Hi! I would like to introduce myself to the WSO community. As a way of quick background. Currently Vice President at a BB Bank, with 7+ years of experience leading M&A and IPO transactions Mainly worked within TMT and infra space Executed several multi-billion and crossborder deals Led on-campus recruiting initiatives and served as a mentor to graduate analysts Studied Telecom Engineering in top-ranked school and Grande Ecole in HEC Paris and executive program at Columbia I act also as part of the intern and graduate recruiting program at EMEA and would be very happy to answer any questions
28 Jun 2021
BB Rankings: 1. Goldman Sachs / Morgan Stanley / JPM 2. BofA / Citi / Barclays 3. Credit Suisse / RBC 4. Wells Fargo / DB / UBS EB Rankings: 1. PJT / Evercore / Centerview / Qatalyst 2. PWP / Lazard / Moelis 3. Guggenhiem / Houlihan (Note: both RX teams would be tier one) 4. Rothschild / Greenhill MM Rankings: Jefferies / Raine / Cowen / Baird / William Blair Meh, weak groups: Stifle / Nomura
17 May 2021
TRENDS & OBSERVATIONS: GS, MS and JPM traditionally topped the league table with limited signs of losing market share Rothschild confirmed the trend of winning larger deals (while maintaining the high number of deals) leading to outperforming Lazard. Both boutique twins experienced overall growth vs GS, MS, JPM in the past 3 years (despite weaker LTM performance). Rothschild remains the strongest European bank and is the only non-US bank among the top 5 Citi underperformed in the past 3 years ranking below Barclays UBS brings a positive surprise overtaking its Swiss rival Credit Suisse
12 Mar 2021
Hi all, Just got a job offer from a top-tier BB to join one of their sector teams in London. Alternatively, they proposed I join their mid-cap country coverage team based in the same city I am currently working in, in continental Europe. The value proposition of a European sector role vs a regional coverage team is interesting, but relocating to London today sounds a bit risky to me - esp in a post Brexit world where it seems the trend is the opposite (i.e. londoneers relocating to continental Europe). Any views/help/insight in comparable situations appreciated!!!! This is quite urgent as I
06 Jul 2021
Im currently a masters student at semi target in continental Europe, applying for internships for upcoming summer. And I had some questions to make it as crystal clear to me as possible that I don't facepalm myself in the end for misinterpreting information. What are the clear benefits of transaction advisory compared to IB m&a? I rather prefer transaction advisors due to less working hours as my google research lets me believe. Additionally I rather work on the deal itself, instead of the entire process. I do understand that your exit ops are lacklustre compared to it, but I'm not fit and
06 Sep 2021
I stopped using reddit a few months ago because I could no longer put up with the amount of political trash (both liberal and conservative) that was percolating into the few subs that I still looked at. Well, I was bored today and thought, "fuck it", I'll go see what's good on Reddit. Holy shit, what a mistake. That website has to be the most soft, woe-is-me, self congratulatory page on the whole internet - and that's saying something because I generally think most forms of social media are garbage. I know WSO is far from perfect, but damn, just 5 minutes on Reddit makes me appreciate some of
09 Dec 2020
Hey All, Apologies in advance for the long post, but I'm in an interesting situation. I'm currently working in a Corp Dev job (about 3 years out of school), but have had serious talks with my grandpa to join his business - think Specialty Industrials company with highly engineered products, does about $12M in Revenue and around $4M in EBITDA. In addition to having serious talks about his business and the potential role I would play going forward, he's contracted me to do consulting work for him over the last year, something that has been mutually beneficial for us both. It's allowed me to get
10 Jun 2021
Hey guys, I'm a rising sophomore at a target school, and I'm currently doing two internships this summer. One is remotely at a MM Asian investment bank, where I'm mostly doing grunt work, but the other one is a NYC boutique where I'm currently working on a SPAC M&A deal. I have the MM Asian bank on my resume, but I want to add the NYC boutique as well because I feel like it would be very helpful to show legitimate transaction experience. However, I've seen others on this site say that it's a bad idea to put two internships in the same summer on my resume. How do I go about showing both of
24 Jun 2021
I'm a final year Bachelor of Commerce & Corporate Finance student at a solid uni. I received a couple of offers from boutique firms (One M&A, one PERE), but none from the large ones. I've got decent professional experience, but mediocre grades. Should I: - Take one of the offers from the boutique firms and focus on building a personal brand to move up in 3-4 years, or; - Study a Masters of Finance and try for a larger firm once I have better academic results & experience? Thankyou in advance
15 Jul 2021
Short background I am finishing my MSc this summer at a well-known European university and have ~1.5 years of internship experience at boutique IBs (1 year as a working student, 0.5 year as a full time student). I have an offer from a corporate venture capital and a tech-focused boutique IB in the DACH region, but I am having a hard time choosing between them. Pay is comparable. Corporate venture capital Analyst level position Venture Capital Arm of a leading insurance group Fintech, Insurance, Digital Health focus They have around 150-200M EUR in AUM, they will be launching their next fund
11 Apr 2021
WSO Monkeys. Intro on my background: - Non-target school, Finance major 3.6 GPA. - Interned at Wealth Management/Insurance Shop (hated it) - Interned at Family Office PE shop specializing in Dental M&A Rollup model (Buy-Side Stage) - Interned at PE/Corporate Dev M&A Buy Side in Services/Document Processing Industry, sourced transactions all summer, closed on a 3MM biz. I was the lead transaction sourcer -- worked directly with MD. - FT Tech M&A Fin Analyst at Boutique Advisory shop LMM. Covered 10 to 15 deals on a rolling basis. Left after a year, right before bonus season, didn't care I
23 Jun 2021
Some background: In early 2020 at the start of the pandemic, I wasn't able to get new jobs after losing the two jobs I had since starting college. I started receiving unemployment and wanted to put the money to use instead of flat out saving it in an account. I invested 90% of everything I received into index funds and the remaining I used to start learning to grow cannabis. I recently ended this pursuit given that everything seems to be returning to normal. I took the business seriously the whole time and actually was making sizable profits. I managed the financing and accounting of
05 Jun 2021
Have Silver Bananas for helpful comments. Incoming SA at a "mid-tier" BB in NYC in what's considered a "top group" on this forum. Think: Bank of America (Lev Fin, M&A, Sponsors) Barclays (Nat Res, P&U, Sponsors) Citigroup (Industrials, M&A) Credit Suisse (M&A, Sponsors) Would like to either stay in banking with a strong team or leave for MF PE / HF (like every other SA on this forum). Top target background. Trying to switch banks for FT seems risky to me. There's tons of posts on this forum about how small Wall Street is and even though it seems likely I will get a return offer, I don't want
07 May 2021
Hello everyone, I am a French student graduating in 2023 and I was wondering if it would be possible to apply for summer internships in the US for 2022 (I saw that several banks and shops had already opened their applications for this region). I plan to apply for summer internships in London but recruitment only starts in August/September 2021. I just wanted to know if it would be worth applying for summer internships in the US before then as well? Do I have any chance compared to US students? My background only consists of several sales internships and a 4 month internship in a Big Four
26 Feb 2021
I am at a mid-tier BB looking to lateral to another BB with a very strong TMT group. Currently in a great retail group but am staying on A2A and looking to change sectors. From research i've done it seems like this is the consensus in terms of deal flow (M&A) and street reputation. 1.) GS 2.) JPM/MS -Know that the Media Com group is extremely strong at JPM, don't know a ton about MS 4.) Citi/BAML 5.) CS 6.) DB/Barclays/UBS Appreciate any insight anyone has into top performing TMT groups (BB).
11 Sep 2020
Here's my question to all the tech gurus out there. Subscription-based software business has some revenues (let's say 1m), decent but not phenomenal ARR growth and has spent to-date 5-6m in R&D. They tell us that valuing them off revenue is not gonna fly, as revenue doesn't quite reflect yet all the investment in R&D (that will, in theory, generate more revenue at a higher growth rate in the future). If you can't simply apply a multiple to revenue based on ARR and ARR growth, how would you go about valuing this business then - is there a premium you would add to reflect the "future value" of
12 Feb 2021
Open to questions of any nature related to Investment Banking / Advisory fields as well as general finance industry. Background: - BS in Mathematics (Russia) - MA in Economics (Russia) - 6 months in leading Russian, state-owned investment bank - 8 years in European Bulge Bracket bank, including first year in Russia followed by internal transfer to London - Focus on clients in Industrials and Natural Resources sector - Broad experience across the key Investment Banking products (sell-side / buy-side M&A, large public take-overs, IPO / Follow-ons, LBO / Leveraged Finance) Please feel free to ask
30 Jul 2020
What things would you consider items that constitute a bad group culture versus just being the "culture" of Bulge Bracket investment banking? 1st Year Analyst I am sure this list can go on and on but I am going to stop here. I think that this is 80-90% bad culture and sweatshop/crappy group and maybe 10-20% weighted to just banking being banking... What do you guys think? Do you guys have similar experiences? Bad culture or normal for BB banking? 1.) Getting staffed with new people you have never worked with and they don't take any time to introduce themselves, tell you about what the project
12 Feb 2021
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
Can anyone briefly answer the difference between what someone would do in an M&A Advisory at consulting/Big 4 compared to IB M&A work? Sort of a how is it different, and how is it similar? Thanks if anyone could answer.
01 May 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
As someone with little experience in consulting so far, I am curious where management consultants come into play in the standard M&A process (besides the DD). Does anyone have a specific example of tasks?
15 Feb 2021
Hi all! I am currently doing an internship in an MM M&A boutique and I feel like this is a good fit for me as a long-term career. Thus, I would like to have advices on how to be perceived as an expert in M&A in the long run: what should be my career path, which firms should I work for, should I obtain certifications (CFA, etc.), etc. Feel free to give me any advice related to this field! Thank you. NB: I am in Continental Europe.
19 Feb 2021
Hey guys, I am interviewing in a small M&A boutique focused on cross-border transactions for a junior position. I already had 2 interviews: 1) with HR - more conversational and no technicals. 2) with one analyst and one associate - technicals and case study. Next week I will have the last round of interviews with one of the partners. What should I expect? any tips? thank you!
06 Sep 2021
Hi all, I have been interested in energy for a while now but have not been able to dig up a consensus on deal flow and relative strength of the different banks. Took a brief dive into my school Bloomberg and below is what I found. Focused on purely M&A as capital markets are currently in a slump. Feel free to fact check this post as these numbers are public information. All of the rankings I have seen around this forum came across as very subjective so wanted to share a more objective approach in case anyone else was interested as I personally found this very helpful. This is meant to be an
29 Jul 2019
I'm looking for general advice or opinions that people within the industry may have from their experiences. I recently received an offer to join HSBC London in M&A and it's the best offer I received so I'm happy to take it. From reading WSO and so many opinions online (which I take with a grain of salt ofc) it seems as though exit opportunities from HSBC seem pretty awful? People don't really regard its M&A teams as credible? I wanted to understand, is it possible to move to a more reputable bank/EB after a year or two? If my longer-term goal is looking at exit ops into the buy-side.
05 Aug 2021
Hello everybody, Suppose these companies are to merge: Company 1 (acquirer): Market cap = 3bn, EV = 2.85bn; EBITDA = 0.15bn Company 2 (target): Market cap = 0.523bn, Net debt = 0.058bn; EBITDA = 0.041bn; premium to be paid 30%; Transaction will be 100% debt financed. What's the merged company's Market cap, EBITDA and net debt? Any ideas would be helpful. Thanks!
20 Sep 2021
Hi, I currently work for EY within their Tax team and I have been trying really hard to transition into M&A. After 9 months of rigorous search, I got an offer at a boutique corporate advisory team specializing in M&A. I wanted to work for a bulge bracket bank but it seems way too competitive with my limited experience in M&A. I just wanted to know would it be hard for me to jump to bulge bracket bank later on, lets say after 2 years of working for a mid-market bank? I just need some advice. Thanks guys!
22 Sep 2021
Hey monkeys, I am a junior analyst who just landed a full time M&A analyst role in the city. I asked for the feedback from my director and MD and they say 'All the job you have done is great, that's why we gave you an offer. BUT, you need to learn to be STREET SMART in the business and do not expose your weakness to your clients, both internal and external. One of my personal philosophies is the radical truth and radical transparency (BTW I am reading Ray Dario's Principles and I strongly recommend this book to you), which means I am not afraid to ask dumb questions (for example, this one) as
21 Jan 2018
I have heard mixed thoughts on this from senior people. Some seem to say they don't care about your GPA once you have interned at a firm/got the job...and it should not be included on your resume after you graduate...some say it should be included on your resume after you graduate? There is no requirement from the firm saying you need to list your GPA on your resume after you got the job. This probably isn't that big of a deal but once you graduate should you just take your GPA off your resume and just list your degree and honors / cum laude/honors/deans list/societies whatever applicable etc
03 Jun 2020
Hello all! I am currently a graduate student working towards my master's degree (specifically, an M.A. in something akin to strategic management) from a target school while working a full time job in the tech space. I have become increasingly interested in the finance industry, particularly investment banking. I am very interested in the structure and inner workings of organizations (hence my chosen field of study) and want to apply my knowledge in the finance space to advise clients across many different industries on deals. Given my lack of finance credentials and the fact that my degree is
26 Oct 2019
Over the years I've seen several posts on people considering jobs at Big4 corporate finance / M&A / TS departments, or people making statements about these jobs which have some pretty large inaccuracies. I'm going to try and clear up any confusion over the topics here.... Big 4 corporate finance The corporate finance departments at Big4 essentially offer MM boutique bank advisory services. You will do sector research, deal sourcing. deal advisory, act as sponsor / Nomad (in the UK). You'll do a lot of work with PE firms, especially if you're in a capital markets role. Many of the people here
07 Feb 2016
Hey everybody, I currently work in the M&A group at a respectable boutique, but have the option to switch to the restructuring group given the current market situation. I find restructuring more interesting than M&A, but ultimately know that I want to go into PE; outside of firms like Apollo that have true generalist programs, and perhaps a few special sits groups, there aren't many PE firms that will truly utilize both M&A and RX skill sets. If I do decide to switch to the RX group, will it damper my recruiting prospects as far as what sorts of PE firms are available to me? Will recruiters be
17 Jun 2020
Hi everyone. There have been some recent threads on corporate development and strategy, and I thought I would share my own experience through a Q&A and give back to the community. My background is fairly mixed, and I graduated with a technical degree from a non-target/semi-target three years ago and cumulatively gained esoteric investing, PE, and corporate development and strategy experience at a large bank and a lower middle market PE firm. Currently, I'm working in New York at a large private company on a corporate development and strategy team whose scope also includes partnerships and
12 Jan 2019
I have some questions about M&A for minority stakes and intercompany loans. Posting in the IB forum as it draws the most views and it's a M&A tropic. Overview: A company is selling a minority stake (up to 49%) of itself (EV of 500m). EBITDA of 50m and FCF of 40m. However, this company has an interco loan of 300m from it's Holdco and has the option of capitalising the loan from Debt to Equity. I think the main questions are: * If the Debt of 300m is capitalised, does the equity investment amount that the new investor will have to put up for a 20% stake change? (I.e. change from 40m to 100m)
11 Mar 2020
Hi guys I have an offer from KPMG Global Strategy Group - Deal Strategy. My career goal is either to move into Investment Banking after a few years or directly into Private Equity. How do you guys rate the following position in terms of exit opportunities? This is a position in Europe. Participate in various projects in the deal strategy space: portfolio review, operational / carve-out / commercial due diligence (sell side & buy side), JV strategy, integration / separation planning and execution, synergy assessments. Perform analyses on a broad range of operational, financial and strategic
20 Dec 2020
Maybe I'm just cynical, but at my MM, we have rarely seen family offices compete for deals in auctions and it seems there are more and more being formed weekly, if not daily. I'm astounded at how much capital is now going into the market to try and compete with traditional PE and strategics, particularly in the MM (I see some value in the LMM and even more in the sub $10mm EV space). Now, one pitch from some family offices has been "we aren't trying to compete with PE because we are different (e.g. longer holds, less transactional, more passive ownership, better people, etc.)". But, let's be
12 Dec 2018
I'm interning for a MM bank this summer under their LevFin group. Through networking, I've heard that M&A is really the place to be if you want to move into growth equity, so I'm wondering if I should think about lateraling to a different group.
29 May 2021
I've got to give a presentation to the Corporate Development team of a UK based company for a graduate role and I'm struggling with how I should go about it. The presentation is meant to be on where they should focus their M&A strategy going forward, incorporating how it links to their current strategy and consider the benefits/risks associated with the strategy. How would you approach this? What structure should I use? Do I give an overview of their industry before going into the finer details? Should I include the details of specific targets I'd recommend? The presentation is only meant to
20 Jun 2021
I work in Big 4 audit and applied for a role in my firm's Corporate Finance group through the internal careers website. I spoke with an analyst and an associate in the group, and one of them put me in touch with a VP. I have a virtual coffee chat with the VP soon and am not sure how to approach the conversation given I've already applied for a job there (have not heard from the recruiters yet). How/When in the conversation should I tell them I've applied, how should I word the purpose of the call ("to learn more", "to discuss a transfer" etc), what questions should I (not) ask them (especially
20 Jun 2021
Hey guys, prospective intern here interested in Aerospace & Defense IB. Wanted to ask if anyone had any knowledge on which banks are generally considered top in the A&D space. Thanks!
16 Jun 2020
How do you value each firm under the parameters (in order) of: a) Exit Opps, b) M&A Experience, c) Power of brand within the Financial world.
08 Sep 2020
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 Everyone, I am thinking of moving into restructuring because I am interested in distressed asset/debt. I was just wondering what an RX analyst does vs a standard IB analyst working on M&A/IPOs. In particular: -Valuation work (Do RX groups work on DCFs, LBOs, M&A modelling, Takeunder transaction modelling etc...? -Modelling (What type of modelling do RX groups typically do, and does this modelling apply to standard PE buyouts if you realize you do not want to follow the distressed route?) -DD Process -Transactions (Do RX groups work on M&A deals etc...? ) Thanks a lot, please also add any
22 Sep 2021
What would you guys say are the best headhunters to use for IB laterals? I found a few topics on this but they are all outdated and generally do not have great responses. My buddy is looking to lateral from a European city (he is in sort of a hybrid trading / lev fin role at a BB) to NYC and all of my recruiter / headhunter experience has been buyside focused so I unfortunately do not have great advice to give. All of the IB postings I have gotten over the past few years have been from CW Partners, Pinnacle and Pinpoint but I am sure there are more / better options. Separately, has anyone had
16 Jun 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
Hi guys, Just read a bit about Salesforce takeover of Slack for $27.7bn (54% premium and 26x sales NTM), and the subsequent reaction of Salesforce stock, which plunged ~10%. I think Salesforce is trying to compete with Microsoft, which offers Microsoft Teams and bundled Teams with O365 for free, however, the PF revenue is ~40% of Microsoft's commercial cloud business. The price seems exaggerated, but given the massive potential synergies (should the integration be successful) and the impressive unit economics of Slack, why has the market reacted so poorly? Furthermore, Salesforce was trying to
05 Dec 2020
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
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