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Welp I'm interviewing for summer internships next week. Goldman, Barclays, and a boutique, all three back-to-back. gently caress.
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Feb 3, 2011 20:35
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tolerabletariff fucked around with this message at 04:34 on Aug 23, 2012 |
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Feb 7, 2011 16:30
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Hahaha wow I got my rear end handed to me by Goldman. By all accounts (I had about 5 friends interview for the same position) I had the softest interview, but I think I disqualified myself on the first question: "What would you like to do in the Securities division?" (I really want to be in an IBD but I only got Securities from GS) I remembered the job function with this description: "...researches industry sectors and individual companies and makes longer-term investments." I forgot that this line of business is called simply "Investing" and instead called it what it sounds like--prop trading. What I didn't know, and should have known before I planted my foot squarely in my mouth, is that Goldman phased out prop trading last year. loving poo poo. The interviewers glanced at each other, looked at me, and proceeded to remind me of this. I also did rather poorly on the stock pitch because rather than saying, "pitch me a stock," they said, "what is your favorite trade?" Blew that one bad. Luckily all of my remaining interviews are IBD so I won't have to deal with that poo poo.
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Feb 9, 2011 08:10
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At least from my school, all of the BAML first-years I know are in New York. IBD and Capital Markets, anyway, could be totally different in other divisions.
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Mar 4, 2011 03:08
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tolerabletariff fucked around with this message at 00:31 on May 11, 2011 |
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Mar 31, 2011 04:48
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tolerabletariff fucked around with this message at 04:31 on Aug 23, 2012 |
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May 2, 2011 19:54
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tolerabletariff fucked around with this message at 04:32 on Aug 23, 2012 |
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May 4, 2011 23:33
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tolerabletariff fucked around with this message at 04:32 on Aug 23, 2012 |
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May 6, 2011 14:10
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tolerabletariff fucked around with this message at 04:32 on Aug 23, 2012 |
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May 6, 2011 14:47
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forum id posted:i have a question why the hell would you want to do any of this crap and how do you sleep at night. mods? Well, that was unnecessary. There are a bazillion occupations that have their own megathreads, there's no reason that investment bankers shouldn't. It's also pretty obvious that you have no idea what banks do. tolerabletariff fucked around with this message at 03:53 on May 11, 2011 |
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May 11, 2011 01:14
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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).
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May 17, 2011 04:14
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Yeah I saw that article too, I was one of the people who'd been long-awaiting it because I'm currently in a DCM-like role. It seems spot-on with the hours (the two full working-days I've been there I've done 8-9 or 8-10), and the exit opps (moving to research/sales/trading/M&A coverage as opposed to PE/HF/VC). I like when he goes outside of the usual M&A stuff, at this point M&I is the site of record for all things banking (from a breaking-in perspective) and M&A is really just a component of the IBD at most firms. Barring boutique advisories, of course. Ironically at the BBs M&A isn't even the big moneymaker, not sure if it ever was.Its Miller Time posted:It's other groups in the investment banks, such as those who packaged and sold the alphabet soup of structured products based on various debts and mortgages... I don't think the problem was with the investment banks. The lack of regulation at the time meant that the originating companies (lenders, etc.) retained zero risk, they could sell off their entire portfolios and then keep lending... The more loans the more money, and a whole lot of places (Ameriquest, Countrywide) didn't stop lending until they ran out of qualified obligors... and then when they ran out of able borrowers they just lowered the bar. Cue housing bubble bursting and mortgages going underwater, and all of the debt holding institutional investors take the hit. I also blame the rating agencies that didn't know (or, more accurately, preferred to ignore) the extent of the default risk on the underlying loans, and the investors that didn't do their homework. All the banks really did was advise on the creation of SPVs and make markets for the securities. There's still an alphabet soup of structured products but they're much more closely monitored by the risk folks and have MUCH more strict requirements (mandated by both the government and the banks) regarding risk retention and borrowing limits. Lots more credit enhancement nowadays, too--these securities are now actually worth their AAA/Aaa/A-1/P-1 ratings.
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Jun 9, 2011 05:21
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Right, I meant fees from M&A advisory in total, whether done by M&A groups or industry coverage or what-have-you. Had the numbers to back it up but I forgot my Deals Intelligence login  I just learned that evidently my group is the most profitable one at the bank (according to the head, anyway). I'm not bragging, 'cause I guarantee it's the traders that are responsible for that and not the private-side bankers. It's incredible how much money they can make. It's also incredible how much they can eat.
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Jun 11, 2011 16:28
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Rumor has it that Aramark is selling off SeamlessWeb to a PE firm. I'm hoping (praying) that this will NOT gently caress with the $25/night I get in return for my soul.
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Jun 14, 2011 06:32
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I <3 banker chicks. More often than not, they're confident, cute, intelligent, and easygoing. Plus they understand the whole works-90-hour-weeks thing. Not sure why banker guys always poo poo on them. Maybe they see them as a threat? Which is silly, there's exactly one female director and 0 female MDs in my group (which has a fuckton of directors and something like 6 MDs). e: and they share my nerdy obsession with all things Excel  In other news, only pulled 12 hours today, was out by 8. suck on that M&A bitcheeees tolerabletariff fucked around with this message at 03:33 on Jun 23, 2011 |
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Jun 23, 2011 03:05
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Fuckin' axman came through yesterday. And will be around for a while. Not exactly comforting to watch 25% of your group get RIFed. Especially my immediate supervisor, who had been amazing for me since I started. My friends in the other offices don't know about it yet. I'm thinking about all those people I met in training, and wondering who's not gonna make it... Also Thoogsby you wouldn't happen to work for BMOCM would you?
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Jun 25, 2011 15:20
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Ah my bad. I have a few friends SAing at BMO so I figured I'd ask. I feel like BMO is the unsung MM in the U.S., maybe not a BB but gets poo poo done in a big way compared to a lot of other mid-sizes. How do you guys feel about the Greek vote tomorrow? I don't see any way out for them besides approving the austerity package, protests or not... If it gets voted down (and I don't think that's particularly likely) we could see a 400+ drop in the DJIA and ripple effects throughout the EU and US economies as investors poo poo their collective pants... Particularly stupid quote from a protestor I read in WSJ, "We don't need EU money, they should leave us alone..." Idiots, you already took their money, you're trying to make your payments at this point. I know my trading friends are watching this with bated breath, hopefully the market reaction won't be too extreme.
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Jun 29, 2011 06:43
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I'd really prefer that Greece push it away as far as possible though. poo poo's gotta amortize amirite?
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Jul 1, 2011 04:33
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Type: BU <Go> Now look at the schedule of classes you have in front of you. Completely free-of-charge, you just register beforehand through the BB terminal. Also, Bloomberg offices everywhere have tons of delicious food for clients in for training. I've probably done like 6 classes over the past few years, incredibly helpful. Off the top of my head, to look up Greek debt poo poo you'd want to type: GREECE <Gov't> <Go> But I've never had to look up government debt before so that might be wrong.
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Jul 4, 2011 18:57
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Just don't forget not to fail your series 7/79s at the end and you'll be fine; gently caress up on those and you're probably hosed--don't know anyone who's done that though. Other than that, I've heard it's a party. When I was in the condensed program they give interns I went out every night. Consider analyst training the only vacation you'll get for the next three years. You'll be spending a lot of time at JTree (quintessential banker bar) and Prof Thom's (a Boston sports bar with a balcony that's always dangerously overcrowded). Don't forget to close your tab 'cause getting your card back in the middle of the day is a bitch. Well, I'm now over halfway through my summer program and I gotta say, banking is pretty sweet. Good money, free dinners, and a car home never hurt anyone. I figured I'd do this, get my offer, and leverage it for a consulting gig at Bain/McKinsey, but now I'm not so sure. R.A. Dickey posted:Just don't be this guy. Although everyone here did think it was hilarious. I saw that on dealbreaker for the first time and was borderline offended that I didn't get invited to the Cool Interns' parties. Did a little sniffing around and found out this kid is as far from actual banking as it gets--he is (or was, not sure if he got canned) in the tech support group. It only got sent around to back-officey folks, I think HR/Compliance/Ops. HR subsequently poo poo themselves and sent around a nasty e-mail to interns everywhere.
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Jul 8, 2011 06:35
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You know what's loving sweet? My SA banner ads are now predominantly for Bergdorf Goodman. see: http://www.businessinsider.com/the-ultimate-status-symbol-at-goldman-the-ferragamo-loafer-2011-1
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Jul 9, 2011 05:07
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What exactly is "sales trading"? I've heard the term used repeatedly but Google isn't particularly helpful (lots of results for Sales & Trading, even with quotes. I mean, I get securities sales and trading (post-Volcker, just market-making I guess) makes sense, but what's "sales trading"? And how is it different from being on a straight-up sales desk? Also institutional equity sales means you're on an equity sales desk and your book is comprised of institutional investors like pension funds, mutual funds, and the like. I don't know if you're selling the research as much as the trades, but you'll be reading a lot of reports from Equity Research and making recommendations to clients based on them.
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Jul 14, 2011 07:51
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As far as I can tell, online apps don't even get looked at. You really only have a chance if you network and get your resume to the right people.
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Jul 16, 2011 22:11
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I mean, it sucks, I won't lie. I wish it was completely focused on your resume. But it makes a little sense. Banks want someone that a few years down the line will be able to win clients, and that takes networking--maybe getting your resume to the right people is the first 'test' in the hiring process. I didn't get so much as a phone screening from the bazillions of online apps I filled out, and neither did most of the people I know. The only interviews I got were through on-campus recruiting, but even then I feel like other were picked over me because someone in the group could vouch for them. I got my job through an incredibly lucky break, a friend-of-a-friend-of-a-friend who's an MD had someone drop out before starting and I got an interview really late. Also, Wells is more commercial banking with some middle-market M&A thrown in. Only one of the Big 4 retail/commercial banks (along with JPMC, BofA, and Citi) not to have a fully-developed IB, but with the Wachovia purchase and an eye towards expansion they're on the up-and-up, especially on the debt side. A pretty sweet job and I'm impressed that they're actually open to online applicants.
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Jul 22, 2011 07:16
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Thoogsby posted:Is anyone here familiar with the titles at Morgan Stanley? ED is usually the rank directly below MD. It's generally analogous to a SVP or vanilla Director at other banks. I don't think I've encountered banks that have Directors, EDs, AND MDs, there's gotta be VP somewhere in the mix.
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Jul 29, 2011 02:42
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Barclays got their numbers Wednesday. Friend wasn't too forthcoming (but he might be reserved about that kind of thing) so it was hard-to-read. My bank's numbers come out next week. We've been absolutely killing it this year so I'm very interested to see what peoples' reactions look like... I want to ask but it's not really my place.
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Jul 30, 2011 01:35
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For junior bankers, not much according to people that would know. The only difference is based on cost-of-living/taxes--if it's 15% more expensive to live in NY than Chicago, an Analyst in the same tier in the same year pulls 15% more in NY. Banks try to keep it as equal as possible for juniors or no one would want to stay in their groups for very long if they're regional. Senior bankers, on the other hand, make less in regional offices I think, mostly because they're not the primary coverage MDs on the firm's biggest clients. They actually get paid on what they bring in and in a regional office you may not have the opportunity to bring in as much. The exception is Houston/O&G, of course. This info may just be for my bank but I'd think it would make a lot of sense elsewhere, too.
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Jul 30, 2011 03:53
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Thoogsby posted:More bonus numbers via Dealbreaker. Those numbers are for the top 15% of analysts only. Bonuses ranged from around $50k for the bottom-tier to $70k for top tier first year; same story with analyst-iis except bumped $10k. Third-years got more than the 1.00xbase multiple.
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Aug 5, 2011 05:01
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Thoogsby posted: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. Confirming its a bloodbath. Evidently a shitload of banks literally pulled apps from school job boards, that's what I've been hearing from all over. Seems to have happened at mine (Ivy, not Harvard/Wharton) as well. Real scary poo poo. Definitely a great time to have an offer. Not my first-choice but in this environment I'll take what I can get.
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Sep 27, 2011 05:48
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TED is quite literally my favorite website and I wish the author was my MD. He's obviously really loving smart, but his writing style just blows me away. I bet he's great to work for. Also I just got an interview from a F500 business strategy group. Which is what I want to do after banking anyways and I haven't accepted my offer yet... Pay is substantially (like 40%) less evidently but the chance of me actually enjoying my early 20s rises substantially. Also ironic is that I worked on a deal for them as a client this summer, but they'd have no way of knowing that as it wasn't on my resume/didn't write a cover letter.
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Oct 2, 2011 05:34
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Yeah isn't GS the only bank that has its main offices on Wall? I was regional this summer/NY full-time (if I accept, I'm got to a final round with the strategy job and have a few other interviews lined up) and my bank along with every other I know of is Midtown or higher. Also got yet another interview from a F500 corporate strategy position at a client of the group I interned with, and once again it wasn't something I put in my resume/didn't write a cover letter. Should I be borderline nervous that my group could find out about this? I mean I still have 21 days to accept so I don't think they're allowed to cancel my offer but if they did... well that'd suck rear end.
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Oct 10, 2011 05:16
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"The United States is the only rich country in the world that has not substantially increased the share of young adults with the equivalent of a bachelor’s degree over the past three decades."
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Oct 12, 2011 01:54
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To be a real bubble there has to be burst potential (ie not just prices increasing indefinitely). Prices definitely won't be coming down, and I don't mean that in the "the value of my real estate will always go up!" sense--there will always be demand for college education and plenty of lenders offering juicy nondischargeable (and largely gov't-guaranteed) loans to pay for it.
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Oct 12, 2011 09:19
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^^^ That, plus the most expensive schools will be able to maintain those prices. Actually I'd wager that most places will be able to maintain current pricing, except maybe for-profit schools or the most marginal public schools where there simply aren't a dozen applicants who would love to take the place of the person who drops out because they can't afford it. On the EBITDA thing, would he be correct in calling it cash flows from operations (assuming short-term/working capital financing is not an issue)? I don't have a great accounting background (though EBITDA is non-GAAP anyway) but it's my understanding that that's the only difference. I'm also really enjoying my corporate strategy interviews. It's nice not being expected to crush dcfs in my head, the case studies are absolute jokes, and I'm starting to like the idea of a <12 hour workday.
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Oct 13, 2011 06:41
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What year are you in school? I'm doing informational interviews with a few people at GE Capital, I wasn't aware they were already done recruiting. Hearing back from a couple positions next week... Lose my IB Analyst FT offer in 8 days, not sure what to do. Work/life balance, yo
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Oct 22, 2011 18:55
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MF Global see you the gently caress later, will be dead by Monday.
tolerabletariff fucked around with this message at 04:26 on Aug 23, 2012 |
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Oct 29, 2011 05:06
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Interesting article on MF Global's situation as of this weekend: http://online.wsj.com/article/SB10001424052970203687504577003733625453536.html (not sure if you need to be a subscriber) My money is on State Street, who could benefit the most from beefing up its broker-dealer arm. That said, it's hard to imagine a buyer grabbing up the whole firm barring a massive discount on the shares, the amount of leverage they've taken on is absurd. Good bet that the Strat/Ex folks at GS, Macquarie, SSC, and maybe a few others aren't getting much sleep this weekend.
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Oct 30, 2011 22:01
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Law school is an awful idea. Unless you go to a top (and I mean tippy-top) program, BigLaw is out of the question. Even they pretty much didn't bring on any associates in the past cycle, or so I heard. I know a few of my MDs have JDs though, not sure how that happened since they were definitely on the banking (as opposed to legal or whatever) side. Edit: also I'm surprised you're already hearing rejections, apps at my school aren't even due until mid/late January (or at least that's how it was when I was applying for Summer Analyst positions). It's definitely WAY too early for you to give up on getting a banking internship. Just keep pluggin out apps (to smaller banks, etc.) and networking and you'll wind up with something. I got my offer on May 7th. Think it was late April that I got invited to interview. This was at a top-3 bulge bank for a decent group (ie better than vanilla DCM but not, you know, M&A). Keep fuckin' plugging and don't give up. tolerabletariff fucked around with this message at 09:11 on Nov 21, 2011 |
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Nov 21, 2011 09:05
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Odd. Earliest banking due date I saw last year was December 28th, and that was for a boutique in Houston (my top choice at the time). I guess it's different for every school. Which is surprising because I remember seeing a bunch of kids from different schools on my superdays in February. edit: lol Houlihan Hokey
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Nov 21, 2011 21:07
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I need some help, have a bunch of pfs due like a week ago and its for an independent study with an engineering prof so he can't help. Trade expense. Not trade payable, trade expense. I'm doing a three-statement model and I'm trying to figure out if it's something you back out of net income to get cash from ops. It's a for a media company so trade in this case is enough to make an impact on the IRR... Google is not being helpful at all and I don't have the best accounting background so I'm having trouble thinking this through: I'm thinking since it's a non-cash expense it should get backed out with depreciation, etc. But I also know that whatever was traded FOR gets recorded as revenue... so maybe the expense should be left in so that you don't count the trade revenue as cash?
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Jan 4, 2012 00:49
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