What are the dumbest/ least value add edits you’ve received on a deliverable?

Everyone knows between the models and the bottles and the truly glamorous life of an investment banker, there are comment turns that make you question your reality at 2am in a bathroom stall. Comments such as: 

  • This entire deck needs to have squares with rounded edges instead of square edges
  • Plz globally change all dates from dash format (7/23/2021) to words (July 23, 2021)
  • Quick nit: globally ensure all numbers go to two decimal places instead of one and tie. Thx.
  • Need to make longer (team any ideas for additional slides?)
  • Change title from "expand market opportunity" to "enlarge market opportunity"
  • Fix bullets to be not filled in circles from filled in circles

What are some other truly useless/ least value add comments you have ever gotten?

WSO Elite Modeling Package

  • 6 courses to mastery: Excel, Financial Statement, LBO, M&A, Valuation and DCF
  • Elite instructors from top BB investment banks and private equity megafunds
  • Includes Company DB + Video Library Access (1 year)

Comments (66)

  • Incoming Analyst in IB - Cov
Jul 25, 2021 - 11:35am

I mean, as much as I love Oxford commas, they are a big NO in IB and overall business writing.

Most Helpful
  • Analyst 1 in IB-M&A
Jul 25, 2021 - 2:08pm
  • Reach out to sponsors, Burger King and McDonald's
  • Reach out to sponsors, Burger King, and McDonald's

Oxford Comma in the above is needed to clarify BK and McD aren't sponsors. People that don't use it just lack an understanding of the English language. 

Learn More

300+ video lessons across 6 modeling courses taught by elite practitioners at the top investment banks and private equity funds -- Excel Modeling -- Financial Statement Modeling -- M&A Modeling -- LBO Modeling -- DCF and Valuation Modeling -- ALL INCLUDED + 2 Huge Bonuses.

Learn more
  • Associate 1 in IB - Cov
Jul 25, 2021 - 5:16pm

I mean, as much as I love Oxford commas, they are a big NO in IB and overall business writing.

Thanks incoming analyst.  This is entirely incorrect. 

Comes down to personal preference

  • Intern in IB-M&A
Jul 23, 2021 - 8:00pm

I can't believe this is the kind of stuff people sit around at 10pm/however late waiting for only to stay up in the wee hours of the night. I mean, obviously you have to if MD asks for it, but this just seems so useless to me. Why would any of the points OP listed need to be changed? Is this what people are routinely up late for?

  • Analyst 1 in IB-M&A
Jul 25, 2021 - 2:12pm

OP here. Two reasons this happens:

  • Someone who doesn't add value and doesn't want to step on any toes by making a real change, wants to show they contributed so they provide comments to show they did something
  • Someone who lacks an understanding of the bigger picture and has nervous energy so they want to make odd edits to marginally improve the product

As a note, I've never had a rainmaker MD make comments like the ones listed. Those guys usually are too busy and end up moving the conversation to a discussion anyway rather than walking through slides.

  • Analyst 2 in IB - Cov
Jul 24, 2021 - 12:37am

M&A associate emails me:

"Swap the order of the distro list / I should be higher on the page than the sector team associate; I am a third year associate, he is second year"

I make change.

Sector associate emails me

"Hey, I should be higher on the distro list, please adjust. Sector team always goes above M&A as we lead client relationship"

I hate banking

  • Analyst 1 in RE - Comm
Jul 24, 2021 - 1:05pm

surely the guys who actually do this realise how cringe it is? I would lose all respect for any co-worker who went to that hassle

  • Analyst 2 in IB - Cov
Jul 24, 2021 - 10:40pm

its pretty common for bankers to get worked up about this

the amount of comments you get on a stupid team page for a pitch are ridiculous

"I should have "Head of Exclusive Sales" as well by my name, not just managing director"

"Please place the APAC banker team below the EMEA team (from a London banker)"

"I am actually now the global head of chemicals in addition to being the AMER Industrials group head, please also include that title by my name.  If you don't have space, please remove the associate"

"Why am I as an executive director at the bottom of the team page?  I should be moved up, please remove all analysts as well -  we need to keep this to a concise group of team members, thx"

Such insecurity from so many bankers

  • Analyst 1 in IB-M&A
Jul 25, 2021 - 2:15pm

The team pages rofl. Bankers LOVE adding team page edits. I'm actually GLOBAL head of M&A not head of M&A. Like bro, you are actually micro-penis dickhead, not a regular dickhead

  • Analyst 1 in IB-M&A
Jul 26, 2021 - 1:39pm

This was a joke, but honestly, depends who it is. I bet you could be fine weirdly, especially if you were a solid analyst. That person would make your life absolute hell though. These firms are so desperate for talent right now, that a good employee can get away with a lot as long as they aren't doing anything illegal. 

  • Analyst 2 in IB - Cov
Jul 24, 2021 - 10:35pm

i lost respect for both of them well before this, it was truly icing on the cake

i almost screenshotted and shared with litquidity it was that bad

i ended up just sending the slide to one of the associates to work on

  • Analyst 1 in IB-M&A
Jul 25, 2021 - 8:05am

mines pretty savage

"we're looking like a sausage party here, let's remove the junior blokes and add some female associates from financing and sector"

Jul 24, 2021 - 4:41am

As a summer analyst doing a sell-side bake-off deck with 20 pages of international buyer strips (3 strips to a page). Was asked to make the flags corresponding to the buyers smaller by .08 in powerpoint. Absolutely asinine and mind-numbing ask

  • 2
Jul 24, 2021 - 4:48am

I was once asked in PE to make a revenue build for an LBO which was by country and then by SKU. No matter who you are you can't do this with any degree of certainty. I was also asked to provide rationale for each growth assumption. Total BS exercise which helped accomplish nothing other than adding more variables into our model. No one can forecast things on a SKU level with any degree of certainty lol.

Forecasting in general is always a crapshoot any is really useful imo when evaluating downside scenarios but yeah, totally useless

  • 3
  • Associate 1 in PE - LBOs
Jul 24, 2021 - 12:40pm

So many. a few that stand out:

1. universally changing it so ranges are represented by n dashes instead of hyphens (i.e., changing "2015 - 2021" to "2015 – 2021" 

2. universally changing all page titles and table labels from title case (i.e., first letter of each word capitalized) to sentence case (i.e., only first letter of first word and proper nouns capitalized)  

3. New VP who had recently joined the firm from a different bank and made us do all of these random formatting quarks of that bank's template Only to have to change back after the MD sees the deck. My favorite was that the VP didn't like our color pallet so we had to universally change our primary color for graphs to a different color. 

4. changing a bullet 5 minutes before we need to print the decks from "the Company has ample opportunity to take significant market share" to " there is ample opportunity for the Company to take significant market share"

5.  right before we need to print the decks, telling me to recut my income statement to breakout each line item within the "other expenses" line I create to capture 5 expense categories that collectively represent like 6% of OpEx that was properly footnoted to explain what was included. Ditto for an "Other Assets" line on my balance sheet

6. being asked to pull precedent transactions on situations so esoteric that there's maybe 1 other truly comparable deal ever done. Then having to send MD lengthy write up of screening methodology and explanation for why no comps. For a situation where the client said they want to be the first company to ever do x when they hired us, so dont think they would be surprised to hear that there are no precedents

7. universally changing all black font text from 0-0-0 to 10-10-10 and all gray from 60-60-60 to 80-80-80

8. My all time favorite. last minute comments to update the MD's bio page such that we referred to him as mr. lastname instead of his first name and to add some BS about Mr. lastname being the preeminent banker in xyz space

  • Analyst 2 in IB-M&A
Jul 24, 2021 - 1:50pm

Never had a deck where an MD didn't edit language in their bio. 

  • Intern in IB-M&A
Jul 30, 2021 - 1:31am

I've only worked on one pitch deck this summer, and I can confirm that both MDs requested changes to their bios.

  • Intern in IB - Gen
Jul 24, 2021 - 5:24pm

A company listed in the legend of a chart as a 4-letter acronym (won't say the company for obvious reasons)... MD asks me to change to their also-used 3-letter acronym instead. For reference, the 4-letter acronym is the one used across their entire website, but for some reason he thought the 3-letter one was better.

  • Analyst 2 in IB - Cov
Jul 25, 2021 - 11:05am

I think its just shitty culture passed down over the decades. I try to shield my interns / analysts as much as possible from the stupidity that comes from above (comments like the ones you see above) but its so deeply engrained in some people. We had an associate join recently that's an absolute cunt and you can see how much he's destroyed the culture of our office. On the bright side, it gives me a chance to bond with my interns / analysts as we get the opportunity to talk shit about him and make good meme content. Bonding over hate is a powerful drug.

  • Prospect in IB - Gen
Jul 25, 2021 - 5:55am

This all sounds like intellectually stimulating work that can only be trusted to a Harvard 3.9 GPA grad

  • Analyst 2 in IB - Cov
Jul 25, 2021 - 4:43pm

Can we convert all numbers in deck(a detailed 40 page pitch deck) to Japanese yen instead? Should be Quick change, id like to see in the next 1 hr.

Bro wtf.....

  • Incoming Analyst in IB - Cov
Jul 28, 2021 - 12:50am

Same thing happened to me. We were pitching a Canadian company to one of our clients. Meeting was set to start at 3pm, got on a late call with VP and MD at 1:45pm. "Everything looks great, the team did a great job on this book. One final comment, the EBITDA numbers seems too low, lets change all the financials back to CAD from USD, it will give it more volume… have it on my desk by 2:50pm". I told them it wasn't gonna happen . Are you kidding me? Like a client won't know the difference between CAD and USD.

  • Associate 1 in IB - Cov
Jul 25, 2021 - 5:39pm

Always curious if the consultants deal with the same stupid edits.  Any consultants want to comment?

Jul 25, 2021 - 7:28pm

1. Global comment literally on the final turn of the deck: "Please add periods to the end of all footnotes"

2. MD's comment on his bio: "Please go back and add more of my deals to my bio so that it isn't the shortest on the page" 

3. MD's comment on a 20+ person team page: "Think you can try squeezing in pictures for everyone? If you can't find one, feel free to use whatever is on their LinkedIn" 

  • Associate 1 in IB-M&A
Jul 26, 2021 - 12:46pm

Just saying, none of these feel that out of line on what sounds like a bake-off.

  • Periods/no periods on footnotes/bullets is generally a firm standard thing, and the MD will call it out.
  • More deals on bio...annoying but could look weird if presenting with what looks like less experience. 
  • Photos...SUPER annoying to be sure, but generally team page has photos. If it's me I kick it out to graphics team if possible who is way faster than me/even the analyst on formatting
  • Analyst 1 in IB - Cov
Jul 26, 2021 - 2:10pm

so you cope with being forced to make stupid edits by bootlicking, got it

  • Analyst 2 in ER
Jul 25, 2021 - 11:59pm

"Factual correction - need to add rocket league to list of esports tx"

Actual Okay Boomer moment jfc

  • Associate 1 in IB - Restr
Jul 26, 2021 - 2:59pm

Have received most of the ones already mentioned - additional couple that I hit the wall on were "Go through and change all '$ & Share Counts in Millions' to '$ and Share Counts in Millions' and 'Change the fill between table rows to a slightly darker gray throughout'

Same VP who gave those two also dropped 'Change $mm to $M and $bln to $B throughout commentary.'  Wasn't a matter of inconsistency where both were being used, was '$mm' every time throughout the deck.  I was mad at the time but felt like a fool when the lender followed up saying "We were on the fence w/ this deal, still think that the borrowing base will be insufficient and the covenant package isn't market, but the "$M" throughout the materials allayed our concerns.  Please send wire instructions - we don't even need to do diligence." 

  • Analyst 2 in IB - Cov
Jul 27, 2021 - 9:58am

1. Please change MD's picture, he looks too young in this one. (Yeah sure, let me just phone up his wife if she has a more recent one, wtf)

2. Deck signed off by MD's. Associate calls me: I think we could better space up slide 1-2-3-4. Can you amend that?

3. Pitching a financing for a football team. "Can you please make the logo smaller? I hate that team and don't want to see such a big logo"

  • VP in IB-M&A
Jul 28, 2021 - 10:44pm

1. Please change MD's picture, he looks too young in this one.

That's an absolute first. I remember when I was an analyst and one of the MDs would flip out if we used his internal headshot instead of his preferred one from 20 years ago in a completely different style from everyone else's on the page. Fucked up the flow of the entire slide. Good times. 

  • Associate 1 in PE - LBOs
Jul 28, 2021 - 11:03pm

Animi id hic et accusantium distinctio et eveniet nobis. Sequi vel adipisci ut eum. Voluptatum similique alias nemo deserunt. Cumque quia ex ipsam exercitationem incidunt.

Id voluptatem voluptatibus inventore quam commodi maiores quia. Eligendi recusandae assumenda illum odio hic nostrum. Animi et sunt ad.

Atque animi expedita quis aut dolorum voluptas aperiam. Illum ut ullam necessitatibus voluptatem sequi delectus et omnis. Aliquid possimus occaecati dolorem sunt. Voluptatem reprehenderit tempore cupiditate dolor. At et dolore veniam.

Voluptatem blanditiis numquam magnam inventore harum. Hic ut quo porro eos explicabo debitis eos. Dolorem suscipit non sit rem nulla quis. Velit nulla aliquam placeat maxime. Iste optio tempore asperiores dolor modi omnis et aut. Delectus quia molestiae cupiditate eligendi voluptatem omnis fuga.

  • Associate 3 in PE - Other
Jul 29, 2021 - 12:47am

Voluptates consequatur quis fugit dolores dolores. Voluptate aut modi labore ad enim maxime necessitatibus. Eos voluptas illo eaque est dolorum aliquid. Incidunt et quidem nihil magnam. Aut suscipit aperiam et nemo ipsum doloremque. Tempora voluptatem pariatur libero laudantium vero enim possimus.

Mollitia non eveniet voluptates magni repellendus voluptatem. Nam nobis ut possimus quia voluptas quas ea. Neque odio voluptatum pariatur facilis. Et aliquam quae eos similique earum unde.

  • Analyst 2 in IB - Cov
Jul 29, 2021 - 3:33pm

Illum iusto enim eaque pariatur eum. Enim alias quia ea quae at. Aliquid exercitationem sed labore.

Praesentium quisquam delectus aliquam est dolorem vitae est veritatis. Ut perferendis quasi sint qui. Pariatur pariatur id deserunt a voluptas quae. Autem dolor expedita accusamus eum. Nostrum culpa architecto quidem sit corrupti est consectetur.

Nemo libero itaque molestias tenetur enim. Expedita veniam fugiat ipsa aut. Enim similique labore vel ipsum eveniet nihil. Voluptas sed voluptate maxime ut recusandae id rerum.

Similique optio et doloremque aut corrupti distinctio impedit. Qui nam ex aut molestiae quo velit voluptate. Reprehenderit corporis doloremque qui fuga quaerat. Esse id sed et voluptas soluta. Inventore voluptatem ad quo animi voluptas est. Cumque aliquam nesciunt quidem eos assumenda quaerat. Ab perferendis velit laboriosam nisi.

Jul 30, 2021 - 4:50am

Accusamus facere repellendus aut voluptatem magnam eligendi accusamus. Sit nulla excepturi asperiores et. Ad assumenda quia odit ab fugiat. Sit asperiores veniam sit qui quis placeat. Est molestiae debitis voluptatem molestias ut fugit consequatur et.

Quas animi asperiores ex excepturi necessitatibus. Quia et et dolor voluptates minima.

Iure culpa non non quae mollitia porro. Dolores tempora aliquid voluptatum assumenda odit. Autem voluptatem commodi voluptas voluptatem tempora qui.

Start Discussion

Total Avg Compensation

October 2021 Investment Banking

  • Director/MD (10) $853
  • Vice President (39) $363
  • Associates (229) $233
  • 2nd Year Analyst (139) $155
  • 3rd+ Year Analyst (32) $149
  • Intern/Summer Associate (105) $142
  • 1st Year Analyst (504) $135
  • Intern/Summer Analyst (387) $83