Hi all, Interviewing in a couple weeks for a Financial Services specific MM PE shop but not sure how to think about investments in this space from a PE perspective. What makes a good LBO target in Financial Services (banks, insurance companies, investment managers, etc.)? And what are things to look for in financial statements? Would appreciate any and all help, thanks!
03 Jun 2020
Recently I got asked this question in an interview and I did not know how to answer. I am aware that valuation in FIG is complex compared to the rest of banks. I know a DCF for a bank can be problematic (most revenue comes from interest, how to input interest expense in the WACC...) What methods and multiples are good to value a commercial bank?
08 Oct 2020
Hello all, I am currently interviewing for an ER position covering Financial Insitutions. They recently gave me a modeling test, and it is much more detailed than any other model I have worked on (probably not unusual considering that banks typically are more difficult to value and forecast than a tech or consumer company). I am not sure if I am overthinking it, and that they don't expect it to be completed perfectly but would rather get a feel for how I approach a model and my thought process. Does anyone have any resources or tips for FIG modeling? I have found some basic websites and tips
05 Aug 2020
I'm heading into my summer internship in a FIG coverage role this summer and looking for newsletters and other resources to better keep track of industry news. I keep up with a few sources (e.g. WSJ Financial Services News, American Banker) but I've struggled to find any free/cheap email newsletters. Hoping anyone in the space could direct me to a few.
27 May 2020
Hi everyone, I just received two offers for an Analyst 2 spot: either in a BB (GS/JP/MS) FIG Cov. or in a MM Botique Industrials Cov. (Jefferies, HL, Blair, Baird) and I dont know how to evaluate these reg. future exit opps. My mid-term career goal is a European (upper-)mid cap buyout fund (lets say EVs up to €1bn, I know the definitions of mid-vs. large-cap can be blurry). Question is which ultimatley will bring me in the better position to interview with these funds. What does headhunters / recruiters think about FIG in general? I know FIG is an often discussed topic and I have done my
21 Jan 2020
JPM and Goldman are clear leaders among BB FIG groups. But how do second-tier banks like Morgan Stanley, BAML, Citi, Credit Suisse and Barclays stack up when it comes to FIG? Particularly interested in strength in depositories and specialty finance coverage.
15 Nov 2020
Hi everyone, I will be working at a BB within FIG and I was wondering if anyone had some resources they could share that would help me prepare and better understand industry
05 Nov 2020
Was recently given the opportunity to interview for a FIG summer analyst role and am looking to choose a deal that I can speak to within the industry. I've been looking through Axios and am struggling to find a deal that stands out. Can anyone working in FIG offer a recent transaction that they think would be pertinent and whether or not there are any specific points I should be highlighting that are specific to FIG? Thanks.
09 Sep 2019
Hi all, I recently started at a Middle Market bank working in the FIG group, working on Depositories to be specific. I am interested in recruiting for PE but I know FIG exit opps are very limited as the valuation and modeling is completely different. I would assume that lateraling over to a different group/bank would increase my odds as the valuation would be similar to standard EBITDA based valuation. I think that being in this group will make me a less desirable candidate compared to a TMT or Tech Analyst. What would set me up to have a successful recruiting experience? Any advice would be
07 Jan 2019
Hey everyone, I was looking through threads on CS FIG but they're all very old. On that note, I was wondering if anyone has some up-to-date insight into how the FIG group has been doing over the past year. I'd especially like to know more about the culture/conversion/placement as well if anyone can speak to that. Thanks!
25 Mar 2018
Does anyone know anything about the US/Canadian FIG advisory capabilities of the unusual suspects? i.e. not BBs, not FIG boutiques, not Lazard/Evercore. I've gathered info on some of these platforms but would like to know more: BMO BNP Paribas CIBC Credit Agricole Greenhill Guggenheim HSBC Jefferies Moelis Mizuho MUFG Nomura Raymond James Rothschild Scotiabank TD etc. Some of these shops seem to be (re?)building out their FIG efforts (especially insurance) as of late - hiring BB MDs and posting (or hiring through recruiters) at the analyst to VP levels. My initial view is that these may be
28 Jul 2018
Title says its all... Wondering if anyone knows which HH covers Corsair. Additionally, any color on the firms lifestyle/quality/comp would be helpful. Thanks!
04 Mar 2020
Applied to JP Morgan's CCBSI summer analyst program and just got a superday invite for their Financial Institutions Group. Does anyone have any insight on the superday for this group? I know that technicals for FIG are pretty specific and was wondering how in depth the interview is.
25 Oct 2017
1st post here just wanted to cast a wider net of thought on where I should go next. I'm a pretty pessimistic burnt out 2nd year at a MM FIG and while I found it stimulating at first, I'm just tired of hearing of the much better lives of my pals in anything but FIG. I failed my PE recruiting 1st year and again this yr (because of the 2nd year stigma so it was more a self-fulfilling prophecy than anything lol) but managed to land 2 offers: 1) associate @BB top FIG team in NY 2) associate @BB LatAm M&A in Mexico City To many here, this may be a no brainer since people here don't think cities
10 Apr 2018
Hi All! I've been on the forum for a while, haven't contirbuted much and have more-often-than-knot been latently absorbing the knowledge from others. All of this great info has nevertheless left me a bit confused about the industry and the associate level recruiting into it. I am going to be recruiting for summer associate position in the coming fall for Summer'17 and would like to get myself in a better understood spot than I am in now. Please forgive me if any part or all (hopefully not!) of this has been asked before (spare the monkey s#@t ;-) ). I am envisioning an all-encompassing
23 Mar 2016
Hi All, I have an interview with a FIG team at an emerging market PE group. The final round is a case study and entails valuing a financial institution (anything from microlender to insurance). I have combed for valuing private banks, and there is surprisingly little information (plenty for public companies, less for private), and so have turned here! My question is this: within my allotted 90 mins of prep time, which valuation methods would you recommend? 1) A DDM seems to be the bread and butter of analysing a financial institution. However, a) it is very time consuming, and b) without
30 Dec 2018
Hi, I'm looking to work in a FIG group (bank specific) and am waiting to hear back about an interview opportunity. Couple of questions, from a modeling stand point, what is different? For anyone who works in FIG, what do you like/not like about it? What should somebody know about FIG beyond the basics for any ib interview (valuation techniques, financial statements etc...) Any help would be greatly appreciated!
22 Apr 2015
Hello All, Thanks for taking the time to read and comment. Looking for a profile review of sorts as well as general B-School advice. Any advice/constructive criticism is welcome and appreciated! Academic Profile: Non-Target University in the South Finance Major 3.83 GPA 710 GMAT 2 Honors Societies Relevant Coursework - Advanced Logic (Mathematical Philosophy), Statistics, corporate finance, Economics I, Economics II, Investments Analysis, Accounting I, II and Intermediate Accounting, a few others that are similar. Extra-Curricular: --President of two organizations (1 special interest & 1
27 May 2015
I've been emailing back and fourth with a MD in FIG at a prospective firm, we also have previously gotten coffee and spoke as well. He has been sending me articles on the current pension issues and cities going bankrupt. I am very unfamiliar with what we have been discussing and have been trying to do my own research but still feel like I am coming up short, and also seeing how it correlates with FIG. I was wondering on the best way to get insight into FIG, how it relates to pensions, etc., and what sources anyone would recommend, as well as tips with emailing back and fourth and what not?
30 Oct 2018
Hey everybody, My start date as an IBD 1st year has been extended till 1-2 months later (very long story, maybe one day I'll post it on WSO Success Stories forum after I find peace & resolution with the past 1.5 years). Now with all this time to kill, from those just starting out in the industry or to those seasoned vets. who have mastered the art of determining within the first 5 minutes of meeting new analysts whether they are worthy of joining your team and getting wasted with, or the guy who does powerpoint font reformatting before sunrise.. Think! If you had those precious few weeks
13 Aug 2015
Interested in FIG IB and wanted to get an idea of how the competition stacks up among BBs (other than GS and JPM) in this space. Would really appreciate getting your feedback....
01 Nov 2014
Looks like they've been hiring a lot of senior bankers lately. Thoughts on their banking division in the US? Specifically regarding M&A, FIG, and Consumer/Retail groups. How are the exit opps and pay (bonuses)? Thanks in advance.
02 Aug 2013
Heads up that this is a bit in the weeds. I'm looking at GM, which has a lending business in addition to selling cars. My sense is that the best way to approach this is to treat GM Financial like a bank, in something of a SOTP analysis; but with their financials consolidated and the lending business comprising
03 Jul 2018
I'm a 1st year FIG Associate at a BB in NYC. I recently received a call from The Travillian Group. From their website it looks like they focus primarily on FIG investment banking recruiting. Has Anyone had any experience working with them? Any thoughts are greatly appreciated.
23 Jun 2016
Hello fellow monkeys, So I have a bit of a dilemma here. I'm a 22-yo guy, BSc Economics from a top flight European B-School with decent, though not awesome grades. After graduating last year, I moved out of town to work for a startup, and after a couple of months I got a job in a very famous incubator / VC fund based as investment mgmt analyst. Salary is really good, though a tad below 1st year IB analyst, hours are more than decent (70ish per week, even less sometimes), and the city is quite cheap.
14 Jun 2013
Evaluating Commercial Banks – Earnings (Part 2 of series) This post is the continuation of a series I started with my introductory post on commercial banks, which can be found here. This post is going to start the analysis part of the series. I'm basically just going to look at a bank's 10k and talk through what I'm look at and my thoughts on it. We're going to start by taking a look at bank earnings. As I stated in my first post, this is going to focus on commercial banks (deposit-taking banks). This is to be distinguished from so-called "universal banks", which have broker/dealers, insurance
22 Apr 2013
So as I mentioned in BlackHat's excellent post on how to break down a 10k (see here: //www.wallstreetoasis.com/forums/anatomy-of-the-10-k), I'm going to put together a series of posts on how to evaluate a commercial bank. About me real quick, I work at a large US bank doing lending to & risk analysis of other banks (you can see my interview with WSO here: //www.wallstreetoasis.com/blog/interview-with-credit-risk-associate-part-12). This series might have a credit-tilt to it, as this is my background, though for banks I think the credit-side and the equity-side are a bit closer than in other
20 Apr 2013
Hello friends, I've trashed enough of your resumes in the past, time I get some back. I'm appying for IB analyst positions, particularly in FIG. Greatly appreciate any feedback.
18 Dec 2014
Reaching out to an FIG banker at a BB. If a "why FIG?" question is asked would it be intelligent to answer by saying something along the following lines: "FIG is a group that has good deal flow most of the times. In bear markets ==> restructuring, and in bull markets ==> new products, IPOs etc. Also newer, more stringent regulations mean that banks will change the way they finance their operations which may affect their BS." Does any of what I said make sense?? Do FIG bankers undertake restructuring for failing financial institutions? or do they only do capital raising and M&A?? Could someone kindly give me better answer or tell me what different sorts of deals do FIG bankers undertake? Thanks in advance.
22 Apr 2012
So I'm a 2nd year analyst in FIG in a lower-tier bulge bracket. Trying to get out to HF/PE but headhunters and firms are so racist against FIG experience. I've actually focused on asset managers and FinTech companies which follow traditional EBITDA based modeling, and purposely don't do any insurance or banks. Yet it seems impossible to shake off the FIG stigma. People from the class above me either went to FIG PE or left finance altogether. Any advice on how to deal with this and break out of the FIG pigeonhole to a generalist role on the buy-side? Unfortunately, switching to M&A or LevFin
02 Feb 2012
Hey all, Landed a GS offer through their regular process (target school). Had two TMT interviewers and two FIG interviews during my process - both sets responded to my follow-ups and offered to speak to me about their groups. I realize that these are considered the "top" groups at the bank, so I really just wanted to get a sense of differences in culture, deal flow, exit ops, etc between the groups. Thanks guys!
17 Feb 2013
Hi guys, I just wanted to ask you folks if you had any knowledge on key questions to ask a potential buyer (in this case, a private bank) on how he envisages a transaction in buying another private bank? I guess you would have to ask the approach, financial improvements/synergies, regulatory questions but in further detail? Thanks
14 Apr 2015
Hey guys! I'm interviewing with a FIG group and need to read up on bank valuation specifically and FI valuation in general. I am looking for a Rosenbaum-style book, such as Bank Valuation for dummies. Any recommendations? Cheers LeeteasY
13 Nov 2012
So- I interviewed at a BB for a lateral hire position, and now have a superday with the Fig group (only three made it). I don't have prior fig ibd experience, but my resume is fig related and they want an analyst w. FIG experience- nevertheless, I made it this far. Any suggestions on what I should prep on?
15 Feb 2011
Hi, I am wondering, which of the industries that people cover are the most complex ones and require more IQ to cover than others? My guess would be financial institutions, as banks and insurance companies are not as straightforward businesses than for example an industrial company, or real estates. Also it requires a stronger view / knowledge on general macro environment, as this is always a strong driver for FIGs. What is your experience? Also, what is your view on industry specialisation early on the your career vs being a generalist (pros/ cons etc)? Thanks for your help! List of industries: - Consumer - Industrial - Financial institutions - Healthcare - Natural resources - Utilities - Real Estate - TMT
13 Apr 2014
I've been told by several people that FIG teams typically do their own M&A transactions internally, since the generalist M&A team doesn't understand the more esoteric methods of financial institution accounting and valuation. Is this true? Also, if I'm going into FIG and work on M&A deals, could I leverage this experience to lateral into the M&A team at my bank?
19 Aug 2014
Hi Guys, Currently have a FT lined up at BB in EMEA DCM FIG, (think GS, MS, RBS) having completed SA at MM PE shop think (KKR, CVC, 3i), but debating whether to accept FICC trading offer at PWM boutique specialising in EU CDS arb. What are your thoughts regarding exit opps? Ultimately want to be a BSD at my own HF/PE having completed a US MBA at HBS or LBS in UK and leveraging my network of potential future MD/CEOs, or do I need the CFA as well? SBs for helpful posts. Thanks.
11 Dec 2011
Who are some of the boutique FIG investment banks? Really interested in insurance guys... willing to look all across the US to break in. Thanks in Advance!!!!
15 May 2014
What is the general perception of Barclay's FIG group? I am in the middle of interviewing for a few BBs and looking to enter into FIG. I understand it may be a specialized industry, but I really enjoyed my experience over the summer and want to continue working in that field (summered at a MM firm within their FIG group). I have an opportunity to interview with the Barclays team, and I want to get a feel about their overall culture, compensation, exit opps, etc. Any insight would be appreciated.
14 Aug 2015
College junior, looking at summer internships. I've been interested in M&A for the past 1-2 years, and relatively recently after speaking to some people in FIG it caught my interest as well. I think I would enjoy covering banks etc., but I might want to move into PE after my analyst years, and I am wondering how much I would limit my PE exit options if I ended up in FIG. I looked up a few threads on here, but I wanted to ask the question myself - in the real world, at a practical level, suppose you are in FIG. How much does it pigeonhole you? From PE's pov, how much do they care? How big is your recruiting disadvantage?
18 Nov 2010
I have an upcoming case with the FIG arm of a PE firm and had some quick Qs on modelling / PE in the FIG space. I work as a generalist in IBD and do not have any direct FIG experience. Normally, LBOs are done on a EBITDA multiple basis. I know FIG companies are more commonly valuated on P/E or P/B - will lbo models be constructed to reflect this? A general case question: For a three hour case, are you expected to build out three statements? Or will it be simply building out to EBITDA (down to NI if we need P/E) and then layer on the LBO analysis onto that? Thanks in advance
16 Sep 2014
Hi guys Do any of you have experience with any of the bank/FIG modeling courses out there? The ones I've seen are WSP, wall street training, and Breaking into Wall Street. Thanks
19 Jan 2011
I'm finishing up my 2nd year in FIG IBD at a bulge bracket, but not a top one. I haven't yet figured out what to do next and could use some advice. Options: 1) Stay in my group for a 3rd year. My life is pretty easy right now, not much work to do and with 2 classes of Analysts below me, a 3rd year would be easy. I could spend most of my time trying to recruit, and hopefully find something semi-decent with an immediate start at some point. However, I did not have much luck with the main headhunters as I'm not in a top group. Most interviews I've had in the past year have been smaller firms that I found through the smaller headhunters or job websites like Onewire. And I don't think I have the transaction experience that buy side firms are looking for. Also I am sick of my group.
04 Jun 2012
I'm a first year in corporate finance (FP&A) and I just got recruited for an analyst position at a foreign bank. I'm not exactly sure what the position entails since it just said analyst program in the title. I emailed the recruiter back and asked her what I was interviewing for, she said "Financial Institutions Department." I looked it up on their website and this is what it came up with: Corporate Banking
12 Apr 2013
Long story short, I'm currently about to start in FIG at a large bank. I had no desire to do fig - really it was more along the lines of "wow I hope I get anything... as long as it's not fig!" My entire life has been hilariously shitty, so getting shafted for group selection is but another bump on the bumpy road. I tried hard and did everything right, except I was naive enough to trust some people in the firm who told me that I was going to be ok (w.r.t. to group placement). After probing around, it seems that transferring to another group is unrealistic, so I won't waste time on that, but it does mess up my plans of going into the buy-side a bit.
28 Jul 2010
Hello hello, From Lancaster PA, I want to go into investment banking for a BB IB. Penn State has the Nittany Lion Fund, very prestigious and well known on the street. Does anyone on here know what the cut off GPA is or if they check your GPA? I know the interview process is extremely competitive (according to my friends), and it is very hard to get in. I am currently an economics major, might enter DUS so I can change to Finance. Or should I apply to transfer to Georgetown, Upenn, or Umich. I think I'll have the credentials come the end of my sophomore year! Also, they are highly regarded on
16 Dec 2015