next 999 after them.

While I believe the whole “everybody goes through it” or “there’s 1000 kids lined up to take the spot” should provide some sense of solidarity and help you to appreciate having accomplished something very admirable (in that it took a lot of hard work and preparation), it should NOT be used as an argument to try to shame / silence those who call out terrible leadership / culture.

I will caveat this to say that there is a time and place for complaining and airing grievances. You do not want to be the one kid in the group who is always complaining to other analysts / associates about how they are singled out as the true victims. But if a write up like this is cathartic, do it!! I think it’s a net positive towards the very slow progression of improving IB cultures.

Good luck man!

"I know you think you understand what you thought I said but I'm not sure you realize that what you heard is not what I meant."
 

Regarding what you were saying about exit opps, if your work at Piper J's sweatshop was a few years of hell and then you have some automatic extremely prestigious job offer from an elite firm or whatever, sign me up.

But if you're slaving and then still on the same ranking and have the same opportunity, if not worse, as everyone else at other banks, then it's bullshit.

I might even consider this job over Piper J's:

https://www.wallstreetoasis.com/forums/would-you-take-this-job-0

 

IMO this point doesn’t really matter as the only shops really worth going to are Varde and Norwest, plus some family office positions such as Pohlad or Carlson. If you’re trying to do corp dev or any of the smaller funds in Minneapolis, the other banks will basically get you to the same place. Pretty sure if you’re a top analyst at BMO, HW, HL, Lazard MM, you’ll get looks from all the shops regardless, including Varde and Norwest.

 

Other instances:

-VP (at the time) having an analyst stay in until 3-4am to call Chinese investors which is against securities law because they don’t have you take your series at Piper (another point on PJC being cheap AF)

-VP making an analyst stay up all night and then laughing at them in front of the associate when the analyst presented a management team slide used in a previous pitch together and telling the analyst they were fucking slow and that the group head would literally shit on the analyst if he showed him that slide

-Senior banker cussing analysts out in front of the entire bullpen multiple times and in front of clients multiple times

 

This is hard to read. I believe in paying it forward and improving the reputation and culture of finance in general. An ex PJC employee should send an anonymous tip to the Minneapolis Star and describe these egregious acts off the record. Airing grievances and doing nothing about it is tantamount to accepting this behavior as reasonable. There is no other industry where this could fly for this long.

 

As of this month, 100% of my graduating class who went to Piper have now reached out to me for a lateral job transfer

 

It is definitely not impossible. I lateraled to a BB in New York (alumni connection from a non-target) and was in mid way through the process at an EB in Chicago and a better MM in SF without connections at those firms, you just have check a bunch of bank's employment opportunities pages each week Indeed.com was surprisingly helpful and aggregates some open positions.

 

Update: Many months later, the only senior person from the firm to reach out has been the Chief Human Capital Officer (really nice person, I respect her a lot) who seemed to genuinely want to know what was going on and what the issues were.

You know who hasn't reached out? Not a single person from the IB division. That speaks volumes, IMO. Not Chad Abraham, now-CEO who was former co-head of banking, not Scott LaRue, who was and still is co-head of banking. Speaking of LaRue, he penned this hilarious internal email where highlights included:

  • "I have zero interest in rebutting anything that was said" - All I can say is, lol (aka, he knows all those stories were true)
  • "We are going to address the bad actors and there will be repercussions for bad behavior" - Just checked the team page, haven't seen anyone who should have been fired removed from the page
  • "The one thing we are not going to do is slow down" - Read: PJC will still be a sweatshop
 

Just had a friend leave Piper and he said it's worse than ever. They're chasing shit deals (<$10MM TEV?!?!) and working to 4 AM. The place survives on volume not quality. 

 

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  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (65) $168
  • 1st Year Analyst (198) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

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