IBD

I was in your shoes about five or six years ago. I worked as an investment banking analyst at a Moelis/Houlihan/Evercore type firm in restructuring, got an offer for direct promotion to associate, passed on that to go to grad school in Europe, and have recently returned to take my associate perch in the same group. Take my word for whatever you will. I drill my analyst interview candidates hard on technicals. Not obscure things, I just test how well they know the basics, how they think about things, and if they can apply and think on their feet a bit. Here's a five-step plan in getting you

16 Jul 2015

I've noticed a few more UK-related questions popping up and as this site has (understandably) been very US-centric over the last 5-10 years I thought a brief overview of what the industry is like in the UK would be helpful. Who Are The Firms? * Bulge Brackets – the usual suspects * Mid Market Full Service – Smaller firms of c.100-500 people providing all the expected services (Research, Sales, Trading, IBD) but focussing more on the mid-market (£250-£1,500m MC). Key names include Jefferies, Numis, Peel Hunt, Investec, Liberum, Stifel. * Small Cap – focussing on AIM companies

27 Dec 2017

Like a majority of people who are on this website, I used to come on here and write bullshit about a life partly my own, partly fantasy. I'm now going to uncloak the anonymous man and tell you my story. My name is Stephen Ridley. I graduated from a top tier British University with a First Class Honours Degree in Philosophy, Politics and Economics in 2010 and went straight into IBD at a top tier European Investment Bank, after interning there in 2009. I worked in the top team (on a revenue basis) for 16 months, before quitting in October 2011. I want to tell you about that experience, and about

13 Jul 2017

Hi, hoping to see if anyone has insight or access to information that sheds insight on the top healthcare groups on the street? Are there certain firms that outperform in this area over others? I understand there are various verticals and sectors in Healthcare and some firms may outperform others in that particular area but was hoping to see overall wise, which firms would be the strongest in the Healthcare space for an overall healthcare investment banking experience. From research and previous threads it seems top groups HC overall: BB: 1.) GS/JPM 2.) Barclays/BAML 3.) Citi 4.) MS 5.) CS 6.)

02 Jun 2020

I've been looking into the Private Equity Group within GS AIMS recently (saw a posting a few weeks ago) and noticed a lot of former analysts were able to exit into PE buyout shops, despite the group doing primaries / secondaries / co-investments, rather than LBOs. Would anyone have insight into why this is the case? I've been reading forums on here that have said it is tough for guys in these sort of FoF roles to get into direct LBO shops, but it seems this happens routinely at GS AIMS PEG. Any insight would be appreciated!

05 Aug 2019

As a former "investment banking" summer analyst at Wells Fargo Securities a couple years ago, I wanted to give all of y'all a heads up before you sign an offer. wells fargo investment banking overview The way that Wells did group placement was pretty ass back in my day (and I'm pretty sure they haven't changed it). Well Fargo Investments Placement Process In terms of group placement after signing the offer, Wells combines their normal IBD groups (coverage, M&A, Sponsors, etc.), their capital markets groups (LevFin, DCM, ECM, Syndications), public finance, and their asset backed finance

05 Aug 2017

1. Why not just try to start with a PE firm? There are PE firms that hire juniors out of undergrad. However, this 99.99% of the time is in a sub-associate role. In other words, you would be junior to me. I'm only pointing this out because I don't want you to think that a person out of undergrad is getting hired to function in the same capacity that I do. There is a tremendous amount of autonomy I have as a PE associate that I didn't have as a IB analyst. Most people (even the top performers) out of undergrad need constant guidance and instruction. Out of undergrad, no matter how genius you are

26 Dec 2016

I was writing an email to a fellow monkey who is about to start as an investment banking analyst in the summer. It's been a little over 5 yrs now since I was a wee young first-year analyst in restructuring for one of the Moelis/Houlihan/Evercore type firms (I call them the firms where most people will still say "What?" and sort of nod their heads when you tell them where you work - thanks for validating my 80 hour work week - anyways moving on). I really like mentoring and sharing knowledge for future generations - a lot of people have helped me along the way, and still are, and I really like

26 May 2015

I don't have an SA offer for summer 2019 and it is now almost September. Am I totally screwed? Are all the banks full?

01 Sep 2018

Mod Note (Andy): #TBT Throwback Thursday - this was originally posted on 1/14/13. To see all of our top content from the past, click here. I have seen a ton threads like "Chance Me", "Can I get a job at GS with these credentials", and a ton of retarded stuff in the main SA thread. Listen, getting an interview for investment banking is not like getting accepted into college. Some people say college is a crap shoot but really, it is more of a sure thing than most people think, unless we're talking Harvard. Anyway, if you have top SAT scores, a high GPA, took a ton of APs and were the president

31 Dec 2015

Long time listener, first time caller. Searched through the forums to no avail. What do you consider the greatest acquisition of all time? Can be corporate, government, whatever. A few that come to mind. - Google purchasing Youtube in 2005 for $1.65B (Valued at $160B earlier this year - MS) - Facebook purchasing Instagram in 2012 for $1B in cash and stock (Valued at $100B earlier this year) - The Louisiana Purchase - $15M in 1803 What others come to mind? Cheers, Will

21 Nov 2018

I'm a lot older than most of you guys and while I never worked in FO IB or desired to do so, I don't understand the obsession and circle jerk of getting into IB. I genuinely believe this behavior is putting too much pressure on yourself and it DEFINITELY will show during an interview. Any banker hearing how you came out of the womb wanting IB will call you on your BS. I've read some of @ArcherVice" 's comments and he really seems to be the only voice of reason on this topic. I do believe IB is a good job with a TON of opportunities, no doubt, but it seems like some people on here have let this

24 Apr 2016

Mod Note (Andy) - We're reposting the top discussions from 2015, this one ranks #10 and was originally posted 10/4/2015. In 2007 I made my hardest career transition. After leaving Goldman Sachs and taking eighteen months off work, I decided to head back to Wall Street. As if having a big hole in my resume wasn't hard enough, after eight years at GS and leaving as a VP, I had my sights set on making a transition to the buy-side. As many of you know, moving to the buy-side as a VP is no mean feat. Transitioning to the buy-side is competitive and challenging at every level, yet it's even harder

03 Jan 2016

What bad habits (besides lack of sleep) have you all developed since you started at a bank? For example, I started biting my nails after a month on the job but had never bit them before and a friend began to mumble random finance terms in her sleep.

17 Nov 2018

This question pops up in almost every private equity interview. It's not something that will land you the job, but the wrong answer will get you dinged. Why Private Equity Career? This section is to shed some light on private equity as a career. For information on answering the interview question "Why private equity?", skip to the next section. For those of you undecided on whether you want to work in private equity or not, here are the typical reasons people find private equity appealing: The magic word: carry. It's true that a chosen few make 10-100s of millions through carry in private

18 Feb 2018

WSO Community, I wanted to take the opportunity to leverage my experience to be helpful with a Q&A. By way of background, I attended a state school, broke into MM IB as an analyst, left banking to work at multiple private equity firms, then returned to banking. Currently, I'm a VP at the MM IB firm I worked at immediately out of university. More than happy to answer any questions you have. It's been an interesting journey to say the least, which is chronicled in the posts below from the last seven years. Looking forward to your questions and the discussion. Fire away! Thank You, Broke In

26 Jan 2019

For the past ~2 years I have been working on positioning myself to break in, only to find that working 0800-0200 every day is just not for me. I used to have hobbies, interests and a life outside of work, and am just feeling absolutely depressed doing these hours for 4 weeks straight now (in an office I don't really like culture-wise). I wouldn't mind working 60 hours a week and more on occassion, but 80-100 every week is just not what I want to do. The main problem is that I have no idea what else to do if I won't go into ibd. I like doing analytical work in a deal setting or advising

02 Nov 2017

Intro I am an incoming IBD summer analyst for JP Morgan. HR said that group placement will be announced in March, so I am trying to narrow down my top choices. Two Questions 1. Which groups provide the best experience? I heard that Healthcare, M&A, FSG, FIG, DI, and T/MT are the best so far, but I would like to hear the forum's opinions. 2. How important is networking for placement into these top groups? (I go to a non-target)

07 Mar 2018

In the old days many people perceived joining Wall Street was a golden ticket. They figured if you put your head down and work hard your career can be whatever you want it to be. Some thought they would make their money and be done in their thirties or forties. Others imagined they would keep ascending to masters of the universe. Some figured they'd do a couple of years in banking, then the buy-side, then start their own fund. Today, many Wall Streeters are beaten down. Slaving away every day, they no longer see how their careers are working for them. Here's five ways your Wall Street career

11 Oct 2015

Mod Note (Andy) - We're reposting the top discussions from 2015, this one ranks #22 and was originally posted 9/20/2015. I'm so impressed by the thoughtfulness of the WSO community and I wanted to start contributing ideas that I think will be of great value to the community.I've worked on Wall Street for 17 years. I started as an analyst at Goldman Sachs and worked in four different groups and offices over eights years before resigning as a Vice President and joining the Carlyle Group as a distressed debt investor. While those were my day jobs, for the bulk of my WS career my night job was

01 Jan 2016

I got this question in an internship interview recently. I listed a potential recent lawsuit, the general economic differences in each respective country and a recent earnings miss by the lower valued company as possible reasons. I personally think that these answers aren't bad, yet the interviewer literally responded with: "That answer was rather disappointing. Next one". Can you think of a reason why he said that?

19 May 2019

Hello, after having read some comments on WSO and saw some rankings I have come up with a target school ranking for European students wanting to break into IBD in London.. Tier 1: LBS, INSEAD, LSE, Oxbridge, LSE and HEC, Imperial Tier 2: UCL, ESADE, ESSEC, ESCP, Paris Dauphine, IE, IMD and St Gallen Tier 3: EMLyon, EDHEC, IESE, Warwick, Cass, Rotterdam Maybe someone could give their opinion about this ranking? What needs to be added/moved? Also, how do these schools rank in their given tier?

03 Sep 2019

Once I read that on average analysts and associates spend 3.5 seconds reading a resume. I find it normal considering how IBD internships and FT jobs are sough. My question is what happens to cover letters? Do people in IB ever read them? At what extend make cover letters a difference in the recruitment process?

09 Jun 2020

I am currently going to be working as an Investment Management Sophmore summer analyst this summer at GS, and I was wondering if anyone could provide some insight surrounding the feasibility of transferring into IBD for next summer. Would it be just as difficult as someone who was not already working at the firm? Since applications are released during my internship in July, would it look poorly for me to switch divisions at such a time? Thanks in advance!

15 May 2020

I submitted my app like 3 weeks ago, have any of you guys received a hirevue? It still says application received for me.

18 Aug 2020

I really don't want to come off as pessimistic but with all of the back office bashing and "prestige" rankings it seems as though people are forgetting about just how hard it actually is to get in most jobs that require a BA or BS degree. It's a little presumptuous for people with no full time experience acting like they "MUST GET IN GS TMT" or else they will be screwed for life. I thought I'd mention someone who went to Harvard, graduated with honors, and still didn't get hired in banking at GS: Lloyd Blankfein. He was just like many us looking to get in finance. He didn't have a md dad or

06 Oct 2015

I'm lucky enough to have Full-Time Analyst offers for Investment Banking from both Evercore NYC M&A and PJT NYC M&A. I know I'm splitting hairs here but I'm just wondering if any of you have thoughts if one firm is slightly better positioned in terms of exit opportunities into PE mega-funds (Apollo, Blackstone, Warburg, KKR, TPG, Bain, Carlyle) as well as top MBA programs (Harvard, Stanford, Wharton)? Appreciate any insight!

23 Aug 2019

What's up folks- I recently became a poster here from a lurker dating back a year ago. I really wanted to share this with you guys to get your thoughts. Forgive me for the length, but writing this all out actually felt really good and I think it will really help paint the picture. Recently, I had an interview for a FT Analyst spot at a BB (MS/JPM/GS/Citi). I'm a non-target so I landed it by studying sites like WSO/M&I and it was my first regular interview for a true IBD firm. I was excited and committed early to doing everything right to be prepared. I had reached out to a number of analysts

15 May 2016

Hi, I'm applying to 2021 Summer Analyst IBD and AM roles in London soon, and would greatly appreciate any feedback for my resume/CV. Feel free to roast me I'll appreciate it all! https://imgur.com/a/jeeS8RP

08 Aug 2020

Hey guys, does anyone know of any banks that are more willing to take on non-target finance majors as summer analysts? I have been building a decent network, but with limited alumni, my networking is mostly cold emails and LinkedIn connections. I've gotten some positive feedback and had my resume passed on to HR at a couple of Boutique/MM banks that recruit in January, but I am hoping to find out if anyone has ideas of where else to apply/network. Thanks in advance for the help and any advice for a non-target athlete you care to pass along is appreciated.

01 Dec 2017

Hey guys, so I'm currently a senior at a target school. This is my last semester and I still don't have any offers. All the banks seem to be done recruiting and I'm starting to freak out. I have pretty strong IB experience for the past 3 summers despite a low GPA, but didn't pull an offer at the MM bank I interned at. I really want to continue my career down banking though. Will there be more positions opening up or am I screwed? Would greatly appreciate any advice.

15 Oct 2016

Hello everyone, My background: US high school diploma, UK top 5 undergrad (think semi-targets in London), low GPA, but will likely gain a 2:1 next year when I graduate. Trilingual - Mandarin, Cantonese, and English. No BB offers this year. Not surprised at all since I had my gameplan wrong at the first place. I couldn't decide if I wanna do IBD in Hong Kong or in London last fall. Ended up networking with both sides and wasting a lot of focus/time. Done PwC M&A advisory in China before. Currently interning with EY Assurance in Shanghai for 4 week. I plan to do another internship in July and

08 Jun 2017

Hey guys, I have two offers for PwC for my junior year internship, one in financial due diligence and the other is pwc corporate finance (which is more IB like). My goal is to transition into IB and then hedge funds. What would you take? Both my offers expire in 3 weeks

07 Aug 2020

Hey guys. There are a few factors that I'm considering with these offers. (Keep in mind that I have already accepted BAML due to the fact that it had a short deadline and my UBS superday couldn't be moved up before the deadline) IF I TAKE BAML PROS - I like the company better - Company has a better brand name/deal flow - I could potentially move internally to BAML IB (a stretch but still possible) CONS - It's not IB (my ideal role) IF I TAKE UBS PROS - It's IB (my ideal role) - Easier to move to other IB positions at other banks for FT CONS - Probably will get blacklisted from BAML - My

13 Jun 2019

For investment banking this year are GPA cutoffs around 3.7 for getting interviews BB and 3.8 for GS/MS/elite boutiques with 3.85 or so being the average GPA for kids who get the offer? I know people say its 3.5 but it seems very high these few years and people who I know with internships have 3.8 at the very least (I go to an Ivy target) What GPA do I need to work in banking? GPA cutoffs vary by bank and by year. However, our users shared that between a 3.5 - 3.7 GPA will likely be okay coming from a target school. Coming from a non-target school it can be more difficult. However, there are

28 Feb 2018

Hi guys, Just wanted to ask - would having three IB internship experiences look bad on your CV, especially when aiming for IBD Summer Analyst positions (in London)? I'm currently doing a gap year in my home country after finishing my undergraduate degree somewhere in continental Europe, and will be doing my 3rd IBD internship this year. I'm doing this gap year before joining a top tier Masters in Finance and have done two internships at two separate multinational banks (e.g. SocGen, HSBC, etc.) and now another one at an EB (e.g. Lazard, Rothschild, etc.). I am aiming for BB SA positions in

25 Apr 2019

Seeing as there have been a few recent posts about the NASD/FINRA Licensing exams, I thought it would be prudent to discuss them with you guys, since most of you monkeys looking for full-time employment on the street will need to take them in some way, shape or form. Very simply, the licensing exams are a necessity across the board for almost everything you do on the Sell-Side. If you work for a broker/dealer or for a firm that inventories their own assets you might need a license. If you're in sales and trading or do equity research, you will need it. If you're doing any sort of client

15 Jan 2011

I have a dilemma - investment banking has been bad for my physical and mental health. I went through a period where I was still turning up to work but where my health was making it really hard for me to do much, and my performance reviews went from fantastic to unsatisfactory. Since then, the work I've been assigned is much less interesting than my peers, and I am developing no skills. I've also noticed that I have been treated differently by my manager in the aftermath of this period. I'm trying to figure out my next steps. At present, I am considering resigning without another job lined up

04 Mar 2017

Hello, after having discovered WSO a few weeks ago, I have come to realize that there is no comprehensive list of European target schools for Investment banking... Could someone kindly provide us with a list (featuring targets, semi-targets and tiers in each category)? I think it would help many European students as there is a lot of talk about US targets but not much for Europe (which is understandable, WSO having more members living in USA).

02 Sep 2019

Hello I have an upcoming superday with an M&A boutique. Part of it involves making a 3-statement Excel model in 1 hour using some given assumptions. My background is finance but ive never made a 3-statement model using Excel before. Does anyone have any advice on what i should focus on learning/studying? Also, can i expect some additional elements like debt-schedule/LBO or are they not likely to expect that much for just an intern role? Thanks guys

02 Dec 2018

As an analyst in IBD, you probably know that spare time is rare. How do you manage your household? Do you have a housekeeper? I feel like having an appartement in a prime location @ 2K a month (while single) + utilities etc. takes such a big chunk out of the salary that there isn't too much disposable income for stuff like a housekeeper - so I do my laundry myself, I have a roomba, and do some cleaning. However, this takes up a lot of my spare time. How do you guys keep up with stuff like this? Do you have a housekeeper? Something Else?

17 Nov 2018

I recently received a FT return for a lower tier BB in NY. I enjoyed my summer experience, but I'm concerned I won't have the exit opps I'm interested in coming out of my analyst rotation. They've given me 2 weeks to accept; I have two first-round FT interviews lined up with Tier 1 BBs (and likely 1-2 more BBs or EBs) but both of them so far have said they wouldn't be able to get me a definitive answer before my deadline with the bank I summered at. So, I pose the question to WSO... how would you guys go about this? I'm against reneging, so I believe it will come down to taking my current

27 Aug 2018

Hi all Invited to an AC for a boutique advisory focusing on aerospace and defense (in London). Told that i will be doing a 'simple' 2 hour modelling test on Excel that is likely to be either an LBO or Merger Analysis test. Have only ever done DCFs on Excel before and even though i know the theory behind LBOs and/or Merger Analysis, I have never done one starting from a clean sheet. Any ideas on how complex a 'simple' 2-hour test can be expected to be? I have some material from my school on creating an LBO but it is quite convoluted. Any advice on what/how I should focus my preparation? Many

26 Nov 2018

Hey chimps. Just wanted to share my experience from earlier today. Wondering if others find themselves in the same position? "You're good, but you just need more revs, and that's our fault. We need to get you more revs before you can be an associate", says the VP in his feeble attempt to get me to stick around for a 3rd year. Mind you, this request to stay came no more than 45 seconds after him cussing me out about his own error in front of others. I had made it clear that in order for me to stay, I wanted the associate role. No more profiles, PIBS, spreading comps or sending meeting invites.

10 Apr 2016

First of all, I would like to thank the members of this forum for constantly providing free knowledge on this forum. WSO has been an incredible resource and without it I wouldn't have been able to secure this internship. That being said, I am starting my first M&A boutique internship in October. What are the things I should absoloutely know going into this that aren't covered during the recruitment process?

12 Sep 2018

Hey guys, I spoke with Andy a week or two ago about doing a Q&A regarding my path from non-target to banking and beyond - so here it is. To sum up my path for those who may not know: I didn't apply myself in high school, and saw a bunch of my friends who did care about their work move on to great schools across the country – ones that I couldn't get into due to my grades. I wasn't pulling a 2.0 or anything, I was just firmly middle of the pack at a school full of strong students, when I should have been near the top. So I took a scholarship offer at a non-target in the SEC, not the best school

11 Sep 2015

Hi all, Jerry is currently a non-MBA 3rd year consultant at MBB Europe and wants to switch to a top-tier M&A investment bank (think JPM/GS/MS). Academic background: Non-business, but technical (think BSc+MSc engineering/computer science/maths). Non-target school GPA 4.0 and GMAT 770. Consulting background: Non-finance, mostly technology. How would he do that? Can he do it without having to quit his MBB job first (= avoid internship ...)? Location: English-speaking, whatever is most realistic. Entry-level: Analyst/Associate, whatever is more realistic. Cheers, Jerry

05 Jul 2015

Hey! I was wondering which bank in London has the best office? (view, decoration, placement, perks for employees)

31 Aug 2019

Hi guys, I've been a stalker here for some time but never got round to posting until now. Looking for a bit of advice from all you wise monkeys, especially anyone who has tried the BO to FO M&A move (whether successful or not). TLDR: I spent about 6 years of my life in BB BO in the UK, found it boring although quite lucrative, moved to mid-market accounting-firm doing M&A lead advisory (definitely NOT lucrative), from here moved to a 'no-name' boutique staffed by ex mid-tier accounting partners. I've now got about 3 years' M&A experience, but the career move has not paid off financially

28 Apr 2018

How do you stay positive at work when you're tired, disengaged and unmotivated? In my early performance reviews, everyone commented that I had a great attitude, but I feel the resentment building, despite reminding myself that I'm getting paid a lot and I'm lucky to have a job that opens doors. Does anyone have any suggestions of how to stay positive and enthusiastic at work? I've firmly decided not to pursue a career in PE or investment banking, but I want to be more engaged at work for my own benefit as well as that of my colleagues. It's harder than I thought it would be though.

01 Nov 2016