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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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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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tolerabletariff posted: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: Nice to know you didn't prepare for an interview that kids at non-target schools would have punched their own mother in the chest to get. Thoogsby fucked around with this message at 13:38 on Feb 9, 2011 |
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Feb 9, 2011 13:27
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Thoogsby posted:Nice to know you didn't prepare for an interview that kids at non-target schools would have punched their own mother in the chest to get. To be fair though, every single Goldman person I've met has been a loving rear end in a top hat - so there is an upside.
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Feb 9, 2011 17:23
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Admirable Gusto posted: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. Thanks, I have no interest in being a deal lawyer. Companies treat deal lawyers like the fat kid their mom made them invite to the sleepover. Hopefully, I'd be working in their antitrust litigation division, but I still have to do work on the prevention side as well which is why I asked. Your description of a junior transactional lawyer is extremely accurate though. We had a V10 partner come in to talk about complex deals. He answered a question about the work as a junior by saying (verbatim), "Haha, If a client tells you to do it, you'll do it. And you damned better love to do it and do it well or the only thing you'll do is due diligence until we decide to fire you. To answer your question, don't say no to a client... ever." 
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Feb 9, 2011 20:50
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Oh ya, for everyone applying, almost every 1st round interview will want you to show an interest in the company and industry you're applying for. Double if it's a phone interview. Almost every phone interview I've had was mostly "tell me what you know about the position" and basically show you did your homework. Read the job description. Learn about the particular line of work they're in. Search the news for transactions the team has done. Read their website. One time I was applying to a small boutique that had international transactions listed and mentioned how I thought it'd be a plus to work with teams in different countries. What do you know the person I was interviewing with worked in Tokyo and Brazil and was huge on international transactions. J.P. Morgan asked me who their CEO was. Get a feel for the character of the history of your industry, and what your city specializes in. I'm in Los Angeles, so for me this means knowing Michael Milken, Ken Moelis and Navid Mahmoodzadegan and DLJ, then Credit Suisse's purchase of DLJ and Moelis' move to UBS, where he built one of the biggest ibanking presences in the U.S. for UBS, and then starting his own bank with Moelis. Credit Suisse also has a major office in LA. Los Angeles is primarily real estate/entertainment/retail/gaming (Vegas casinos), while San Francisco is Tech (Silicon Valley)/sponsors (sponsors is a finance word for "those who work with private equity shops", SF has a lot of high finance and buy-side firms, and traditional private equity requires borrowing lots of risky debt against a project).
Its Miller Time fucked around with this message at 03:32 on Feb 10, 2011 |
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Feb 10, 2011 03:13
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Good post today on Mergers & Inquisitions on banking internships. http://www.mergersandinquisitions.com/decide-summer-internship-offers/
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Feb 10, 2011 04:00
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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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Admirable Gusto posted: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. I think you're mostly right which is the general idea of the article, but I also think it depends on how close you are with the "friends" that work there. I have friends with jobs that have told me to never apply where they work, it's really a case by case scenario.
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Feb 10, 2011 15:36
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Thoogsby posted:Good post today on Mergers & Inquisitions on banking internships. Wow, this site is really interesting. I almost think it should be required reading before posting in this thread.
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Feb 10, 2011 17:02
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Admirable Gusto posted: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. Not that it makes a huge difference, but I disagree. I don't consider myself unusually perceptive, but a dinner or 2nd round of interviews should tell you a lot about the personalities and culture of the group and the people within it. I've talked to a lot of analysts and associates I wouldn't want to work closely with, and met MDs and such you can tell are ruthless and miserable to work under. Also who interviews you don't necessarily give you insight, a lot of internships and entry-level interviews I went on were mostly analysts/associates interviewing you as that's who you'd be working with directly. But then again it's very clear Admiral Gusto was highly sought after, the majority of you will be chasing after employers not the other way around, it's very much an employer's market right now unless you're a hot shot.
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Feb 12, 2011 00:52
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It's Miller Time posted:it's very much an employer's market right now unless you're a hot shot. I think I'm fortunate to not be graduating until 2013. I think it should be a good hiring environment with the economy picking up and lots of baby boomers retiring.
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Feb 12, 2011 18:25
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Internet Nobody fucked around with this message at 03:45 on Mar 22, 2017 |
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Feb 13, 2011 02:47
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Not directly IB related but I just dropped a resume for a part time job doing due diligence work at a PE/Angel Investor firm... any advice or resources so I don't come off as unprepared or a moron if I get an interview?
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Feb 13, 2011 15:35
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Tom Steele posted:Im pretty sure you go to Northeastern? I'm cooping at GS right now, if you want tips/information on it I'm glad to help. Please note: I'm not a business major so I really have no idea what most of you are talking about, but I am currently working in operations. You work in agency lending, correct?
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Feb 13, 2011 21:13
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Internet Nobody fucked around with this message at 03:45 on Mar 22, 2017 |
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Feb 13, 2011 23:35
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TheSherpa posted:Blackrock isn't an investment bank, its an asset management firm. Nova? Only Drexel and Penn are rated in the top 100 in the Philly area. That being said, if you were salutatorian, why didn't you go to a better college? The types of jobs you are interested in recruit at target schools, which are ivy's and near-ivy's. I went to Drexel and some kids do get front-office jobs at BB's and trading shops like SIG, but not many and it's a pretty up-hill battle. I know of one kid who got a BofA ibanking job, 1 kid in my class who got S&T at GS, 2 kids who got trading jobs at SIG, not sure about everyone else, some Blackrock/hedge fund stuff that didn't seem too back-officey. As far as transferring goes, even a school like Penn State could give you more of an in at a major bank, though that school is still very much a "non-target". Go on wallstreetoasis.com's "get a job" forum and do some reading.
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Feb 14, 2011 13:38
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Its Miller Time posted:What would you say are the main ways you spend time driving in new business? How would you say you divide your time between managing the staff and progress of the work in your office, talking with the existing clients, and soliciting new ones? Holy poo poo is this a good question. It is nearly impossible to balance. Most of my deals (origination) come from networking with boardmembers/investors, ex-CEOs, other executives that I've sold or bought companies for in the past. I'll also usually have a few companies in a few spaces I just like, that I'll work an introduction to and then call and discuss their space on occasion...then when it's time for a transaction, hopefully my industry knowledge proves to be something they want on their team. The challenge with finding new deals is balancing time - execution in M&A can be totally consuming...you will disappear into a black whole a few weeks before sign/announce on an existing deal and find your pipeline very cold when you surface. We work on smaller deals, so I am typically live on 6 at a time or so...while chasing others when I have time.
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Feb 16, 2011 00:10
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Mandalay posted:Is there literally nothing to work on during this time, or are you doing long-term projects? I find it hard to believe that you can work 14 hours a day at peak efficiency for a sustained period of time. You can. Longer...your brain and body adapt after years of it. I know this sounds sick, but it is true. Btw, I suspect most analysts don't have a lot of down time...it happens but it is infrequent. The volatility of that is a killer (ie the sustained hours aren't as bad in the long run as the going from crazy hours to all the sudden nothing).. Mr. WTF fucked around with this message at 00:15 on Feb 16, 2011 |
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Feb 16, 2011 00:12
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Someone brought up basics in interview questions, here's one I always ask in case it helps. It's incredibly easy, but I'm sure a lot of M&A guys ask it, and I throw people out (politely) if they miss it... If I were to give you two of the primary financial statements and ask you to create the third, which two would you take and which would you create? just realized this was so easy I didn't post the answer...so I usually say I ask it because I want to understand their thinking, but there is only one right answer which is to create the cashflow. The other two have things you can't derive. Mr. WTF fucked around with this message at 00:29 on Feb 16, 2011 |
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Feb 16, 2011 00:14
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Mr. WTF posted:Someone brought up basics in interview questions, here's one I always ask in case it helps. It's incredibly easy, but I'm sure a lot of M&A guys ask it, and I throw people out (politely) if they miss it... This is a great question. I wish more interviewers would ask questions like this instead of ones that just test to see how good you are at premeditated lying.
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Feb 16, 2011 01:43
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Mr. WTF posted:Someone brought up basics in interview questions, here's one I always ask in case it helps. It's incredibly easy, but I'm sure a lot of M&A guys ask it, and I throw people out (politely) if they miss it... I don't think this is a good question. Everyone who answers this right read and memorized the answer in an interview guide, this question is in every one. No kid is actually going to sit there and realize all by himself in those 20 seconds that you can take the balance sheet and income statement and recreate cash flows. The only reasonable explanation would be if he/she learned this in his/her accounting class, I know I was able to answer this because a homework assignment had been to actually do this. To me questions like this test if you did your homework and gave the interview the necessary amount of preparation, which will translate to how well you'll do your job. Its Miller Time fucked around with this message at 02:28 on Feb 18, 2011 |
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Feb 18, 2011 01:32
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Technically don't you need a beginning and ending balance sheet?
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Feb 18, 2011 03:29
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Hobologist posted:Technically don't you need a beginning and ending balance sheet? The balance sheet as a financial statement is commonly understood to be a typical one with multiple years, you need the beginning and ending balances to determine the changes in the various accounts to figure out the changes in working capital and investing and financing accounts in making the cash flow. But yes a balance sheet is a snapshot of a specific moment versus an income statement which is for a period of time.
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Feb 18, 2011 04:22
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Those of you looking to get into the options trading houses, they are recruiting right now and you if you haven't applied you should do so immediately before they wrap up their campus tours.
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Feb 18, 2011 05:04
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Its Miller Time posted:I don't think this is a good question. Everyone who answers this right read and memorized the answer in an interview guide, this question is in every one. No kid is actually going to sit there and realize all by himself in those 20 seconds that you can take the balance sheet and income statement and recreate cash flows. The only reasonable explanation would be if he/she learned this in his/her accounting class, I know I was able to answer this because a homework assignment had been to actually do this. To me questions like this test if you did your homework and gave the interview the necessary amount of preparation, which will translate to how well you'll do your job. Actually, out of context you are correct, but I'll ask follow ups to understand how well they understand how the financials work together. Give them business scenarios and ask them what they'd expect to see in the financials as a result.... or give them the type of company, tell them deferred revenue is extremely high vs similar companies and ask them for a few guesses as to why that might be happening in this company. The goal is both to see if they've built lots of 3 statement functional models in excel, and to see how good they are at determining what is happening in a business by looking at the financials.
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Feb 18, 2011 18:37
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I am a Junior at a smaller private school in Minnesota, St. Thomas, studying Finance and I had a few questions relevant to this thread. 1. I was recently offered an internship at TradeMonster/OptionMonster. I am unsure to what they will be having me doing, but I do know that it is unpaid. Which doesn't bother me too much, but I am more worried that the experience won't be worth the time. Is this true, and should I be looking elsewhere or is the experience and short time in Chicago worth it? My other option is to go back to my $10 an hour 30 hour a week summer job. 2. A little more irrelevant, but do any of you guys or ladies save your college text books. In the past I have sold my books back to the school for a 75% return on the price I paid, but now that I have started to enjoy my core finance classes and their books I feel that I should keep them. Are any of you glad you kept your book, or mad and wish that you had? Thanks!
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Feb 24, 2011 10:12
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Woobles2121 posted:I am a Junior at a smaller private school in Minnesota, St. Thomas, studying Finance and I had a few questions relevant to this thread. 1. Technically unpaid internships aren't supposed to have you doing any work that contributes to the revenue of the company. If you're interested in trading perhaps it could be a good networking opportunity. Ask this question in the trading thread. 2. Do you mean they give you back 75% of what you paid? That's different than a 75% return. A 75% return would mean you pay $100 for a book at the beginning of the semester, and they but it back for $175 at the end. Which would be a sweet deal but seems unlikely. Either way there's no real reason to hold onto a finance text book. The only people I've seen keep a reference book around are derivatives traders and its unlikely you've tackled the sort of stuff they're dealing with thus far in your education. Most of the things in your finance texts you either won't need or can be looked up on the internet in a few seconds. Thoogsby fucked around with this message at 13:38 on Feb 24, 2011 |
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Feb 24, 2011 13:32
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Woobles2121 posted:
That's kind of funny. I've got 10 textbooks still sitting in my office from undergrad and grad school (mostly the latter), and I've probably looked at them collectively maybe 4 times - probably all when I was an analyst. I should get rid of them (I've been out awhile).
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Feb 24, 2011 23:39
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A friend of mine just got an offer for a summer analyst position with BofA ML in their public finance division in New York. Does anyone know anything about the specific division or what their full time hiring process is like? I thought I heard somewhere that BofA was herding most of their first year analysts to their headquarters in North Carolina.
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Mar 1, 2011 22:45
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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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So... I'm a freshman (as-yet undeclared major) at a different private school in Minnesota (St. John's), and while I know that I find finance to be really interesting, I'm completely unsure about how I should be working towards the goal of getting hired into the industry. I'm taking courses in both Economics and Accounting right now, because they both seem like they'd be relevant (I'm pretty sure that there's a finance degree via the Accounting track), but I don't know which one would be more useful to me to major in. Besides that, are there a lot of things that I should be doing at this point? I understand that I'll need to do internships eventually, and preferably more than one, but outside of that I'm pretty lost.
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Mar 4, 2011 23:34
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The Lord of Hats posted:So... I'm a freshman (as-yet undeclared major) at a different private school in Minnesota (St. John's), and while I know that I find finance to be really interesting, I'm completely unsure about how I should be working towards the goal of getting hired into the industry. Economics really has nothing to do with banking, pursue accounting. Find internships in private wealth or something your sophomore summer, apply for summer internships in the winter of your junior year.
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Mar 5, 2011 21:20
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Also if you're a freshman, put in the effort to learn about all the different areas in Finance. At least I found that the reality of the work in the different divisions of finance varied from my initial perception of them.
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Mar 7, 2011 16:01
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How skilled are the programmers in a lot of MFE programs?
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Mar 7, 2011 22:22
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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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Admirable Gusto posted:Bzzt wrong thread While they may have more luck in one of the computing forums, I'd hardly say this is the wrong thread. Assuming they are talking about a Masters in Financial Engineering, anyways. I haven't done any of the coursework myself, but all the Financial Engineers at my company (bulge bracket i-bank) know their way around a computer fairly well. They are generally divided into two (unofficial) groups. Some have CS backgrounds and focus more on programming, some have finance backgrounds and focus more on modelling. Hopefully there is someone here that can answer you better, though.
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Mar 8, 2011 07:12
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Just a couple of suggestions for outside reading: House of Cards by William Cohan and When Genius Failed by Roger Lowenstein. I'm just a lowly undergrad, but I can tell you that reading about the respective collapses of Bear and LTCM explained more to me than a textbook has so far. There are a lot of points of explanation in each of them, although House of Cards leaves it more up to you to go look things up. House of Cards actually devotes a good bit of time to Bear's inaction regarding Long Term, though, which is interesting to see. The Snowball's not bad either...you get to see the near-collapse of Salomon and the creation and collapse of LTCM and read about Buffett.
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Mar 8, 2011 10:27
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Does anyone have any experience, directly or indirectly, with going to the buyside directly out of undergrad? There are a couple small PE shops that occassionally recruit out of my school and while I would only consider it if it were a front office role, I'm still hesitant to skip the banking part of "the track". If anyone could shed some light on compensaton and upward mobility I would be happy to hear about it.
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Mar 8, 2011 15:28
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If your ultimate goal is buyside there's no reason to gently caress around in banking and want to kill yourself for a few years if you can get there immediately. What PE shops recruit for front-office out of NEU?
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Mar 8, 2011 15:36
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