It's sad that we're in one of the most lucrative industries and we still have to spend ~50% of our take home pay for a shoebox in Manhattan. Is anyone else here trying to save up for something, like a down payment on a home in the suburbs or early retirement? What are you doing financially to help achieve your goals? What are your spending habits like?
17 Jul 2021
European national living & working in London since 2014. 4 years IBD, 3 years PE & Special Sits at a US-based fund. Happy to answer any questions. Provocative thought: I think young bankers have it all. A job without risks (sitting at their desks moving fingers on a keyboard) with a salary almost all new grads can dream of. However, they complain because the privilege does not sink in. I have seen a bunch of new analyst classes and they all make the same mistakes, complain for the same reasons, change job too quickly and end up regretting it. My 2 cents: you need to find a mentor, i.e. a
10 Jun 2021
I joined an acquisition team of a REPE and previously worked as an associate in IBD. I love my new team, and most of the seniors are pretty easy-going and willing to teach me. However, when doing corporate-level deals, I noticed that something can be considered totally wrong from the aspect of IBD, particularly when it comes to modeling. One example is working capital. I see some models include the lease liabilities and non-current liabilities in work capital. I believe this is incorrect based on what I have learned from my previous job and textbooks. I tried to explain but failed. To avoid
04 Oct 2021
Hi I heard that GS and MS also consider final year students for their SA programs. Does anyone have an experience with this. Someone who applied with final year graduation date, for example for this years recruitment period with grad date 2022 and still got considered? I know that some people postpone their grad dates or similar, but if these two banks consider also final year student I don't see the need to make some shit up on my applications. Thanks for help.
04 Aug 2021
Hey guys, I was wondering if anyone could shed some light on the exits/experience and any other aspect of GHL RX. They seem to do a lot better now with Augustine but I wonder if that increased deal flow is sustainable given the current environment. Also they had some good exits like centerbridge/cerberus/sixth street. Are those just one offs or is the group likely to get good exits as they've been on the up. Also, how likely is it that the group will continue to increase its penetration of mandates now that rx work has slowed down thanks
25 Apr 2021
Hi Guys, I would like to ask, does the need for Visa Sponsorship in the UK put me into disadvantage when applying to investment banks in London for Summer Internship? I currently have Student Visa that allows me to work without sponsorship. I am not planning to lie on my application when the question is if I will need sponsorship in the FUTURE I will select YES even though I wouldn't need it for the SA role I am applying to, just in case FT offer afterwards. Just want to know if this will put me in disadvantage compared to others who don't need Visa, especially now when the work visa system
01 Aug 2021
Hi guys, I'm currently making a choice between LSE A&F and HSG MBF. My goal is to eventually work in London for a tier-1 IB. Although LSE is definitely the bigger brand, particularly in London, I wouldn't have to do any extra internships. HSG would allow me to do a SA and an OC before applying to London in 2022. So ultimately the question is: LSE with current profile vs. HSG with 2 more internships in M&A. For context, this is my current profile: - Grew up in London, went to a German school with Abitur 1.8 - Non-target uni in Netherlands with 8.0 GPA (3.5 equivalent) - Exchange to Bocconi -
18 May 2021
Currently stuck between the first 3 options in the title for Undergrad, but leaning towards UCLA. Any advice for which school would best set me up for a career in IB or consulting is appreciated! Also waitlisted at Cal Berkeley, Cornell, Northwestern, and Georgetown. Have around 10 days to decide on those I've been accepted to. UCLA Pros: International Brand Recognition Highly Ranked Great Student Life In the good part of LA Can intern in LA in the summers Decent Economics Program Decent but very large Alumni Network Diverse Student Body Decent Alumni Network between undergrad and Anderson If
21 Apr 2021
Hey fellow monkeys, the title says it all. Was wondering if post MBA associates, in particular from M7 schools, get paid less compared to other BBs. The consensus seems to be that a decent post MBA A1 can pull in on average around 300k per year (it's probably somewhat higher at EVR and CVP and somewhat lower at places like WFC). Would appreciate if you all could share some experiences and numbers around the GS discount. Thanks y'all
23 Mar 2021
Hi everyone, I wanted to create a post about my process on GS for Junior Analyst in IBD. Sadly I did not get it but anyways. Context: Applied in Mexico City, 2 years of experience in AM and from a mexican target school. 1.- Apply through the page 2.- Webinar of general information (No filter yet) 3.- Steps 1 and 2 were in January 2021, and in mid february I got an email saying I have passed to the next round (HireVue interview) 3.1.- HireVue Interview was really easy, general questions like walk me through your Resume, and situational ones like "What would you do if a client is asking you to
17 Mar 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
I did an internship last summer and really liked everyone in my group, but it was not my top choice and I've since decided that I'd rather be in a different city. I did get a full-time offer and accepted it because hiring was looking pretty bleak in August and I had an exploding offer. I see a lot of lateral spots popping up and am curious if any banks are hiring additional associates FT. Should I try to make the move now? If not, how long do I need to stay at my bank before lateraling? I appreciate your help.
24 Mar 2021
Anyone know much about Lincoln International (NYC or Chicago)? Asking for a friend looking at a lateral opportunity. What does the comp progression look like from associate to director level? WSO Database numbers look a little off relative to street. Any other perks / benefits? What is culture like? I've heard great things about it but if anyone can provide more color that would great What are their best groups and what type of mandates are they known for? TMT seems to be brought up on prior threads Looks like they have been trying to build out a restructuring practice - anyone know a what
28 Mar 2021
What are some interesting M&A / IBD deals going on right now (or recently) that would be interesting to read about to learn more about global developments?
16 Nov 2020
Hi Monkeys, I recently checked the status of the application portal and it said "You are under consideration for an interview" for my London IBD SA, but I received nothing as of mails from them. Yet my other application for a continental off-cycle internship (same position) is still "Your application is being evaluated" Does that mean anything? Would I receive a sudden call/mail/interview soon? Or it is just the tricks of JPM HR team... This is my first time applying for SA, would like to know more!! Thanks!!
08 Oct 2020
Hi, I know that many threads on exits in London have already been opened, but I would really like to have one specifically on Hedge Funds. It would be great to recollect info from where headhunters seek candidates for Hedge Funds in London! If possible, also with the specification about which kind of HF strategy is more suitable from each bank (e.g. I imagine that PJT's analyst programme in advisory+RX makes it a target place from distressed/SS HF... but don't really know). Let's discuss here!
28 Oct 2020
Wondering which JPM IB groups in London are the best / how they rank internally. (TMT/ C&R / DI / NRE / FIG etc). Thanks! Would also benefit from a general ranking of the bank from a Ldn perspective :)
27 Jan 2021
I am a sophomore at a semi-target school. My goal is to break into IBD and later HF but potentially go to grad school after a few years of work. I am currently an Econ/Math major, and, after quick planning for my degree work, I realize my credit space allow me to do either of the below: Complete an Econ/Math major with a philosophy minor(something I am genuinely interested in) vs Complete an Econ/Cs major with no room for any minor I understand the importance of technical tools, including programming. But I am not sure if a CS degree is worth it if I can pick up the technical part myself. May
12 Sep 2021
I have an offer from a BB in Frankfurt and a top MM in London (think Baird, WB, non-RX HL) for an internship, which I plan to convert to a FT role. I go to a target and have previous EB internship experience. I really want to live in London long-term, but the MM internship is the only thing I've gotten in London. BBs/EBs in general are the better fit for me personally, but I'd be willing to suck it up and stay for a year, before lateraling to BB/EB. My question is how much I'd actually limit myself in terms of exit opps? Is MF still a viable path after lateraling? How difficult would it be to
29 Apr 2021
Hi guys, Just got an offer from the following firms (would love to give insight from my end) and would really appreciate any pros and cons, advice, or good to know information regarding both firms so I can make a more informed decision. Would really appreciate any insight if anyone knows anything about either firm specifically the SF tech team at Nomura or the tech/consumer retail teams at Piper Sandler (regarding culture, better exit opps, deal flow, and senior interaction etc). Thanks a ton!
27 Jun 2021
I am an IBD associate at a low-tier BB. While I failed to land an offer of corporate PE, I may have an opportunity to join a REPE with a good brand name and solid deal flows. This REPE not only does asset-level investments but also is very proactive in corporate-level deals. These deals, though still RE-related, are like what corporate PE does (focusing on EBITDA rather than the assets). Is it possible to leverage these corporate-level deal experiences to join a corporate PE in the future? If the answer is "possible and very very difficult", how can I increase the possibilities? Any advice is
06 Apr 2021
Wanted to know if anyone had any insight into their reputation on Bay St. I've heard their M&A, Real Estate and Credit Capital Markets (not sure if LevFin or vanilla corp banking) are solid groups. Any info on comp and FT rotational program would also be greatly appreciated.
21 Jan 2021
Applications for full-time analyst positions at the following firms are now open unless otherwise stated. Get after it, monkeys! See you on the Street ;) Front-office IBD, S&T and/or Research Deutsche Bank Evercore (superday scheduled for 8/8) Lazard Lazard Middle Market Wells Fargo (Application was available 7/23. Appears to have been temporarily delisted) Perella Weinberg Partners (Applications under review as of August 5) Lincoln International (Application always available. Deadline unknown) Goldman Sachs (Applications closed 7/27) Royal Bank of Scotland (RBS) (Application available 8/15-10
05 Sep 2014
Looking for advice deciding between summer internships. Does anyone have experience choosing between BB S&T sophomore program vs. a MM/boutique IB if the end goal is BB IBD junior year? Worried about S&T making for a difficult "why IB" question when recruiting next year. Also, do people ever transfer divisions internally? Thanks for insight.
15 Nov 2021
Hi guys. Answering your questions on career path to start with; also giving some initial generalities about what undergrad schools I'm seeing. The full cut of undergrad/b-school and exit opps data is on the way. Reminder: this is longitudinal career data from a sample set of several hundred bankers in bulge bracket IBD at all levels. First, just eyeballing it, here are the surprises in terms of undergrad schools: Yale and Princeton each place more analysts than Harvard. And where the fuck is Stanford? I see almost no Stanford undergrads. Maybe they don't know that IBD exists... or maybe bulge
28 Aug 2012
Where do i even start..I learned so much from this forum. The brutally honest opinions, sincere willingness to help, the technical information and random tips on everything has been absolutely crucial for me landing this offer. Coming from a non-target I didnt get that 3rd year SA position at a BB. Matter of fact, I spent my 3rd year summer working at my school. It's hard getting an SA position anywhere so congrats to the people that got it! After my 3rd year I took a year off to get some real work experience b/c I know how hard it is to find a job without any work experience in this economy
12 Jun 2013
Hey guys. There is a lot of useful advice on this site, so I figured I would reach out to you guys with what has been on my mind lately. I feel like I am falling into a pit of depression. As background, I accepted a bb IBD offer after summering at the same bb about a month ago. So here goes the story: 1) My roommates are way more successful than I am: I live with 2 guys, both my best friends since the start of college. One is going to a top IBD group (GS TMT/MS m&a) and the other is going to MBB. Now, I didn't have any interest in consulting nor did I interview with the IBD group roommate 1 is
10 Sep 2013
Hey WSO, I'm 22 and male and will be interning at a BB in NY this summer. Yesterday, I was diagnosed with Hashimoto's Thyroiditis by an endocrinologist. Basically, having Hashimoto's means that my thyroid glands will slowly degrade to the point of failure. No known cause and i'll have it the rest of my life. Your thyroids are necessary for basically everything in your body, and so Hashimoto's creates the effect of being chronically fatigued and perpetually "burnt out" basically for the rest of your life if left untreated. Hashimoto's has made me feel like shit for the last 6 months. I used to
19 Apr 2014
List, closed, thank you all =) Within 48 hours, we had 130+ applicants and 5 mentors. --Using this thread for a "What do you want to learn/What would help you?" thread. We're going to invite recruiters, MDs, VPs, to speak to mentees, do resume reviews, share contacts, etc. Very excited for this class. -- Why: This year WSO helped me out. (http://www.wallstreetoasis.com/forums/the-same-st…) I want to return the favor. Summary: This is a long-term mentorship/investment for the duration of 6 months. MENTORS 1. James (wolfy) 2. Jon 3. Andrew WSO MENTORS 4. monty09 5. anyonewantsjob
22 Nov 2010
I just wanted to reply to a few of the comments on my first post... http://www.wallstreetoasis.com/forums/life-after-… 1. I don't know what else I could do The picture on this post is an entry I wrote in my journal one hour after walking of the door of the bank.
26 Apr 2012
Hi guys, I have a 1st round interview for the Summer Intern position with DC Advisory coming up this week. I will have 10 min conversation with Dartmouth Partners (ex Cornell Partnership) employee. Any idea what can I expect? Btw, this is for either London office. Additionally, there are very few threads here on DC Advisory and not much info. Anyone care to share their thoughts on the standard stuff - culture/pay/learning/prestige/exit-opps/top-groups/etc. This thread could be useful to future candidates and people interested in the company. Some stuff that I was able to get so far (German office, a bit outdated), so I can hopefully contribute something at least: - Intern salary - EUR 1500 p.m. + bonus (Germany) - Analyst base: EUR 65k - Associate base: EUR 72-90k
30 Apr 2014
Hi all, I've enjoyed reading the posts on WSO and have personally been helped by numerous forummers, including one that went the bat for me and wrote a lengthy email to his HR because I was dinged the first round of my on campus interview. He never even met me and helped me unconditionally, it touched me deeply and here I am, doing my best to give back. I'm an international student in a US college, going to graduate in May this year. Did internships in PWM (freshman summer), boutique IB (sophomore fall), boutique PE (sophomore summer), MM IB (junior summer). I have an offer with a product group at a BB and am due to start in Fall.
28 Feb 2011
Hey everyone, I am currently a rising senior at a semi-target thinking about post-grad jobs and working in finance. This might be a long post but I'm hoping to get advice on what I should do and if I have a chance at getting a FT IB role for 2022 or if I should think about other job options/careers in finance. The situation Like I mentioned earlier, I am a rising senior at a semi-target (Top 10 University) and I want to work in finance after graduation. I was Pre-med for a year before I realized that I hated it and then I switched to Political Science and Philosophy, I took an intro to
06 Jun 2021
Updated 2/7/2012: All BB offers are out so which bank will u join next summer? ill keep the posted updated. GS: MS: JPM: Papagogo, DB: rossgs210, CS: Citi: UBS: BAML: BarCap: algorhythm,
10 Nov 2011
Hey guys, Looking for some information regarding BMO Capital Markets and their Investment Banking group -- specifically, their U.S. operations and their Technology IBD group. I know there won't be much info regarding deal flow or culture in the U.S. Tech group since it is relatively small/new, but given their U.S. IBD presence in health care, business services, industrials, etc., I would like to hear about analysts' experience at the firm, especially regarding culture and pay. I expect they pay standard base ($70k-$80k-$90k for 1Y, 2Y and 3Y analysts, respectively), but would like to know if this is true in BMO's U.S. IBD group. Also would love to hear about bonuses (how do they pay? Do they pay bonuses during the summer like most banks, or do they pay a stub to first years at the end of December to get everyone on the same pay schedule? And what kind of numbers are expected?). I know the BMO IBD group as a whole has definitely come out of the recession as a stronger group and expect that it would place fairly well as a MM shop. Any information is welcome. Thanks guys.
31 May 2010
Hi guys, "long" time lurker here. I was wondering if anyone could drop some insight on top IBD groups at Barclays, London office in particular. I was given an opportunity to name my top 3 preferences for the SA internship. I talked to several analysts last week, so I have some information. PE and possibly HFs are my preferable "exits". Hours are not a factor. I think that Barclays culture is pretty nice in general. Currently, I am looking at these three: i) M&A ii) Leveraged Finance iii) PUI (Power, Utilities, Infrastructure)
13 Apr 2014
One common criticism I hear on the street is UBS, the U've Been Sacked bank, or Ultra Bullshit Shit bank has a poor reputation. Either through routinely failing institutional clients by wiring money incorrectly to a counter-party while they're in the middle of a lawsuit. Or finding their contracts don't mean very much when the words 'capped-fees' is just there to charm, it's misnomer in Swiss-German that means it's uncapped; a kind of screw you get out clause.. But the bank is also known for the billions they've put into R&D in dark pools, brokerage, the sheer numbers of starts-up in their rather activist, but also interesting, long-term investment strategy.
08 Nov 2012
Why is that so many people have told me I should go into technology rather than finance? I'm completing a computer related major at a target school and have been intending to go for investment banking. If I can get a bulge bracket investment banking job, how is that not better than a tech job (even at a place like google) job where I would be making max 60% of what I make investment banking, and where the salary starts to level off around $0.25m/year (unless you go into management) whereas investment banking salaries can run into the seven figures per year. The only argument I see against
17 Jul 2015
Fellow Monkeys, I've never been to NYC (besides interviews) and I'm having a hard time trying to find apartments for my upcoming FT IBD gig. I understand brokers are the best way to go, but I'm afraid of getting ripped off (considering I live on the other side of the country and have NEVER lived in a city). Few questions I have are: 1) Did you visit the city / tour apartments and neighborhoods before you moved into your new apartment? 2) If so, how long did you stay in the city and where did you stay in the city? 3) Is living in for e.g. LES a good idea for an Analyst working in midtown? 4) What about living in Fidi?
23 Mar 2014
Hey all, I'm a rising sophomore from Emory University wrapping up my last few weeks working with a Boutique Investment Bank in NYC. Its a small firm that has several veterans from BB's and they have been tremendously helpful in teaching me the fundamentals of the business and I feel like I have gotten a lot out of my 6 weeks here. My question is how do I go about securing an internship at a BB or Boutique bank. I'm pretty sure I would like to work in IBD as a summer analyst at one of these firms, but I'm open to exploring other areas such as ECM or AM as well (considering I'm now starting my
05 Aug 2015
I was accepted into the Discover Goldman Sachs regional camp in Dallas/Irving where you get an on-site first round interview, and I really want to aim for an investment banking summer internship. So two questions: (1) It seems that Dallas may not even have an IB office? So far I've only read that Dallas has a strong PWM office. (2): Would it be worth it to do there (if they don't have IB and I'm accepted) at Goldman or aim for an IB internship elsewhere? Background: Sophomore at an Ivy, economics major but no prior finance internship. Interested in IB/PE.
24 Sep 2015
A previous discussion on similar topic is here: http://www.wallstreetoasis.com/forums/ifc-exit-opps Specifically, assuming the track of IFC -> MBA -> private sector PE (think KKR/TPG/Carlyle), how would the IFC investment analyst experience be rated by the recruiter at private sector megafund? How competitive would a IFC Investment Analyst graduate be compared to other BB IBD analyst graduate when applying for mega PE funds? Some discussion in previous posts in this community brought up a few points: 1. IFC is not just doing equity investment; a lot of what they do is loan/structured finance 2. IFC has incredibly good hours compared to BB IBD/mega PE funds (not sure how true this is at the junior level, but just let's assume it to be the case)
13 Jul 2013
I just wanna ask if anyone knows what's the current stage of BofA HK IBD FT Analyst? I interviewed for the final round about 3 weeks ago and haven't heard back since then. I emailed the HR last week but they said they were waiting for the results from interviewers. Plz let me know if you heard about any updates from BofA, thanks a lot!
08 Nov 2021
Hello, If I were to work in Energy IB (probably in Houston), what would the exit opps be like? I assume that an analyst at a decent IB could exit into HF/PE/Corp Dev, but would all of these jobs be in the Energy industry, or are generalist firms or other industries (consumer, tech, etc.) hiring people with Energy IB experience? A lot of my connections are to the energy industry, which is why I'm asking about Energy IB specifically. It's fine with me to work in Energy IB for a few years, but it's not something that I want to be doing long-term. Thanks for your help!
20 Sep 2015
So, I have this friend who I've been trying to encourage to network. I'll call her Esperanza because I really love that word. She has overcome a lot of things already. She is a 1st generation student from a spanish speaking country. She doesn't come from a wealthy background either. Esperanza has been working hard for a very long time since early high school. She was able to pay her way through community college and help her family out financially a bit. She has also fought through an invisible disability. However, a lot of misfortune has befallen her. A few years ago she was car jacked. Because she lives in a racist state, she was arrested. YES, her NOT the person who did it. Of course the charges got dismissed, but it left her with a record that hunts her continuously.
09 Aug 2012
I'm creating a DCF for a company that I've been looking at. It has a large nol, and won't be able to use the entire figure in the projection period, unless I stretch it out to a period where my projections will be completely off. One suggestion I've been thinking about is to do the DCF normally, and then find the PV of the nol. Does anyone have any other suggestions, and what discount rate would you use to discount the PV tax savings on the nol? Thanks.
01 Oct 2015
Hi all, I'm a current HS senior looking to do something in Finance and Investment Bankings seems like an appealing and interesting thing to pursue. I know IB is not the end all be all, but I would still like it to be an option for me should my interest in it continue into and through college. The current schools I'm looking at are: Indiana University (also, I know the IB Workshop is great, but what about kids not in it, how do they place?) Villanova Wake Forest Miami of Ohio How do these undergraduate business programs place in different regions of the country, if at all? Do you have any other
12 Sep 2015