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I'm so sorry to hear that. Definitely get that poo poo in writing next time. Pick yourself up, dust yourself off, and reach out to your network. I'm sure you can get some leads that way. I just started full-time at my firm's credit risk group, where I'll get exposure to a lot of FI products. I'm hoping to be able to parlay that into a DCM or credit analysis role, maybe. 
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Jun 5, 2012 00:01
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Would you mind elaborating a bit on what IB Risk does? My group last summer had its own risk desk (some of our deals came with proprietary exposure) but since so much of the analysis we did involved making sure clients would have sufficient cash flow to pay down the securities, I can't figure out what Risk did that we didn't. We looked at our clients' companies as well as their customers, obligors, etc. I get that at the senior level our bankers were focused on winning business, but at the analyst level at least I couldn't tell what made our role different than the guys on our Risk team. Also Leo, that sucks to an almost unimaginable degree.
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Jun 5, 2012 06:10
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tolerabletariff posted:I'm sorry if that was humor or sarcasm, if it was I definitely haven't picked up on it... Unless you're at UBS or some other sinking ship where presumably no-one gives a single gently caress, it seems pretty hard to believe. Especially since 3rd years are basically associates in training--going a2a, at least at my bank, is almost a condition of the third-year offer--it's hard to imagine any of them acting so cavalier. Our third year offers have already been given, and most of us with third year offers either declined, a few "accepted" but don't plan on staying past a few months. Also helps that we have heaps and heaps of Associates (soon to have more associates than analysts!) who can't risk being laid off and thus still work relatively hard. We don't have any analyst-to-associates. Most of our VP's are pretty checked out too (somewhat top heavy group, so limited promotional opportunity anyway). I now frequently get emails from this one VP that were basically "hey Socialism I really don't want to review this book can you just tell the MD I did and put generic pages in..." The same VP used to stay with me all night to comb through drafts vOv edit: holy poo poo Leo that's terrible, I'm very sorry.
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Jun 6, 2012 14:36
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I just found out an ex from high school is going to friggin' Darden right out of the gate. How does one go about doing that? I'd have asked her but "how much did your dad donate" seemed somehow inappropriate.
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Jun 18, 2012 19:11
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Darden's a pretty lovely school? Now, HBS straight from undergrad, that's something to talk about.
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Jun 18, 2012 19:48
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I don't know if Darden is a lovely school but UVA is definitely much more respected for undergrad than MBA.
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Jun 19, 2012 14:46
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Darden is pretty consistently ranked somewhere between #10-15, not that the rankings mean all that much (ie the Economist put them at #4, ahead of Harvard and Stanford, ostensibly with a straight face). But I do know they're strong in finance and recruit well on Wall Street, have met quite a few grads interviewing and at work. I was definitely a lot more interested before I learned that in-state status takes a whopping $5k out of the $76k yearly cost of attending. Watching Spain poo poo the bed over the next few weeks is not going to be pretty. "He used to run around the floor screaming ‘there’s blood in the water, let’s go kill someone’." tolerabletariff fucked around with this message at 03:58 on Jun 29, 2012 |
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Jun 20, 2012 06:49
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Spain borrowed for 1 year at 5% yesterday and their stock market went up. Makes a lot of sense.
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Jun 20, 2012 14:25
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I think they were just happy to get anything. As for us: https://www.youtube.com/watch?v=KvazXsJ9yM8 I like how the video features live footage from the trading floor at BofAML.* But actually, I think relatively noncommittal move is having/will have exactly the intended effect, which as is pretty much nil one way or the other. *Which I think(?) has more girls than average tolerabletariff fucked around with this message at 03:11 on Jun 21, 2012 |
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Jun 20, 2012 21:01
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The behind the scenes stuff is amusing. This is what happens when the LTRO money dries up.
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Jun 20, 2012 23:57
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I had a dream about excel last night and it's getting to the point where whenever I close my eyes I see columns. I also almost punched my computer at work today when I accidentally opened excel 2007 instead of 2003 loading a model. Intern checking in.
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Jun 27, 2012 01:26
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Can anyone point me in the direction of a decent resource / tutorial on infrastructure modelling?
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Jun 27, 2012 02:16
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Swingline posted:I had a dream about excel last night and it's getting to the point where whenever I close my eyes I see columns. I also almost punched my computer at work today when I accidentally opened excel 2007 instead of 2003 loading a model. Intern checking in. Your life... will die. As will your friends. Good, I can feel your anger. It is defenseless. Take your weapon. Strike it down with all of your hatred and your journey towards the dark side will be complete!
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Jun 27, 2012 17:21
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5 years ago I was playing world of warcraft 16 hours a day. Now I'm 21 and playing excel 16 hours a day. It feels good to be so valuable to society.
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Jun 28, 2012 00:46
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Swingline posted:5 years ago I was playing world of warcraft 16 hours a day. Now I'm 21 and playing excel 16 hours a day. It feels good to be so valuable to society. Well, WoW is really not far off, just has a better GUI. Although, if you were playing EVE Online, aka "Spreadsheets: the Video Game", then we'd really be talking!
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Jun 28, 2012 01:17
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I had a Duane Reade prepackaged sandwich tonight because when I went in for red bull I realized I hadn't eaten since noon and was famished. It was tasty.
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Jun 28, 2012 03:35
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I really wish I could see actual examples of what you kids do in Excel. I want to know what sort of complexity your stuff gets to and how much you have to do.
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Jun 28, 2012 09:28
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Nam Taf posted:I really wish I could see actual examples of what you kids do in Excel. I want to know what sort of complexity your stuff gets to and how much you have to do. I didn't do anything too fancy in M&A, though one guy in our team had made a pretty intense comps model, of all things.
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Jun 28, 2012 11:22
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Nam Taf posted:I really wish I could see actual examples of what you kids do in Excel. I want to know what sort of complexity your stuff gets to and how much you have to do. It's unlikely you'll see anything mind blowing in IBD. S&T is where poo poo starts to get weird.
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Jun 28, 2012 14:17
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Rankings and (in a couple of weeks) bonus numbers are coming out. I'm 99% sure that I will make less this year than last, even unadjusted for tax, same ranking.
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Jun 28, 2012 14:27
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Everyone is pretty much resigned to that where I work. My completely unqualified prediction based on our (decidedly above-street) bonus multiples from last year and TTM performance is .80*base for tier 1 and $5000-10,000 less per tier going down. You'd only come out ahead if you were bottom-of-the-barrel previously and shot up to perfect ratings. In other news, gently caress 'bamacare anyway. What constitutes an exotic derivative? I'd assume options, futures, forwards, and rate/credit swaps aren't considered "exotic" anymore at this point. What wonderful new contraptions have the great minds in S&T engineered to generate returns and/or counterparty risk this time around? \/\/\/\/\/\/\/\/\/\/ tolerabletariff fucked around with this message at 03:57 on Jun 29, 2012 |
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Jun 28, 2012 23:11
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Nam Taf posted:I really wish I could see actual examples of what you kids do in Excel. I want to know what sort of complexity your stuff gets to and how much you have to do. What kind of stuff are you interested in seeing? I work in exotic derivatives middle office. Something like Monte Carlo simulation isn't done in Excel alone; it's just the frontend. edit just to give some more depth from an operations/middle office perspective. Bank-wide we assume any process managed using only Excel is a lovely process, prone to operational risk. But it's definitely the most versatile piece of software we have on our machines. It's fantastic at managing tabular data, and basically all the data we have is tabular. In my last role I built an entire sales conf creation tool for MBS repos using Excel. Was pretty gnarly because it would auto-import BBG sales tickets and with 1 click would auto pair-off and generate the confs. But the "proper" solution these days is not making Excel macros yourself but raising a request to IT, have them build a tool for that purpose. So at least on my desk it's mostly just as a front-end. Even our trade blotters aren't Excel anymore. zmcnulty fucked around with this message at 02:37 on Jun 29, 2012 |
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Jun 29, 2012 01:56
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Ugh, do groups really pay attention to your homework submissions before work starts? I've got a bunch of models due and I noticed discrepancies between mine and some of the screenshots they provide. After going through the lectures again, I'm pretty sure the shots are wrong and not mine... pretty crappy training program I must say.
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Jun 29, 2012 05:44
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tolerabletariff posted:What constitutes an exotic derivative? I'd assume options, futures, forwards, and rate/credit swaps aren't considered "exotic" anymore at this point. What wonderful new contraptions have the great minds in S&T engineered to generate returns and/or counterparty risk this time around? We define "exotic" as not vanilla. A standard IRS is vanilla, but throw in some yearly Bermuda options with it? Then it's exotic. Xccy swap? Exotic. If for example one of our MTN issuances involves: 1) variable maturity due to target redemption (i.e. there's an accrual knock-out on the note) and 2) coupon chooser, then it's unquestionably exotic. Even if it had only one of those parameters it would still be exotic and traded by my desk. There isn't a lot of consistency within our own company. Here in TKY we call it the exotics desk but in LDN they call it Structured Rates or Lightly Structured depending on product. There is no Heavily Structured desk, that's called Complex Transaction Management for some reason. Needless to say it's difficult to tell exactly what a desk trades based on its name alone, once you get away from the vanilla stuff. That's just the rates side, credit is a different monster. edit: to answer your other question though, my desk hasn't invented anything new. These days it's just putting things on a structuring continuum, e.g. just how customized do you want your drat cashflows because our structurers will figure it out! zmcnulty fucked around with this message at 06:55 on Jun 29, 2012 |
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Jun 29, 2012 06:45
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fougera posted:Ugh, do groups really pay attention to your homework submissions before work starts? I've got a bunch of models due and I noticed discrepancies between mine and some of the screenshots they provide. After going through the lectures again, I'm pretty sure the shots are wrong and not mine... pretty crappy training program I must say. Who gives out homework? Just don't be the new guy showing up the first day telling them they're wrong and it turns out you're wrong. I'm still baffled the financial world is conducted in Excel. There's rarely statistical rigour or calculus outside of exponents. The 4th on a Wednesday sucks.
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Jun 30, 2012 06:45
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Most of the folks I know in IB training programs get homework. Even smaller banks with analyst classes numbering in the dozens not hundreds have some sort of structured classroom training over the summer. Since the (generally externally-contracted) instructors don't want to work IB hours and there's a lot more material than time, most of the reinforcement/repetition gets assigned as homework. This is true for most of my friends across the board--and for a lot of us, weekly in-class exam results get sent to your group's staffer and low scores can theoretically get you put on probation or terminated. I've never heard of the latter happening, though. Really interesting stuff on exotics. We covered a little of that in a financial engineering class I took, but as someone that could usually be counted on to gently caress up at least one step in vanilla options pricing, the fancy stuff is probably way over my head. The last question on the final was pricing a multi-year Bermuda swaption under some real wackyass branching rate probabilities and I'm pretty sure I handed it in blank. But hey, senior spring right? So question--I worked on origination of secured MTNs (usually off-balance-sheet tied to assets in a trust), and a lot of them had rapid am triggers tied to certain performance metrics--cash reserve ratios, rate spreads for loan-backeds, poo poo like that--that obviously would gently caress up the coupons/maturity. Does that make them exotics or would they still get traded by your vanilla ABS/MBS desk?
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Jul 2, 2012 03:14
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Yeah, basically if there's any calculation required beyond LIBOR+spread, we would consider it a "structured coupon" thus go through our structuring desk. So yes exotic. We've trust-held assets for secured loans (rather than MTNs) in the past too out of my desk.
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Jul 3, 2012 03:12
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I figured this would be a good place to ask this question: I'm really into running but haven't ran since starting my internship since gently caress running at 5:30AM and gently caress treadmills and I don't get out until its dark or getting dark. First thing everyone told me when I moved here is "don't go to the park after dark." I'm starting to get really out of shape. Is running in the park at 9 or 10pm or so really still dangerous? Like around the reservoir mostly?
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Jul 5, 2012 00:52
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Swingline posted:I figured this would be a good place to ask this question: There aren't any dangerous neighborhoods in Manhattan if that's what you're getting at.
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Jul 5, 2012 01:46
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Thoogsby posted:There aren't any dangerous neighborhoods in Manhattan if that's what you're getting at. What about central park at night?
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Jul 5, 2012 02:45
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Swingline posted:What about central park at night? You're fine. I don't know if you're male or female but just be aware of your surroundings and you have nothing to worry about. The reservoir is also pretty awesome for a run.
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Jul 5, 2012 02:48
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Any of those modeling courses worth the $$, if yes which? Not looking to switch jobs at this point, I like working only 40hours too much, but interested in just learning it for fun.
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Jul 6, 2012 01:52
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It depends how much you already know. I've had a number of them. Training the Street I did before my internship last summer, my company had everyone take a few modules and they paid for it, so I don't know the cost. I found it easy-to-understand but very basic and slow-paced. They really beat you over the head with poo poo. I'm in a full course taught by Adkins Matchett & Toy, but I think they're mostly designed for classroom instruction. My bank is paying for all of us and they have a teacher living in the U.S. (I think they're Europe-based?) for around 16 weeks to instruct us and the next class of full-timers. To be honest I'm not very impressed with them, they teach a lot of the material in a much more confusing manner than is really necessary. The structure of the course 'drops you into the deep end' on real 10-ks before really teaching you how to navigate them, which results in a lot of wasted time. I think their classes that are open to the public are really expensive though. The best course I've used is from Breaking Into Wall Street (from the guys that write Mergers & Inquisitions); although I can't speak for their intro modelling classes, I am taking an industry-specific one which is really well-taught, well-paced, and straightforward. They're also pretty cheap, I spent around $250 on my course, around 1/2 of what the only other course available for my industry costs. They recently released several lessons of their basic class for free so you may want to check them out.
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Jul 6, 2012 02:26
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Thoogsby posted:You're fine. I don't know if you're male or female but just be aware of your surroundings and you have nothing to worry about. The reservoir is also pretty awesome for a run. http://www.nytimes.com/2011/12/29/nyregion/as-crime-falls-central-parks-night-use-grows.html Try the west side highway too along the water.
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Jul 7, 2012 04:49
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Swingline posted:I figured this would be a good place to ask this question: You could try along the East River as well. There is a running lane that goes along the highway (not on the highway) from the UES (80's) to maybe the 30's. Another option is to find a morning running group. You may not like running at 5:30AM but if you don't want to get out of shape bite your lip and deal with it. I knew of people that were part of groups and had great times. You meet others in the industry along with some nice looking women. evilwaldo fucked around with this message at 20:10 on Jul 7, 2012 |
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Jul 7, 2012 20:06
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Last summer I'd go to the gym at 6, shower and change there, and be on the bus by 7:30. Tough but totally worth it.
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Jul 7, 2012 21:02
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Is anyone here going to that Wall St. Oasis conference?
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Jul 8, 2012 05:42
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I would really avoid that. The amount of just plain bad information on that website is really incredible. You have a lot of guys that have no loving clue what they're talking about going on about recruiting, working, etc... I only read it when it comes up in a Google search and even then the threads I find are a good 50% poo poo. The blind leading the blind.
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Jul 9, 2012 03:10
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tolerabletariff posted:I would really avoid that. The amount of just plain bad information on that website is really incredible. You have a lot of guys that have no loving clue what they're talking about going on about recruiting, working, etc... I only read it when it comes up in a Google search and even then the threads I find are a good 50% poo poo. The blind leading the blind. Really it all comes down to networking, target school, or numbers game with the most importance being the former two right? I'm doing PWM right now because I hosed around too much in college. Hopefully will be at a PE firm in the next year through some family connections and then a target bschool after two years of that. The PE firms are pretty small, at least I think they are? (usually hold 6 companies with EBITDAs in the 5-20mm range), and one focuses on middle market manufacturing type companies and the other focuses on pharma companies. Who knows what will happen though. Better than what I'm doing now.
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Jul 9, 2012 06:04
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Thanks guys!
The Gnome fucked around with this message at 07:31 on Oct 21, 2013 |
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Jul 9, 2012 15:32
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