WSO Podcast | E202: WSO's Finance Research Internship | Weekly Meetup #4
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Really fun session with the interns where we discuss everything from the Masters in Finance vs. the MBA, the CFA vs financial modeling training.
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WSO Podcast Episode 202 Transcripts:
Patrick (CEO of WSO): [00:00:06] Hello and welcome. I'm Patrick Curtis, your host and Chief Monkey. And this is the Wall Street Oasis podcast. Join me as I talk to some of the community's most successful and inspirational members to gain valuable insight into different career paths.
Patrick (CEO of WSO): [00:00:20] And life in general. Let's get to it.
Patrick (CEO of WSO): [00:00:25] Really fun session this week with the interns, where we discuss everything from the Masters in finance versus an MBA to CFA versus financial modeling training and everything in between. Hope you enjoy. Hey, everybody. Welcome to I think it's the fourth weekly call with the intern group. We will probably still have people kind of trickling in as it goes. So apologies if I'm distracted. Nabila is also on vacation this week, so it's just going to be me hosting this again. I want to remind everybody that. This is just an open call for any questions you have. It doesn't just have to be about the internship itself, although I'm very happy to answer questions about that. If if some of you are just starting or have hit roadblocks or just have questions about it, of course, feel free to fire away and ask questions on that. I think. In terms of how we typically do this. I just wanted to open it up first and just see, see if anybody has questions specifically about the internship or starting there. And you can either use the raise your hand or you can just chime in. You can go ahead and chime in when you're when you're ready.
Patrick (CEO of WSO): [00:01:41] And if you can keep yourself on mute when you're not talking, that would be great. But welcome. And any questions? Start any anybody have questions around the program itself. Specifically how to use it on a resume. I hope people in the the group saw that we've we've made some changes to the internship guide to hopefully make the step by step process of how to get started a little bit more clear. So if you haven't seen that. Definitely check that out. We have the how to start video up there for people who are looking for kind of more of an example of how to write about a specific research and write about a specific article and then. Yeah. I think those are the major changes we've made this past week. We also have up there for people that haven't seen it, an example of how to include this internship on your resume and on your CV to make it look good so that it helps you land more interviews. So with that, any questions from the group right now about the internship in general? More specific.
Patrick (CEO of WSO): [00:02:48] Nobody.
Patrick (CEO of WSO): [00:02:49] Anybody? Well, if you do have questions, we can go back. Here we go. We have one question, and you can also write your questions in the chat if it's easier. I don't want to I don't want to say your name wrong. Is it custom?
Intern 1: [00:03:06] Yeah, it goes through it.
Patrick (CEO of WSO): [00:03:07] How are you? Nice to meet you.
Intern 1: [00:03:09] Yeah, I'm fine. What?
Patrick (CEO of WSO): [00:03:12] I'm great.
Intern 1: [00:03:14] So my question is like, what do you expect? Like in the time we can complete one more when the article. What are your expectations?
Patrick (CEO of WSO): [00:03:23] The expectations you wouldn't be able to always say is the quality matters more than the quantity, especially early on. What we're seeing in terms of how long it takes for an article, if it's a shorter one, usually with around two ish hours, if it's a longer one, usually on the upper bounds, it's five at 5 hours, although we've seen 7 hours, especially for the first article or two. And then so I'd say usually between 2 to 7 hours range, although, you know, as long as you're being efficient and you're doing the research and you're writing and you're doing your best, I think that's what's more important is that there's quality there rather than trying to rush through and get as many articles as you can out.
Intern 1: [00:04:06] Thank you.
Patrick (CEO of WSO): [00:04:07] Yeah, no worries. Hopefully that's helpful. Any other questions specific to the internship city or city? I don't know how to say your name.
Intern 2: [00:04:16] Hi. Hi. How are you? All right, I'm good. And I wonder, just could you send the process of the internship to us? Or maybe we can have some written document of the how to process the internship?
Patrick (CEO of WSO): [00:04:35] Yeah. So it's all in the top of the Slack group. I put it in the chat right now. That's the main internship guide and I'm going to link you. Thank you also to a video to watch which shows kind of how to start. That's also in the chat.
Intern 2: [00:04:50] So the start date is is from when just.
Patrick (CEO of WSO): [00:04:57] The start date is from whatever date you put.
Patrick (CEO of WSO): [00:04:59] In.
Patrick (CEO of WSO): [00:04:59] In the form when you initially. Applied.
Intern 2: [00:05:01] Okay. And will we be reminded from your email?
Patrick (CEO of WSO): [00:05:08] Yeah, you will be reminded, I think two days prior you'll be reminded to make sure you're signed up through through Hubstaff and so that you can track your time and get credit for all the hours you're putting in. We're still having people trickle in. It's getting the groups getting big, which is great to see. Yeah. So if there's any other questions. So I put in the chat the link to the the general internship guide and how to start video. That'll really give you a much better feel of like where you even begin, because I know early on it can be a little bit overwhelming. We even modified the internship guide to have there's a page like three or four pages. Then it's like step one, step two, step three. You can just follow step by step what you need to do in order to in order to get started on your first article. Welcome, Jubeir. Row, row. Knock, knock. Shaban. Ahmed. You guys have any questions specifically about the internship? Christian Welcome. Dennis. Arvin Hey, Jacob. Good to see you. Jojo. Everybody. Hey go ahead Ahmed.
Intern 3: [00:06:16] Yeah. I just have some career related questions.
Patrick (CEO of WSO): [00:06:19] Yeah. Shoot. Go for it.
Intern 3: [00:06:22] I thought about the investment banking division, specifically the industry group. Are there any industry specific? I mean, specialized groups like biotech in the health care industry group or the analysts work on different health care companies.
Patrick (CEO of WSO): [00:06:44] It's a good question. You mean within specific firms are there?
Intern 3: [00:06:48] Yeah. Can I, like, specialize in this specific sub industry, like biotech or pharmaceutical?
Patrick (CEO of WSO): [00:06:55] You can. Although I.
Patrick (CEO of WSO): [00:06:56] Wouldn't.
Patrick (CEO of WSO): [00:06:57] I wouldn't advise. Are you in university right now?
Intern 3: [00:07:01] I've just graduated. Recently.
Patrick (CEO of WSO): [00:07:04] You tell me where you are and your situation a little bit more.
Intern 3: [00:07:07] I'm from Almaty. From Kazakhstan?
Patrick (CEO of WSO): [00:07:10] Yes.
Intern 3: [00:07:13] I've recently graduated in three years and I participate in different internships, specifically like CFA Research.
Intern 3: [00:07:22] Challenge and other related programs.
Intern 3: [00:07:26] Like equity research related internships.
Patrick (CEO of WSO): [00:07:30] So your question. Yeah. Your question is, can you be specific? Specifically specialize in biotech underneath healthcare.
Intern 3: [00:07:38] And yeah, just like in biotech or in any other industry like specific sub industry, you can you, you.
Patrick (CEO of WSO): [00:07:46] You absolutely can. I wouldn't recommend that for your first job only because it's limiting the number of places you maybe apply to and the people you talk to. And I think a lot of the a lot of the concepts you learn early on can be applicable to to all different divisions. And I think that would happen usually in your, like in your group placement, but you don't want to necessarily in a, in a job market or in a, a place where it's really hard to even get the entry level role. You don't want to necessarily limit yourself to only looking at like biotech. You mean it's one thing to say health care, but it's another thing to say biotech under health care that's very narrow. And there's probably not that many there's not as many opportunities. And so I wouldn't want to limit yourself, even if that's like your true passion and what you want to do long term, I would say first, get in to work at an MSN bank, get your analyst years under you, then you become much more marketable and you can say, you know, really I'm passionate about I want to lateral, I want to transition to a health care group and that's infinitely easier than breaking in initially. So initially, if you're trying to break in and get that first job out of out of school, you should be casting a very wide net and not even outside of investment banking, because if you're not getting a job, if you're graduating, you don't have a job. Like that's already a very that's already a very uphill battle that you're that you're facing. So I wouldn't limit yourself at all. I would be looking at outside investor banking, I'd be looking at corporate finance positions. I'd be looking at big for transaction advisory services, which are.
Patrick (CEO of WSO): [00:09:17] Very well.
Intern 3: [00:09:18] Related to before. Also, one more question.
Intern 3: [00:09:21] Yeah. Would you suggest the valuation and so transaction advisory department.
Intern 3: [00:09:26] For example, if I work.
Intern 3: [00:09:27] Here in Almaty and transferred to the US.
Patrick (CEO of WSO): [00:09:31] Yeah, US or UK. Yeah, absolutely. It's a very well known path to banking, especially recently with all the attrition problems they're losing. A lot of bankers and second year analysts are leaving for private equity or just leaving the industry altogether. So there's a huge demand to fill those seats and usually they look to the big for transaction advisory services is one of the places that banks pull from. It's no longer a secret. It used to be a secret for lots of banks, but everyone's pulling from there now. So it's a great place to be if you can if you don't get into banking right out of school, it's a it's an awesome place to be because it's basically like it's like a half step toward banking. But that makes sense.
Patrick (CEO of WSO): [00:10:14] I think.
Patrick (CEO of WSO): [00:10:15] Yeah, no worries. You should definitely apply to those, especially if you're. You've already graduated. It's a no brainer if you can get that job. It's a great job. Here we go, Harvey, and says, Can you please tell me which topics I should research on from the sheet if I want to become an investment banker? Good question, Harvey. So there's a lot of topics obviously in the sheet, so it can be a little overwhelming. But I would do topics that are going to give you like the buzzwords on your resume that you want to be an investment banker. So probably things around like valuation, discounted cash flow, precedent transactions, comps, financial modeling type keywords, maybe keywords that have investment banking in them. Anything. I mean, investment banking is a very broad topic. So there's like probably 500 plus articles in there just around related terms to making. I mean, you could do much more kind of economic based ones like GDP and marginal cost, all these things related to financial statements related to depreciation, working capital, all of these things matter because they're all integrated into finance. So accounting even to show that you have that kind of framework. Now, if you were an accounting major, maybe you want to supplement with a little more like corporate finance type terms to make your to round yourself out. So if you were an accounting major, I would tell you, like, don't just do accounting terms even though you're probably going to write, those are going to be easier for you. Also, try to sprinkle in some of the stuff that's going to be seen as kind of more rounding out your your CV.
Patrick (CEO of WSO): [00:11:52] So I'm not sure if that answers your question. So I would say valuation type topics. The finance topics like skills. Definitional stuff. Maybe around some of. Like the. The filings like 10-K 10-Q 14 F 583 knowing all these M&A type mergers and acquisitions, if you're interested in that, there's a bunch of terms around that and like dealmaking and stuff like that. So those would be good to. Here we go. Tick says hello, sir. I'm starting my internship from the 1st of May. So when will I get the further information of the process? Starting the 1st of May. You'll probably get an email two days prior. So near the end, probably about a week or two right before your start date, about two three days. If you start date hits you haven't heard from us, you can always reach out to Nabeel in the Slack group. He's on vacation this week, but he'll definitely be back by the time you start. So yeah, you'll be getting emails kind of a couple of days prior and then the day you start and then emails as well, kind of especially that first few weeks to help kind of make sure you're, you're off to a good start and understand, understand the process. But I encourage you to look, if you're in the Slack group already, I encourage you to look through the internship guide prior to your start date and the how to start video so you feel a little bit more ready to go. Let's see some more messages here. Uh, says, hi, Patrick. Hi. You bet.
Intern 4: [00:13:22] Patrick, can you hear me by any chance?
Patrick (CEO of WSO): [00:13:23] I can hear you. Great.
Intern 4: [00:13:25] Oh, that's perfectly fine. I've just got a question. I applied so I could pretty much work in the summer because currently I'm on an internship as a financial audit, and I've always had this mental career ladder in my head for the past few, say, six months of where I want to get into. And obviously I don't have huge dreams such as getting into investment banking because I don't want to pretty much sell my soul for a job. So, yeah, I want to get into corporate finance though, more specifically mergers and acquisitions. And of course, I've been looking at LinkedIn and how individuals go into mergers, acquisitions and audits, always being a core foundation of where they've pretty much worked as an audit to gain their qualification and then pretty much transfer themselves to corporate finance. But I'm lucky in the sense that I've I'm working as an audit, as my placement year is my internship. So rather than, you know, dedicating three years of my life towards audit just to gain a qualification, I can pretty much use this internship as a stepping stone towards corporate finance.
Patrick (CEO of WSO): [00:14:30] Yeah. When you say corporate finance, you've got to be a little bit careful. I think you mean like know terms are somewhat interchangeable, but do you mean like corporate development, like actually doing internal M&A for a company? Or do you mean like corporate finance, like working with the CFO to help with, like, strategy and like internally.
Intern 4: [00:14:52] As pretty much working in the corporate finance department for the top four. If you're not trying to say so how we have a division called Strategy and transactions or transaction services.
Patrick (CEO of WSO): [00:15:02] Pnc Absolutely a transaction advisory services. So usually people are going to those groups because they want to get to investment banking because it pays much better. Even though.
Patrick (CEO of WSO): [00:15:10] Even though the work even though the.
Patrick (CEO of WSO): [00:15:12] And I'll tell you why people want to make that jump, because the work is very similar. The hours at the big four is are actually not that much better. It's still pretty rough in transaction services and the pay is almost double in banking. Yeah. So I get the idea of not wanting to like sell your soul for 100 hour weeks. But there are investment banks that aren't as rigorous. They are. They have a larger junior staff or they respect, respect your time more. So I'd be careful to think that corporate finance is an easier path or more interesting path, because I think what investment banking does is it it actually sets you up really nicely for a whole variety.
Patrick (CEO of WSO): [00:15:54] Of.
Patrick (CEO of WSO): [00:15:55] Exit opportunities. So not just corporate finance, but corporate development like inhouse M&A for firms, for large firms, you could do beside private equity work, you could just go work for CFO, you could be a chief of staff or for a smaller startup help with that type of stuff. So it just leaves you a lot, a lot of options. But at the same time, transaction advisory services are giving you a lot of those same skills. So like valuation doing all this stuff. So it's not, it's, it's a great place to be. I'll just say it's, it's still a lot of work. Like they, they still work you pretty hard. They're.
Intern 4: [00:16:29] Yeah, I understand. But one of the main reasons why I want to get into the top floor is because I don't necessarily need to move into London to work for investment banks. And of course, a lot of investment banks are pretty much situated inside London. So I don't want to, you know, struggle to live while at the same time, you know, working hours upon hours. Right now, I'm based in Birmingham and. Literally there's about 6 to 7 major accounting firms or financial service firms in Birmingham. So it's much more easier for me to commute and also live.
Patrick (CEO of WSO): [00:17:01] You want to stay close to home is what I'm hearing.
Intern 4: [00:17:05] Pretty much and also not struggled to, you know, pay for my expenses or because, of course, the rent prices in London is just absolutely insane.
Patrick (CEO of WSO): [00:17:13] But yeah. So you're very young. I wouldn't what I would say to you is what you're making early in your career is much less important to the experience you're building on your resume. So don't make the short sighted thing of like, oh my gosh, the rent so crazy. So I shouldn't go to London if they're paying you really well in London doesn't pay as well as in New York. But if they're paying you well just to be able to cover your rent and you're getting that experience, think of your career as like a long as the long term. Right? So you talked about mapping your career. Think about like. The best. You're going to have the most energy ever when you graduate, when you're young. Think about the sacrifices you can make early to eventually have a lot more freedom. And I'm not talking about like you're going to make so much money in a year or two because you're not going to save it that much like you implied. But just the option value of the signal you're going to be getting from putting that on your CV of like I worked in London at a at a bank, even if it's not a top bank.
Patrick (CEO of WSO): [00:18:09] I worked at London Investment Bank, blah blah. It's going to open up a lot more doors for you, I suspect. But that doesn't mean you have to do that. If you if there's reasons you need to be home close to home for family, for there's like you said in Birmingham, there's plenty of there's plenty of good jobs as well. It's it's not for everybody. So I'm just saying that to just think about it, because sometimes people look at investment banking and they say it's so horrible because it's this crazy thing. But yes, you are suffering and it is long hours and it's brutal. But at the same time, it's giving you it's also giving you a lot on the back end. And I'd say the pendulum has swung so far that now they're paying analysts an incredible amount to try and retain them because they are so short staffed. It's why it's opened up so much opportunity for people like yourself who are anybody who's in transaction advisory services to kind of make that lateral move work an incremental 5 hours a week and get paid almost double. I mean.
Intern 4: [00:19:07] I just I've just got another question also. How how common is it for an individual who's been working in transaction advisory for the top for to pretty much move to investment banking? Is there a common route that individuals take? Is it competitive?Also,
Patrick (CEO of WSO): [00:19:22] it's competitive, yeah, but it is very common and becoming more common, more commonplace because the banks need the talent and they know that transaction advisory services is probably the closest they can get to somebody who's going to be able to come in and immediately do the valuation work and not be lost and do the modeling.
Intern 4: [00:19:39] Yeah, I like that. Yeah, I feel like that transition is much more less competitive than a graduate is pretty much applying for an investment bank. I don't mind taking the long route. It is.
Patrick (CEO of WSO): [00:19:49] Yeah. It is more competitive. It is less competitive to get. But it's still not easy to get into those groups because people know that that's the path. So yeah, everybody that got rejected from investment banking, they're gunning for those for that group, specifically in Big Four.
Intern 4: [00:20:02] Okay.
Patrick (CEO of WSO): [00:20:03] So it's not and there's a lot of really talented people there, too, from top schools. Yeah. So like you may go to a big four and they're gonna be like, No, you can't get into. Or like, you didn't place. And so I think you'd be surprised. Like, it's not that easy to get into those because. Exactly. Because of that reason, it's seen as like a kind of a stepping stone to banking.
Patrick (CEO of WSO): [00:20:25] And you still have to.
Patrick (CEO of WSO): [00:20:26] You still have to perform while you're there, right. This is not a hey, I got into this and banking and banking offer next year or a year or two more like, hey, I got into this or Wow, I didn't get into GSA. I had to go work an audit per year. I had an internally network like a genius finally got was managed to do that internal conversation carefully enough not to get fired, not to piss off my audit partner and get transferred over to TS after a year of busting my ass with audit and showing that I'm a hard worker. Right? So that internal transition. You should listen to some of the podcasts I've done with people who've done this before. If that's not easy to, to, to play that game and to get yet if you don't get placed in media, the audit is much less competitive.
Patrick (CEO of WSO): [00:21:10] Right.
Patrick (CEO of WSO): [00:21:12] And so you can get into audit. You still have to now you have to make two jumps. You have to make the internal jump to tis and then you got to make the jump to the bank. So yeah, I hope that answers.
Patrick (CEO of WSO): [00:21:23] Question.
Patrick (CEO of WSO): [00:21:25] Again. But yeah, it's pretty well known. Pretty well known path. Yes. Sorry. Go ahead, Alma.
Intern 5: [00:21:36] So just one last question. What do you think about the credit rating and the corporate development as an alternative to a big four? How attractive would be to transfer to eBay from.
Patrick (CEO of WSO): [00:21:48] Their credit rating agencies?
Intern 5: [00:21:50] Yeah. Credit rating agencies and corporate development.
Patrick (CEO of WSO): [00:21:54] Corporate development may be more if you're if you're going to a firm that is pretty active with M&A and you're actually going to get deal reps. But you have to be careful because if you go to a corporate corporate development group, that's like doing one deal a year or one deal every few years. You're not going to get the transaction reps to kind of build those skills. Credit, risk or risk advisory shops, I'd say probably. I don't know as much. I don't want to say stay away from it, but it's a little bit less well known. I'm not exactly sure like you're getting some of the some of the skills there, but it's a little bit less I think it's a little more like siloed in terms of what you're doing there. So I'd probably lean more to the corporate element if you can get if you can get deal reps, basically you want to be able to go to anywhere where you can put actually like deals or engagements on your resume so that it looks like an investment banking resume. So even in like even consultants trying to transition to banking, you always like instead of putting like engagements or consulting arrangements, they put like transactions or deals. So it looks like a deal even though even if and then they downplay the integration work they did and they and they bring up they kind of emphasize the valuation work they did to try to make it look more in line with the job they're trying to trying to land. That makes sense. So I think. Jacob, you had a question.
Intern 6: [00:23:16] Patrick. How you doing?
Patrick (CEO of WSO): [00:23:17] Hey, man, how you been?
Intern 6: [00:23:18] Good. I think my question was, I'm curious what your personal opinion is on what separates a great article from something that's kind of okay or satisfactory.
Patrick (CEO of WSO): [00:23:30] Yeah. I think there's several kind of steps to a great article. Number one is just having like a really good framework and outline up front. So like the research you're doing in terms of like the header tags and the outline of it I think is super important because if you just start writing, it's going to be usually a winding, disorganized road. Whereas if you do the research and see kind of who's ranking well and why and you kind of really look into what what they're writing about, the examples they use, the visuals that they're using to help the reader kind of understand the concept. I think that's usually what makes it stand out. Now, some of it's like writing quality as well. And as a person, a good writer, are they engaging or are they overly formal? I think that are usually just aim for engagement and keep the reader moving down the page, make sure the formatting is good, make sure the headers make sense logically. And I think that's usually what separates like an average article versus a great article. It's just organization, clarity, examples and and even formatting, just like visual to help the reader. And that means like doing bullets numbered lists, like don't give me these large chunks of text because I don't know about you guys when if I go to a page and there's like a whole wall of text on the screen, I'm going to bounce, I'm going to leave the page because it's just too hard on my eyes to be staring at this bright screen all day and read that. So I don't know if that's helpful, Jacob.
Intern 6: [00:24:59] No, that's great. And that's been my experience to it.
It can be kind of difficult to write.
Intern 6: [00:25:01] You get caught up in.
Intern 6: [00:25:02] Doing large paragraphs.
Intern 6: [00:25:03] And then thinking about, How can.
Intern 6: [00:25:04] I reorganize this into bullet points so.That it's easy on the reader?
Patrick (CEO of WSO): [00:25:07] Yeah. Yeah. And so, like, you'll notice, like. In paragraphs aren't bad. You can get a lot of great communication. You can be a great writer and write beautifully. But this is not academic writing. This is writing for people trying to find most of these terms. When they're searching, they're looking for an answer. They're looking to understand a concept. So it's really important that you're breaking it down into pieces and you bring them down the page visually in such a way that it's not overwhelming. And so I think learning that's actually important in everything in sales and marketing, copy and everything and training and managing. And we've when we started this internship, I mean, just look at our training, doc, we just revamped it last because I was like to video, I said, this is just too complicated, too confusing. I'm like, let's just break it. Step ten steps to start to help everybody kind of get going. So hopefully that'll be helpful for everybody. Still letting some people in here get some late stragglers, but we'll keep going for a little while. Mirwais, you have a question. I think you muted yourself.
Intern 7: [00:26:11] Yes, I have a question, Mr. Bursik. What is the one big thing that leads you for investment? You are an investment banker, and there are many opportunities in here in Afghanistan. There are many opportunities for foreign investments. I mean, how can I learn for foreign investors to invest in Afghanistan?
Patrick (CEO of WSO): [00:26:36] How can you lure investors to. Yes. To invest? Relationships, just building people, showing them real, real deals. And so like you're talking about like sourcing capital for bringing it in into your country. For specific deals. Yeah. So I think that comes with time. Like it's going to be really hard for you to do that. Do you have a track record of doing of investing in deals locally?
Intern 7: [00:27:04] Yes, I have that experience. But the local investments are not enough, you know, and they're not just enough.
Patrick (CEO of WSO): [00:27:12] But have you invested locally and businesses that have done well?
Intern 7: [00:27:17] Yes. But the bigger I need biggest bigger investments, for example, like mining. There are gold mines, several mines and other mines.
Patrick (CEO of WSO): [00:27:30] But so are these companies. So I think for you to attract international capital, you have to have credibility. You have to be able to build relationships and build trust. So that comes with getting on phone calls with people, that comes with presenting something very professionally and showing returns of stuff you've done and showing opportunities in a way that's super convincing, convincing and compelling. So I'd encourage you to do like learn how to build a pitch deck really well and to explain the opportunities in such a way that's really compelling because if you project, you show them projections, you show them track record of other other similar companies that have done well. You show valuation type work. And if you if you learn all of that stuff, that's kind of what you need to be able to convince people from, let's say, other countries to invest because most people are going to be very nervous from like a us to put their put their money somewhere where they just don't they're not they're not as knowledgeable. So you need to find investors that are a little bit more. They had the risk tolerance for that. So it's kind of two.
Patrick (CEO of WSO): [00:28:36] It's.
Patrick (CEO of WSO): [00:28:37] It's two sides. It's not an easy thing to do, right? So you have to, number one, present the opportunities in a super compelling way, meaning you need to get really good at PowerPoint and really good at presenting over the phone. You need to be willing to share your face, build trust, right, with people like when you're on calls like this, not me in particular. I'm just saying in general, like when you get calls with people to to discuss opportunities, you need to build that relationship. And then number two, you need to actually. Have a compelling enough deal lined up where people are going to feel like the risk reward makes sense.
Intern 7: [00:29:11] Okay. And what about the business plans? Do they lure foreign investors? You have to create a business plan for the projects in here.
Patrick (CEO of WSO): [00:29:24] I would. Yeah, I'd create a business plan and. And a model and all that stuff. Either way, that's going to help you get better and can just having that, even if you don't show all of it, having that in your back pocket is going to help you be more convincing. Like when a bank when a bank goes to pitch a specific deal or whatnot, they don't or a private equity fund or whatever. They're going to sell a company or try to get an investor. They don't go in with just like, Oh, you should do this company. They have a model behind it. They have a beautiful PowerPoint deck. They go in with their suits and their why? Why are they putting on such a show? Why do you think they're putting on a show? You know.
Intern 7: [00:30:06] I think to make them look smart.
Patrick (CEO of WSO): [00:30:10] Look smart, and we're the right place to go with you have to become the expert of a specific niche within your country. You need to know all the right relationship. You need to have all the right relationships within whatever niche, whether it's mining, whether it's maybe it's gold mines, maybe it's something else. Develop those relationships such that you're the connector.
Patrick (CEO of WSO): [00:30:29] Right? Yes.
Patrick (CEO of WSO): [00:30:31] So that's it's a lot of work. It's not easy. It's not easy to do. But that's what that's that's realistically what it takes. Abel, a question for you.
Intern 8: [00:30:42] Thank you. You're welcome. Hello. Hello. Am I audible?
Patrick (CEO of WSO): [00:30:47] You are?
Patrick (CEO of WSO): [00:30:47] Yeah, I can hear you.
Intern 8: [00:30:49] How are.
Patrick (CEO of WSO): [00:30:49] You? Good. How are you doing?
Intern 8: [00:30:50] I'm doing absolutely great. I just came back from. Sorry, I'm not turning on my video because I'm not in the proper form. And it's like around 1230.
Patrick (CEO of WSO): [00:30:58] Usually I'm in sweatpants. I'm the only reason I have this on a sales call earlier, so the only reason I.
Patrick (CEO of WSO): [00:31:03] Jacket.
Intern 8: [00:31:03] Someone is relatable. Okay, so I have a very ambiguous question. This is my first week in the internship, so it's going great. So I have like my question is I am 24 years old now and I want to break into banking. So I went to a top university in my country. So it's called Christ University, it's in India. But I was not very focused towards investment banking or like I just enjoyed college, to be honest, I'm being.
Intern 8: [00:31:33] Very very
Patrick (CEO of WSO): [00:31:34] You had too much fun, but at least you're being honest.
Intern 8: [00:31:36] But I wouldn't say that I didn't do stuff like, you know, I did some research, I published some research and I cleared a professional degree as well. But right now, when I talk to some people who are already in the field and who are first year analyst and they told me that you have to get into a target uni to break into the bank, especially whatever country it is, if it's, if it's in Europe and you have to go to like LVS or LC or Oxford or Cambridge. And so I had my question is like, do you think like pursuing a CFA is better than doing a master's in finance or do you think doing the master's in finance is better? Which one is more aligned for banking?
Patrick (CEO of WSO): [00:32:18] Masters of Finance? That's easy.
Intern 8: [00:32:20] Would you say.
Patrick (CEO of WSO): [00:32:21] That CFA is more like CFA you would want to do if you're really interested in like staying in like equity research, hedge fund asset management type role, so like more market oriented roles.
Intern 8: [00:32:33] So would you say that's for the front office rules and specifically?
Patrick (CEO of WSO): [00:32:38] Masters in finance, I think would be more for banking front office roles. So it depends how you define front office, but like revenue generating roles like M&A and that type of stuff. I'd say Masters in Finance is probably going to.
Intern 8: [00:32:51] Be probably going to stand out. Right?
Patrick (CEO of WSO): [00:32:52] Probably going to be better for you in terms of lending, banking especially. You can do it in London and like in like I'm actually having this exact same conversation with Nabeel about what's what's the right strategy for him in terms of like where to apply because it's very expensive, right? Where to apply. What I would look at really the placement stats for people who who aren't citizens. Yes, not not the overall placement stats know the placement stats of people who are not citizens because there are some visa issues and considerations you want to consider and you want to make sure that you're getting a full understanding of what the odds are for you before before spending £50,000.
Intern 8: [00:33:35] Oh, my God. Yeah. But then I see what you said. I agree with you, because when I was talking to them, they told me that if you don't have a non European passport and it will be a really big challenge to break into, especially in that country even if you go to a top tier uni. And the question I have is what is the so if you're 24, is it better to get some work experience not in investment banking? Obviously it will be hard, but would you advise I get some work experience in finance and then to an MBA to break into the associate role? Or should I do a masters in finance now to break into the analyst role? Do you get my question?
Patrick (CEO of WSO): [00:34:12] Yes, I get your question. You're 24. So what have you been doing since you graduated? When did you graduate?
Intern 8: [00:34:17] I graduated in 2019. After that, I was pursuing CAA, so it's called chartered account. I cleared the level two of the exam. There's one more level left and I got 720 on the G map. Why? I also have like two six months internships as well in Qatar.
Patrick (CEO of WSO): [00:34:39] So. It's not an easy question. It's not an easy question because it's kind of like timing. Right. And it depends. It depends what you can actually get in the next few years. So if you can get a job at like a big four and transaction advisory services like we just talked about, I don't know if you were on, then that's a pretty nice path. And then you don't need you don't even need the MBA or the master's finance and you save yourself hundreds of thousands of.
Patrick (CEO of WSO): [00:35:05] Dollars or.
Patrick (CEO of WSO): [00:35:07] Whatever. You save yourself a lot of money. Know. But what I would say is if you're if you're hitting a wall, you're not you're not the networking is not working. You're not getting interviews for whatever reason. That's when the MBA and the Master's in finance. It's like a reset for you, a brand and really nice brand on your CV. And it's going to get you into a lot of recruiting cycles for on campus. But I wouldn't go to an MBA that's like a ranked 30th ranked MBA or 15. Don't do it. I'm talking like you need to get into like a top ten global MBA program.
Intern 8: [00:35:39] And then for that you have to work for a couple of years.
Patrick (CEO of WSO): [00:35:41] Right? Usually you have to work for a few years. So either way, you're going to need a job for the MBA. The Masters in Finance could work because you it sounds like you have some work experience and you'd just be going into the analyst level. But I'd really want to know more details around the specific placement of international people coming into the UK because like if it's 5%, 10%, it's not worth it. If it's 40 50%, it might be worth the risk.
Intern 8: [00:36:04] Okay. Got it. That makes a lot of sense.
Patrick (CEO of WSO): [00:36:06] So you try you try to push them to give you those stats.
Intern 8: [00:36:10] For the universities? Yeah. Yeah. I had to talk with. Do you know I business school because I got admission in business school and I don't know if it's a target because I when I talk to the people.
Patrick (CEO of WSO): [00:36:20] Yeah. I've heard of IIe.
Patrick (CEO of WSO): [00:36:21] Yeah, it's pretty good.
Patrick (CEO of WSO): [00:36:24] Yeah, it's borderline. It's borderline.
Intern 8: [00:36:26] It's borderline. Yeah, I know. 50% say they don't get in and 50% say they might. They have got the call. So. Yeah. Anyway, thank you. Thank you so much.
Patrick (CEO of WSO): [00:36:36] We can talk more about it too. And next next week, too, if you come on the call. Thanks. Thanks for the questions.
Patrick (CEO of WSO): [00:36:42] Who has been. Now.
Patrick (CEO of WSO): [00:36:45] Christian, let's let's answer your question. I think you've been waiting with your hand up for a while.
Intern 9: [00:36:50] Hello. About you. How's it going?
Patrick (CEO of WSO): [00:36:52] Hey, how are you? Where are you? In the world.
Intern 9: [00:36:55] Vancouver, British Columbia.
Patrick (CEO of WSO): [00:36:57] Oh, beautiful. I love Vancouver.
Intern 9: [00:36:59] Yeah, it's getting summer. So good climate. Definitely so. I have two questions. First one is related to the internship. So I was wondering if are we able to add new concepts to a spreadsheet rather than taking a topic that's already pre-selected?
Patrick (CEO of WSO): [00:37:16] We can. We have allowed that in the past. I'd want it to clear up in the first though, before you start. What we don't want is there to be conflicting, conflicting articles. Meaning there's like an article on X, Y, Z, and then you have like an article on like y, z or something like that, because then you end up hurting, hurting the site in terms of like initially competitive keywords.
Intern 9: [00:37:40] I believe I'm starting I put in the survey, my study would be like May 15. So if I come up with some ideas, is it okay if I run them with you? Of course. If I get approval. Perfect. So and also a similar question would be, let's say I want to do some articles on financial modeling and somebody has already done something on DCF or trading comps. And I want to do something similar or at least an article that may enrich another one. Should I also run it by you? Yeah, by.
Patrick (CEO of WSO): [00:38:15] Nabeel. I'd be able to tell you when he's back on vacation, but yeah, by the time you start it, we'll be we'll be ramping. We're going to have probably a lot of people starting around then because of the summer, people getting out of school. So let's try to be patient with him if he's not getting back to you right away. It's a pretty big group now.
Intern 9: [00:38:30] Sure. No worries. No worries. And one very last question. Is there any advice you would give to, in my case, fourth year econ student who wants to get into asset management, more specifically invest roles as an investment analyst position in a traditional firm.
Patrick (CEO of WSO): [00:38:50] Like a fidelity type role.
Intern 9: [00:38:52] Yeah. Fidelity Vanguard.
Patrick (CEO of WSO): [00:38:53] Or have you started the CFA?
Intern 9: [00:38:58] I'm not sure I actually signed up to it a few hours ago. So I'm planning to do this. Yeah. Yeah, I think that's a good step.
Patrick (CEO of WSO): [00:39:09] That's a good step. If you're looking if you're interested in the markets and asset management and, you know, it does help kind of set you apart a little bit. But unfortunately, it's not it's not enough. Right. You have to still do the networking, put in the groundwork. So. I would say CFA is a good place to start. This internship is a good place because it just shows initiative and you can get those if you're looking. If you're looking for those types of roles, I would almost focus more on a little bit more on the economics and the trading side as well, like options and stuff like that.
Intern 9: [00:39:43] Okay.
Patrick (CEO of WSO): [00:39:44] In terms of keyword, like if you're looking for those types of roles, I would I would focus.
Intern 9: [00:39:47] On this specific section in the articles. In the spreadsheet. Yeah.
Patrick (CEO of WSO): [00:39:54] Yeah. I got to look through it and know how we, we, we hit some columns because it was confusing for people. Maybe I'll, I'll unhide a column that shows kind of like where the URLs are nested, but there's like sections that are like just trading, like trading terms and there's other that are more like just economic terms. Then there's some that are like more just finance generic terms. So like you can look through there. I wouldn't just do decaf and stuff like that. I would look at like options and anything around like asset management.
Intern 9: [00:40:22] So is there a balance you would say like for? Of course, modeling is a great deal for an investment analyst. So what weight would you put on? What concepts and modeling?
Patrick (CEO of WSO): [00:40:36] I mean, I think the free courses you're getting with the internship is probably enough on the modeling if you list them out properly. And so we have an example of how to do that on the CV. If you look at the top of the Slack group, are you part of the Slack group yet?
Intern 9: [00:40:50] Yes.
Patrick (CEO of WSO): [00:40:51] Yes, yes. If you look at the top there, there's a sample of like how to include it on your resume, this experience and that has a lot of the financial modeling stuff there.
Intern 9: [00:40:58] On a bullet. So I would I would, of course, I was wondering I know that one of the perks is that you are able to get up some some free courses every once and then. Do you mind explaining how that works specifically?
Patrick (CEO of WSO): [00:41:14] Yeah. So if you as you're kind of progressing in, you're tracking your hours every 25 hours you can just send an email to IB at Wall Street dot com and say which course you want access to and she'll just grant you access automatically. So you go if you if you're curious what courses you can ask for, you just go to the site, Wall Street away WSJ.com and at the top there's a link at the top main menu called courses. You can just click there and they'll show you all the courses that are available to you guys.
Intern 9: [00:41:40] Okay. Great. Thank you. And my very, very last question would be. Well, as you know, I'm doing this, the CFA and this internship. Is there something you would advise to do something else in the summer as to share or like learn something in early 2023? like internship?
Patrick (CEO of WSO): [00:41:59] You’re? What year?
Intern 9: [00:42:04] I'm 4th year, but I'm going to. I'm actually graduating from my life with my degrees on December 20, 23 with a master's in management. So I still have a whole year of academics. However, I do have a big summer gap there in the beginning of the year and I want to was.
Patrick (CEO of WSO): [00:42:23] Good this internship this internship CFA is really good. One thing you sit for the level one.
Intern 9: [00:42:29] Sorry.
Patrick (CEO of WSO): [00:42:30] When can you sit for level one?
Intern 9: [00:42:33] I scheduled example August 20, 22. Okay.
Patrick (CEO of WSO): [00:42:37] Perfect. So yeah, that'll be good. And then? Then you'll finish school, right? And then from there, I think you should be networking like a maniac kind of through that and send me an email separately saying asset management just in the subject, I'm going to put you in touch with one of my mentees who just recently started at Fidelity.
Intern 9: [00:42:58] Oh, those are amazing.
Patrick (CEO of WSO): [00:42:59] Yeah. And he maybe can talk to you about how he how he did it and have a really good training program and all that stuff.
Intern 9: [00:43:07] Great. Well, thank you very much.
Patrick (CEO of WSO): [00:43:09] Appreciate it. All right. How about who's been waiting? Sorry. Geary.
Intern 10: [00:43:17] Yeah. Hi, Patrick.
Patrick (CEO of WSO): [00:43:18] You good? How are you? Where are you located today?
Intern 10: [00:43:20] I'm in Leicester, UK.
Patrick (CEO of WSO): [00:43:22] Awesome.
Intern 10: [00:43:23] Cool. I'm buzzing my master's in business analysis in finance and I'm 20. So I completed my bachelor's last year and I immediately joined my masters and I'll be completing my masters when in June the courses will be completing in three months of dissertation. So I want to become a business analyst and I really don't know what your next step should be because while I was in India, everything was different. My whole thinking and currently it's it's very different. And I've been applying to a lot of internships as well as the companies. But since I have no experience and they don't want me first.
Patrick (CEO of WSO): [00:43:59] So I always say go get experience after uni instead of going straight to masters. It's more actually it's not fair because then in Europe it's much more common to do that. People go straight through the masters. I see the masters is a huge ability to reset and have a chance to like change gears and pivot. But you're here, right? This is this is the situation you're in. So I think at this point. So you said business analyst. Explain that more specifically, what are you and explain your degree. You said your dissertation. So is it a.
Intern 10: [00:44:30] Less the business analysis in finance? But the modules and the concepts we have talked on financial modeling, risk management, corporate finance, economics of organization. It's not about economics and finance.
Patrick (CEO of WSO): [00:44:42] Got it. Okay. So what type of roles are you applying to?
Intern 10: [00:44:45] I interested in of being in business analysis and a financial analyst.
Patrick (CEO of WSO): [00:44:51] So like FP and a specific roles in.
Patrick (CEO of WSO): [00:44:54] The in the.
Patrick (CEO of WSO): [00:44:55] Firms are you looking at like what are you doing day to day in the business? Because business analysts, it's a pretty vague term. It can mean different things in different companies. So day to day, what would you be doing like.
Intern 10: [00:45:05] Like. You're helping a business like. Which is to cover to be in my field.
Patrick (CEO of WSO): [00:45:13] To be in your field, to be in your field.
Intern 10: [00:45:15] Maybe it may be in financial analyst or in auditing.
Patrick (CEO of WSO): [00:45:19] Got it. So, yeah. So I would say that's pretty. Those are all pretty different. So like just I think where you might get more. Like if you're doing PHP a are you doing like risk? Like it seems like your schooling may be very theoretical.
Intern 10: [00:45:37] That's why this is problem mathematical.
Patrick (CEO of WSO): [00:45:41] It's mathematical. It's mathematical. I don't know. Mathematical theory. But it's not. Is it is it specific to, like, how you're going to help the company? Right. So you think switch your switch your mindset of like. You know, I have these skills and instead switch it to like and look I have all this impressive academic credentials to how can I specifically help the company and what specific role can these skills map to best? Right. So like, just think of it a little bit differently. So when you're applying to a business analyst role, think of what the day to day actually is and why your analytical mind is going to be so much better than the other candidates. And that's how have you been landing interviews?
Intern 10: [00:46:21] Interviews.
Patrick (CEO of WSO): [00:46:22] Have you been getting interviews?
Intern 10: [00:46:24] No, no, not yet.
Patrick (CEO of WSO): [00:46:25] Have you been applying?
Intern 10: [00:46:27] Yeah. How many? I've been applying to companies directly. How many? More than ten.
Patrick (CEO of WSO): [00:46:34] Ten? Yeah. You need to apply to, like, 300.
Intern 10: [00:46:37] 300. Okay. Yeah, because.
Patrick (CEO of WSO): [00:46:41] So how many interviews do you get at that? Ten. Zero or one?
Intern 10: [00:46:44] I've in for two interviews.
Patrick (CEO of WSO): [00:46:46] Okay, that's good. So your people like your background if you've got two interviews.
Intern 10: [00:46:51] I just have some good scores during my bachelors. So I just went for two interviews, but like they compare it with myself and with the other employees and they said they have experience and the most helps and unfortunately this is not the moment for you.
Patrick (CEO of WSO): [00:47:08] Okay. So was that like a first round interview or a second or third round in the first round? So what I would say to you is you need to have your story like down in terms of like at this point, you're getting closer to to graduating. At this point, it should be like you're willing to take entry level. You're willing to work for very little anything to kind of just get your foot in the door and get that experience on your resume. Because what you don't want is to graduate and have a huge gap.
Intern 10: [00:47:37] Yeah. Yeah.
Patrick (CEO of WSO): [00:47:38] Right. So at this stage, I would increase the number of places you're applying to. I'd ten exit. I would also very specifically work on why you feel the skills you developed at school are very specifically beneficial for the role you're applying to.
Intern 10: [00:47:55] Yeah.
Patrick (CEO of WSO): [00:47:56] And say it. Say it like you mean it when you're in interview and be confident with it. You know, I think people can sense if you're not passionate or not, don't feel genuine about it or don't believe in yourself. So just feel like you obviously are academically pretty gifted, so you're going to get interviews. So now it's important that you come across as genuine and likeable in the interview.
Intern 10: [00:48:18] Sure.
Patrick (CEO of WSO): [00:48:19] That's not easy, right?
Intern 10: [00:48:20] Yeah. Like in India, I have just a concept. Okay, I'm going to do the masters. Okay. I'm going to get inside. But here, the current situation, everything is different.
Patrick (CEO of WSO): [00:48:32] What do you mean by that?
Intern 10: [00:48:34] Really? I'm doing what I expected is even my part time work. It should be relevant to my stream. I should not do anything apart from that. But the competitors here is really high. Really high. Yes.
Patrick (CEO of WSO): [00:48:50] Yeah, exactly. And so, like.
Intern 10: [00:48:53] More than my effort, I need to really do something different from others so that I can stand.
Patrick (CEO of WSO): [00:49:00] Stand out. Exactly. Yeah. So and that can be. But more importantly, you learn something that's somewhat related. You can always keep recruiting in the first job, but you don't want to be out with nothing. So better to have something, even if it's not the perfect match to your skill set, or even if you feel like you're being underutilized or you're not being better to have something to build that. Cv Because that's the most important thing right now, is making sure your CV.
Intern 10: [00:49:23] Doesn't look good in this internship for the last week. And it's really been very helpful because some concepts I don't know, but when I get inside, you know, it's just on the flow. Like I try to learn like new stuff. So okay, I'm covering some concepts.
Patrick (CEO of WSO): [00:49:38] Yeah, yeah, it's great. No, I think if you leverage it to, I think it'll help open a lot of doors. People get curious when they see Wall Street, want to ask about it and you learn more interviews because of it. So that's good. But I would I would start applying a lot more jobs. Anything relevant at all to what you're studying, business analyst roles. But then when you land the interviews, make sure you're prepping beforehand for many hours, record yourself in the mirror, talking, delivering. Why? Why this company, why this industry? Why this role oc those specific questions? Because first round interviews, it's usually that.
Intern 10: [00:50:11] Sure. So another one question. Do you think the LinkedIn is the only platform or apart from LinkedIn? Indeed, is there any way to get inside companies or to apply for that? Or directly going inside a particular website.
Patrick (CEO of WSO): [00:50:25] Directly to the companies is better usually, but LinkedIn is good, but ideally you're talking to somebody at the when you apply somewhere, when you submit your CV, you don't just leave it there. You actually message people in there and try to get on a phone call with them informally, informally, with a coffee chat to talk about the role and blah, blah, blah. But I just want to let you know, I applied. If you saw your saw your background looks really interesting. I saw you did you also studied similar but you should look for people who have a similar degree to you the same degree and are in the roles you want to be in.
Intern 10: [00:50:57] Uh, what.
Patrick (CEO of WSO): [00:50:58] You should be looking for people that have the same degree or similar degree to you from the same. Yeah. Even similar degree and just kind of try to make that connection to, to see if you can get on the phone with them and ask them how they how they had so much success.
Intern 10: [00:51:12] Yeah, sure. Okay. Thank you so much.
Patrick (CEO of WSO): [00:51:16] Good luck. Keep it. Keep us updated. Yeah, sure. I met. I think I might have to go in a few minutes. Guys, I have another call coming up in 5 minutes, but let's let's keep it going. So almost we're coming up on an hour or so, but let's let's hear yours. Your question if you're still there or have half a question here.
Intern 11: [00:51:36] Hi, Patrick.
Patrick (CEO of WSO): [00:51:37] How are you? Where are you located?
Intern 11: [00:51:41] I'm I'm normally located in Ireland. I'm based in Dublin, but I'm on holiday at the moment in France. Our college is still actually running a hybrid learning at the moment. So I've kind of finished all my college roles. I can still kind of learn online, so just taking a few weeks out, just to go abroad and enjoy some sunshine.
Patrick (CEO of WSO): [00:52:01] Beautiful.
Intern 11: [00:52:01] Love it. So my question is, so I'm in the kind of fortunate position where I had a really good interview today, a good kind of first and final round interview for a corporate finance M&A group in Ireland. And they'd be one of the biggest. They're kind of done deals around a 100 million mark, and I think they did one or 11 billion a few years ago. But they definitely one of the biggest.
Patrick (CEO of WSO): [00:52:30] This is an investment bank like sell side. Sell side.
Intern 11: [00:52:34] Yes, yeah, yeah. Yeah. And I also have a final round interview with a private equity firm much, much smaller, maybe 100 million assets under management. But the thing is so I think I prefer to assuming I always get offers for both of them. I think I prefer to take the first one. Jim I kind of my ideal role would be investment banking, so I don't know. You might agree with that. I'm not sure.
Patrick (CEO of WSO): [00:53:04] But I don't know the track record of the private equity fund or it's a new fund. Is it a new fund?
Intern 11: [00:53:10] There may be five or so years old. I think private equity is a very, very small industry in Ireland at the moment anyway. Yeah, yeah. It's kind of growing a little bit with due to Brexit, but yeah, it's still very, very, very young. But you can't go.
Patrick (CEO of WSO): [00:53:27] Wrong with the banking role. You can't go wrong with either. To be honest, you're going to get good experience. I would love it if you could do an internship in both before you graduate.
Intern 11: [00:53:38] Yeah. So I've been trying to ask around a few places. So let's say if they if they if they were about to give me an offer, I would try and say, look, I'm really sorry to whoever I don't go with. I'm really sorry. But if you do need someone over the summer, I'm willing to help for three or so months, even if if if you only you can only offer a stipend in terms of pay or something like that. You know, again, it's about experience. I would do that.
Patrick (CEO of WSO): [00:54:04] Yeah, I would do it if you could do like three months there. So you're saying but don't you graduate? I'm looking at your LinkedIn. Did you graduate like 24?
Intern 11: [00:54:12] Yeah. So we have a placement here for a third year. So it's, it's a four year course with that placement year.
Patrick (CEO of WSO): [00:54:18] So it's like a co op here and like you do a full year working and you go back to the same time. Okay, got it. Okay. A tough decision. Yeah.
Intern 11: [00:54:30] Well, that's assuming I get them both. I could get rejected B twiddling my thumbs for a year but I guess know I think I prefer to take the first one if I was offered it in the. Well I feel like the private equity one, they their application process is a little bit ahead of the schedule of the investment bank. If the situation arose where I got the offer from the private equity firm and they gave me two days to take the offer or else they passed it up, should I reach out to the investment bank and say, Hey, look, yes, absolutely.
Patrick (CEO of WSO): [00:55:10] Yeah. And that usually gets you the offer at the other place. Just say, you know, if you're borderline and you say have another offer.
Patrick (CEO of WSO): [00:55:15] Exploding.
Patrick (CEO of WSO): [00:55:16] At this end of that, you'll quickly get it. Usually you'll quickly get an answer. If they like you, it's the offers coming and then you're fine. So, yes, absolutely. Say that if you can say, Hey, I'd prefer to come with you guys, but I can't I can't turn this down. I have two days. So yeah, hopefully. And then try to say to that private equity fund, you know, thank you so much. And if they say like you need to tell us in 24 hours, that's not ideal. Hopefully they're giving you at least 48 to 72 hours. But yeah, I would absolutely go to HR, the other one, and you do it respectfully.
Patrick (CEO of WSO): [00:55:52] Right.
Patrick (CEO of WSO): [00:55:54] But as long as you're doing it respectfully, I think it's it's fine.
Intern 11: [00:55:57] Yeah. Okay. Thanks for that. Also, one quick note. So I've listened to a bit of chat about the CFA, the private equity funds. They actually said they'd sponsor or subsidise some sort of formal training and the one they recommended was the CFA. And when I, when I, when they kind of mentioned that in the interview and I kind of said, well I was thinking kind of more the CFA or some sort of financial modeling course. They all looked a bit shocked and like, Oh really?
Patrick (CEO of WSO): [00:56:25] It's odd. So yeah, that's I would tell them they should be sponsoring our private equity deals process course that's very specific around. But yeah, I think unfortunately I got to go because I have a call right now. But let's I mean yeah, I think that's surprising to hear the CFA because it's not a public market job. Maybe they just want you to like understand the basic concepts of like options and trading and economics and stuff like that and is so like maybe it's just they respect it. So they're suggesting that because it's obviously a well known credential. So but usually that's that's pretty rare for banks or private equity funds to say like CFA.
Intern 11: [00:57:03] I won't hold you anymore. Thanks so much for your info.
Patrick (CEO of WSO): [00:57:06] And thanks to everybody for joining this week. We'll be same time, same place next week and we'll this will be going up. We'll get for all the people who can join or if you want a recording of it, we'll send it around to everybody. So thanks everybody again for joining. And sorry I didn't get to everybody's question, but hopefully it will next week. Thank you. And thanks to you, my listeners at Wall Street Oasis. If you have any suggestions whatsoever, please don't hesitate to send them my way. Patrick at Wall Street oasis dot com. And till next time
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