IBD

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

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

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

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

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

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

Are there any banks that hire ECM and DCM directly from MBA programs? If not, how hard would it be to move over after a year or two in a coverage group?

07 Jul 2020

Hi, does anyone know if Lazard currently offer off cycle internships in London. Would appreciate help! Thank you.

28 May 2020

Hi, WSO! First off, this is not a fluff/brag post -- I really need advice. First off, I'm a sophomore (rising junior) at a HYP. Humanities major, previous summer internship at major non-financial institution (think UN Secretary General, White House, the EU, etc.), upcoming summer internship at startup in emerging industry (think Artificial Intelligence, Marijuana, Alternative Energy). Starting to prep to apply for Summer 2021 IB Analyst positions. Through a family friend, the Chief Operating Officer of a bulge bracket bank reached out to me to grab coffee (now that our schools have been moved

11 Mar 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

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

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

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

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

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

31 Aug 2019

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

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

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

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

Hello! I've got a question for those working in London. From which business schools or universities do the French bankers come from? I know the 3 main ones are HEC/ESSEC/ESCP but I was wondering if there is any other that I haven't heard about. Maybe you could provide me with a little ranking ;)

26 Aug 2019

As a prospect in IBD, I've heard a lot about the office politics that appears as you move up the ranks in both IBD and PE. I'm having a tough time visualizing what this means, even after reading a couple other posts. Can any of you clarify this with examples or general things you've noticed at your firm? How does one get "stabbed in the back" or "punched in the face" by a colleague? Is the rumor that politics is more prevalent in IB than PE true? Finally, any tips on how to deal with this in the workplace? I just want to make sense of all this and know what I'm trying to get myself into

18 Aug 2020

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 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

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

I know first round of interviews are conducted by Analysts and Associates while more advance rounds are conducted by VP, Directors or MD. But aside of the level of the hierarchy, is there any particular difference between first round and second rounds? Which ones are usually more technical and which ones are more fit?

30 Jul 2020

Posting this to get a discussion circulating. If there is anyone else in the industry who has insight or perspectives on this would be great if you can share. Seems obvious that certain groups have been and will probably do well and stay busy through this shitstorm inclusive of groups like industry:Healthcare, product: DCM, Levfin What do other people think about booming sectors like Tech or sectors that may prove fruitful say such as Real Estate during this shitstorm Healthcare: obviously doing well TMT: doing well, i.e. all the IPO's recently, decent amount of M&A going on also, cloud etc

28 Jul 2020

Hey guys. So I recently accepted an IB offer for next summer, so I was wondering if any of you guys had any tips or general resources you could offer to make sure I'm at least somewhat prepared for it. Any advice is greatly appreciated! Thanks

28 Jun 2019

Saw a similar thread for traders. Wanted to see what everyone's thoughts are on IB in London. I myself can confirm hiring freeze at two Bulge Brackets.

31 May 2019

Hey guys, I'm wondering if you all could tell me frat I should tell my friend to pledge. He's trying to maximize his chances at getting into a BB and wants to use the vast network afforded by fraternity life. tldr: are there any target frats?

06 Dec 2019

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

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

UConn Undergrad graduating early in December 2019 with a double major in math/econ. Expected GPA by end of this semester ~3.6. Doing a ratings agency internship in NYC this summer. Created a club my freshman year. Didn't do much else except work bc im poor. How difficult will it be for me to break in? How should I take advantage of being in NYC this summer? Interested in IB/Corp banking/equity research

09 Apr 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

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

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

McKinsey is interviewing at my school, and I was hoping to get a feel for my shot at an interview. I've previously gotten first rounds w/ Bain and BCG, but I hear McKinsey is more selective than even them. I was a summer analyst at MS, and I did get an offer. I've got a 3.6 and solid, but not spectacular, ECs at a semi-target. I've also got the diversity thing going, if that matters at all. I'm fairly certain that I can destroy the case; I just need the opportunity. Given that McKinsey has like a 3.7-3.8 gpa cutoff, should I expect to still get on the closed list, or should I just forget

19 Mar 2018

Hi all, I had a phone interview with Morgan Stanley and was stuck with this question. Assuming you have 2 firms, Company A - P/E = 20x Company B - P/E = 10x Assuming a 50% tax, what is the maximum cost of debt Company A would pay to acquire Company B? I understand that when you inverse the P/E multiple, you get the cost of equity. This means that the cost of equity for Company A is [1/20] 5%, cost of equity for C1ompany B is [1/10] 10%. However, I do not know how to reconcile the numbers from here. All help is appreciated

17 Jul 2018

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

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

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

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

I'd be very thankful if anyone could shed some light on the transfer process to the super competitive target schools. I'd want to be around more individuals interested in IB/finance in general. Where would be worth transferring to -- HYPW etc?

03 Sep 2019

Hey! I was wondering how difficult it is to move internally in a bank from one office to another? I'm especially curious for moving from the London office to the NYC office or from the London office to the HK office.

29 Aug 2019

Hello! I was wondering how often do you see French people work in the front office of investment banks in NYC? What did they typically do to get there? Because I hear being a European and wanting to work in NYC is pretty difficult (unlike London). What are the ways for a French person to be able to work in NYC?

29 Aug 2019

I have a scheduled superday for full-time IBD. Would it be overkill to ask my contacts at this firm for a referral to other Analysts to grab coffee or have a conversation before the superday? I have availability and a very strong interest in this firm, and would like to demonstrate that interest before the superday. Additionally, I am in conversation with two alum from my college at this firm for a quick phone or email conversation to introduce myself.

10 Oct 2018

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

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

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

Currently have a AM job at a top AM firm in the industry. Wondering how much leverage there is for me to go to IBD? Couple months into the job now after interning and I realize IB is a better fit considering long-term goal. Also, should I apply with graduating students or do lateral hire? Thank you for any insights!

14 Sep 2018

Here's my predicament: I did two years at another college before transferring into a semi-target this last year, and am currently a TRUE senior (Graduated HS 2015, Spring 2019 expected grad date). Recruiting for the summer of 2018 was pretty much finished by the time I arrived in Aug 2017, and so I was planning to recruit for a 2019 SA position and delay my graduation to May 2020. Well…. I fucked up in my first semester (Fall 2017) receiving a 3.1, but I thought I would still be able to pull my GPA up before 2019 SA recruiting pops up with the Spring semester. However… Banks pull this

03 Jul 2018