What to expect: FT BB IBD analyst training in NYC?

fortes_fortuna's picture
Rank: Baboon | 127

Note: I've searched the forums regarding training for FT BB IBD analysts but haven't found the answer I was looking for.

What exactly can I expect for IBD analyst training this summer in NYC? I'm at a regional bank (think Chicago/SF/LA) at a BB (think GS/MS/JPM).

I've already received pre-training modules/assignments and books to read. From what I understand, it's 6 weeks of classes and weekly test taking in anticipation of the series exams. I also already know the group that I'll be working for.

What about:
-weekends (do I have classes, work, or am I free to wander? My team isn't based in NYC)
-networking (are there consistently events throughout the summer?)
-perks? (I understand banks in general no longer offer such grandeur events that they once did, but any?)
-What was your experience like?

Thanks!

Comments (60)

May 8, 2013

It's like having a 9-6 job where you don't do anything and get paid. It's pretty sweet, though it feels like a continuation of school sometimes.

Weekends are entirely yours. The last couple of weekends might have some work because you will need to study for and pass the Series exams.

Networking is pretty informal. You just chill with your analyst friends and sometimes they bring in senior speakers.

There are free food and free drinks events throughout the summer. If you're from a regional office, they'll typically put you in a hotel and pay for all your meals. Try not to put bottle service on the company card.

Nota bene: no one cares what score you get during training. ENJOY THOSE 6-8 WEEKS. Once it's over you will regret not taking full advantage of being blackberry-free.

May 8, 2013

Thanks for the insight! Were you expected to work at all? I've heard analysts having to work, in addition to training. But I wonder if this applies to me since my office isn't in NY.

May 8, 2013

Do you mind explaining the pre-training content? What does it cover and what books were reccomended?

May 8, 2013
couchy:

Do you mind explaining the pre-training content? What does it cover and what books were reccomended?

95% of the time it's Training the Street materials. That's what I got for my pre-training stuff.

May 9, 2013
Raptor.45:
couchy:

Do you mind explaining the pre-training content? What does it cover and what books were reccomended?

95% of the time it's Training the Street materials. That's what I got for my pre-training stuff.

Presentations or the books?

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May 9, 2013
couchy:

Do you mind explaining the pre-training content? What does it cover and what books were reccomended?

It might be group specific, but my coworkers sent me training material from last years' class (since I had asked about it) and a book they thought would be beneficial. I'm also suppose to complete online pre-training through some eLearning site. Not sure what it entails since I just activated my account but don't have any assignments yet.

May 9, 2013

Training was by far the best time I had during my analyst career.

May 9, 2013

anyone willing to share their training manuals they got from their bank? i dnt have one yet and already did BIWS/M&I stuff already. thanks!

May 9, 2013
AnalystMonkey2769:

anyone willing to share their training manuals they got from their bank? i dnt have one yet and already did BIWS/M&I stuff already. thanks!

+1

I can give other materials in return.

May 9, 2013

-weekends: weekends are totally free, unless you have to catch up on studying/exams
-networking: lots of them, usually scheduled
-perks?: free food, free lodging (got put up in a serviced apartment so it was pretty sweet), free flights to and fro from asia office to NYC...didnt have a daily allowance for my BB, but heard JPM gives US$100 daily allowance for us from asia offices :D on top of salary
-What was your experience like? probably the most relaxing part of your analyst career...treasure it

May 28, 2013

Bump. Did anyone have to pay upfront for anything major in training? I'm in a BB (non-IB) analyst program with
5 weeks starting in June. I got an email from the travel agency the BB is using and it mentions reimbursement? I'm getting pretty pissed that they don't pay sign-ons until after you start and then I have to initially cover a flight.

May 28, 2013

i was drunk everyday in training - it was great

May 28, 2013

I think it's more like 4-8 weeks.. Definitely NOT on deals during training! I think it depends on the firm, but at the BB I interned at, it wasn't uncommon for the trainees to be in the office till 10 PM or so some days. I think usually it was ~40 hours per week in the beginning and ~60 hours per week towards the end.

May 28, 2013
blackopsmonkey:

Hi everyone,

I was just curious what the training process is like for incoming analysts. I understand that for most BBs, training lasts about 2-3 months. Do you work on deals while training? How intensive is it, and what are the hours like during training? Someone told me that it's basically just a way to "network" within the IBD division, trying to find a good fit for a group... any insight would be appreciated.

Thanks!

It will probably be 5-8 weeks - you certainly won't work on deals unless you started early and are having to work on staffings during training (I did this and it wasn't fun). It is a good way to network with analysts who will be in other groups so that you don't have to blast your entire analyst class instead of shooting a friend of yours an email asking for pages. It isn't about trying to find a good fit for a group because you should already know what group you are going into before your training starts. You will have tests (modeling, valuation, and accounting) and you will have homework and you will have to study for licensing exams. Training is also a time to party before you start your stint and have real work, but it isn't a complete cake walk. Overall, the hours aren't too bad and you get a chance to party, but I wouldn't completely blow it off because you will learn a helpful thing here and there. Just don't think it's critical that you remember everything from training because 95% of it you will learn on the job.

May 28, 2013

Definitely not 3 months.

May 28, 2013

All expenses paid party In NYC with some of the brightest minds from all over the country.

May 28, 2013
Revolution:

All expenses paid party In NYC with some of the brightest minds from all over the country.

Not sure where you're getting this "all expenses paid party" thing... If you are from a regional city, you will get per diem for food expense, but that's about it. Especially given the downturn in the industry, the ostentatiousness and frequency of "party" events has diminished. You'll still go out and drink your face off with your analyst cohorts, but it likely won't be on the firm's dime but once or twice.

I recommend partying with the Australians / Europeans. Those kids are getting a paid trip to NY and usually have started early and they drink their faces off.

May 28, 2013

It's not fair that our counterparts in regional offices are given free accommodation during the training.

May 28, 2013

MS is stingy!

May 28, 2013
thejoker:

MS is stingy!

Not sure if this is true. I heard that they put regional analysts up in a very nice place during training.

May 28, 2013

I went through BB training 2 summers ago, and you get to all expenses paid(hotel, misc), from regional offices at least. Your given a certain amount on the weekdays, and much more for the weekends. After sitting through brutal training whilst your hungover for at least 8 hours, all you want to do is drink and rage in NYC after that.

May 28, 2013

So is training pretty much the same at every BB, or do some have better/longer/harder programs than others?

Also, if training is 2 months, and PE firms start recruiting around the 6-9month mark, how the heck is an analyst supposed to have differentiated experience to talk about during buy-side interviews?

May 28, 2013
blackopsmonkey:

So is training pretty much the same at every BB, or do some have better/longer/harder programs than others?

Also, if training is 2 months, and PE firms start recruiting around the 6-9month mark, how the heck is an analyst supposed to have differentiated experience to talk about during buy-side interviews?

You really don't, which is why the expedited recruiting process is totally bullshit.

May 28, 2013

Some days you'll think you're still in college--with the only difference that you'll have class after class after class for +10 hours in a row. Some other days you'll be in networking events with senior people from the bank. And some other days it'll be fun and crazy team building activities.

And yes, you'll also have tests.

Is it hard? It really depends on your background (finance major? liberal arts?). As long as you're not in the bottom tier of the class you'll be fine.

May 28, 2013

6 weeks for us.. lucky!

May 28, 2013

Let me guess... Citi?

I'll be in JPM and it's 7 weeks I think.

What about other banks?

May 28, 2013

5 weeks

May 28, 2013

6 weeks (not Citi)

Just my 2c.

May 28, 2013

can people share their nyc/london experiences?

May 28, 2013

This is a great topic...i am interested as well

May 28, 2013

Absolutely. Interested as well - from what I heard it's somewhere in the middle, good 6 week party to network with colleagues plus some good recap of CF stuff. If you have business background, I'd imagine you'll be more focused on the first part.

May 28, 2013

My bank will have "competency tests", but I've been told you can consult with other people and the instructor. One of my future coworkers said they do throw a lot of info at you that's specific to the bank and your group/job and MD's were pissed when kids didn't know their shit. Also at least 2 of the weeks will be "shadowing" an analyst and at the end they take the training wheels off.

May 28, 2013

bump

May 28, 2013

Interested to know as well. Not to hijack but also interested to know the case for SA's 1-week training.

May 28, 2013

Rereading my post I realized that I should provide some clarification: I am about to graduate from university and have no serious work experience. My questions concern the analyst training program. I will start working this summer. I am from a non-US school (probably considered completely non-target). ANY advice is appreciated! Thanks!

  • aloki
  •  May 28, 2013

Generally starts soon after July 4 and ends late August/early September.

May 28, 2013

This Thread is meaningless, use the damn search function.

http://modernyuppie.blogspot.com/ The musings and antics of a Meathead college wrestler turned asset backed securities trader.

May 28, 2013
May 28, 2013

That's for a SA position, which is typically only 1 week

May 28, 2013

I know Jefferies uses/used Training the Street and so does BX I think.

Most of them use Adkins, Matchett & Toy (AMT) though

May 28, 2013

We use TTS at my MM.

May 28, 2013

Thanks for your reply. As I am free to choose whatever course/training each one offers, in the case of AMT, would it be more useful (ie. more value for money) to go straight to the advanced courses as I am familiar (but have not yet properly conducted modelling, etc.) with the basics?

May 28, 2013

just wait until you start work and enjoy your last few months of freedom. They'll probably have you do TTS or something similar.

May 28, 2013
gstackle32:

just wait until you start work and enjoy your last few months of freedom. They'll probably have you do TTS or something similar.

+1 enjoy your free time.

That being said, if you have zero modeling experience and just want something basic to get some exposure you could always try http://macabacus.com/ just to get a little exposure. Not the best but it doesn't hurt. Also search the forums... there was a link to a page with a huge chunk of example models somewhere a little while ago. The majority of places have their own twist on models so nothing wrong with waiting for day 1.

May 28, 2013
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