Wow, looks like MSIM will try to compete with Vanguard and BlackRock and they were willing to pay quite a premium to do so. This pushes AUM to over $1Tn. Thoughts on this deal? Where does this place MSIM in the AM space? Will this have any effect on new hires/internships?
08 Oct 2020
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
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
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
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
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 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
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
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
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
Hello Everyone, I was laid off from my Analyst-I role at a Tech-focused boutique where I had been working for about 10 months. Dealflow had dried up and the pandemic gave them a reason to lay off about 20% of their workforce. After multiple interviews and hiring freezes in the last five months, I have now joined the valuation team of a Proptech startup. The role involves valuing different types of real estate (mostly residential) using different methodologies including cash-flow based modelling and ad-hoc market research. Is it realistic to work here for a year, build up better sector
30 Aug 2020
Hi all - I work in a small boutique that mainly advises on buyside M&A in the middle market. Currently in the midst of PE recruiting, and obviously reviewing my models as a result. I've come to realize that our models are....well kinda shit and all very high-level. For example, when we evaluate CIMs for our clients to give a prelim view of valuation and what to bid, we generally take CIM numbers, make some judgement calls on haircutting revenue and margins, and project everything under the income statement as % of revenue. Literally, the entire football field analysis can be done in ~1-2 hours
23 Apr 2020
Both industries are interesting and have a lot of developments happening within them. I know that Technology and Healthcare go hand in hand often - does this mean that the Healthcare group will cover a healthcare technology company or would that be covered by the Technology group, does anyone have any insight into how this works? Is one industry better for PE/VC than the other? It seems as though with TMT you could transition into a startup/tech company/VC/PE, it seems with healthcare it is more common that analysts would go into PE? Does anyone have any insight into this or could argues pros
01 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
TLDR: Law student at top school with no background in finance interested in learning whether lateraling in may be an option after some time in biglaw. Hey everyone! Just finished my first year of law school and am about to start a summer associateship at a V10 firm. I'll be working on the transactional side, handling M&A and securities (from what I understand; the COVID crisis has put much of that work on pause). I've known that I wanted to go to law school since high school and am happy to be here so far. Loving the material and looking forward to the next couple of years of school-which is
27 Jun 2020
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
Hi everyone, curious to know how Lincoln International is positioned in Europe, more specifically London (and also the Benelux). Main points of interest here are: 1. Culture 2. Comp 3. Strongest groups and their deal flow 4. Exits or lateraling opportunities to EB/BB Compared to players like William Blair, Houlihan Lokey, Raymond James, Stifel, etc. If anyone can shed some light upon these subjects, I would highly appreciate this! Thank you
21 Nov 2020
Everyone is always so concerned about group prestige and firm prestige, this seems to stem largely from an eagerness to move over to the buy-side and get into a top firm/MF etc... If you are an individual who wants to stay in banking when does your firm and group "prestige" on the street start to matter in regard to compensation? I.e. if you are a VP at a BB in a lower performing M&A group versus a VP at the same BB or a different BB in a higher performing M&A group in regard to larger aggregate deal amount and "clout" and "prestige" - does this mean that the "better" M&A group is compensating
01 Jun 2020
Can anyone recommend some books for making the switch from M&A to PE? I find that I'm getting interest from PE firms because of my M&A experience but when I have an interview I don't know enough about PE to get the job, specifically LBOs. I was looking at buying Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions by Joshua Rosenbaum but would love any input. Thanks in advance
03 Nov 2020
I work as an M&A analyst for an EB in Brazil and want to know how usefull is doing an MBA to become a better professional in this field. I'm not willing to work for another company, just be better where I'm now. I'm already taking CFA so I'm not thinking about developing technical skills in an MBA program. I believe that the MBA might help me build a stronger network and learn about strategy. For me, these two traits (network and strategy) would be better appliable during the VP - MD transition. Do you agree with that? Thinking in an utilitarian way, in which step of my career should I pursue
25 Oct 2020
I had a series of interviews with Centerview in September, and I think they went alright. It was my first real IB interview (got into some legal trouble) so I was still trying to get a feel for what the interview process was like. After the first set of interviews (behavioral and technical), I got a call from an MD who said they had some technical concerns and they wanted me to interview again. I did two more interviews the following week (Sept 9th or so) and I have yet to hear anything back. I tried calling and emailing the HR employee but I have not received a response. Im currently in final
31 Oct 2019
Wanted to know whawhat everyone's thoughts were on IB in the cannabis sector? Would working within a bank covering this group pigeon hole you and make moving into another sector group later difficult? I would think you would still be able to get into a consumer/retail group from there.
11 Sep 2019
Recently, I am doing an M&A analysis on the LVMH / Tiffany acquisition. While going through SEC filings, IR press releases etc. some questions about the deal arose which I think could be helpful for myself to start networking with people from the firms who are advising LMVH and Tiffany & Co. However, I am not really sure how I should approach the right people (the content of my message) and if they are even allowed to talk about it to randoms even if they are not directly associated with the transaction. Should I contact alumni from my university who are working at these firms and dm them with
06 Oct 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
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
Please share the best way to Ace an IB M&A interview. As an engineer, so I do not have much exposure to Finance. Please share the best guides/sets that can help you learn in depth concepts/financial modeling and succeed at an interview?
26 Aug 2020
I am looking at this M&A model, and it says that a certain percentage of the cash used in the leverage buyout is coming from the target companies own balance sheet. What is the logic behind this? How can you use a company's own money to buy itself?
12 May 2019
I am in a recruitment process for a Junior analyst position in M&A at Valtari in the London office. Does anyone know how it the culture, the salaries, the hours and the deal flow at Valtari in London. I reckon I know between very little and nothing about the company. Thanks.
17 Aug 2020
So there's an app which "matches" companies for M&A.... Surely no companies would put actual data on the app..... isn't this game theory 101 esp. when competitors are also on the platform... Well... unless the analysts have to do the DD themselves? I can't post any link but Google "goldman-sachs-is-building-an-m-a-dealmaking-app-called-gemini" and you see an article on Bloomberg
03 Aug 2020
Hey guys. So I go to a non target school but have a pretty decent resume. 3.7 GPA, spent the summer working in strategic investments for a F500, founded a commercial painting company that does six figures in annual revenue and pays for my college. Unfortunately though, I'm not too optimistic about a SA position for an IB for me. Anybody have any advice on some internships to go for that might be more achievable? I'm hoping to work in M&A or Investment Banking or maybe even advisory for one of the big four. Any ideas would be appreciated.
23 Jul 2020
Hello, I am a current analyst at a boutique bank. I am interested in joining a BB hopefully and i've had my eyes on a particular job at BAML, the title is PSD, M&A analyst. not really sure what the psd is but I do want to get into M&A. however, the job posting has been up for about three months. i was wondering if anyone knew if this role is still open or know anyone that got this offer? Thanks in advance.
10 Jul 2019
Hello everyone, I have browsed this site on and off for the past few years (thanks for all of the insight everyone) and now the time has come where I want to make the most out of it. I'll try to make this short and sweet, so I will get right to it. I have two main goals here: 1) quick background/current situation, 2) goals/plans. Any advice from people in the current investment banking world would be very appreciated. 1. Non-target state school 3.9 GPA, graduated Dec 2019. I love finance but I never realized exactly how early you have to get on top of things to get into "high finance," nor did
11 Jul 2020
WSO, you've gotten me this far, now help me close this deal. I began my tenure as a lowly monkey about two and a half years ago, and you've all helped pull a non-target student-athlete up into the ranks. I'm sitting on an exploding offer to join the M&A team at a small boutique that will expire in five days. Once those five days are up, the firm will re-open recruiting to other candidates. The problem is, if I had until the end of the month, I would be able to finish my recruiting processes with three other firms, two of which I view as having a reasonable probability of being successful. I've
04 Oct 2018
I did one of these posts last recruiting season, and it returned some pretty helpful tips, so I thought I'd give it another go this year. Please tear my resume apart for anything that seems out of place or could be better formatted. I appreciate all feedback, so let me know what you guys think. Thanks again.
08 Aug 2018
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
Hi guys, I have a few questions pertaining to Working capital and taxes. Hope you can help out! - how do you deal with a situation where seller has a few large multi year prepaid transactions in the pipeline, most to close around same time as M&A signing? - how do you check if target company is current in terms of tax payment? - how do you take tax liabilities in consideration in an M&A deal as working capital target doesn't take into consideration taxes? (right?) say you buy a company in July, seller walks out with the cash after delivering the working capital target then you get hit by
22 Jun 2020
Looking to clear something up--there's a lot of hype surrounding MS M&A (rightly so), and somewhat less hype surrounding MS Tech in Menlo. When people refer to MS Tech M&A (in Menlo), does that fall under the general M&A group? Thx Edit: if M&A is separate from Menlo Tech M&A, does the general M&A group have a presence in Menlo? Or is it confied to NYC?
13 May 2019
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
In the very least, I wanted to create a general forum for advice to both aspiring UG interns (like myself) and other looking to get into the complicated field of oil and gas banking. I'm not the only person interested in oil and gas and I won't be the last either, and I think a very general discussion forum around the topic would help a lot of us. So, being from Houston, I've always been around oil and gas. My dad manufactures for downstream, and my grandfathers were both petroleum engineers and managers in their own right, so I have a bit of family history as well. I've applied to SA 2019
28 Aug 2018
Hello monkeys, I was wondering if I could get some advice. I have a call later in the week with an analyst at an EB (evercore, lazard, etc) who graduated from my school. I am also meeting said analyst at a small school event hosted by the firm in January. I want to prepare something to give to the analyst when I meet her at the office, like my own report. Any recommendations on what I should prepare? I thought it would be a good opportunity to show them what I can create and synthesize. She is an M&A analyst, I don't know the sector as of yet. Should I create some sort of M&A recommendation or
17 Dec 2018
Where should I start for technical interview prep for M&A interviews? I am a freshman at a top liberal arts college without a solid background in finance. I have so much time on my hands and I want to begin to understand the technicals.
20 May 2020
I was wondering what the reputation of BAML's NYC M&A team is? I know the group has gotten stronger recently but how do the exit opps, hours, modeling experience, etc. compare to others specifically JPM, CS, Greenhill, and HLHZ
25 Aug 2017
Hi WSO! Since the Amazon/Whole Foods acquisition seems to be the "hot topic of the day", I figured I'd help pay back the community for all the guidance and advice I've received from this forum over the many years. I am one of the employees with direct insight into the Amazon / Whole Foods deal when the acquisition went down. I am relatively senior (store manager and a specific department head) at our location in Portland, and was amongst one of the first people to hear about the deal after it was announced. Our store is one of the larger and more "well respected" locations in the north-east
21 Jun 2017
I am interested in learning more about the differences between asset and stock sales in an M&A transaction and why buyers and sellers may prefer one over the other. I am having trouble finding a comprehensive information source, but have compiled what I learned below. Please correct me and add anything I may have missed. Differences between asset and stock sales: * The FMV of assets are stepped up in an asset sale as the seller pays taxes on the assets sold * Since the seller does not pay taxes on a stock sale, there is a difference in the book basis and tax basis of the target's assets
30 May 2018
Hi guys Background - Big 4 Audit followed by close to 3 years in Strategic Finance Analyst role in leading corporate. Currently on 60k PS and most likely going to get bumped to 65k in Dec but high chance to 70k & promotion to Manager role. Exploring Corporate Development opportunities. Have had interviews for multiple manager / analyst roles at 70-75k however despite positive feedback miss out to ppl with T/S or traditional banking background. Some roles that recruiters have approached me with from SMEs / several hundred m turnover companies are on 55-60k. Is it worth taking such a side ways /
17 Oct 2018
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
Hello everyone. I'm 21, following a master degree in finance in a pretty good business school in France. I'm also a CFA level 1 candidate, since my school has a partnership with the CFA institute, I thought it would be good to leave the school with CFA level II(if everything goes well) I'll also have a MsC in Finance. Anyway. I will have 3 internships done when I leave the school. The first one I already did it, I managed to work in front office as an analyst in a very prestigious Swiss bank so it's pretty good. The thing is, the next internship is going to be very important for me. I was
26 Dec 2018
I'm a D-1 football player majoring and finance at a big state school. We have no on campus recruiting whatsoever, although I have made some small connections to the finance world. I'm a sophomore with a 4.0 GPA here, and I'm wondering what my best bet for getting into investment banking would be? I've always been interested in finance, but this past year M&A has been what's really caught my attention so ideally I would like to end up as an analyst after graduation. Does anyone have any advice, or any insight as to the likelihood of winning an IB internship / job from an unknown school? Thank a
04 Apr 2017
Hi guys, We are looking at making an investment in a promising company which could become quite strategic for us in the future. At the moment we are looking at making an equity investment and we could consider an option to purchase. Where could I get some information on how to price & structure the option part of the deal? On the optionality: it would also be super helpful to learn about the typical clauses that need to be included and the tax implications Thanks and merry Xmas!
21 Dec 2018