Greetings Monkeys! As there are many of you who are pursuing IB, we have written up a high-level overview of the different paths that one could take post-IB Analyst stint. We were in your shoes not too long ago, happy to answer questions or help where needed! Welcome to Investment Banking: Where everyone on the outside wants in, and everyone on the inside wants out. The worst-kept secret in the world of IB is that junior Investment Bankers are planning on staying at their bank forever. Sometimes it is necessary, of course, for these interns and analysts --typically-- to play the role publicly
04 Oct 2021
Hi all, I just started my second year in banking and got reached out to by a recruiter for an post-banking opportunity at a long hedge fund for an immediate start. I've never heard of the fund and they have a minimal website. However, they manage $2 to $5 Bn out of an investment team of ~5 people (this includes the cofounders). Team # seems small but they manage a lot of money… Is this typical? They've been around for decades too. Tempted to take the opportunity as I feel I'd learn more than I've learned in banking (especially working so closely with founders) but am worried about limited
16 Sep 2021
BB Rankings: 1. Goldman Sachs / Morgan Stanley / JPM 2. BofA / Citi / Barclays 3. Credit Suisse / RBC 4. Wells Fargo / DB / UBS EB Rankings: 1. PJT / Evercore / Centerview / Qatalyst 2. PWP / Lazard / Moelis 3. Guggenhiem / Houlihan (Note: both RX teams would be tier one) 4. Rothschild / Greenhill MM Rankings: Jefferies / Raine / Cowen / Baird / William Blair Meh, weak groups: Stifle / Nomura
17 May 2021
Would love to have a discussion about the current state and the future of a sales-man. Please add your two cents and personal experiences. - For argument sake, assume you are or would be FICC sales or exotics on a good desk making good revenue. - What are the current actual bonus's looking like in this record year? - Will the sales person still have a role when automation rolls through, ie.. G10 spot there is already automation... but there are still salesman? - For those who are in it... are you looking to pivot, or is this a sweet spot? ** I love doing it... love the pace, love the
11 May 2021
Working in technology consulting at a big 4 company. Not implementation, mainly DD for PE clients. I've gotten an offer from a Tier 2 (ATK, OC&C, LEK etc.). I might also apply to MBB as I feel like I've got a reasonable chance to get it. For quite a while I've been focused on getting into a REAL strategy position. But I'm having doubts if it makes sense in the long term. I'm not convinced I want to go to a buy-side, so probably a decent exit would be to industry, which leaves roles like IT manager/director or roles in corporate strategy. And in such case I'm not convinced MBB/Tier 2's career
19 Aug 2021
Curious to hear where you guys went after your experience on the trading floor. This would be incredibly helpful for us younger folks in the industry! Undergrad Major: Years on Trading Floor: S&T Desk Role & Position: Where you are now: Salary/Comp: Any Advice?:
27 Nov 2020
Hey monkeys. This is my first post on here, would like to get some genuine advice, maybe from older people in the industry. I'm doing my junior summer in S&T at a GS/MS/JPM. I like the people at the firm, I like the S&T lifestyle, and I know I find the content of the job interesting. However, I'm not sure if I'm cut out for a career of fast-paced, instant gratification for the rest of my life. If I go into S&T for FT, I'll probably be in Sales, which I worry won't give me any hard skills. I prefer long-term, strategic thinking, and I enjoy qualitative stuff like writing, though I can code and
30 Apr 2021
This is my most recent blog post on my site, ThoughtsOnFinancedotcom, "The Working in Finance Series, Part 1: So you want to be an investment banker?". I've been on the sell-side and buy-side for a decade now and am reflecting on my time moving up the ladder. It's the full truth of how I spent my time in college at a non-target to get the job, and what the job actually ended up being. I'm thinking of writing a few other posts in the series walking through my time in IB and PE. Think it might be helpful to dispel certain myths we've been told, that I think most people realize after years and
12 Dec 2020
Currently sitting on two offers (one from Corp Dev at a tech company) and a FoF (think Ardian, HarbourVest etc.)... In terms of exit opps and WLB/comp, what would be the right choice? I heard Corp Dev = a pay wall as it is hard to get to C-Suite. Thoughts?
28 Nov 2021
Hi guys, I'm currently an analyst at a BB in the US. I am still undecided about my long term career route and would like to learn more about the different roles / divisions in corporations, businesses etc. To be frank I got funneled into IB really young so I don't know much about corporate careers. I know there are operational roles, accounting / treasury roles, sales and marketing but I am trying to wrap my head around what the people in these different divisions do, and how the skills they acquire set them up for future roles (what roles get you to CEO, CFO, COO.) Also, if someone could
21 Nov 2020
Hey all. I'm currently a 2nd yr credit analyst at a large institutional asset manager and am looking to exit out of AM (i.e. public markets) into private credit/direct lending. Long story short I'm really regretting not starting out in banking, I just went straight for the buyside without thinking about exits. For the longest time I wanted to work at a HF, I genuinely liked following the markets and the research process. Maybe it's just my current firm, but I'm becoming jaded about the industry and I don't really feel like I'm learning anymore. Not to mention drawdowns/lack of job stability is
08 Jan 2021
Hey guys. I'm joining the graduate program of a respectable bank with an AM arm later this summer. We'll be given the opportunity to choose from a list of possible rotations and at the end of the program we'll decide on the team/department we want to join full time. Although I'm super excited to try out all possible disciplines, I'll have to come down to a core selection of 3 departments. My question is, out of the following possible opportunities, what do you guys think gives me the most flexibility in terms of learning transferable skills and having the best possible exit opportunities if I
20 May 2021
Hi all, I'm wondering if someone could help me understand the exit opps (to EB, BB, PE and CorpDev) of Big4 M&A (incl. ACA qualification) vs MM IB (GCA, Canaccord, Raymond James, Stifel etc) within London. Thanks very much in advance.
21 Nov 2021
2 years at tier 1 investment banking in NY (GS, MS, JPM, Moelis, Lazard, Evercore, PJT etc..) Now at tier 1 Hedge Fund in NY on the investing side (Think Citadel, Mill, P72, DK, Silverpoint, Anchorage, Renaissance etc) Non-target ~3.0+ GPA (I don't like sharing personal stories but as a brief background story...my mother passed away freshman year who was single mother, and I had to support my younger brother financially by working full time while going to school) Have not taken the GMAT but I will try to get 740+ Expecting good letters of rec from previous employers EC geared towards my
08 Sep 2021
Congratulations!!! You made it into investment banking. Of course early on you're excited and just want to spend 100+ hours in the office to impress everyone and get that top bucket bonus, but how do you really get the most mileage out of your 2 year stint in banking? For most, it's about exit ops and this is becoming more and more true as we see bonuses go down the shitter. Heck, a lot of my friends got paid less in their 2nd year than they did in their 1st year! Now if you're looking to stay for the long haul, this post might not be so helpful. In that case, there really is no secret trick
07 Dec 2012
First, thanks @WallStreetOasis.com" for this new anonymous feature, it's smooth. Now to the post. I have the opportunity to leave to Houlihan Lokey FAS on their portfolio valuations at the third year analyst level (promote to asssociate within a year). I am currently in ER, which is fine, but the industry is facing serious headwinds and I am looking to exit as a result. Please don't respond that the restructuring group/corp fin is better, that's not helpful. I searched the forum regarding HL FAS but the threads are pretty stale. Anyone have any idea as to the following for HL FAS? - Pay - Exit
13 Nov 2019
Breaking down the bullshit for the prospective monkeys! Any questions, feel free to ask on here on PM me. Department: IBD at a major BB, London office Number of girls that I've managed to sleep with as a direct result of working at a bank: 0 (got with 1 - she worked in IBD and wouldn't put out) Number of nights out I have per month: 0-3 Typical night out cost: £150-£500 Number of days off I typically get a month: 2 Number of hours I typically work per day: 15-18 Pre-tax salary per month: £3500 Sign on bonus: £6000 Number of non-UK people working in my London office: 50% Number of women in London IBD: 10% Number of times I've thought about quitting: 2-5 Friends I've managed to keep in touch with since leaving university:
08 May 2010
Hey guys, Northern European here finishing up my masters at a Target and lucky to go through recruiting with several big tech firms and consultancies (incl. MBB). I did a semester in the US at an MBA last semester (UT) and LOVED my time there. I would love to get a consulting offer and try and lateral to a southern US city (Dallas/Houston/Atlanta) because I loved the people and sports there so much. Additionally, salary and taxes are way better. Basically, I would way prefer to be in Dallas as a young guy (with an accent) than in Amsterdam/Stockholm/Berlin/London. However, one piece of advice
04 Apr 2017
Hi Guy, got an offer to join DB LevFin. Can yall please give honest views on exit opp from the DB LevFin group and what are some of the bonuses 1st analysts get at DB IBD?
14 May 2021
Hi all, Anybody out there have some insight into the different groups for Citi Capital Markets Origination? I've read on this site and other about LevFin and DCM/ECM being better options in terms of breadth of knowledge and exit opps, but honestly can't find more detailed info than that. Someone I spoke to recently mentioned some groups are more modeling intensive than others - seems odd given that everything else I've heard indicates that CMO in general doesn't do much modeling, if any. Wondering if anyone has some more insight here - do any groups model in CMO? What are some high level
07 May 2019
So you're from a non-target school and got an offer for a BB IBD NY internship. You secure the FT offer and move on to your prestigious career as an excel slave in investment banking. Year 2 rolls around and people are receiving offers to go bask in the supposed glory that is the buy side. Will you have already broken the curse of being from a non-target school by making it to IB and performing well or will you still be put lower on the totem pole than your target school colleagues? Would hedge funds care more than private equity firms? Here's to hoping it won't take till an
08 Feb 2013
Hey all. So, of course I drop down to the WSO gods and humbly ask for a line or two of advice. I am being recruited for a MM Corporate Banking Relationship Manager position for a large bank. This position would be working with general funding issues, capital injections, M&A advisory, etc etc. I am currently a commercial credit analyst at a tiny bank in the Midwest. I like the analytical aspect of my current position, but when I say I work for a tiny CB, I mean my credit dept. is 3 people, including me.
21 Feb 2013
Hey guys, I just recently accepted an offer in the SF bay area with a BB for banking in tech. Just wanted to get your thoughts on what the exit opps are like on the west coast for tech.... It seems like in NY, 1st years are approached like 6 months into the job by headhunters and can secure an offer 1 year into their job for PE/HF (give or take). There's a lot of buy side recruiting in NY obviously, but there's also a ton of analysts. It seems like there's a decent amount of buy side recruiting (PE, VC) on the west coast as well, but a fraction of the analysts.
25 Nov 2009
Hey all, I work in a pretty good consulting firm (non-MBB, however) and deal mostly with Financial and PE Clients. I've done mostly Due Diligences for target companies. I am 4 months in and realize I'd rather just do the finance heavy (modeling) work that IB entails. I've also realized I want to end up in an investing role rather than strategy. During college, I was on the track to do IB but then decided to recruit for consulting. So I had a few questions: 1) Since there is a lot of attrition in IB, would these firms overlook that I don't have direct IB experience (that's what they usually
05 Oct 2021
I've done a search, yes, but there's not too much info around here about Rothschild in NYC. I know that their RX is top-notch. But what about M&A? Pay, culture, learning experience, exit opps? Strong/best verticals to cover? Could one work at Rothschild 2-3 yrs as an analyst and go into PE? Or will one have to lateral? How do they compare to other top MMs (HL, WB, Stifel, WF, RBC, HW)? I know that they poached some Barclays bankers a couple months back and I may express an interest in that group (consumer retail). Any thoughts? This is for FT. Thanks
17 Oct 2013
Hey guys, I've accepted the offer to work as a Credit Risk Analyst for Goldman Sachs in Warsaw after I graduate. I love investing and stocks and my direction is to work in asset management, perhaps work for a hedge fund and start my own investment fund as I accrue skills and knowledge. I can't see how working in Credit Risk for GS won't benefit me towards this goal. What are the exit options like for as a Credit Risk Analyst? Opportunities to work for a hedge fund/asset manager? Maybe distressed debt, special situations? Any insights will be super helpful. Thanks
02 Oct 2021
Two-part question here: 1. Is it easier to transition from debt-to-equity or from equity-to-debt? 2. Does bank, LifeCo, or debt fund lending set you up better for the equity side? I am interested in both debt and equity and would like to try out both in my career.
21 Oct 2021
Wondering how Evercore fairs for PE placement in London compared to the bulge bracket banks? Stress this is for London, not US. Afaik their UK business is basically just the old Lexicon business, so wondering if the prestige/exit opps still hold.
06 Aug 2015
Very interested to know what the exit opps look like for someone who did 1-2 years of post-MBA finance at a major tech firm (Amazon/Apple/Microsoft/Google/Facebook). Will he be stuck in corporate finance or can he transition into hedge funds, private equity, etc.?
19 Jun 2017
so have recently started my search for a PE role and one question that always gets asked whenever I talk to headhunters is whether I have a preference for mid-cap or large-cap funds. So far I have always said mid-cap - given reason being that in some large-cap funds there is a risk of being siloed into one sector/sub-sector, and think that a mid-cap fund would offer more opportunity to gain a breadth of experience and more chance for responsibility...(also, concensus is that hours in large-caps are roughly similar to IB hours - no thanks, jeff). The thing I was wondering though is that if this
02 Jun 2015
I have offers from 5 places (I'm an undergraduate senior): JPM Financial analyst (not in NYC though, in Columbus) ZS Associates - business analytics associate Deloitte - AERS Risk Consultant E&Y- Risk Consultant Healthcare systems company in middle-of-nowhere - financial analyst Which one of these would be the best in terms of options after graduating from a MBA program after a few years? I want the ability to choose between going the consulting/hedgefund or IBD route...not sure if that's even possible but figured I'd ask. Thanks!
09 Nov 2011
Ok-- so I know that people here are not into ranking the various Wall St banks in regards to overall prestige, but this is a little different. I think a lot of people might find it useful to know how INDIVIDUAL groups stack up against one another when it comes to STRICTLY getting absolutely nowhere. Therefore, how would you rank the bottom 10 to 15 groups on Wall St in terms of the lack of opportunities post-IBD?
05 Mar 2012
Anyone wanna join him? [quote]Serge Chistov used to be a financial adviser, but he believes he has a knack for spotting an opportunity and, right now, he's turning his attention to the cannabis industry. Several U.S. states including California voted to legalise marijuana in this year's election and the expectation is that the industry is poised for explosive growth. Chistov has had a varied career. Initially, he studied to become a doctor, but changed his focus to wealth management. After working his way up the career ladder, Chistov turned to entrepreneurship – first as a vodka distributor
23 Nov 2016
So I've been lurking on this forum and searching quite a bit on info regarding Valuation, Big 4, and CFA. I've read some good info, but I had a few questions I was hoping to get answers for. Quick Background: Accounting Grad student Late 20's Will work for Big 4 audit after graduation Level II CFA candidate My questions are: 1.) With CFA and ASA exams passed, good performance, and CPA license, is it reasonable to expect to move from audit ---> valuation in a Big 4 firm? If so, would it be more difficult to be promoted in the same firm, or would I have to jump to a different Big 4?
28 Mar 2011
I recently landed an IB gig at a prestigious desk, thanks in part to clever GPA rounding techniques that I learned on WSO. It has been several weeks now, so naturally I'm looking for exit opportunities. Most analysts/associates tell me that the best exit is the same way I entered. However, since I've been working 180+ hours a week I haven't had an opportunity to leave the office and am not sure where the exit is. I've heard that some analysts exit through their window, which I find strange because we're on the 37th floor.... is this a good idea? Any feedback is appreciated. Thanks guys!
03 Mar 2011
Hey all, I'm trying to get to a BB FT, coming from a semi-target. I'm confident that I'll be able to get interviews in the fall through networking, but I was wondering what summer experience would be best for FT recruiting. Right now I'm looking at: RBS/RBC, Jefferies, BlackRock, decent MM boutique for IBD. I assume BlackRock's out of the question (the rest of my options are IBD) because an IBD internship would be the most relevant for BB FT. Thanks for the help!
27 Feb 2011
Hi, currently looking at a job as an analyst at a multifamily lender/loan originator. I don't have a lot of knowledge in commercial real estate, but the job is basically an analyst role working between the loan originators and the underwriters. Can anyone shed some light on how much modelling skills involved in this job and what are the general comp looks like, and more importantly, WHAT are the exit opps available? Thanks in advance.
08 Aug 2012
I have a job doing financial planning and analysis (FP&A) at a (mature and midsize) tech company when I graduate. I don't want to get too specific about what they do. What kind of exit opps are there? I want to get into something sexier than FP&A, although I'm not sure how bad FP&A is. Since I go to an extreme non-target it was considered one of the best jobs one can get from my school. So my first question is, how good/bad is FP&A relative to the universe of finance jobs? Has anyone here had one? How is it? I know some are more accounting based than others. It seems a lot more fun than credit analysis for no-name banks and all the other jobs that recruit at my school.
28 Jan 2013
I'm currently finishing up my first year at a mid-tier bank on the west coast. We are going to be choosing our full-time groups soon. My question is: will choosing healthcare put me in a position to only do healthcare related stuff down the road? The issue is that our tech group isn't really getting anything done while our healthcare group has a good amount of deal flow. What I want to do after my analyst stint is to join a PE shop. What I don't want to happen is to limit my exit opps and only being able to work in healthcare focused PE shops or companies. Unfounded worry? If anyone has any
27 Apr 2010
I'm interning at a MM bank this summer for their LevFin group. From what I've heard, they're a pretty strong debt shop with less M&A activity, so LevFin is the strongest group. But also I've been reading a lot about how LevFin exit opps are limited compared to M&A and coverage. My question is if a small number of M&A reps are better than a greater number of LevFin reps for PE. Also very interested in VC and growth equity. Thanks!
03 Jun 2021
I am wrapping up my first year in FX sales at a BB. As I see automation approaching, I am hopeful for creative ideas on what exit opps might be available. - Example: I have seen some securitized products sales analysts go into real estate funds. Beyond being an Fx Corp strategist is there anything that rings a bell? - Is there any advice on how long is long enough in FX sales?
27 Apr 2021
Hey guys, I need help deciding between internship offers at Goldman Sachs and J.P. Morgan.. They are both in the same division (Operations Division). I am aware of Goldman's "prestige" but I'm also taking both firm's culture into consideration. I don't have much familiarity about finance firms as this is the first time I will be working in this industry so I'm looking to those who have more experience. Thanks!
24 Sep 2014
In an attempt to preserve anonymity, I was the coverage analyst for a mega cap deal that made headlines, etc. For some context, our M&A team was staffed to the brim, my coverage team was extremely thin. I effectively crushed it, and the MD, who is also our global head, knows that and knows how I work. He's also the kind of guy who deeply values loyalty, although he mentioned he knows what it's like for analysts and understands why analysts rarely want to stay in the industry. I have also dedicated all my time to the deal, and more or less stood by as recruiting went on, not to say that I'm a
18 Apr 2015
What kind of exit opps with MM PE firms can I expect after spending several years in DCM (analyst program and associate if opportunity is there) with a MM in the mid Atlantic region (Philly)? Dealing mostly with investment grade debt but also some high-yield. Would I need to go the MBA route to move into PE? For the record, I'm not interested in mega funds.
04 Dec 2014
Hi Guys, Had some queries for people who are experienced in this area of expertise. I am a first year analyst at a top BB (think MS/GS etc.) and I work in DCM within the high grade sovereigns team. While initially interested in this sort of work, I have found myself more interested in the investing side with time. Unlike most people, I don't hold PE to be the end all and be all after my analyst years but I am interested in it similarly to being interested credit/distressed investing funds.
11 Apr 2011
Hey Guys: I'd be very interested to hear from those who have worked in litigation consulting or who currently work in management consulting. Is it possible to work in litigation consulting and move onto management consulting after a few years? Does MBB ever take those who have previously worked in litigation consulting or would an MBA be needed to make the transition? If it is not possible, what are the main exit opportunities of those who work in litigation consulting? From the searches I've done, it seems pretty much either moving up the ladder in the litigation consulting firm or go for your MBA. The transition to IB (discussed in a recent thread) seems a bit more difficult. Is there anything else as far as exit opps? Thanks in advance for your comments.
13 Nov 2010
I am interested in a Capital Management Analyst role at a BB that is centered around risk weighting assets for the purpose of Basel III. Can anyone provide any insight on this role? From my understanding, it seems like they support the more glamorous forecasting / analysis roles within treasury. Is this pretty much all reporting or is there some modeling / analysis that you would be able to build and take elsewhere? * The candidate will join a dynamic environment that offers numerous opportunities to learn, grow, impact and drive changes for the Company. In particular, the candidate will: -
21 Jul 2017