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2022 FT Recruiting
Hi all, In a pretty tough spot right now. I've struck out of some processes I was in and am still looking for a FT offer. I graduate this May and I'm pretty scared I won't find anything. Are any BB/EB/MMs still hiring for FT 2022? I know off-cycle recruiting can be a crapshoot, but would appreciate...
Capital Markets going in everyday.. (lean team)
Asking all ECM folks (incl. DCM and other cap markets team) with lean team structures whether they are going into office everyday... My team is very lean (one Director, one MD) and now they expect me to come to work everyday when firm-wide hybrid seems to be the norm across coverage/product, and...
cash burn? ebitda? so confused!
hi all. can someone please explain intuitively what cash burn means? and what this means in relation to ebitda? if a company is burning cash, does that mean there is no ebitda? for example, how would one interpret "10M cash burn" ? thanks so much...
Lazard Sophomore Diversity Day – NYC IB
Has anyone heard back? I'm not expecting much since I haven't been able to network w anyone at Lazard. I think we're notified by this Friday if accepted.
Official Investment Banking Interview Resource Thread
Hi everyone, after going through recruit myself, I thought I'd rank the top resources I used when preparing for interviews. Thread is open for you to post your favourite as well! Gold Tier Breaking into Wallstreet Guides : BIWS is the classic for those who are starting to learn the new concepts,...
Advice: M&A to SS / Event Driven Recruitment (No RX / Debt Experience)
Hey all, would really welcome advice from people who have either made the switch from M&A to SS / Event Driven / Distressed stuff or are in the process of recruiting. Bonus points if they are based in Europe. My background includes a few years of M&A experience at well known boutique (EB) but 90% of...
Young looking IB analyst
Is looking young as an IB analyst bad? I'm not talking looking a year or two off your age I'm talking looking like a high school freshman or sophomore type of age. Will I be taken seriously? Although I know most of analysts work is spent on excel etc. , when client-facing opportunities do present...
Interesting video on hedge fund strategies
Hi all - wanted to share this interesting video on hedge fund strategies I found. It has some useful info:
DCM intern to Coverage/M&A intern
I'm currently interning at one of the largest balance sheet banks in Europe (top 10) as a DCM - IG intern and I was wondering how easy it would be to find another internship but for coverage or M&A positions. As I am a bit worried that even though its investment banking it's not related to M&A and...
How much does a 1st year analyst make at Natwest/RBS in IBD vs Lloyds Commercial bank
Hey guys i got a grad scheme offer for Natwest Front office and one in commercial banking at Lloyds 1. Does anyone know what the salary and bonus is like at both firms for a new graduate? 2. What the salary progression is like? 3. Also what are the prospects like in terms of exit opportunities (5...
Why SF? (Summer Analyst)
I'm working on an essay for a diversity program which asks why I want to work in SF. Quite frankly, I don't care where I land an IB gig as long as I can land somewhere. To anyone who's worked in SF or successfully made the pitch – what drew you to SF and how did you pitch your perspective in a...
Flowers for HR?
Hey WSO, I hope you’re well! We have a dilemma pertaining to etiquette and showing appreciation. I have a female friend who had difficulty breaking into IB. However, on LinkedIn, she connected with someone who works in HR at a top tier bank. They apparently hit it off and HR was very helpful in my...
Choosing the right degree: With a scandinavian limit
Hey people I need some advice on this one. I’m in the following situation to soon graduate from my school and the next step is attending a Bachelor degree here in Denmark where I live and I have a hard time choosing and figuring out which degree will fit my plans of the future best. My goal at the...
Choosing the right degree: With a scandinavian limit
Hey people I need some advice on this one. I’m in the following situation to soon graduate from my school and the next step is attending a Bachelor degree here in Denmark where I live and I have a hard time choosing and figuring out which degree will fit my plans of the future best. My goal at the...
LBO: equity value = EV?
hi guys. doing an LBO right now and trying to understand some things. in my example, it seems as though equity purchase price = EV. what about debt, cash? are there some basic mechanics / concepts I'm not understanding here? thank you very much
financeable EBITDA vs... EBITDA? what is the difference?
hey guys - what's the difference between financeable EBITDA and.... non financeable EBITDA? and what are the differences in the calcs? been reviewing some buyside / LBO / lender model materials and keep seeing this term "financeable ebitda" thanks all!
gaap vs. cash ebitda? What?? confused.
if ebitda is a non-gaap metric, why do i sometimes see "gaap vs. cash ebitda"? very confused here. how can there be a "gaap" ebitda? and then what's cash ebitda? thanks team! appreciate all the help
Analyst Raises
What is the new base and bonus expectation (25/50/75) for Analyst Year 1, 2, and 3? For an EB/BB.
MF PE Case Studies
Currently looking for MF PE case studies, i.e., BX, APO, KKR, WP, Carlyle, TPG. If anyone has these, would be great if you could make a comment and I'll DM you
EBITDA bridges: easy question
hi team. i'm looking at an EBITDA bridge right now and I am confused. on the lefthand side, we start with Q3 2020 LTM EBITDA. On the far right side, the bridge ends at full year 2020A EBITDA. In between obviously there are a bunch of steps. How can you bridge from Q3 2020 LTM EBITDA to full year...
Financial Times: "Pay at buyout firms ‘dwarfs’ sums on offer to investment bankers"
https://www.ft.com/content/df74c731-4d50-4420-838… https://archive.is/tASar Top private equity firms set aside more than twice as much to pay each employee last year than leading investment banks, underscoring the shift of power and money towards the less regulated corner of Wall Street. Flush...
Banks with the Best Media/Telecom Groups
Title says it all. Which banks have the best Media/Telecom groups, in terms of deal flow and PE exits?
Barclays NYC Top Coverage Groups (Updated 2022)
Wondering if anyone has updated information on the top groups at Barclays NYC right now -- in terms of exit opps, culture, etc. From the research I've done on this site, I see P&U, NatRes, and Financial Sponsors consistently being listed at the top, but it's a bit less clear how the other coverage...
BrightTower investment bank
Was wondering if anyone has heard of BrightTower investment bank located in NYC. Looks like they were founded in 2020 and focus on tech-enabled services. Recently saw they did a $800 million deal but haven't seen anything about them.
Media & Entertainment Banks (Europe)
Any major media and entertainment deals worked on by LDN offices of banks? Looks like most deals and most media houses are based in the US. Any EU / London boutiques that focus on media and entertainment?
[PLEASE HELP] Advice for an international student
Im currently in my final year of high school in Singapore and i'd like to break into ib in the us. The 2 main choices i have now are 1) doing my ug in fin/econs in the us and apply for a job after grad 2) uni in singapore, working locally for 2 years, then applying for a transfer to the us / masters...
Investment Banking to major movie producer/Film industry
Does not seem pretty common at all but, have you heard of anyone who has made the switch from investment banking to forge themselves as a successful movie producer? Also how possible would this be to do and what are necessary steps from exiting out of IB to achieve this?
IB Bubble, Limited Skillset
Hey all, would welcome some advice. Work in the M&A team of a BB but find that with the increasing emphasis on LBOs and sponsor deals with each passing day my knowledge of markets / macro / real world has been going down. Most deals only really require perfunctory knowledge of the commercial niche /...
Undergraduate in Korean University(QS World Ranking under 50) (Indian by Nationality)
Hello, I am a senior undergraduate student, I want to work in IB but due to COVID I couldn't network in Korea and score an internship (due to language barrier, even a VC firm pulled out because of my language barrier). I have been trying to apply for multiple places and have been frustrated, as I...
Investment Banking (Fixed Income & Currencies (FIC) Trading?
Hello all, Would like to ask about Deutsche Bank's -- Summer Internship: Investment Banking - Fixed Income & Currencies (FIC) Trading. This position seems to be within Deutsche Bank's Investment Banking Division, and would appreciate: any and all advice on how to prepare for the interviews for this...
LBOS and sensitivity tables: easy question
hi team. quick question for all. so for a data table in an LBO, the inputs need to be on the same tab for the data table to run properly. but if someone is trying to bring in an operating model with many tabs to link into the LBO income statement, how can you sensitize around operating model inputs...
Deferred MBA Likelihood (HBS, S, Penn, etc.)
Hey guys - was wondering if I could get some advice/ hear some experiences regarding deferred MBA programs? I am currently a senior (non-diversity) at a target school and am planning on working in the PE industry (a well-known firm) right after college. I have some extra free time on my hands right...
Evercore Bonus Numbers
Can we get some Evercore bonus numbers in here for Associates and above? Heard today was the day Group (Advisory, Restructuring, ECM, etc.) (if you feel comfortable putting industry group i.e. Advisory - Healthcare please do!) Position (Associate 2, VP 1, etc.) Rating (Top, Mid, Bottom) Bonus Amount...
Outlook For PJT M&A NYC?
PJT's revenue declined y-o-y because of RSSG but their Strategic Advisory (M&A) group did pretty well. What's is the outlook for PJT M&A? In the earnings call, the CEO said they are going to invest a lion's share into strategic advisory. Also, actively recruiting so would love any info on total...
Boutique Bank Ghosting Me
Freshman here - Interviewed at a boutique IB firm 3 weeks ago. It went well, and he said he would contact me in the next week or 2 for next steps. I emailed him after the interview to thank him for his time. Didn't get a reply, but people told me usually people don't reply to thank you emails. 2...
CAGR vs. IRR... # of periods...confused...
Hi team - hope everyone is doing well. for some reason i am a bit confused on the difference between cagr and IRR. the formula seems to be the exact same? for LBO purposes. (final value / beginning value)^(1/#periods) - 1 I'm also confused on the # of periods. For CAGR, 2012 - 2013 would be 1...
Summer Internship Advice
Hey all, I'm a sophomore at a non-target trying to break into banking, and need some advice about which of 3 positions I should take for an internship over this summer. 1. Local boutique investment bank with small team (around 5 people) focused on M&A deals 2. Local PE shop with about $1bn AUM...
Fall Internship
I have seen some forums about advice on how to land a fall IB internship while an undergrad/graduate. However, I was curious if anyone has compiled a list of firms that typically offer such an opportunity? If so, please share!
Law School to IB
I am a 2nd-year law student strongly considering IB. I have a few years of corporate experience, recently completed a financial modeling certification, and am summering at a Big Law firm. To the JDs/lawyers in IB, please share your advice on how you broke into the street? Do you recommend earning...
Book file
Hey guys, There was previously a link to a shared folder with a number of books around investing/finance in general. Seem to have lost the link to it, could provide me with the link in the comment please? Greatly appreciated and thank you in advance.
WLB at top RX Shops
Hi all, was wondering if anybody could give insight into the WLB and culture at top RX shops. Interested in hearing about PJT, EVR, Moelis, Lazard, etc.
Should I Mention I Have An Offer During Recruitment Events?
So I have a sophomore IB offer at a JPM/GS/MS and I am recruiting at other banks (mostly though firm-wide programs) just in case things go south, I was wondering if I should tell them I have a sophomore IB offer at my JPM/GS/MS or if they will look at me like I'm "not committed enough" and just...
Enterprise Value and M&A Financing method confusion
Hi All, I got asked this question in an interview and remain confused till date - Acquirer A: EV = 2000, Equity = 2000 Target T: EV=1000, Equity = 1000 A buys T paying 50% premium, what happens to combined EV, Equity and Net Debt based on 1) 100% cash deal, 2) 100% debt deal and 3) 100% Stock deal...
Info Interviews with Former MDs?
I'm currently a sophomore at a non-target trying to ramp up my networking efforts. Besides cold emailing, I've been trying to find/leverage any internal connections I might have by asking family/friends for contacts, and my parents let me know of a couple former MDs at top firms who they knew....
2022 PubFin Discussion
Since PubFin often gets overlooked in the investment banking industry, I wanted to start a thread discussing updated PubFin information such as SA placements, FT positions, compensation data (base + bonus), benefits, and comparisons to other groups. Also, taking a look at the top Muni Underwriters...
European --> US MBA --> IBD MBA Associate in US --> Private Equity London
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IB 2023 Internship Recruiting Timeline - When Are Applications Opening?
So I know that some banks have already opened their 2023 internship applications, for example Citi, Mizuho, RBC, and Credit Suisse. However, when will the applications for other bulge bracket/boutique banks open? I want a comprehensive overview as well as when they will start interviewing etc....
Who has last word in interviews? Managers/Director/All of them?
Recently had interviews in BIG4 (KPMG) M&A Deal Advisory with two manager, and last one was with Director. Got some info that managers are very satisfied after talk with me (HR and Director said), but I had some uncertainty after interview with Director. I answered maximum I could, combining all...
Commercial Banking at BB (SA) to FT BB IB?
I know it's not a great spot for SA however, I wanted some opinions on how to leverage this internship to its full potential. I need to network my ass off to have even a grain of hope, what else I can do to increase my odds?
Bank withdrawing signed/accepted offer?
EDIT: I just had a call from the head of HR who said nothing could be done. They could offer me nothing. When I told them about the bad PR, that it meant applicants could never trust a signed contract with JPM she merely repeated that they could do nothing. Long time lurker here doing my first post....
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