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
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
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
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
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
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
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
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 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
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
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
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
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
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
Hi All, How should we go about M&A analysis (Accretion / Dilution) when the target tech startup has negative FCFF? EPS will decrease, so how to justify the txn quantitatively? I believe it would be a standard question for people in Tech, as many highly valued targets have negative FCFF. Appreciate the help!
07 Apr 2021
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
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
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
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
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
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
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
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
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 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
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'm on the side to apply to different firms. I know that probably Big4 is the easiest way to break into the industry in M&A as an intern, but, If you have an offer to PwC, Deloitte, KPMG, and EY (with similar salary), what firm would you choose? And why?
26 Jan 2021
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
I feel like there is a huge misconception about the timeline of M&A transactions and the functions carried out by affiliated parties during the process. Private Equity M&A Process Timeline Therefore, I would like to assume the following scenario in order to illustrate the entire process: A private equity funds ("the seller") seeks to exit an investment in one of its portfolio companies. Hiring an Investment Bank & Contacting Potential Buyers First, an investment bank is hired to screen potential buyers. After identifying potential buyers, the investment bank will distribute a short teaser
31 Oct 2012
Hey all, I was wondering if one of you has some insights about Nomura Natural Resources (P/U, Infrastructure, ...) M&A team in London in terms of reputation, deal flow, comps and exit in BB or EB or any other details you have !? And what do you think about their acquisition of Greentech ? Thank you a lot in advance !
21 Jan 2021
Can anyone shed some color on Evercore's relatively new group, Activism & Defense? I'm interested in learning about the responsibilities of analysts, exit opportunities, and work-life balance compared to your standard M&A or coverage roles. Thanks!
14 Sep 2016
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
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
Hi everyone, I'm currently an incoming IB summer analyst in the M&A group and was wondering if anyone had any tips or resources that will help me improve my PowerPoint skills. I'm pretty comfy in excel but a few of the analysts at the firm have told me that most of the work I'll be doing will be in PowerPoint. I just want to make sure I have somewhat of an idea of what I'm doing in PowerPoint before I get there, which is in a few weeks. Thanks!
16 May 2021
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
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
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
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
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 think it's important for us to be clear about the pros and cons of each of the two career paths and I'd like to consolidate some of the opinions that have been floating around about this topic on this thread. Here's one impression I've gotten from speaking with people on both sides of the isle: Banking is for the typical ivy-league pencil-pushing over-achieving workaholic, while trading requires a somewhat less quantifiable "it factor" that typically manifests itself in the form of uber-competitiveness and the ability to withstand tremendous pressure. So in an effort to stimulate a healthy
01 Aug 2010
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, 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
Hi Everyone, I currently have two offers for a lateral analyst position - one is from a TECH M&A Boutique in SFO and the other is an Industrials coverage position at (Mizuho/Nomura/BNP/HSBC) in NYC. Could you please guide - what would be a better option between the two - I'm really torn.
28 Nov 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
Does anybody here have any insight on salaries at London m&a boutiques? I'm not talking about Houlihan/Lazard and the likes, but rather smaller shops like Ondra, Zaoui, Arma, Hannam & Partners etc
21 May 2021
Wall Street Prep = WSP Breaking into Wallstreet = BiW Hello all, I've seen all the material in BiW through a friend, and while explained well, seems too basic to me. For WSP, I saw their demo videos and everything there looks very professional (formatting / instructors / presentation of material etc). I was wondering which one would you recommend from your experience?
25 Aug 2009