Preparation for incoming full-time analyst IBD

Hi Monkey,

In a couple months from now I'll start as an ft analyst in IBD in London. Now during my last semester at university I only have a few classes, so I'll have plenty of free time on my hands.

Now, what would you guys recommend preparing in those couple months? (Fin. modelling, CFA etc etc?)
(I never had an IBD internship, I interned in trading)

Thanks!

Comments (162)

Jun 15, 2016

Would love to know how your experience has been over the last year dude.. Starting as a full time IBD analyst in a few weeks as well.

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Feb 1, 2018

Bump

Feb 1, 2018

wait for training- if you're really uneasy though - go through investment banking, leveraged buyouts and M&A by Josh Rosenbaum..fantastic guide.

Feb 1, 2018

Brush up on the basics - how to do comps, do a DCF, basic accounting, normalizing financials, very basic M&A and LBO modeling, etc. Not very helpful learning much more beyond that since the nitty gritty details of comps/modeling/presentations tend to be group specific, and you'll learn on the job

Feb 1, 2018

Which MM firm? If it's quite large, expect to be worked to the tee.
I would recommend sleeping 4 hours 3x a week, and slowly building up to 6x a week.
Also get your body accustomed to 5x coffees a day from Starbucks

DOs:
Get Starbucks Cards Loaded
Get Boss Shirts (need to look fresh)

DONts:
Get into a LT relationship
Start a business/have a huge time commitment prior

Just kidding,
Enjoy your internship, no really to prepare, brush up on Excel (if you don't know any, then really learn it), read some books on valuation, and M&A Process, go through some pitchbooks (maybe even create your own), relax, party, hook up, rince and repeat

Congrats.

Feb 1, 2018
wikileaks:

Also get your body accustomed to 5x coffees a day from Starbucks

Wouldn't it be better to minimize caffeine consumption so that you don't have a caffeine resistance before you even start working??

Feb 1, 2018

Read Investment Banking by Rosenbaum and Pearl.

Feb 1, 2018

What's your background? If you majored in something business-related, like finance/accounting, then you should be fine, but I have a suspicion that this isn't you. In that case, then just try to familiarize yourself with financial accounting (sit in on some classes at the business school, or just independent study with a textbook). It also wouldn't hurt to learn a bit of excel as well, but you'll probably get a Training the Street/Wall Street Prep course as part of your training during the summer. There are also case studies/past pitchbooks/merger analyses online if you're interested in that stuff, just takes a bit of googling.

If you're a senior, don't forget to enjoy the last bit of college as well.

Feb 1, 2018

I am going to be starting a FT gig, but I do not have a finance or accounting background. I understand how DCFs, comps and all of those other things work at a high level (they ask you about all that during interviews), but do you think I need to come in understanding how to do that in Excel?

Feb 1, 2018

I think training will answer all of your questions and will prepare you for FT. I remember when I was in a summer stint last year and the bank hired new analysts, there was a girl who didn't have a clue about anything. She did 3 weeks of training (TTS I believe) and came back ready. So enjoy your time and don't stress out too much.

Feb 1, 2018

read 10K's and 10Q's of companies you find interesting - get familiar w/ where everything is !

"so i herd u liek mudkipz" - sum kid
"I'd watergun the **** outta that." - Kassad

Feb 1, 2018

Push-ups, sit-up and dips.

What's your mile time?

Feb 1, 2018

Pepper your angus, they're going in dry

Feb 1, 2018

Get the WSO Technical Guide

Feb 1, 2018
Beny23:

Get the WSO Technical Guide

those guides, while great is mainly for interviews...
probably just relax until training

Feb 1, 2018

any thoughts on this guys?

Feb 1, 2018

Enjoy yourself. No sense in worrying about how to prepare. Clearly your qualified, so once you start, just continue to pick things up as quickly as you can.

Feb 1, 2018

Any actual advice here guys other than to enjoy myself? Must be things that would be useful to do before starting?

Feb 1, 2018

Learn excel.

Feb 1, 2018

Can you manipulate Powerpoint / Excel well, build a pro forma P&L / BS / CFS, and work 80+ hours a week without flinching? If so, congratulations, enjoy your time off before you return to the familiar glow of your dual-monitors and cubicle walls. If you're in a specific industry / product group, make sure you at least have a high level idea of the major trends / players in that space before joining on full time.

Feb 1, 2018

Enjoy your time, sleep a lot and don't forget to see your friends. It should be a bit more complicated right after the beginning of your job.

BTW, congrats :)

Feb 1, 2018

I know that this post is old but I was just curious: what did you lateral from?

Feb 1, 2018

YESSS MORE NECRO'D THREADS!!! THIS TIME FOR A GUY WHO HAS 10 POINTS! GJ

Feb 1, 2018

So they are hiring you as a lateral who has not been trained in banking and will essentially skip the majority of the first year process and then will have the standing of a 2nd year? That's impressive. I would learn how to model quickly and how to do arts and crafts in powerpoint. That was always my favorite in the glory days...

Dirk Dirkenson:

Shut up already. Your mindless, reflexive responses to any critical thought on this are tedious. You're also probably a woman, given the name and "xoxo" signoff, so maybe the lack of judgment is to be expected.

  •  Feb 1, 2018

last time i checked, drugs and caffeinne were a staple in the iBankers lifestyle. you're telling me that it's a good idea to lay off the drugs?

how am i supposed to stay awake asshole?

    • 1
Feb 1, 2018

I am so addicted to caffeine that if I don't have it I get a headache so bad that 4 advil liquigels won't cure it. But if I do have it, I get the shakes so bad that I can't even hold a pen steady. Avoid it if you can.

Feb 1, 2018

try TAB...its the softdrink that was hip in the 80s and is making a come back. 4 times the amount of caffenine than coffee. plus 0 cals, means no cottage cheese ass.

Feb 1, 2018

Make sure you know how to use the ALT-TAB combination. this will allow you to quickly switch from reading ESPN to your excel sheet when someone walks by.

Feb 1, 2018

TAB has the an odd taste and seems to give little energy. Seem only good as a chaser.

Feb 1, 2018

is great

    • 1
Feb 1, 2018

Max your 401K. Its free money dumbass!!!!! Also, don't blow your bonus. Try to save and invest some.

Learn how to push it across the line.

Invest in Kevlar.

Avoid the bullpen Friday between 4 and 5.

Feb 1, 2018

Oh yeah I forgot, THE MOUSE IS FOR WHIMPS AND BABIES.

Feb 1, 2018

Hahaha, that's the best comment out of all of them.

Feb 1, 2018

I see that you've made a lot of good posts on the site, and was wondering if you could provide me with your thoughts on UBS M&A vs Merill M&A. Thanks.

Feb 1, 2018

awesome post..

Feb 1, 2018

you know it.

  •  Feb 1, 2018

just try to think like george costanza and you'll be fine.

Feb 1, 2018

don't forget to use dressing and gravy sparingly... those calories add up before you know it.

Feb 1, 2018

Starbucks is your friend.....?

"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-

Feb 1, 2018

Keep your ipod with you - its one of the best sleep killers...

  •  Feb 1, 2018

if your boss is coming around the corner, just hit Windows-M, and it will minimize everythign on your screen. if you really want to take it to the next level, make your background an excel spreadsheet, kinda like painting open eyes on your eyelids so no one knows you're sleeping...

Feb 1, 2018

how do i earn them to access the salary stats?

Feb 1, 2018

sweet, I just earn some banana points.

  •  Feb 1, 2018

12 is so true!!!

Just one year out of undergrad and the other weekend I drank two nights in a row not even that much, and I was SICK for the next three days...I remember in college walking into class half drunk in the morning and doing it 4-5 times a week and still giong to the gym every other day and staying up all night. god, why does this happen????????????????

  •  Feb 1, 2018

fuck your boss if you get the chance.

  •  Feb 1, 2018

hell yeah

Feb 1, 2018

I discovered the sports channel webstream at work...needless to say, working at weekends has become a lot more fun now that I watch spend most of my time watching football!

Feb 1, 2018

gotta love tabbing

Feb 1, 2018

Bet on but dont be the one participating in the food bets on the trading floor.

Don't throw anyone under the bus.

Show up for work Friday if everyone goes out drinking Thursday night.

Feb 1, 2018

Resist the urge to masturbate in the restroom during late hours.

Feb 1, 2018
drexl:

Resist the urge to masturbate in the restroom during late hours.

Was this a joke?

Feb 1, 2018

I doubt it. The long hours, the all-nighters, where else can a lonely banker get some lovin?

Feb 1, 2018

cool

Feb 1, 2018

Make sure the sound on your computer is always off so when one of your buddies sends you a powerpoint file that opens and plays the clip "HEY EVERYBODY I'M LOOKING AT GAY PORN!!!" you don't get busted.

Feb 1, 2018

i really agree with all, especially

  1. Making your bosses life easier means making your life easier -- in the long run
Feb 1, 2018

green tea works better than coffee, red bull or caffeine pills.

stay hydrated so u can go to the bathroom a couple times an hour.

Feb 1, 2018

good stuff

Feb 1, 2018

Save money (more than just your bonus) for b-school and afterwords. Having a positive net worth and being relatively liquid will make your life much easier. It will do wonders for your stress levels.

Feb 1, 2018

sorry

Feb 1, 2018

good tread

Feb 1, 2018

They can be annoying sometimes, but get in good with them and you can get them to do a lot of BS stuff for you...lord knows they have the time.

Feb 1, 2018

I second the "Bet on but dont be the one participating in the food bets."

I gained 12lbs this summer by being the one betted on. I'm still trying to get rid of it.

Feb 1, 2018

Keep toothbrush at office :-)

Feb 1, 2018

Agreed, bad breath in close "cube" quarters is very unpleasant.

Feb 1, 2018

Okay, I brought the toothbrush to work and felt reallys strange going off the the washroom every lunch to use it. I felt prissy... I ended up switching to mints for the last month.

Feb 1, 2018

Proper dental hygiene is not prissy. Sigh.

HINT: Try drinking mint tea at least once a day. Mint is great for bad breath, but even better for digestion... and many times those dinners ordered in make one feel like a slob...

Feb 1, 2018

got to stay in school coz no company wants to hire me...

Feb 1, 2018

hilarious

Feb 1, 2018

What's the deal with the food bets? Could someone please explain... :)

Feb 1, 2018

as someone said above, resist the urge to masturbate in the bathroom. never masturbate at your desk.

have a good attitude.

be intelligent about your work. work hard.

and definately have good hygiene. nothing is more disgusting than working late w/ someone who you'd wish was standing 15 feet away from you than their current proximity.

Feb 1, 2018

Thanks, these tips are great. Awesome thread.

Feb 1, 2018

Toothbrush and deodorant at your desk. Take 2 minutes to clean yourself up, you and your office-mates will be much happier

Feb 1, 2018

Good stuff... here are a few more to add...

  1. When you make a Starbuck's run, do NOT come back with only ONE coffee. Be a sport and get some for your team- next year when you have the new analyst class, you'll have someone bringing you coffee too.
  2. Befriend the people at Production. You depend on them a lot, and they have the power to make you miserable by making you wait around until Midnight on the one Friday when you could otherwise leave the office at a reasonable hour. I wrote them a thank you note telling them I appreciated them helping me do my job better, and now it is like I have VIP status...
  3. Max out your 401K when you get your bonus, but contribute monthly as well. Consolidate student loans too, and pay off private (floating rate) loans as soon as you can.
  4. Keep a spare pair of heels and pantyhose under your desk. Nothing like going to a client meeting with a run in your stockings.
  5. Don't call in sick, even if you are so beyond hungover that you are still drunk.
  6. Be the first one in the office and the last to leave.
  7. Invest in a nice set of pearls. They are classy and go with everything. You can't go wrong.
  8. Guys, ignore # 4 and 7, or else find another industry that is more welcoming to your preferences...
Feb 1, 2018

I've finally realized that unlike college where you have time to recover from your nightly escapades, banking gives no suck slack. Thus, I've found that I have had to drastically reduce my drinking and going out to once, maybe, just maybe, twice a week. If I have any time off on weekends, I use it to catch up on sleep instead of boozing and it has made all the difference in the world at work.

I know it's lame to some of you, but it really does help. I miss college.

Feb 1, 2018

See if you can get some 'Adderall' keep it handy but don't get caught and don't F*** around with it...it might just help zone in when you're up against those 30+ hour days. Caffeine pills like 'No Doz' pills might help if you haven't developed immunity.

Feb 1, 2018

Provigil is the way to go for staying awake 30+ hours.

Feb 1, 2018

I second the green tea, unfortunately it has less caffeine than coffee. Summers...mlb.tv with the sound off?

Feb 1, 2018

Maybe I'll start eating eating some lunch and forgetting the daily coffee haha

Mr.Mathie | Ideas are nothing without execution - Jeux de Commerce Central

Feb 1, 2018

choose the right team if you can.

Feb 1, 2018
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Feb 1, 2018

Work ur ass off.

Feb 1, 2018
Feb 1, 2018

Pack a juice box.

Feb 1, 2018

interested as well

Feb 1, 2018

"I do not think that there is any other quality so essential to success of any kind as the quality of perseverance. It overcomes almost everything, even nature."

Feb 1, 2018

don't fuck it up

Feb 1, 2018

Hahaha, it's so sad that we have threads like this. But I'm dying to hear what people have to say.

Feb 1, 2018

same here

Feb 1, 2018
  • auto bill pay
  • maid (worth the $50 every two weeks)
  • dry cleaning pick up at home (i'm getting it soon)
  • streaming audio (you never have time to download what you want...) if your company blocks it... get a verizon or cingular hspda card and connect that shit to your laptop + you can browse restricted site at work on your lap top
Feb 1, 2018

i'm not an analyst yet but these would be important to me if I were one
- having an apartment close to work
- couple friends with benefits

Feb 1, 2018

heh, life..

...

Feb 1, 2018

Being able to walk to work
Seamless web
coffee

Feb 1, 2018

Did you study finance or accounting in college?

Feb 1, 2018
ryanmonkey86:

Did you study finance or accounting in college?

Yea I am good with finance/accounting. Could always use a bit of a refresher though. I am more concerned about the actual modelling and sourcing I will be doing on the job...

Feb 1, 2018

Any advice?

Feb 1, 2018

Get a lot of sleep and exercise. Kinda like hyperventilating before swimming 25 yards underwater.

Feb 1, 2018

What Illini said, enjoy your next four weeks, go do something you've always wanted to do. Hang out with your friends, get in shape, travel, take a road trip, anything. Do not waste your time getting ready for your job, you already have it you'll be fine. You'll get trained on anything else you need. You will regret not enjoying this free time while you have it, because I promise, you will miss it when you finally start.

    • 1
Feb 1, 2018

Just relax

Feb 1, 2018

I wish I could relax. My bank enrolled each of us into a Wall St Prep course online and sent us a mountain of Series 7 study material!

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Feb 1, 2018

Chances are that your bank's hired TTS to handle your excel and modeling prep during training. Seriously, just keep up with what's going on in the markets and your industry and you'll be fine.

Feb 1, 2018

thanks so much. I like you guys' answers.

Feb 1, 2018

drink heavily

Feb 1, 2018

i would stockpile sugar-free redbull from the work fridge and store it in my desk in the mornings. it always runs out by the end of the night.

Feb 1, 2018

That sounds terrible. Redbull is clearly not a healthy drink option. Learn to just drink water and use that shit for occasional purposes. You sound like a bitch, but thanks for the effort of giving advice.

    • 6
Feb 1, 2018
Redroom:

That sounds terrible. Redbull is clearly not a healthy drink option. Learn to just drink water and use that shit for occasional purposes. You sound like a bitch, but thanks for the effort of giving advice.

cool. you sound like a dumb sheep for buying shitty overpriced headphones just because of the brand name.

    • 1
    • 1
Feb 1, 2018

double post.

Feb 1, 2018

K

Feb 1, 2018

K

Feb 1, 2018

.

"I like Ackman," Mr. Icahn said. "I'll tell you why I like him. Anyone that makes me a quarter of a billion I like."

Feb 1, 2018

buy a blow up doll

Feb 1, 2018

I would actually make sure I decked out my apartment with everything I needed to make the few hours spent at home the most enjoyable.

No one wants to work like a dog, and then come home to live/sleep like one want too. You owe it to yourself to have a nice place. It takes awhile to fully complete an apartment with the right furniture and accessories, but I would spend a good amount of time doing that.

I would also make sure I bought all my clothes for work and everything I needed before. If you know what type of clothes you want and what fits with your group/firm's culture, I'd go ahead and use that signing bonus for that as well.

Also, get all those doctor appointment check ups that are actually vital out of the way. Sounds stupid/mom-like but it will help you tremendously. You won't have time to sit in a freaking waiting room for 3 hours for some douchebag to see you for 20 minutes and send you along your way to duane reades.

    • 1
Feb 1, 2018

@kidflash

Please don't tell me you have Beats by Dr Dre headphones :p

Calm down.

Feb 1, 2018

of course not. Rocking some soundmagic e10's right now. That broke college senior budget audiophile swagg.

splurged my summer earnings on some comply tips though. moving up in the world.

Feb 1, 2018

My favorite energy product on the market. Had a VP who did a deal for the company when he was an analyst. Has now been using is for like 5 years. I like it more because you just mix it with a bottle of water and it has the strength of 2 cups of coffee.

http://www.discountcoffee.com/wild-berry-power-edg...

"If you want to succeed in this life, you need to understand that duty comes before rights and that responsibility precedes opportunity."

Feb 1, 2018

Clothes have been discussed a million times. For gadgets, I think headphones are pretty important. The mistake I made was not taking into account the amount of heat that builds up in studio-type overear headphones. I think on-ear headphones or even really good custom fitted earbuds are the way to go.

Also, get a good pair of boots you can wear to work BEFORE the first NYC slush/salt fest ruins a pair of nice dress shoes.

And decide whether you want cable or if you are just going to use your computer BEFORE you decide where to live. FiOS availability is a key amenity in that case, as their fast internet + HD is like half the price of time warner/cablevision.

Depending on your medical coverage, go to the dentist/optometrist/buy glasses a after graduation on your school/parents healthcare and then again 3 months later at the end of training.

Max your Roth IRA this year AND next year, since after that would will likely hit the income cutoff once you get a bonus.