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The Capitulator posted:Nice. Just out of curiosity, how frequent/rare do you see guys at 'associate' level without an MBA? It varies by bank. The bank I'm working at doesn't even have "analysts". Everyone starts with the title associate and then you move to associate director which I suppose would be the equivalent of an associate under a normal hierarchy. My sense is that it's not overly common for people to be promoted to associate from analyst. For one I think analysts want to get the hell out of there and most banks have a lot of willing MBA candidates to choose from.
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Apr 23, 2011 15:15
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I don't know a ton about equity research, but my feeling as that the good analysts can probably tell you what each CEO's grandkids do on the weekends.
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Apr 25, 2011 12:38
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I've been assigned a project to look through the 10 Q/K's of 130 Energy companies to find out their interest-rate and equity derivative perpensity. I think I may have pissed someone off...
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Apr 28, 2011 15:39
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The Capitulator posted:FactSet? Analyst reports? I've got a fully licensed Bloomberg at my desk, but the problem is that reporting for OTC derivatives is extremely light. Data services like FactSet and Bloomberg are great for things like CDS but to my knowledge no service offers the same transparency for what I'm looking for.
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Apr 29, 2011 14:37
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You'll probably need to show an interest in the markets and be able to intelligently talk about current events. You'll probably want to know a bit about what products you'll be dealing with and their applications.
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May 2, 2011 21:04
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The Capitulator posted:How about Edgar? I never used it because we don't cover US but I hear you can keyword search the whole thing no? I am the intern. The problem is that I'm looking for non-standardized, over-the-counter derivatives and it would be nearly impossible for any service to aggregate the pertinent info into any type of organized system. Until these things get exchange listed I'm pretty much back in the stone age.
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May 3, 2011 17:30
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and they are paying us real-people money for it.
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Can't tell from your post if you got an offer or not. Just don't be so neurotic at your job as you were in your thread and you'll be fine. dv0s before hoes.
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May 6, 2011 12:57
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Isn't this ridiculously late for BB summer recruiting?
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May 6, 2011 14:31
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Congratulations anyway. I hope you like fiddling with day conventions and making pitch books. Chances are we may syndicate on a deal.
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May 6, 2011 15:07
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Roger Lowenstein (author of When Genius Failed and The End of Wall Street) wrote a great article for BusinessWeek addressing public outcry for criminal prosecution of bank executives. Link below. http://www.businessweek.com/magazine/content/11_21/b4229060222515.htm
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May 16, 2011 13:56
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blueblaze posted:I'm sorry this is a vague question. But I have a friend who is a "Director" of Financial Products (I think) at a Canadian bank. How big of a deal is this? It's a high-up position. The term "VP" usually conjurs up images of the CEO's right hand man, but in reality they are mid-level gophers. The typical hierarchy looks like this: C-Level Global Head/Co-Head Managing Director Director Vice President Associate Analyst That's a generalization and not all institutions follow those to a T.
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May 16, 2011 16:36
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tolerabletariff posted:Oddly enough, UBS (and maybe RBC) calls everyone above Analyst a "director." Associates are "Associate Directors," VPs are "Directors," SVPs are "Executive Directors," and of course MDs run the show. That just seems unnecessarily confusing, especially considering Associates don't 'direct' poo poo (besides analysts and maybe interns). I work at a Canadian Bank and we have Associate, Associate Director, VP, Director, MD. No analyst level.
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May 17, 2011 12:36
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zmcnulty posted:However my away message on chat is still "Like sands through the hourglass, so are the trades of our lives." I'm going to steal this.
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May 17, 2011 14:38
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Really great Debt Capital Markets interview on M&I this morning: http://www.mergersandinquisitions.com/debt-capital-markets/
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Jun 8, 2011 13:43
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tolerabletariff posted:Ironically at the BBs M&A isn't even the big moneymaker, not sure if it ever was. Lot's of BB's don't have M&A groups. It's part of coverage. tolerabletariff posted:All the banks really did was advise on the creation of SPVs and make markets for the securities. I think you're underplaying the relationship between lenders and banks. Banks were buying up mortgage originators during the bubble so they were often part of the same entity.
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Jun 9, 2011 18:32
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Its Miller Time posted:Ya but I mean the bank realizes the quality is going down and continues to buy and merrily package them, slicing it up and waveing their finance fingers to get AAA ratings and the like. The nice thing about this is everyone gets to claim innocence, as they're just a middleman to the investor who will ultimately beary responsibility, but the banks were certainly a wiling partner and enabler in the massive explosion of securitized real estate backed products. Before this industry blew up originators had no one to pass off their loans on, it was the bankers who came in, bought the loans, and figured out how to slice and dice them to get good ratings, market them, and sold them to investors. It was technically the U.S. Government that invented the mortgage backed security, not bankers. The banks just took it and made it wildly profitable and wholly dangergous.
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Jun 15, 2011 21:39
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R.A. Dickey posted:Lew Ranieri and Saloman disagree with you. Also (not directed at you), I find it pretty useless to try and assign blame for the crisis. Between the banks, the government, the (useless and corrupt) ratings agencies, and to a lesser extent the insurers every group played a crucial role, they were all enablers. Everyone made it worse, and everyone is at fault. It just seems like politicking to me to go much deeper than that. Lew invented securitization, not MBS. Per All The Devils are Here (which everyone should read) quote:Here’s a surprising fact: it was the government, not Wall Street, that first securitized modern mortgages. Ginnie Mae came first, selling securities beginning in 1970 that consisted of FHA and VA loans, and guaranteeing the payment of principal and interest. A year later, Freddie Mac issued the first mortgage-backed securities using conventional mortgages, also with principal and interest guaranteed. In doing so, it was taking on the risk that the borrower might default, while transferring the interest rate risk from the
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Jun 16, 2011 02:33
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R.A. Dickey posted:True, but he also innovated them and was essentially the reason they became so widespread. If I recall, wasn't one of the major stumbling blocks the prepayment risk, which he got around by breaking them up into tranches? Yes, but the tranching development is usually attributed to Larry Fink at First Boston who was the founder and current CEO of BlackRock.
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Jun 16, 2011 02:49
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Friend of a friend at my non-target school is doing a summer at GS Levfin. Miracles do happen.
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Jun 17, 2011 17:41
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realqueenbetty posted:OMFG. How? He's extremely bright from a financial perspective and did a co-op with GSAL and parlayed it into a summer internship. I'm not sure how he ended up in Levfin. Regardless, going from a non-target to one of the most difficult groups to break into anywhere is impressive. If he manages to land a full time offer he could be at Blackstone/TPG/Fortress a few years out. There are a lot of bright kids coming out of Northeastern right now. Lots of good placement for a non-target if you're willing to work your dick off. But also what Miller Time said, meet people. Knowing someone on a social level is 1000x more useful than being an annoying email in their inbox. Thoogsby fucked around with this message at 03:23 on Jun 18, 2011 |
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Jun 18, 2011 03:17
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aki posted:Is what is done in a capital markets or debt capital markets department generally denoted investment banking? There isn't a definitive answer to this but for the most part yes. I don't think anyone would take issue with a DCM Analyst saying they worked in Investment Banking but the bank itself may consider Capital Markets and The Investment Banking Division to be different entities. Mergers & Inquisitions (link in the OP) has write-ups on both DCM and ECM if you want to learn more. aki posted:What is the dominant sector of the IB industry? No real answer here either. It's bank specific and the scope of what falls under the Investment Banking umbrella is too large to quantify what's the most dominant because you'd be comparing apples to oranges.
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Jun 20, 2011 17:54
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The Capitulator posted:For what its worth, the couple of traders I semi-know got their quant skills through courses the company paid for. If I remember correctly, the one they did was a 3-day crammer by a local firm. Now, these guys aren't from Goldman or anything but the point is you can actually brush up your quant skills to an acceptable level fairly quickly and 'on the cheap' if you really want tp. I don't know if you can become a Quant by taking a 3-day class. The term Quant gets thrown around a lot but true Quants usually have a Phd in their respective math field. You'll usually be able to spot a Quant because they're simultaneously being the smuggest motherfucker on the planet while bankrupting your institution.
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Jun 23, 2011 13:13
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PurePerfection posted:I think it's closer to 10% at mine, but still a bit dismal. My intern class was 80/20 though, so at least there's a small improvement on the horizon since the full-time offers went to approximately the same ratio of men and women. I really believe that a lot of the problem is rooted outside of the institutions themselves and that female-targeted recruitment programs can't solve everything. When I was interviewing about a year and a half ago, the 80/20 ratio was pretty much in line with the gender ratio of the applicants/interviewees - not a lot of women were even coming out to try for the jobs. That ratio was no better for my upper-level finance classes at university, either - corporate finance and investment analysis were a little more balanced, but my international finance (basically FX derivatives), derivative securities, and computational finance electives were around 90/10. If every student, male and female, from my finance classes had applied to the position I got, the applicant ratio wouldn't even have improved. I think this is part of the reason it will take such a long time for the gender representation to even out. Banks can look at the applicants they get and say they're representing women accordingly and be done with the issue. But how many women didn't pursue those jobs because of the reputation banking has for being un-friendly to women? It seems like a catch-22 where banks need more female applicants for women to be better represented but women won't apply in large numbers until their gender is better represented and they know they aren't ending up in a work environment they won't be happy with. I'm in Capital Markets but women probably represent about a third of the people on the trading floor. Most of them pretty young though.
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Jun 24, 2011 12:47
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tolerabletariff posted:Also Thoogsby you wouldn't happen to work for BMOCM would you? Negative. My internships done on Wednesday though then I'm off to LSE to take classes in London for the summer.
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Jun 27, 2011 21:33
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Greece is going to have to default in one way or another and the semantics don't matter too much at this point. The ratings agencies have made it clear a restructuing (voluntary or not) is going to be considered a default. The math just doesn't add up. All of these half measures are just kicking the can further down the road. I also fear that people underestimate the implications a greek default has on the U.S. Economy. Estimates for CDS exposure for American banks is $120 billion+. Let's just hope they didn't all use the same insurer this time.
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Jun 29, 2011 12:38
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Also, I recommend reading Michael Lewis's piece in Vanity Fair about just how much of a crazy, backwards country Greece is right now: http://www.vanityfair.com/business/features/2010/10/greeks-bearing-bonds-201010
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Jun 29, 2011 16:34
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I use BB on the reg but it's such a huge system that I can't really do anything outside of what was needed for my job except like look up obvious poo poo.
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Jul 4, 2011 18:54
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realqueenbetty posted:So about what percentage of i-bankers -- in particular the Manhattan ones -- are as gross as the ones who comment on Dealbreaker posts? My perception is that people that say poo poo like this: quote:At GS you just run out for 20 minutes, do an 8-ball off your hooker's rear end crack, smack her and throw her a few Benjamins, and then you get back to the loving office and do God's muthafuckin' work. None of this lollygagging around at some faggoty intern party where you "get wild" with some Jaegger shots and roll in late the next morning. And THAT is why JP Morgan will always - in the end - kiss my ring and wash my balls. have never, and probably will never actually work in banking. They'll either get caught in interviews or realize it's not anything like the movie Wall Street and look for a different career.
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Jul 7, 2011 11:57
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Is anyone here familiar with the titles at Morgan Stanley? There's an Executive Director of an IB department that went to my school and I'm not sure if this is above MD or analogous to it.
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Jul 28, 2011 10:15
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Red Oktober posted:ED is the UK version of VP, some places (GS for one) will give you a ED title if you're in the UK, or a VP one in the US. Weird. Says he's in NYC.
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Jul 28, 2011 10:36
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Dealbreaker had some bonus numbers yesterday. First I've seen but it looks slightly up from last year.Dealbreaker posted:A few numbers trickling in for Wall Street’s junior mistmakers. M&I usually does a more comprehensive take on the numbers.
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Jul 29, 2011 10:35
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Also take into account the New York City/Hoboken tax if you live there. Not sure if Chicago or LA have city taxes.
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Aug 1, 2011 09:12
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More bonus numbers via Dealbreaker.Dealbreaker posted:Junior mistmakers at the House of Dimon received their numbers yesterday afternoon. That's pretty cold for those who announced their exit. They worked the time and it's not like a huge percentage of people don't leave for greener pastures after two years.
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Aug 2, 2011 17:53
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M&I Bonus post is up this morning. http://www.mergersandinquisitions.com/2011-investment-banking-analyst-bonuses/
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Aug 8, 2011 09:58
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Kraftwerk posted:EDIT: Nevermind, M&I covered all my questions. Everything I've read about the M&I materials has been positive.
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Aug 14, 2011 16:02
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Vexxal posted:So I'm a high school student (A year left before I start college) and this career greatly interests me for the following reasons: Not trying to be discouraging but from reading this it sounds like you don't have a clear idea of what different jobs in finance are really like. You're not working 100 hours a week in almost any trading or capital markets position. If you're really serious about this set aside an afternoon to do some research. https://www.mergersandinquisitions.com is a great starting point. Just load up a ton of articles on your browser and work through them and you'll already have a huge leg up.
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Aug 16, 2011 04:38
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Hoops posted:One thing I never understood about banking: Say the corporate banking division of a bank says that it offers it's customers structured derivatives products. Say a futures foreign currency exchange hedged against currency flucuation. Who are the actual parties involved? Do they sell to the bank, or another party and the deal is brokered by the bank? Sorry if the question is a little broad, I'm just hazy on a few general concepts and I'm trying to peg it down properly. At most banks that would fall under Investment Banking. The Corporate Bankers might use it as a selling point but the actual process of creating a product is done by the Investment Bankers. I worked on an OTC Derivatives sales desk. The bank takes the opposing side of the trade and hedges it on the back end and the product is marked daily.
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Sep 23, 2011 20:23
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realqueenbetty posted:I'm going to reach out next week to an alum from my school who's an administrative assistant at a hedge fund. Wish me luck. If you have a connection I would ask for the admin to get you in touch with a director or something. Not sure an admin would really be in a position to help you out.
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Sep 25, 2011 01:43
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FT Recruiting is looking like an absolute bloodbath for people right now. Thank god I have another year although we could be in apocalyptic hell-scape by then I suppose.
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Sep 27, 2011 00:10
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Yeah I think I'm starting to see the writing on the wall. I may not even go for Summer Analyst positions and try to work my way into something like the GE Financial Management Program.
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Sep 27, 2011 15:15
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