Given all that you know now what do you wish you had majored in in college and what is the one thing that you wish you would have changed?
Also, what is the important thing you learned in college and what advice would you give to current college student?
I'm really interested in reading what everybody has to say.
Americas:
• US markets clocked in another week in the green (its third in a row) as the S&P rose another 2%, the DOW another 2.4%, while the NASDAQ climbed 2.8%. Awesome. A few surveys however are pointing out that retail investors as well as financial advisers are largely bullish, meaning that the public is now in on this. Ugh.
• It wasn’t just the US that scored though; Canada’s TSX index also gained 1.32%, rate cuts in Brazil sent its index 9% higher for the month, 16.4% for Argentina’s Merval, while Mejico’s IPC was up 2% for the week.
This is a great article talking about the fact that US jobs are not coming back from overseas. I used to be a strong believer that when wages increase in China (which they already are) you will see some jobs come back to the states. I changed my opinion when I read a great piece talking about increased Chinese wages simply leading to automation in China.
This article finally kills all hope I have for American jobs coming back.
While I hate reading anything in the NYTimes, the article was pretty in depth and insightful. I encourage anyone who is interested in the topic of outsourcing to read through this. It really highlights the level of competition we have in the world.
Will going to b-school kill the very things that could make you successful outside of the paternalism of a corporation/big bank?
A lot of discussions on WSO are about MBA, MSF & MFE programmes as well as the value of undergraduate education... I thought I'd share this short clip... Are we doing it wrong?
I see benefit in the branding and network of top schools, but my plans are to eventually run my own shop within the next 5-10 years, on my own terms and subject to my lifestyle choices... not to be a cog in some large corporation/bank. I think many funds/firms in my sector are not doing it right and want to take an alternative approach.
Responsibilities:
• Collaborate with team members to develop research plans, target profiles, candidate pipelines, qualifications and competency vetting processes. Personal accountability for executing research plan, building candidate pipeline and determining candidate competencies.
• Point person in sourcing, direct recruitment, deep due diligence and skills assessment of the highest performing candidates in the industry.
• Contribute to firm’s overall competencies: perform research to build granular knowledge base of industry, strategy and manager-specific organizational structures, products, processes and human capital.
• Establish and grow network of industry professionals, always with a keen eye to identify, initiate, and develop business opportunities for the firm.
I got completely screwed in recruiting for SA positions. To those at non targets, I am amazed at how some of you do everything possible to break-in.
Below are my stats (Columbia, 3.75 Econ/History, Soph), banks I applied at (20) , and the ones that offered me interviews (3)
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Today, I have a very special treat for monkeys that frequent WSO. This weekend, I had the pleasure of interviewing one of WSO’s finest. Some say he’s part Saint, part Guru, but If you have posted on the forums seeking some good ol’ fashion advice, you probably know the name CompBanker.
He comes from a non-target, but after some serious hustling, CompBanker managed to break into a middle market investment bank. I encourage you to read his post, “How I got into Banking,” prior to reading this Q&A. Regardless, below is part one of a two part series dedicated to getting to know the man, the myth, the legend, CompBanker.
Google has long been the poster child of silicon valley success. From small search engine to the tech giant we see today, Google has been touted for having all the right answers. However, the question that I'm wondering; has Google's Golden Age of growth finally come to an end?
Hat tip to Kools for this one. We all knew this day would come (well, either this or an angry boyfriend would shoot him), but Tucker Max has finally thrown in the towel. After a decade of well-chronicled debauchery, he's giving it all up because he...wants to get married and have kids?
Fuh...what???
It's true. And to that end, he's in therapy. Lots and lots of therapy. To work out...well...mommy issues. I have to admit that I'm a little disappointed. Not that he's doing what he has to do to get healthy - I applaud that. I'm just disappointed that there won't be any more of his outrageous tales after Hilarity Ensues.
Coming out of a semi-target, how exactly does one break into the buy-side (i.e. from undergrad)? Do funds or AM divisions have junior analyst or rotational programs? If so, what is typical comp?
Of course CFA level 1 would help, but what about staying a year after undergrad for an MSF?
Also, could someone give me an overview of how AM works outside of mutual funds, hedge funds, pension funds - like how does BB AM or other AM firms differ from "funds" and such?
Thanks.
Been on this site awhile, just an awesome resource as well as M&I. Bought the technical guides from both. Practiced and studied my ass off for interviews. Went through around 40 interviews with 15-20 banks (including most of the BBs and some elite boutiques), got the offer I wanted. Wanted to thank everyone and if any one has any questions about networking, interviews, superdays, or technicals I'll be up for answering them. Man it feels great and such a relief.
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I just read through our whole interview for the third time, and wow, there is some seriously thought provoking, downright great advice. If you thought part 1 was hearty with information, just go ahead and read part two below; where CompBanker talks about the specific advice he would give to Monkeys, and even what he does in his precious free time.
Hopefully a lot more of these to come with our experienced users, but for now, sit back and enjoy the final part of CompBanker’s interview.
Position Description:
The Senior Analyst / Junior Associate will assist in all aspects of the firm’s activities, including due diligence, acquisitions, divestitures, financing arrangements, strategy development and operational planning. The firm is leanly staffed and therefore the Senior Analyst / Junior Associate will work closely with senior investment professionals and management of the portfolio companies. The position is a 2-year program for individuals with prior experience as an analyst or research associate at a leading investment bank, leverage loan or mezzanine lender, management consulting firm, or private equity group. Upon completion of the program, exceptional performers may have an opportunity to stay on for a third year and potential permanent employment.
Company Description:
A middle-market private equity firm with $1.2 billion in capital under management. Windjammer invests in niche-oriented, market leading businesses in partnership with management in a wide range of industries including manufacturing, value-added distribution, business services, consumer and healthcare. The firm has been investing in these types of businesses for the past 15 years and its principals have invested over $1.0 billion in control and minority equity capital in more than 50 transactions. The Company is currently investing from its $575 million third fund.
Midwest target, although not at "connections-up-the-ass" business school. Slightly lower GPA (3.4) in Math+Econ, which probably hurt me a bit. Sampling through the non-b-school kids I know, it's not that any of us got rejected, it's just that we literally haven't heard back after resume-dropping with GS, MS and BlackRock (I had some side applications to JPM, BarCap which had similar results). The only things people seem to have heard back from are BoA (not ML, they don't recruit here) and RBS (*statement deleted since people seem to be misunderstanding me*).
Anyone else noticing this?
Wall Street investment bank is seeking motivated candidates for our internship program. Ideal for hard working, career minded college students seeking real Wall Street experience. Work full-time or part-time and gain valuable experience first hand without a degree. You will be working directly with the firm’s Sr. Management and acquiring the skills of market analysis, technical analysis and sales techniques. This will be a very challenging position and a major stepping stone towards your career. Potential broker trainee must have excellent communication skills, knowledge of computers and a burning desire to be successful. This is a non-paying internship and the real world experience you will gain far outweighs compensation.
Apple shocked the Street after hours last night with a quarterly release that bested analyst forecasts by 20%, and recorded a 118% increase in profits. On top of that, the company is now sitting on an unimaginable $100 BILLION in cash. With $13.87 a share in profit for the quarter, and the company projecting $8.50 a share next quarter, the stock is now trading at a sub-10 P:E ratio, (probably 7 or 8, realistically).
This is just a monster company. While I have philosophical differences with the way they distribute much of their content, there is just no arguing against owning this company's stock. At eight times earnings, the stock is a steal at $420. It'll probably open a lot higher today (based on after hours trading), but it's a bargain at even $500 a share based on these numbers.
And with $100 billion in cash, the company can do anything it wants. Stock buyback? Done. Acquisitions? Done. Move the entire Internet into the iCloud? Probably done. I haven't owned the stock in a while, but I think it's probably time to change that.
Wow, these photos really brought back some memories for me. Most of you are too young to remember New York City as it was in the 1980's, so some of these shots might come as a shock to you. If you've ever wondered what kind of a hellhole could spawn the likes of Midas Mulligan Magoo, let me present you with Times Square when you could still buy a nickel bag and get a back-alley handy on the same block:
This is back when Bedford-Stuyvesant was called "Hell's Kitchen" for good reason. You had to be out of your mind or desperate for crack to find yourself down there. Now you can sip chai tea in a sidewalk café without fear of a drive-by.
The photo from The Bronx reminds me of this little old lady I had for a client early in my career. She lived in The Bronx when it was still a war zone. She'd lived there pretty much her whole life and she was determined not to give up any ground to the neighborhood gangs.
Currently a freshman but I'll be obtaining a BBA from Ross School of Business as well as a BSc in Industrial and Operations Engineering. If my GPA maintains (4.0 now) + doing a 3-4 week banking internship this summer (Barclays, ABN Amro Bank or HDFC) what kind of chances would I have for Goldman Sachs SA during either soph or jr summer assuming I don't add any more clubs to my extra-currics?
(I'm currently in a selective investments club. Outside the club it is very well known but, unfortunately the people inside know that you don't actually learn anything from it.) I'm asking because I know these stats are very important, but the reputed investment clubs (other than the one I'm in) have an acceptance rate of about 6-8% - so I'm preparing for the worst case scenario.
Also, considering my status, what else can I do now to help improve my chances? And, is it true that GS is "biased against gunners who do nothing but try to break into IBD"?
