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!
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.
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.
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?
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.
Training was by far the best time I had during my analyst career.
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.
-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
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.
i was drunk everyday in training - it was great
BB IBD Training - Training process? (Originally Posted: 12/01/2011)
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!
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.
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.
Definitely not 3 months.
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.
It's not fair that our counterparts in regional offices are given free accommodation during the training.
MS is stingy!
Not sure if this is true. I heard that they put regional analysts up in a very nice place during training.
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.
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.
4 Week BB IBD Training (Originally Posted: 11/05/2009)
Could anyone shed some light on what this is like? Is it very serious/long hours? Is it completely classroom training or also rotations/social events? Are you tested/being watched closely the whole time or is it mainly for your own benefit in coming up to speed on all the material?
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.
6 weeks for us.. lucky!
Let me guess... Citi?
I'll be in JPM and it's 7 weeks I think.
What about other banks?
5 weeks
6 weeks (not Citi)
can people share their nyc/london experiences?
What should I expect for FT training (BB IBD)? (Originally Posted: 05/30/2010)
Some say take it seriously. Others treat it as a 6 week party. What's the reality? Are we not ranked and tested on a weekly basis. How do our staffers and evaluators use these test scores? In general, what is your advice for making the most out of my bank's training program?
This is a great topic...i am interested as well
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.
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.
bump
Interested to know as well. Not to hijack but also interested to know the case for SA's 1-week training.
Training - FT job (Originally Posted: 03/19/2007)
I managed to get a full time job with a BB firm although I have no previous ibanking experience. I was wondering if anyone could tell me about the training program or just share some general experiences as I have absolutely no clue about how ibanks as organizations work.
I heard people get ranked based on all kinds of tests during training? Does anyone get fired based on training program performance? Is there anything one can do to prepare? Any general advice?
Stupid questions probably (?) but if anyone bothers to answer- thanks!
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!
training for full timers (Originally Posted: 08/11/2008)
Anyone know when training is/was this year for full time people in New York? More specifically UBS and Merrill?
Generally starts soon after July 4 and ends late August/early September.
http://modernyuppie.blogspot.com/ The musings and antics of a Meathead college wrestler turned asset backed securities trader.
FT IBD Training (Originally Posted: 03/10/2009)
Would you please share with me what exactly new FT IBD training for a BB entails? I know it's 4-6 weeks in NYC and I understand that finance, accounting, excel, etc. are taught. But, what I really want to know is how the hours are, days (M-F?), perks, accommodations, time for partying, etc. Thanks!
http://www.wallstreetoasis.com/forums/ibd-training-week
That's for a SA position, which is typically only 1 week
FT Training Programs (Originally Posted: 12/09/2012)
I was just wondering what training programs do BBs/ elite boutiques/ and top MMs use? I know that GS/MS/JPM use AMT but was curious about the other banks. What firms use Training the Street or Wall Street Training?
I know Jefferies uses/used Training the Street and so does BX I think.
Most of them use Adkins, Matchett & Toy (AMT) though
We use TTS at my MM.
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?
FT-Training Program (Originally Posted: 02/23/2013)
I'm starting at a MM bank full-time this summer. They don't have a formal training program but I was thinking of doing a modeling training course to help prepare. Would it be unreasonable to ask for the employer to pay for it? Does this ever happen?
Obviously it's an expense but it shows that I'm wanting to come in at full speed and help them out right away. Thoughts?
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.
FT Training Issues, need some input (Originally Posted: 06/13/2015)
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