I found this company, MCIA Capital Group, while on Glassdoor looking for an internship. I did some digging, and noticed a few things.
At first, I figured it was some no-name IB group. I can't post links because I don't have enough bananas, but if you search MCIA Capital on Glassdoor you will find it. If you follow the Bitly link in the position description (red flag #1) to their site for the full app, you find a very unprofessional page. (red flag #2)
Under Required Qualifications for the Summer Analyst program it lists the "Invest Like The Street Analyst Program" which seems to be a modeling program that costs around $1000 (red flag #3). A reddit user claims ILTS wants money up front and 5% of your salary, assuming you land a banking job. Another reddit user claims the program is a scam.
Feeling inquisitive, I did a Whois lookup on MCIA Capital's website, and learned that the site was created in March of 2018, and not much else. (red flag #4) I also noticed that the site runs a bunch of cookies, and that they list their address as 240 Greenwich St, New York, NY, which is the BNY Mellon building. (red flag #5)
Then I went to OpenCorporates and looked MCIA Capital up. Wouldn't you know it, it was incorporated in 2018, and is registered to one Todd Massedge. Who is Todd? Naturally, he's the founder of "Invest Like The Street".
So Todd creates a fake investment bank and tries to coax applicants into spending money on a program he created and sells. You know that spiderman meme where spiderman is pointing at himself?
This reminds me of the Valeant-Philidor situation, although it's entirely possible that I am wrong. I am a non-target student desperate for a sophomore internship, after all.
Investment Banking Interview Course
- 7,548 questions across 469 investment banks. Crowdsourced from over 500,000 members.
- Technical, behavioral, networking, case videos, templates. All included.
- Most comprehensive IB interview course in the world.