Ask me anything! I did one of these about 6 months ago but with how much the world has changed to date I figured I would post another. Since my last date I have completed a large M&A deal, 2 large high grade offerings, and 2 large converts offerings.
Happy to answer any questions you may have about IB, my coverage area (Tech), or just the state of the industry right now.
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thanks for doing this. currently a summer analyst at an SF BB Tech group. was wondering how the return offer rate is going to look like in general in SF and whether / when FT process will take place this year.
This is a great question and one that I am not sure anyone save the group heads have a good answer to. I suppose it depends on the current success of your group as well as how well you do in the program. I don’t want to give you an exact number as it would just be conjecture. In terms of full time, that would also be conjecture. It all depends on how the economy (*If) comes back in 2H 2020. If I were to bet (which I have to tell you I always seem to lose bets) I can’t imagine significant FT hiring outside of interns occurs prior to a vaccine in 1H 2021.
What was your role in each of those deals? What was the day to day? When I think M&A, I think of sell-side and drafting a CIM. How does that change in a larger deal?
Good question which will lead to a rather long answer. I will try my best to be brief.
High Grade: Drafted an investment memo, wrote the 8K, had to pass internal committee, provided tender analysis, and provided timing analysis. Key to note here, these are usually seasonal buyers and do not require investor materials outside of the 8K announcement.
M&A: You got it partially correct but a few things I would add. We had to win the deal in the bake-off, create the teaser, create the CIM, run initial DD, run phase 2 DD, schedule all calls, collect and analyze IoIs and LoIs, create an internal LBO/M&A model for each firm based on terms, proceeds models, and fee model (for bake-off)
Converts: Key to note that these are usually smaller firms, with high growth potential, sometimes little to no cash flow to speak of. With that being said we provide: converts education, term analysis (what premium makes sense, what call protection makes sense, what greenshoe makes sense [refreshable or not]), investor presentation, internal investment memo, and 8K drafting. I may have missed a few but those are the key items.
Hope this helps.
How to best prepare for Tech IB interviews? How was your interview? Are there any guides for tech IB interviews?
Personally, I just used the 400 question guide and used industry research (my undergrad business program had thomson one) to learn about the industry and sub-sector so I could seem smart on the subject.
I don’t think there are “tech specific” interview guides. I believe you just have to show an interest in learning past the surface.
Thanks, it helps. Do you like any specific vertical within Tech? If so, do you mind sharing some insights on that specific vertical? Thanks!
If you're having an informational interview/call with a college student, what kind of questions do you usually like to hear? On the flip side, what are some questions that you've been asked that aren't as great?
A bit to unpack here.
First off, as an analyst I would like it to be clear that my opinion does not hold a lot of weight. The point of these calls is strictly for you and to teach you all about the industry which allows you to discern whether or not you would like to do the job
Second, good questions are those that help you gain the information that you need in order to be successful. I will not judge you on the questions you are asking so long as it is clear you are interested and attempting to learn about what we do.
Third, bad questions are canned. They are the ones that come directly from these forums (and it is pretty clear) or guides (remember we did this just a few years ago). Please do not write a transcript to go by (whether it is your story or your questions).
Why not write a transcript of your story? It is so clear that you are reading. It should sound dynamic not canned/robotic. I would rather you forget to mention something than write it all out and sound like a robot.
Why not write out your questions? It limits the scope of the conversation and reduces your desire to follow conversations to their logical end. Just have a question to kick things off and then ask follow-ups so that the conversation flows. It will make you and the opposing person feel as though the conversation went extremely smoothly.
Hope this helps. Feel free to ask follow-ups. I know this was a lot.
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