You are a bottom bucket analyst if...
Enough coddling: by definition some people are the bottom 15%. For those of you who don't have the self-awareness to recognize you aren't cutting it, here are the signs (real life examples). If you do any of the following, I shouldn't have to explain to you why you are a bottom bucket analyst:
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You copy and paste data wrong. Like reformatting the buyers page I suddenly see Facebook's ticker is ["IBM"] and is based out of Beijing? That's great.
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Every time I give you a turn, I have to re-check the entire book because you have a habit of screwing things up that shouldn't change. Like weirdly/stupidly basic stuff. How the hell did a subtitle suddenly disappear off the page? That page didn't even have any comments on it.
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Oh that's nice. Our meeting is with Facebook in March, but the title page shows ibm in September. Our book also has ibm in five places.
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You spelled the CEO's name wrong.
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You give me financial pages with different cases on them. Huh? How come all the numbers in each of the "different" cases are the same? Don't blame "CapIQ" or "embedded links". You screwed up.
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What a great growth rate! Oh wait, you used the wrong number of years in a CAGR. We're not talking advanced calculus here.
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A minus 99% growth rate. Interesting. I thought this business was growing. Do you know what the difference is between Billions and Millions? (Bloomberg pulls)
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Capacity utilization or renewal rates are -5% or 120%? That's awesome. So I'm rolling a (weighted? magical?) dice with 120% probability of getting snake eyes: I'm guaranteed snake eyes at least once with a 20% chance of getting it twice on the same roll.
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You show a monthly number as an annual number. Oh, interesting. This company trades at 120x? I thought it was only supposed to be 10x. Way to create value and a premium multiple. You deserve a bonus above street.
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The growth case DCF is lower than the base case? You screwed up. No, not a "labeling issue". You screwed up.
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Our indicated valuation range is from X to Y. And our football field shows every metric is 2x Y or higher. If your math is right (which it isn't), I'm sure the client will appreciate us selling their business for less than half of what "we think it is worth".
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Footnote says comps market price as of September of last year. It's f'n February. Quarters have since reported. Also, you have footnote 7 conspicuously floating in the middle of the page, but at the bottom of the page our footnotes only go to 4.
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Our quals/creds page only has 2016 data. It's 2018 and 2017 numbers have since come in. There was a firm wide email. Update.
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You listed employees as being in $ millions. Hmm. I know people are our "greatest asset", but this is borderline human trafficking.
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Steve got promoted to MD this year. There was a firm wide email. The team celebrated with drinks last Friday. You shook his hand and said "Congratulations on the promotion to MD, Steve". He took you out for drinks and then gave you his credit card for the rest of the night. He said, "This will be my first meeting as an MD". I'm sure he'll love that you left him as a Director on the team page.
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Oh, and you got YOUR OWN PHONE NUMBER WRONG ON THE TEAM PAGE.
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We are still here late on a Friday because you can't do your job and I write WSO posts while baby sitting you.
G'dmn monkeys on type writers. Guys, this isn't even "IBD is attention to detail" difficult. This would get you fired ANYWHERE.
BTW: [ ] - Clearly made up names, in-case your bottom bucket a$$ didn't get it.
#9 top discussion of 2018
Gold. +1. Please do "You're a top bucket analyst if..."
If you print out every document/slide to review before sending for revision, that in itself qualifies for top bucket.
/thread
https://www.wallstreetoasis.com/forums/eight-habits-of-top-bucket-ibd-s…
Applies to FT Analysts too.
Hey, crap analyst. Stop throwing monkey crap and get my g'dmn work done.
Thanks.
I threw the MS because you're Canadian.
Very good
Figure i'd add some based on myself... hmm
Did you steal that from yet another Instagram post?
Who among us has never forgotten to attach a pdf??
This is very helpful. At first blush, it seems most of these can be identified by printing out one's work and take a highlighter to track changes between turns (that in itself should be beneficial to a prospective 1st year analyst in ensuring that the truly egregious errors are fleshed out).
In your experience, were these mistakes isolated to new 1st year analysts? Did you see improvement after the first few go arounds where the mistakes were found?
Most of these would get caught if printed a hard copy out first and actually read through. If you don't proof read hard copies before sending to people, you're bottom bucket.
As others have previously mentioned, F7 and print/flip would solve most of these pretty quickly.
I remember reading a comment somewhere on WSO that effectively said "if your second/third year analyst and associate aren't telling you to F7 and print and flip everything when you hit the desk, they have failed you."
Probably the single easiest thing to do that will have the largest positive effect.
Could you explain what F7 does?
Spell check
lmao this thread brings back good old memories
OP - is this a first yr analyst? if not... you may want to ask why you are staffed with bottom bucket analysts ;)
add/edit: i actually did get my own number wrong and also promoted myself from analyst to associate on the team page, that's why i thought your post is funny
I knew you'd be on here!
Advice for 1st years/bottom buckets: When you receive a turn with changes, please be aware of what these changes are and how they affect your model.
For example, if one small change shouldn't be drastically affecting your numbers from the previous version, then be aware of that. It baffles me how so many people are not cognizant of their work and how anything flows.
Changing the tax rate from 35% to 37% should not make your free cash flows increase by 100000%. You fucked up.
Also, I love when you notice these same kids try to spin their way out of their mistakes. I've personally witnessed interactions between them and an associate where the 1st year knows they fucked up, the associate knows the 1st year fucked up, yet the 1st year continues to say things like "oh that's strange! Not sure how that happened". Uh....yes you do know what happened. I know what happened. You fucked up.
lmao this is true but have you seen the other way around? a seasoned analyst calling out a first year associate... i hope you witness it once in your life, especially with senior MDs from various groups (sponsor, M&A, industry, DCM,. ECM, the whole suite).
Not in front of MDs or seniors. I have actually called out a couple 1st year associates before because they failed to do their jobs and they suck.
...you have time to post drivel such as this on an internet message board.
Please tell me this is not an experience you had? How does someone with that much lack of attention to detail get into IB?
Industry connections/network/feeder school, or someone made a phone call.
Hey Friendly Boss Person, Instead of writing posts here, you "could" do a bit more training of your staff. Or, spend the necessary time and $ to recruit proven talent, not just a fresh MBA face.
Humility would have you looking in the mirror mate, b/c being a jerk apparently is not working.
https://www.wallstreetoasis.com/forums/roadmap-for-ibd-coverage-associa…
Please read third paragraph, "mate".
I have work to do --- read your own paragraph, eh!
For Sales and trading:
1: client wanted my bid. I asked trader for the offer. Executed the trade on offer. Discovered I fucked up, reversed the trade in 3 seconds, hooray! Instant 100k loss on traders book.
True story. Real experience in the G- bulge bracket. Had to let myself go after 1.5 yrs. that’s my short stint in IB lol
The good, adequate, and terrible analysts (Originally Posted: 01/30/2015)
I've heard numerous times now for numerous different jobs in banks (Not just IBD), the pattern's always been "The good people leave and get [presumably] better jobs, the adequate/mediocre ones stay and [presumably] become associates (And maybe then VPs?), and the terrible get fired." Exactly how consistent would you say this is?
Of course, I presume this thought wouldn't account for the folks who find that IBD (Or whatever other function they start out at) is suitable for them and choose to stay long term. But I think most folks will say such folks are a rare variety.
Had a similar story to 1); didn't make it past 1Y.
I think you'll find that this is a common theme across all walks of life and not just in finance. It is known as the Peter Principle - essentially, all people progress in their careers until they reach their point of incompetence.
Well...I don't really think this is true. The skills required to be a GREAT analyst, college student, and "exit-opp" interviewer at a young age are not quite the same as the skills required to become a GREAT senior banker. As a matter of fact they may be exactly the opposite in many cases.
This is a fair point... what makes a stellar analyst often isn't very correlated with what makes a successful long term banker.
Probably depends on the job. I would imagine that for the top firms and groups (eg KKR PE or the like) the good ones stay and get promoted (or maybe start their own company)and everyone else leaves once they know they're not getting offers to move up?
Right it still depends on the group. But in your example with KKR and the like, it's a little different because those firms generally hire from the sell-side and generally not from recent grads. Even so, work hours in firms like KKR are all pretty intense, so I anticipate not many would want to stay even there for the rest of their lives.
Nothing like posting this and saying "difference" when you mean different
Are summer and ft analysts the lowest of the low? (Originally Posted: 04/26/2011)
Basically you are well paid scum? Amirite, what am I getting myself into???
On the corporate ladder? Yes. In the company? No. There are janitors that work for Goldman too...
haha experience matters. if i wanted to get paid well, i wouldn't become a banker in the first place. especially SAs who don't get paid overtime or bonuses are hm.. for lack of a better word slaves. i don't even wanna know my hourly wage for the summer - it's so degrading.
Your not getting yourself into anything.
I doubt you have an offer.
Summer analyst. Not FT
Advice: act like you are on the bottom...even below the janitors, graphics shop workers, cafeteria workers, etc.
Your modesty will be noted. I know an analyst in my SA class who did not get an offer because he was constantly rude and condescending to the print shop workers.
Dude - awesome post. I can tell you are really cool and good at your job from this. Makes me want to work in IB. Your perspective is very enlightening.
Turn around bad start to Analyst stint? (Originally Posted: 12/06/2014)
I'm trying to revamp my approach - I came in to my gig too comfortably and am not where I want to be in my analyst group. I have good relationships within my team, but have not established myself as a "go-to" guy when the hallmark deals come in or we're shorthanded and someone needs to step up.
I was hoping some of the more experienced members could share some experiences in which an analyst they worked with was able to go from middling analyst to a bona fide top bucket sort. I'm taking the normal steps of practicing to get better whenever I can and keeping the team well aware of my availability.
I'd really appreciate any thoughts.
Interested to see reponses. Perhaps ask @mergersandacquisitions78 (think that's the username) to chime in?
bump
You have to outperform the guy who's in the spot you want to be. That's going to mean not screwing up, and working much harder. One of the best things you can do is to consistently do part of the guy above you's job. So if you're an analyst, take a first crack at drafting pages, putting together the text slides, or reviewing the work of another product group. If you're an associate, shell the book out for your VP, and don't let any errors make it through to the VP. Things like that.
Don't underestimate the value of the relationship side though. Ultimately bucketing is more about perceived value and how much people like you than who was on the "biggest project". There's definitely some correlation there, but it's not the most important thing.
Hard to assess without more information. To be blunt: what have you been fucking up? Who is the "go-to" guy and what is he doing that you are not?
Fixing the answers to these questions would be a good start.
10+ people were absolutely butthurt because this applies to them, and their liberal snowflake minds can't take the truth.
In fairness, a lot of these things happen to most people occasionally. There's a difference between them happening one percent of the time and every time. Also, obviously anything going directly to a client or senior banker ought to be perfect. You can really only get away with a ding on that count very infrequently in my experience without people thinking you suck.
HAHAHA
The -100% CAGR's always get me. Different color borders (sometimes blue, sometimes black) and inconsistent print tiles are other examples as well.
I had an analyst who could not, for the life of him, keep his fonts consistent from slide to slide. He would also, somehow, mess with the slide master so that titles and subtitles would jump ever-so-slightly as you thumbed through the deck.
I think he did it on purpose. I hated him.
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