12/10/13

Hey guys,

Does anyone have any insight on Wedbush Securities in CA? Please feel free to share your personal opinions if you have ever had any interaction with them.

Appreciate the insight in advance.

Cheers,

Paul

Comments (40)

12/10/13

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Financial Modeling

1/31/16

Had an interview with their private equity arm Wedbush Capital once... my professor for valuation class used to be a MD from there...

1/31/16

Not enough hashtags in your post.

Do you know what sector/industry ahead of time? Otherwise they might just have you pick a company (i.e. pick one from the DJ index) and put together a basic three statement model for it. It will most likely be timed.

Other skill tests that I've seen: pulling the company's financial statements for the last 3-5 years and calculating various historical/trailing ratios, multiples, and so on. This was timed and had to be done in under an hour.

Under my tutelage, you will grow from boys to men. From men into gladiators. And from gladiators into SWANSONS.

1/31/16
nycskibum:

Named best stock pickers first half '09 by Barrons and sounds like they are really building out ER. Anyone have any experience working there? Or any opinions at all? Been working at BB for a few years and considering looking for something more intimate.

Thanks

Did you ever learn more about Wedbush"

1/31/16

Etech Securities is all Asian. I talked to them during college looking for an investment banking internship and they weren't interested in my resume, probably because I'm not Asian. Look at the profiles of their investment banking team online. I find it very strange that they have no diversity.

Wedbush HR sucks. They're unfriendly and useless. I considered an internship there sophomore year of college, but decided to stay away after seeing their ineptness.

1/31/16

Oddly enough I started my career there 4 years ago (as an intern)

Here is my take:
If its for an internship - go for it (if you dont have any other offers), but do not go there full-time - it will lead nowhere.

They have really smart people and some ahole personalities.

Do an internship and use it to jump to BB - the BBs will respect the name and give you a chance.

1/31/16

Flake:

Not enough hashtags in your post.

Do you know what sector/industry ahead of time? Otherwise they might just have you pick a company (i.e. pick one from the DJ index) and put together a basic three statement model for it. It will most likely be timed.

Other skill tests that I've seen: pulling the company's financial statements for the last 3-5 years and calculating various historical/trailing ratios, multiples, and so on. This was timed and had to be done in under an hour.

lol there seems to be enough hashtags. I was considering adding high-energy physics as one of them.

This a position covering the media sector and I was told the following "The exercise would involve my sending to you by e-mail a company model, your updating the model for some new information, and then returning it to me by e-mail." Any thoughts?

1/31/16

etech primarily is involved in asia-related deals. hence the large amount of asians.

Wedbush is a chop shop.

1/31/16

He will probably send you a press release of the company's earnings announcement and will ask you to update the model for new quarterly results. I would also pull up the 10q/10k filing to help you out.

When I first started working I usually pulled up a press release + filings from the previous quarter just to see where the old numbers in the model came from (just in case it wasn't obvious/clear) and then looked in the same section of the new filing/press release. Not sure if that will help you or not.

In my opinion this is probably the better/easier test out of the ones I mentioned before. You might have to write up a quick note with your investment thesis or recommendation afterwards.

Under my tutelage, you will grow from boys to men. From men into gladiators. And from gladiators into SWANSONS.

Best Response
1/31/16

praetor:

Flake:

Not enough hashtags in your post.

Do you know what sector/industry ahead of time? Otherwise they might just have you pick a company (i.e. pick one from the DJ index) and put together a basic three statement model for it. It will most likely be timed.

Other skill tests that I've seen: pulling the company's financial statements for the last 3-5 years and calculating various historical/trailing ratios, multiples, and so on. This was timed and had to be done in under an hour.

lol there seems to be enough hashtags. I was considering adding high-energy physics as one of them.

This a position covering the media sector and I was told the following "The exercise would involve my sending to you by e-mail a company model, your updating the model for some new information, and then returning it to me by e-mail." Any thoughts?

This sounds like standard plug and play model updating. It won't be that difficult if you understand where to look for the data and what's what on financial statements.

My advice is to try to track down a login to Thomson First Call and front run the assignment by familiarizing yourself with the models that analyst has published on the companies he covers.

No need to play fair here, you're trying to get a job after all.

#winning - you forgot this tag. Don't ever forget it again.

1/31/16

Thanks for the info. Do you know anything about their pay scale? I have heard that they pay well below market. Is that the case?

Financial Modeling

6/9/14

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1/31/16

Bump. Thanks ZIRH.

1/31/16

bump bump...tangential question: what's Wedbush's rep like? I know it's mostly dependent on the analyst, but any info would help.

Seems like they were pretty well-regarded, their wikipedia cites a lot of accolades from '09, '10, '11. But nothing really since, would appreciate anything anyone can pass along

1/31/16

Says it all: http://articles.latimes.com/2010/nov/16/business/l...

I've heard there has been a lot of attrition over the past year.

1/31/16

I agree with Wedbush. I received an email from their HR telling me they wanted to conduct a phone interview within a week or so. They never gave me a date or time.

Do you think I should email them to see what is going on?

I appreciate your response

1/31/16

Yes, the pay is very much below market. A friend of mine who got an offer there said 3rd years only get $70k.

1/31/16

what is the bonus range? what about 1st and 2nd years? what would a 3rd year expect at another Los Angeles BB bank?

12/11/13

what type of opinions are you looking for? S&T? banking?

1/31/16

In all honestly, it's shit. They have like 10 bankers total. 1 in SF, and the rest in LA. Deals are REALLY small. I'm talking 20-150MM. Honestly you will not have exit opps. Try for a better boutique/MM.

Exit opps to PE, noway
exit opps to good MM, very possible if you learn your shit and have a strong background / network

let me know if you want more info.

--
"Those who say don't know, and those who know don't say."

1/31/16

Bump

1/31/16

I don't know what chop shop is but I will reiterate the negative sentiments toward Wedbush. Their hr is possibly one of the worst I have ever come across and speaks extremely poorly of their company. Also, from speaking with a recruiter there, I was told, with no shame, that they hadn't hired someone in over a year and a half.

1/31/16

I can attest to what tritanchallenger said - when i was there the first years got a total package of about 70-75k. All three of there first yeras ended up leaving.

12/11/13

S&T. Sorry, should have clarified.

1/31/16

Flakes responses sounds right. I've interned at Wedbush and that is what I was asked to do even as a freshman or sophomore

1/31/16

Edit: Removed some details. Just wanted to say HR is pretty inept and absolutely rude - called some people to tell them they have no chance working on wall street.

1/31/16

the first-years got 70-75K all-in, meaning total comp, meaning base+bonus?! When was this? Just this year?

That's a horrible.

1/31/16

I wondered the same thing. the poster who quoted the 70-75k figure said he was there 4 years ago. that would put him there in 2002 when the economy was crap. the compensation now can't still be that low--can it? someone please confirm. thanks.

1/31/16

I can confirm that WMS bumped up salaries over the past 2 years due to high levels of turnover. I believe they pay 55K, 65K, and 75K now. With the high range of bonuses falling in at 1x base. It's not market, but great figuring you aren't working more than 70+ a week.

1/31/16

S&T is relatively strong at Wedbush, given its strong equity research platform. Healthcare IB has strong deal flow, though aside from healthcare they have a weak IB practice.

1/31/16

Which response?

1/31/16

3 pages is kind of long for a cover letter.

1/31/16

About rep, PM me and I can tell you a little bit

1/31/16
1/31/16
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