Hi,
I spent my summer working at a boutique where I didn’t really have to do a lot of modelling, especially nothing complex. I participated in full time recruiting and I’m headed to an EB where the rest of my fellow analysts have all had previous banking experience/they’re all from Wharton. I’m really worried about being technically up to par and was wondering if anyone’s been in a similar situation / has any advice on how to prepare. Thanks!
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I would say try to learn as much as you can until that time. There are a lot of good sources, and I will post a few of them here.
https://www.wallstreetoasis.com/financial-modeling-training
http://macabacus.com/lbo-model/introduction
https://www.ibtraining.com/
https://www.wallstreetprep.com/
Legit Nok goes out of his way to post links for people because they cant use search function
haha I was like them not too long ago so I know there they come from
i agree with nok^ those are all good resources, and putting in the work now will only help you, but you should be taught everything during training/through being on the job. Just because they are all from Wharton does not mean you are behind, often these kids are history majors and other stuff, not strictly finance/accounting
yeah this is true
Honestly I wouldn't worry about it. No one really expects first year analysts to hit the ground running, and you'll learn plenty in training/on the job. Some resources that were posted earlier are good if you're really feeling like an overachiever but I'd seriously just relax and have fun with my buddies if I were you.
Prepare by enjoying college and nothing more. You can spend hours a day trying to prepare but truthfully the return on investment is equal to Swedish sovereign debt (negative).
You'll learn it all on the job, and it's not stuff you can teach yourself because theory is much different than practice, and each bank does stuff differently. Unless you want to waste time getting fast with excel / powerpoint formatting and shortcuts I guess, but is that really how you want to spend the last year as a free man?
If you literally have 0 knowledge of finance and are a liberal arts major or something, then that's a different story.
Bank sleep. Practice being organized. Start printing out essays and editing them by hand, to get used to thorough proof-reading. Be a sponge. Sleep a little more. Grow thick skin.
That's about what I have told every Analyst/Associate that recruits.
Can you expand on what you mean regarding growing thick skin? I always hear about analysts getting shouted at among other things but is this really common?
It's reasonably common, but it depends on the culture of the group and bank. I got shouted at more from my senior analyst, rather than anyone more senior though.
Realizing that every time someone sends a snarky/rude/hyperbolic email or makes a comment that it isn't an attack on who you are and sometimes it is completely subjective. I always tell people, take "sorry" out of your vocabulary and don't let anything bring you down at this job, or you will be eaten. I haven't apologized / said sorry, in years and it has made me feel infinitely better.
Don't like the analysis? Ok - what would you like? Numbers wrong? Ok - I will correct my mistake. Want me to find more? Will do. Why did you do something x, y, or z way? I thought it was the best way to do it and what you wanted, can change it if you desire something else.
Lot of tough guys on email in banking.
Multiple expansion has a dedicated website to LBO concepts and modeling.
Saw this a few months ago and forgot where to find it, until I saw your post. Thanks for this!
Link in case anyone is interested: https://multipleexpansion.com/2017/08/31/Training-LBO/
yeah im looking for good sources as well thanks for posting
Reach out to HR and see if they have any leftover training materials from the year before. I did this and it was pretty helpful as I was coming from a LAC / non-finance background.
Really? I have always found HR to be horrible.
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