Hi, I'm thinking of transferring into a top tier school like Cornell for econ major, and at the same time I'm also looking for internships that will help place me in the IB. I have been debating which route I should take. Here are some options, so which one would you consider for internship if you are determined to go into IB? McKinsey - strategy consulting Big 4(PwC) - private equity audit An unknown crypto asset hedge fund - financial analyst In addition, because I am looking into the Econ major at Cornell and a few other top-tier schools, which one of the above do you think that will help
07 Dec 2020
Hey there Monkeys (okay this sounds wrong but I mean this in a good way), I am busy trying to structure a capital raising financial model for subsidiaries. A tech holding company works on developing IP from R&D and then launches the IP in the market under a subsidiary. My main question is how do you show the cash used to develop IP (i.e. R&D costs) as equity in the subsidiary. Also, how do I show the equity investment in the holding company of the subsidiary? Really keen on how to best show this so that we can move to have a funding discussion as opposed to accounting treatment of all these
24 Jul 2020
I have been recently offered the opportunity to switch from accounting, to join a private equity firm as the VP of finance, with the idea that I quikcly become the CFO, since there is no one at that position currently. I would be the first employee in the "finance" department, and would be recruting and growing the team, and since it is a small team, I will be involved in all aspects of the firm and in the deals (as well as being in charge of the financials, etc). Has anyone made a similar move in the past, or have any insight and what that career path is like?
10 Apr 2020
If an LP capital accounts statement has a distribution in the negative and I am applying it to the following formula, would I also write it as a negative or as a postive? return = (Ending of quarter capital + Q1 distributions) - (Beginning of quarter capital + Q1 contributions)/Beginning of quarter capital
28 Jun 2020
I know there are some older threads on this but they don't seemed to be getting much traction anymore so I wanted to start a new discussion. I've been seeing a lot of job postings and general talk about the field of shareholder advisory/activism + corporate governance. I had a few questions regarding this space: 1. Is there a "definitive" ranking to the banks in this space? I know Goldman, Lazard, Houlihan, Citi, PJT, Evercore, and some other banks have dedicated groups. Which are known to be the "best" on the street? 2. I know this is a newish space but how are junior people seen? What do
19 Mar 2019
Hello All, I am an Undergrad from India (Econ major with Math minor) who aims to learn the ropes of the hedge fund industry in the US. I applied to many Financial Engineering programs (NYU, Columbia, etc.) but have been rejected by them all. I have a very good chance of being admitted to Columbia Business School's MSAFA (Masters in Accounting and Fundamental Analysis) program. However, I have a few reservations about the same. They are as follows: 1. The MSAFA program is barely two years old. Does it hold a good reputation in the finance world, given that it is run by CBS. 2. Upon graduating
13 Mar 2019
This post is a bit of a desperation post and is two-parted, but I will start with my background. I am a senior in a 5 year master in accounting program at a solid and well-targeted public (you can probably guess). I spent my early part of college as a finance major and gained little traction in IB recruitment. However, after I switched to accounting and got another year of maturity, education, and resume improvements under my belt I started getting more hits. BUT, after several final rounds/superdays that I thought had gone pretty well I still keep getting rejected for IB summer analyst
12 Oct 2018
Hi everyone, please help me figure this out, essentially should I be worried or not? I am currently a Junior and will be a Senior after this summer. Last fall my GPA was a 3.5 which is what I had on my resume when I applied for my summer internship. I accepted a summer analyst position with a respectable MM shop and will start this summer. The GPA to apply was stated on the application as "requirements: minimum cumulative GPA of 3.3" after the fall semester my GPA dropped from a 3.5 to a 3.297 --- not sure what it will be after this current semester. Also, for the FullTime job posting on their
29 Apr 2018
Hey guys, First post on here... I am graduating from Western Connecticut State University with a BBA in Finance in a month. Currently I have 0 job prospects though I have doing a lot of applications. My GPA is a 3.5 and I have done 3 internships. One at Wells in Equipment Finance, one at IBM in Personal Property Tax and another at Praxair also in PPT. I recognize that those are not very helpful for trying to get a position in Finance. My goal is to become a trader and to do so by first being an analyst. (... I know, very nondescript) I have been applying to all analyst positions which I see
12 Nov 2018
Howdy! How would you model a new venture in Excel? Do you guys (VC/business angels) have a sample of what you would like to see? Please provide samples. I am getting ready to raise capital (
19 Jan 2019
I'm currently a summer analyst at a BB bank for S&T in NY. I applied to the LinkedIn S&A program, finished the first round screening, did the take-home assessment, and now I have a video case interview that's 1-hour long, which is the second last stage of the application process. Being in finance, people told me to expect consulting style questions, which I'm not really used to. Has anyone ever interviewed with LinkedIn for S&A, or know anyone who has, or does anyone have any advice? Anything at all would be a huge help.
04 Aug 2019
Hi all, new to WSO but wanted to open this question up to anyone who knows/works at HFF. I'm interviewing for a Debt Analyst position and a team analyst for an office/industrial team. Debt Analysts, from my understanding, don't necessarily need to have as much financial modeling experience as an analyst working exclusively for a team. My financial modeling experience (DCF in Excel and building out the model) is minimal and Argus experience is none. (yeah, don't even ask me how I got the interview). But in any event, seeking some insight into what level of financial modeling is needed to get
25 Jun 2018
Hi guys, long time lurker here. I'd like to have some advice on how important the content of your master is for S&T. In particular, I'd like to know if, having a BSc in Physics, the LSE MSc in Accounting and Finance, eventually choosing the most quantitative modules available, could give me a realistic chance to break into S&T in London. I know that it is more suitable for Investment Banking, but I'd still like to know whether I would stand a chance for derivatives trading or structuring (which would be my dream position) with a quantitative Bsc + this particular master, tailored with the most
21 Dec 2018
Hi All, I'm a 15-year-old homeschooler obsessed with finance looking to start my journey in investment banking/economics. A little young, I know :). First of all, I wanted to preface this by saying I'm under no illusion of the reality of finance: crunching numbers, building models, analyzing data, finding trends, etc. I guess I should start this post where it all started for me: The Young Entrepreneurs' Academy. Through the Young Entrepreneurs Academy, I experienced all aspects of formal business creation: filing an LLC, crunching numbers (cost analysis, quarterly projections, etc.), writing a
03 Oct 2017
Can you, please, help with question: "Assume Inventory decreased by $10. How will it affect three statements?". I suppose that inventory can decreased because it was sold or write off, can be another options?
10 Sep 2018
So i am finishing my second year at a big-4 accounting firm preparing audits. Sometime around last year I realized this is not right for me, I love learning and accounting is so limited. I've been trying to break into different roles for the about 4 months, and have not even gotten an interview. So I got proactive, I finished the Invest Like the Street program. I reached out to every MD/CFO/CEO I knew, all wanted to give advice that just keep chugging along and/or go back to school. But one helped me on the spot about a month ago with an interview for M&A at a mid-tier bank, but I havnt heard
17 Aug 2018
Anyone with a first-hand experience with this company? is corporate finance institute legit? Yes - the Corporate Finance Institute is a legitimate company that offers both free and paid courses to help learn accounting and finance fundamentals. Whether or not having a certification from the CFI will help you in a hiring process is a different story. CFI courses should be considered mainly for educational purposes. 2020 WSO Announcement WSO is now offering similar courses through the Elite Modeling Package. You can learn more about those financial modeling and other courses here: https://www
21 Jul 2017
Got this question in an interview....how would you answer this question? I thought about it in terms of valuation (market prices for eggs, see historically how eggs have sold, etc.) but curious to get your thoughts.
16 Aug 2017
I know this question has been asked MANY times. But, once again.. Which major is better overall, in terms of jobs? I come from a non-target school, and it seems like every student here has a hard time getting a general finance internship/job, (never mind investment banking). At this point, I assume that there's a high demand for finance jobs, but low supply. It's pretty easy getting accounting internships and jobs, (all my friends have already done their Big 4 internships), but finance students are struggling to even get an internship. It makes me question on whether a master's in Finance
15 Oct 2016
I have a company that has structured acquisitions primarily as asset purchases, and as such can amortize goodwill and intangibles over 15 years for cash tax purposes. Because of this the company pays a ~15% cash tax rate instead of a 25.5% effective tax rate. The company has also built up a large DTL balance over time, as the cash taxes are lower than book taxes. However, since goodwill and indefinite life intangibles can't be amortized, only impaired for book purposes, would this DTL ever unwind? It doesn't seem like there would be a situation where the cash taxes are higher than the book
08 Jul 2020
Little background I am an accounting student with programming skills in VBA and SQL. I am thinking about becoming a mortgage broker when i graduate shortly. Or should I become an accountant that specializes in technology? I spent alot of time and effort learning how to program(more than I even want to admit or think about). I was thinking it was going to make me rich, but recent information says otherwise(150k max).Please help.
18 May 2018
Hi, I am about to purchase the BIWS Excel & Financial Modeling Fundamentals Course. Therefore I wonder, if the accounting fundamentals taught at the beginning are sufficient, or if one should consider doing a course like the accounting crash course from Wallstreet prep first. I am currently enrolled in an undergraduate programm and had two courses on accounting so far. Would be very thankful for some advice. Kind regards
30 Nov 2016
Monkeys, Hoping someone could shed some light on this topic. When a quote is received in commercial lending with the terms below, could someone ELI5: Terms: 5 Year Term $15,000,000 Loan 30 Year Amortization (No IO) Rate: 175 bps over the Average Life No Prepay The mechanics behind average life? The reasoning for using it vs treasuries or swaps? Who really quotes bps over Average Life? (Life Co, Funds, ect)
12 Jan 2019
I've decided that I'd like to come out of the wood work of entrepreneurship and sales, and will begin to apply for Masters in Accounting either in the coming year or next year. I've taken the GMAT and got a 720 and considering retaking for 740+. I also have three years of experience in risk analysis (insurance, legal, compliance) as well as tech sales and entrepreneurship things. How limited will my chances be for Master's programs (considering UTDallas (alumnus), UNT, or even online options). Are there any online options worth their salt for getting a local (Dallas) tax associate position? Or
21 Nov 2016
I am currently a high school senior and I plan on studying finance/accounting as a double major. Currently, I am between UNC chapel hill, Boston college, Villanova, and Fordham. I know UNC is the best out of the four, but I currently live in NY and am not sure how finding a job back in NYC or the northeast would be. The only reason I keep Fordham on the list is because of its proximity to NYC and its free tuition. Boston College and Villanova are currently the best business schools I have that are located in the northeast; however, I know they do not hold the same prestige as UNC. Despite the
23 Mar 2017
Hey, good afternoon to you guys. I'm a freshman at a top 35 school for Accounting, and, while I have tons left to go for earning my Bachelor's degree, I did have a quick question about the Big 4 that I couldn't find any specific answers for online. I'm majoring in Accounting and minoring in Japanese language (I hold Japanese citizenship and am re-learning the language, if that detail helps w the following question). Currently I plan to work for one of the Big 4 firms after college, and I'm aware they have you travel a lot. With that in mind, though, are you given choice in where you travel to
04 Sep 2018
Hi All, I'm a summer intern at one of the Big 4. I want to switch divisions, but not risk losing the FT offer from my current group if they catch wind of my doubts. If I get an offer, should I then try to switch to another division, or should I do it before getting an offer? Any advice would be greatly appreciated. Best,
16 Jul 2018
I know this is a stupid question, but I am trying to compile a list of P/B ratios from Capital IQ. However, There are four categories for the P/B values: Average, High, Low, and Close? Which one do I use? In general also, which stock price is used by analysts when calculating such metric (including P/E ratio)? Thank you!
18 Jun 2018
Hello all, just have a question as I'm currently preparing for full-time IBD. I get that ratios like EV/EBITDA are used for benchmarking comparables and interest coverage ratios matter for covenants, etc. but in practice how exactly are ratios like ROIC, return on equity (net income/shareholders' equity), etc. actually used. Is it included in comp spreads? DCFs? or something else? Thanks ahead of time!
13 Jun 2018
Hi guys, I am pretty new here and want to hear your opinion, maybe some suggestions on my current situation: non target school, Don't have a clear idea of what I want to do, but ER or M&Asound very attractive. I network pretty heavy, so I have a general understanding of what to expect, and I am fine with that. Not going to complain about it neither, I kinda had an idea what I am signed up when I was coming over here (not really tho). Interested in Options program at Raymond James, so I can experience different departments and learn more, but I don't really know any other similar program. Would
13 Apr 2017
Hi guys, I am currently studying for a private equity interview and I am stuck on a practice problem. The example case gives me 5 years of historical P&L statements and asks to create a "financial model" for the next 5 years. With only the P&L to work from, what model can reasonably be created without a massive amount of assumptions? I am hoping to model free cash flows, but modeling working capital might be tricky with only a P&L. My current theory is that this case was created to focus on assumptions and inputs and the corresponding reasoning. I wanted to ask you all in case I am missing
07 Aug 2019
I need suggestion and guidance Hello everyone! I am an undergraduate student and will be facing financial report analysis lesson for next semester. I really want to spend my summer to completely understand the what the lesson all about. So, does anyone here have suggestion about what kind of book i should read ? And also I would be really glad if someone put a link to it . Too much to ask? Well, helping people won't hurt.
05 Aug 2017
I'm a finance and accounting major at a target school in the northeast. Up until now, I've recruited with the big 4 and currently have 2 offers (one for audit, the other is currently for audit but I'm talking to alumni in advisory and may be able to get in there). I haven't done much finance networking although I do have some contacts. I'm thinking more about my options and I'm starting to think Accounting may not be for me. I know it's going to be fairly dull work for pretty crappy pay, although if you stick it out for a couple of busy seasons, it presents some decent exit opps. I've started
21 Jul 2017
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21 Jun 2019
Hello! I will be grateful for your help on finding my error. I am attaching the image with an exercise description, and an excel file, in which I computed COGS and the required Gross Profit. This is a tiny exercise. I don't understand why my COGS under FIFO are incorrect (shall be 312,900.00, but my one is 308,000.00), and thus yield the incorrect Gross Profit, while both COGS and Gross Profit under LIFO are correct. Thank you very much!
13 Jun 2017
I have recently been looking into the financial sector as a potential career area for me, but I don't have many people to talk about it with and teach me, so I happened to find this site and wanted some help. My first question that is what are the differences in the various branches of the financial industry, such as investment banking, hedge funds, corporate finance, private equity, etc. I have a general idea from my own research, but a more detailed answer would be fairly helpful. My next question is what are the jobs that you can have within finance and what personality traits and skills
22 Mar 2017
Hello all, I'm a first year Financial Math major at UCSB, planning to become either an IB Financial Analyst or get into a Hedge Fund. I've recently joined Finance Connection and Data Science club and am improving my resume as much as I can. I've been told the Financial Math major is a GPA killer and I have a higher chance of getting into IB with a good GPA in Econ + accounting and the established connections within the finance clubs I am a part of. The Financial Math major focuses more on data science statistics, economics, and math rather than anything strictly finance related. I'm very
11 Apr 2019
Hi all, I'm trying to create a 3-statement model for Twitter, and am having difficulty projecting out capital leases. For the capital lease roll forward, should the equation just be BOP capital lease liability - (cash payment for lease - interest expense) = EOP capital lease liability? A more general question regarding modeling tests: If I'm asked to do a 3-hour modeling test for a PE firm of a public company, how should I think about modeling line items that are inconsequential in gross figure but are important to getting the model to balance nonetheless?
10 Apr 2019
Hi all - first I'd like to thank everyone who took the previous survey about two weeks ago - we got over 180 respondents & some quality insights on the recruiting struggle! My team and I have taken the next step & started the prototyping process of an application specifically for dynamic roles in Business and Finance (think Investment Banking, Private Equity, and Venture Capital etc...) out of undergrad (for Summer Analyst roles) and as a first-year analyst (or someone who is planning on making a lateral move into or out of these fields). We're planning on starting a Beta program & if you take
15 Mar 2019
In calculating EBITDA for a flow through corporation (S-Corp or LLC) if the corporation has an incentive tax credit like the WOTC (Worker Opportunity Tax Credit) that flows through to a shareholders or members K-1 is it customary to add the credit to adjusted EBITDA, and if so do you tax-effect it before applying the EBITDA multiple to obtain the market valuation? For instance if you are willing to pay 5X EBITDA and EBITDA for the measurement period is $1M and the tax credit is $50K, and assuming an incremental tax rate of 40%, would you be willing to pay: $1M + $50K/.40 = $1.125M X 5 = $5
17 Oct 2016
So I'm finally ready to start working on medical debt as taxes came in and I can pay things off. I went to pull my reports and it asks security questions about taking out store cards in 2014 and an auto loan in 2017. I did not know of this so I selected none of the above and was denied. I believe back in 2014 I tried to apply for some store cards but I was denied by every single one so I don't know how this might have happened. Back in 2017 I tried for a small auto loan but never took one out. Could this still show up? The security question explicitly said cards and loans were opened and taken
17 Feb 2019
Hey everyone, I posted on here a few minutes ago explaining my situation and asking for help/ feedback on what I should do to get my career started working as an Equity Analyst. I feel overwhelmed and very depressed at the moment. I am getting 0 interest from all of the analyst positions I am applying to. I am trying to get into the ILTS course to better my resume and hopefully get my first analyst job. If anyone is willing to provide feedback/ suggestions as to how I can improve my resume I would greatly appreciate it. My resume is below. Thank you all!! ======================================
12 Nov 2018
Hi all! I´ve been reading the forum for a while, but today I have finally decided to jump into this pool of knowledge. The question is mainly what the title says. I have to choose one as a requirement for the grad scheme I'm in and I was wondering which one would represent a better potential growth for my career. I don't feel particularly attracted by pure accountancy, so I was thinking on going for CIMA, however, I don't want to close any doors for my professional career down the line. I feel extremely attracted to IB but I'm not entirely sure if I would be a good fit or if I could leverage
04 Nov 2018
Let's consider three different inventory management solutions: assuming 0 DSO (days sales outstanding) and DPO (days payable outstanding) for simplicity 1. Buy and got delivered 1 lot of inventory ($30k of value) the first day of each month, produce at PC=1 piece/day and deliver a single batch of 30 pieces at the end of each month with a gross margin of 20%; 2. Buy and got delivered 1 lot of inventory ($30k of value) the first day of each month, produce at PC=1 piece/day but deliver each 10d a batch of 10 pieces 3. Buy and got delivered 3 lots of inventory ($10k of value) every 10 days
31 Aug 2018
Wells Fargo (WFC) has given its CEO Timothy Sloan an almost 35% hike in compensation for 2017. The compensation, which amounts to slightly more than $17 million, comes from an increase in stock awards value. Sloan, who succeeded John Stumpf in 2016, saw an increase of 3% in his take-home pay. He chose to forego an annual incentive.
16 Mar 2018
If you have experience with this Cornell program, or any other higher end MACC programs, I would like to hear your opinion. I'm currently at a school in NYC that only really places anyone into Audit or Tax, and maybe IB once per year. I was hoping to hear your opinion on top tier Target MACC programs. Do they place into consulting, (MBB is off the table for now) Are there any recommended GMAT, GPA score? Are there any other non MBA grad schools that place into Consulting? I am also a Sophomore Second semester accounting student if that helps.
26 Feb 2018
Hi, im currently writing to ask for advice/opinions on potential directions I could move from where I currently am in my career. I graduated about a year and a half ago with my bachelors in accounting and landed a job as a fund accountant in New Jersey. I took the job initially because I needed the experience, I am 25 (I was 23 when I got the job) and needed on the job experience. I am now trying to take what I have learned here and make a move to NYC for better salary opportunity and to find a company I can put the work in and long term grow and advance to higher positions. I just readmitted
29 Jan 2018
As a recent college graduate I have been exploring options within the consulting profession (mainly management and strategy consulting). I have a few questions about the profession, and how to get my foot in the door. Before I start a few details about my situation: -I graduated from Bentley University (a well known business school in the Boston area) this past May, with a B.S. in Information Systems Audit & Control. -I am currently taking courses full-time to receive my MBA (from Providence College) next May (2018). -I have a job offer to work at a regional accounting firm in the New England
19 Sep 2017
I am a sophomore majoring in Industrial and Systems Engineering on the Financial Systems Track at Rutgers University. I am interested in entering the field of Quantitative Finance or Financial Engineering. I have strong math and statistics skills and am also learning programming and I have always wanted to work in finance. I chose Industrial engineering because I saw that it seemed more rigorous than a finance major and it had a heavy math, statistics and programming curriculum and I would get to take finance classes as well. How different is Quantitative Finance from Investment Banking? I am
16 Aug 2017