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I'm a second-year analyst; went through PE recruiting last year and will be officially moving to the buyside as of July this year (can't wait) The Epicurean Dealmaker is an excellent read; I also recommend Going Private (http://equityprivate.typepad.com/), a now defunct blog about the travails of Equity Private, a cuttingly sardonic representative of the fairer sex in the cut throat world of mid-market PE
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Jan 27, 2011 04:02
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Socialism posted:Do you mind sharing your experience? I'm going through it now, but I find it difficult to be motivated since PE seems like Banking Redux (at least the megafunds). Haha well, I'm going to one of the megafunds so I might be a little biased. This year's recruiting season is shaping up to start a lot sooner than last year. The first interviews might even be in March (as opposed to April last year). When it starts it's like a whirlwind because no one wants to lose out on the top talent. I remember it was Friday evening when word came that the megafunds had started interviewing; I had an offer in hand the following Wednesday night, barely five days after the insanity started. As for PE being banking redux my thought is that PE shares superficial similarities to banking. The hours are not going to be great - you'll still have to deal with 70hr weeks (potentially spiking to over a hundred when it's crunch time on a deal) although weekends will be much more predictable. You'll still be doing the same kinds of valuation analyses - precedents, comps, DCFs, LBO models, etc. Almost everyone will have come from IB, so the lingo and the culture will be quite recognizable. On the other hand, the critical difference for me when it comes to sell-side vs. buy-side is that you no longer have to drop everything to suit the capricious whims of the client. You no longer have your weekends wrecked because they want something pointless done by Monday. Then let's not forget that everything that you put out as a sell-side person has the analytical rigor of a soft turd because no one will show the client anything they don't want to see. Instead, when people on the buy-side want something done they generally give you time to think about it, the leeway to talk about whether it makes sense, and the trust that you have the skills to do it without them having to mark up every last period and quotation mark. On the buy-side, people prefer things to actually be right instead of look right. And that makes all the difference. Ultimately no amount of money will keep you from burning out if you don't have the enthusiasm for the work. If you do though, the buy-side seems to be a much more congenial place to exercise your skills and make a little money in the process. e> I work for a boutique where they are incredibly understanding when it comes to recruiting. I even had multiple MDs put in unsolicited calls on my behalf, which was very heartwarming. Contrast this with a certain cephalopod, where they fire your rear end if you so much as breathe a word about it. Also if anyone is confused about industry-specific terminology/acronyms I would be happy to explain got off on a technicality fucked around with this message at 05:38 on Jan 28, 2011 |
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Jan 28, 2011 05:33
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Thoogsby posted:I'd be curious to know what range of pay a first year at a PE can expect, especially coming out of banking. Is it a big step up? First and second year analyst wages on the sell-side seem easy enough to find but PE is still a little dark to me. It's harder to generalize since there's much more variation, unlike analyst level where all banks try to hit the industry standard with a slight boutique premium. Very broadly (emphasis on very; this is all-in gross comp with ~40% coming from base and the rest bonus): Up to $500k for hybrids like Centerbridge $275-400k for megafunds like TPG $200-325k for mid-market like Gores Group with lots of variation depending on how the fund does, individual performance and general comp culture at the firm Hedge funds are impossible to generalize, except I would expect a base draw above $100k
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Jan 29, 2011 09:21
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CounterRandom posted:I have a lot of research and work experience; however, it is all in physics and engineering. I have recently decided that I wanted to try and join the financial service industries, specifically investment banking. I have no training in finance and no work experience related to the field. The problem is that people in the field tend to stereotype. They want their hires to fit a certain mold - finance/accounting coursework, relevant internships, the right feeder schools, etc. People will look at your resume and think quant (ie. algorithmic trading and related activities) straight away, not sell-side I was originally a Computer Science undergrad and had a ton of Comp Sci related experience by the time I was a junior, including an internship at a very large tech firm. In retrospect that experience might have been more of a hindrance than a help when I was recruiting for junior internships. If it was difficult for me as a junior, it's going to be pretty tough for you as a graduate. Ultimately your best bet may be to i) change your job expectations and tailor yourself to fit a more quantitative role in finance, possibly involving a Masters in Finance and interviews with hedge funds/prop shops and the like; or ii) work in as closely related a field as possible, then go get an MBA from a highly ranked business school and break into the industry from there. An MBA is basically your one-chance career do-over. e> Well either a business school that's highly ranked nationally, or one that is big in your particular local market
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Jan 30, 2011 08:13
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TheSherpa posted:Blackrock isn't an investment bank, its an asset management firm. Also SIG is a specialized trading firm, not an investment bank. Great opportunity if you're cut out for it (not many are). Seconding the advice not to go directly for an MBA after undergrad, unless you are a uniquely talented snowflake or your father is a senior finance professional with clout.
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Jan 31, 2011 08:18
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I've been involved pretty heavily with my firm's recruiting efforts this year, starting with screening full-time candidates last fall and summer candidates now. We are just about done with this year's recruiting season, and having been through countless phone and in-person interviews I'd like to share the following advice: 1. Don't drone; your answers should be concise. From your perspective it's your fascinating life story that you're sharing, but all your interviewer can think about is that there are six more interviews to go and that he really needs to start working on that pitch that's due tomorrow morning. Don't take it personally, but it's really really hard to stay engaged when it's 3pm and you've been listening to the same answers for the past 6 hours 2. Emphasizing that you have ties to the specific market you're interviewing for (geographically I mean) can be very big, particularly if you're not interviewing for a spot in New York. Often times, I've seen this tip the balance in favor of a slightly less qualified candidate versus one that is non-committal 3. Network your rear end off - people from completely random non-target schools get tossed into our interview pile all the time, and some do very well. We really really like the initiative that people show when they have to work for an interview instead of having the opportunity handed to them on the platter that is OCR (having said that if you move heaven and earth to get an interview and then choke on the most basic technicals that's a complete waste of your time, which brings us to...) 4. Know your technicals cold. You should be comfortable with basic Vault guide concepts. There is no excuse. Interviewers typically ask candidates the same technical questions, and use these as a basis to rank them. Getting your answers to these technicals right is far far far more important than answering a "soft" question right (eg. where do you see yourself in 5 years). Of course if you're meeting with someone relatively senior they're not going to ask you technicals at all 5. Please err on the side of being eager instead of diffident. We've had situations where someone nailed everything about the interview, except they didn't seem too enthusiastic about the opportunity, and we ended up giving the spot to someone who was less polished but much more keen 6. Do try and edit your resume to remove non-relevant experience. Less is more. BE RUTHLESS. I think I read on average about five to seven lines per resume. Better to have just the one relevant internship on there instead of burying it between five student organizations and two summers working retail - that increases the chance that people will spot it and put your resume in the "yes" pile e> If you send a thank you note with the wrong name on it, you're automatically getting dinged. Believe it or not, this has happened multiple times. Please triple check! got off on a technicality fucked around with this message at 10:51 on Feb 3, 2011 |
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Feb 3, 2011 09:46
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investment banking analyst, both summer and full-time
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Feb 3, 2011 18:11
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tolerabletariff posted:Welp I'm interviewing for summer internships next week. Goldman, Barclays, and a boutique, all three back-to-back. gently caress. Pro tip: the best interview slots are 10am - noon Good luck; may I ask the boutique's name?
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Feb 4, 2011 08:13
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LactoseO.D.'d posted:I'm guessing they'd just give him twice as much work and pay him 10% more. This is the correct answer. You really do get abused more if you're good and try hard. However, having a solid reputation is vital for buyside recruiting. So you have to carefully weigh the trade off between exit opportunities and not getting killed all the time.
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Feb 5, 2011 07:03
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tolerabletariff posted:Why are those the best? My Goldman and Barclays are both mid-afternoon, I have classes in the morning You don't want to be too early because then the interviewers aren't totally awake and engaged. You don't want to be right before lunch or a break because that's all that the interviewers will be thinking about. You don't want to go after lunch because the interviewers will be asleep. You don't want to be at the end of the day because the interviewers will be tired and have trouble distinguishing you from the ten people that have gone before. A colleague and I recently conducted final rounds for summer analysts at one school; we ended up giving offers to the two people whom we interviewed at around 11am. tolerabletariff posted:I find it incredibly obnoxious that I have athlete buddies with poo poo resumes that got a bunch of i-banking interviews that I didn't. I mean, you can make the argument that their time commitment means they'd be able to cope better with the 90-hour workweeks, but that shouldn't really make them more qualified. it's simple - finance is a somewhat of an insular, clannish industry, within which the jocks are a distinct subgroup that takes care of their own. Being from the Ivy League also helps in the same way. e> athletes demonstrably have the discipline to wake up early and follow orders unquestioningly all day without complaining. This is a valuable skill got off on a technicality fucked around with this message at 05:34 on Feb 9, 2011 |
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Feb 9, 2011 05:24
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Omerta posted:I'm a law school student right now and I have a firm interview coming up. It's a large firm that handles a lot of M&A work. Since the two professions are pretty intimately connected, I was wondering if I could get some of your thoughts on what lawyers could do to better meet company-side needs. Or framed less positively, what do attorneys do that really piss you off and frustrate your business. Basically lawyers (and this is more of a partner-level thing) need to thread that fine line between allowing the bankers as much leeway as possible to find common ground to get a deal done, and being conservative enough to protect their clients if the poo poo hits the fan. It's tough to find that balance. As a junior level lawyer, your job is to turn the asset purchase agreement over the winter break while the bankers send you emails from Los Cabos to the effect that they don't like the language in the reps and warranties section and could you please fix it thanks in advance e> attention to detail got off on a technicality fucked around with this message at 05:32 on Feb 9, 2011 |
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Feb 9, 2011 05:29
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quote:Do you have friends in this group/office? Did you like the senior bankers you met, or did they remind you of Patrick Bateman? Did they talk about sports and travel, or did they spend 30 minutes grilling you with brain teasers? I don't think it's possible to judge how a firm/particular office is before you actually work there. Even your friends at the firm are going to have their recruiting hats on when they talk about their job, and they will at the very least try hard to spin things in a positive way. As for your experiences meeting people when you interview, you should bear in mind that any middle to upper level investment bankers that you meet have been selected for their ability to smooth talk clients. Nor are rumors particularly trustworthy - they are often ridiculously out of date, if not flat out wrong. The one thing you can judge is how willing the senior people are to meet with you when you visit the office. If one firm brings in a ton of VPs/MDs to talk you into accepting and takes you out to dinner afterwards, and another firm has trouble rustling up anyone above the analyst level, that's a pretty clear way to tell which firm values you more.
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Feb 10, 2011 05:12
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5436 posted:How skilled are the programmers in a lot of MFE programs? Bzzt wrong thread In other news buyside recruiting kicked off last week with Bain, TPG, Apollo, Silver Lake, KKR and quite a few other PE firms. This is two whole months earlier than last year, and caught everyone by surprise. Pretty soon analysts are going to get hired as associates right out of training haha
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Mar 8, 2011 06:51
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econdroidbot posted:Finally, this is a purely subjective comment. I've gleaned from this thread and from people I know in the industry that most of you guys and gals are pretty miserable. Is this just a symptom of the industry, where the first few years are meat grinders where people can prove their mettle? Is it all about the cash? Seems like a pretty rotten way to go through life, regardless of the money involved. Again, this is just anecdote mixed with opinion. No offense intended. Yes we are; why do you think analysts drink so much? No, it's not all about the cash; you won't last in the industry if you're solely motivated by money. Those that are can and often do take on corporate jobs that still pay decent six figures and work 9 to 5, which is a much much better tradeoff in terms of lifestyle. Also the job does get much better after you've been in it for a while, because the pay jumps and the hours decline substantially. I'm not sticking around to find out though
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Mar 10, 2011 06:48
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Swingline posted:A senior acquaintance of mine just got offered a job at Bain in Boston right out of undergrad. I didn't ask about the details. He mentioned 75k starting +150k bonus or something so I assume it's not back office. He's kind of an all-star here in terms of running multiple student organizations but I heard his GPA is pretty average (3.6-3.7 range). I imagine he aced the interviews though with how outgoing and charismatic he is. It could be Sankaty; they're Bain Capital's credit fund and they recruit out of undergrad
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Mar 11, 2011 08:46
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HooKars posted:Any idea what the legal departments of investment banks (in a second tier city - Not NYC) are like? I'm applying for a job as a paralegal, and am curious if my hours would likely still be hell, which is what I'm trying to get away from currently. I work for a boutique bank; the legal department is stretched pretty thin (we are currently growing) and also works weekends as and when necessary. I suspect that the schedule would be gentler and more predictable at a bulge though
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Jun 1, 2011 06:15
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Nevitt posted:Apologies if this isn't the correct thread. I've got a interview with a London based Hedge fund for an entry level quant analyst job as part of the Derivatives Trade Compression Team (not 100% sure on what this technically is). Background is just out of Bath doing Fluid Dynamics, no financial background, bit of Matlab/Fortran programming. Is there anything I should really be doing in addition to this IMO do not worry too much about your lack of finance background - that can be taught, and they won't be expecting you to know. In fact, it can count against you if you claim to know about some particular financial topic and then get it wrong Your interviewer will instead be looking for raw intellectual horsepower and the ability to learn
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Sep 23, 2011 08:03
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Jer posted:Would anyone be willing to give me a quick opinion on a presentation I've been working on? Happy to look at if you still need it; PM me
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Sep 30, 2011 07:11
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I'm in a case competition and our assignment is to do a PowerPoint on an acquisition target.
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Thoogsby posted:Personally I would rather work a 110 hour week with people I like than a 40 hour week with people I hate. As an ex analyst I disagree; also IMO how much you like your colleagues is secondary to the satisfaction you get from the work itself
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Oct 26, 2011 09:35
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Swingline posted:Welp, 0 for 4 on even getting a first round. Life of mediocre corporate 9-5 here I come Trust me, your health and your personal life will thank you for not becoming an IB analyst
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Nov 21, 2011 00:15
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Leo posted:Any advice as to asking for an extension on an offer deadline? They gave me three weeks but I'm also simultaneously hearing back from several other places about a week after that. If it is a bulge bracket I would expect zero (or close to zero) flexibility on this If not you might want to give it a shot, but I suggest doing so over the phone so you can grovel more effectively The important thing to keep in mind is that they care much less about you than about filling the slot, and you're pretty interchangeable with the 50 or so kids they have on the alternate list
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Nov 22, 2011 09:18
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Swingline posted:Unless the market makes a miraculous recovery by the time you're a junior even a 3.9 and plenty of club/finance involvement will not even come close to guaranteeing you a job on wallstreet these days. Keep working towards your dream but develop a plan B, and C, and D so you're not scrambling to figure out what to do your junior year if things don't go as you planned. (this is to the general "you") Hiring is incredibly volatile. It's anyone's guess what it'll be like in 3 years time. If you decide that Finance is your calling and you really want it, you can make it happen. On the flip side, this should deter your from getting into banking just because you heard about the models and bottles that they have As for me, I wasn't sure that I wanted it until I hit the beginning of junior year in college
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Nov 22, 2011 09:45
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I realize that I sound a little like Patrick Bateman hereSwingline posted:Shirts look good. Would they have them at BB outlets? I don't really know my size so I'd need to buy them in person. Please don't get any shirts with buttons on the tips of the collars Swingline posted:Will I need a brown dress shoe? I only like wearing charcoal, navy, black, and other very dark slacks so I'm thinking no. No you don't need brown shoes. But you're right, IMO Rockport and J&Ms are on just the wrong side of "dressy enough." Do yourself a favor and locate a discounted pair of Florsheims or Allen Edmonds or something (try Gilt and other online discount retailers); good shoes will last for many years if taken care of (I have a pair from Bally that I wear constantly and has lasted over four years so far)
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Feb 12, 2012 05:42
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Swingline posted:Thanks I had no idea. Is there a particular reason why or does it just not look good? I couldn't really say why; it's just not done Basically Zappos is your friend here. Go browse around; it took me 30 seconds to find this: http://www.zappos.com/florsheim-millport-limited-black-leather
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Feb 12, 2012 17:47
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fougera posted:can we talk about exit opportunities? Is M&A/Lev Fin better than an industry group for HF/PE or is that bias completely blown out of proportion? Really interested in tech but am wondering if doing M&A will maximize my options. Obviously if you want to work in tech PE, it's good to work for a tech group, and so on so forth for other verticals. In any case, the impression your bosses have of you and how well you play the buy-side recruiting game will be a much larger factor
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Feb 14, 2012 06:12
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Swingline posted:I think it's a little exaggerated but I always have from time to time wondered why IBD is the most sought after of all the finance jobs when there's so many other finance opportunities out there even in undergrad. Want to work on buyside with no MBA? IBD is pretty much mandatory (there are certain interesting exceptions). But why would you ever want to be a lifer in the industry? Your physical and mental health is worth far more than that. Everyone in this thread who is wondering what to do with their life and must have a finance-related job should do themselves a favor and go corporate.
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Feb 15, 2012 09:21
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fougera posted:Can we have a wardrobe chat? Some questions to get the ball rolling... Wardrobe chat is entertaining 1) As someone who's worked at a business casual boutique and now a business casual PE shop, the answer is no 2) I have 8-10; you could probably get away with like 6-7 3) I have 5-6; you could probably get away with like 3-4 4) Dry cleaning for all work clothes
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Feb 26, 2012 06:11
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I wore french cuffs barrel style with silk knots as an analyst (both summer and FT). Definitely no metal cufflinks, and especially not these: http://www.amazon.com/Ravi-Ratan-Bull-Bear-Cufflinks/dp/B004EFCWGCIts Miller Time posted:edit: V isn't that a little too showy for an analyst. Depends. It is pretty douchey if you get the kind with the distinctive hardware: http://www1.bloomingdales.com/shop/product/salvatore-ferragamo-parigi-bit-driver?ID=557169 e: really fashion is about knowing when and how to bend the rules. The understanding comes with time, but you will never achieve it if you approach it with timidity 
got off on a technicality fucked around with this message at 07:30 on Feb 29, 2012 |
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Feb 29, 2012 07:28
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Swingline posted:Yeah the 30 minute commute seems to trump living in a closet in a dorm full of art school hipsters. You say this now, but you might change your tune after a week of all-nighters
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Mar 5, 2012 05:35
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fougera posted:Sounds like a good time to talk about working with little to no sleep, any advice on surviving? Two things - i) regular exercise as previously mentioned, and ii) be systematic and check everything twice. e: if you do dip do not loving spit into a plastic bottle that you carry around with you because people will hate you Thoogsby posted:This. Is a shoe. Prada bitches
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Mar 8, 2012 09:06
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a t per everyone else I suggest you get an MBA. Most straightforward path by far. I know quite a few people, from all sorts of backgrounds, who switched career paths into banking via an MBA. Some used to be in the military, some ran their own small businesses; there was even one guy who used to be a chip designer at Intel. This used to work pretty late in life too (like early thirties); not sure if it still doesIts Miller Time posted:Everyone too busy working? I need a black briefcase recommendation. IMO may be too formal for LA. I used to carry around a cheap cloth freebie and really no one will judge you for doing that But echoing Coach for something nice, and also the mid-level folks (ie. VPs and SVPs) at my previous firm were big fans of anything by Tumi (http://www.tumi.com/product/index.jsp?productId=11122040&prodFindSrc=paramNav)
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Apr 24, 2012 09:41
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fougera posted:IBD: Tech, Healthcare, M&A I hope you like technology; there are lots of opportunities if you do If you live in SF and commute down the peninsula like me and pretty much every other junior person where I work, you'll probably spend roughly the same as you would in New York
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May 9, 2012 05:39
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Ah Facebook  there is truly nothing new under the suntolerabletariff posted:I am going from product to coverage (same bank), which the Internet seems to think means more hours for the same pay and a lot of pitching. Does anyone that knows what they're talking about want to share some insight? The answer is broadly yes in terms of more pitching, but then there's lots of variability in everyone's individual experience. Also everyone exaggerates the hours they're putting in
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May 22, 2012 06:35
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Ravarek posted:I have a rather silly question: I was helping with prospective Analyst hires for my firm before I left and I doubt you would be considered. If you are dead set on investment banking, now that you have several years of experience, I would suggest getting an MBA and recruiting for an Associate role. e> whoops this is old. Have another answer: Belldandy posted:Does anyone have experience on the Sales side? From what I have read, it is primarily telesales and not face to face, with the same sort of hours and structure. Is the compensation at all in line with experienced bankers? Never personally worked in Sales but have many friends who did. Yes it primarily takes place over the phone, and the hours are significantly more predictable than on the banking side. Compensation is a direct function of how much you bring in. In banking, your comp isn't really tied to your client relationships until you reach a fairly senior level where you're expected to bring in business. e> Of course, comp guidelines and such might have changed over the past couple of years at the bulge brackets got off on a technicality fucked around with this message at 03:35 on Jan 25, 2014 |
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Jan 25, 2014 03:31
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crazypeltast52 posted:How about that Cerberus and Safeway deal?
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