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post #53446 of 57266
Quote:
Originally Posted by Khayembii Communique View Post

lol, you were an analyst. Of course it sucked and was fucking boring. The fun part of being in M&A is learning about all the different businesses and how they work, networking and meeting clients and company execs/owners, and (for the buy side) driving investment returns. Anyways, not sure why you didn't just do IBD->PE like most. PE is best of both worlds and you can move to HF/AM easily if you don't like it.

Also this'll probably rustle your jimmies but we look at a CIM for a grand total of ~20 mins before putting in a bid.


Yeah and being an analyst is where you start, if I could just suddenly be an MD and do interesting work i'd love that. I hated working there so much I couldn't deal with the hours or the work for a minimum of 2 years of my life. Yeah it is good that I know about commodities firms now it came in handy for pitching a stock in my interview. "Most" is an exaggeration, it's not like every IB analyst goes to a megafund and I don't see the point in going to some regional shop. I can go to a HF/AM out of uni without having to do that shit for 2 years.
post #53447 of 57266
Quote:
Originally Posted by fuji View Post

Yeah and being an analyst is where you start, if I could just suddenly be an MD and do interesting work i'd love that. I hated working there so much I couldn't deal with the hours or the work for a minimum of 2 years of my life. Yeah it is good that I know about commodities firms now it came in handy for pitching a stock in my interview. "Most" is an exaggeration, it's not like every IB analyst goes to a megafund and I don't see the point in going to some regional shop. I can go to a HF/AM out of uni without having to do that shit for 2 years.

Why not straight to PE? I know a few people that were able to do that because they had IBD internships.
post #53448 of 57266
Quote:
Originally Posted by Khayembii Communique View Post

Why not straight to PE? I know a few people that were able to do that because they had IBD internships.

I've never really thought of it, I've had friends get PE internships but they were always at small shops that didn't have the capacity to take them on. To be honest I only applied for 2 roles this year because I couldn't be fucked with another year of recruiting so I applied to CS ER because they didn't have competency questions which I hate with a passion and my fund because they were hiring through careers services, was just going to focus on academia so I could get into a good masters. PE from undergrad or my masters is probably doable but I don't see myself going to a particularly amazing fund, don't think blackstone is desperate to hire me.
post #53449 of 57266
Dont computers do all this type of analysis on their own now?

If not already surely its a few years away max

"Quant" skills seem fairly redundant

I dunno tho not in finance
post #53450 of 57266
Quote:
Originally Posted by skeen7908 View Post

Dont computers do all this type of analysis on their own now?

If not already surely its a few years away max

"Quant" skills seem fairly redundant

I dunno tho not in finance

I think its starting to happen. Read an article of Goldman where the talked about downsizing the quant dep and using machine learning techniques to have the computers work on their own.

Accounting seems worse though, pretty much all trends point towards that accounting will be made by computers on their own within 20 years. Almost half of my class went into accounting and it will be interesting to see how they are affected. Will prob shift to more advisory roles.

Even traditionally non quant fields like marketing are affected. I'm applying for an internship for a marketing agency and half of their employees have masters in math, CS, theoretical physics, etc
post #53451 of 57266
I'm in Paris and it looks like noone lifts.
post #53452 of 57266
Quote:
Originally Posted by skeen7908 View Post

Dont computers do all this type of analysis on their own now?

If not already surely its a few years away max

"Quant" skills seem fairly redundant

I dunno tho not in finance

Analysis me and Kyahmbi are talking about is largely qualitative and based on intuition so it can't really be computerised yet, but yet most pricing of simple securities is done by computers. For some more complex securities there are people using actual maths to price them, but I assume eventually that will be computerised. But yeah quant skills are fairly useless.
post #53453 of 57266
How does qualitative analysis work?

You go like "ive got a hunch"

Doesnt seem like you need to hire people for that: theres no grunt work to be done its just ideas that come to the CEO while hes on the shitter or railing some coke or whatever

Surely its mainly quantitative analysis of trends, charts, numbers for most financial employees

Im interested in how it works. Amazed that IB is just making power point presentations
post #53454 of 57266
There is still value in understanding how those programs are (supposed to) work just as a gut check

When companies rely too much on computers they go out like LTCM
post #53455 of 57266
Quote:
Originally Posted by skeen7908 View Post

How does qualitative analysis work?

You go like "ive got a hunch"

Doesnt seem like you need to hire people for that: theres no grunt work to be done its just ideas that come to the CEO while hes on the shitter or railing some coke or whatever

Surely its mainly quantitative analysis of trends, charts, numbers for most financial employees

Im interested in how it works. Amazed that IB is just making power point presentations


Not sure if trolling or not.

post #53456 of 57266
Quote:
Originally Posted by skeen7908 View Post

How does qualitative analysis work?

You go like "ive got a hunch"

Doesnt seem like you need to hire people for that: theres no grunt work to be done its just ideas that come to the CEO while hes on the shitter or railing some coke or whatever

Surely its mainly quantitative analysis of trends, charts, numbers for most financial employees

Im interested in how it works. Amazed that IB is just making power point presentations

No idea how real quantitive analysis works. Used to really want to do a masters/maybe a PHD in statistics then do actual quant analysis, but they don't really get paid that much more money then fundamental analysis which is like looking at different accounting statements and making predictions. I assume they design some kind of program to analyse historical data some kind of machine learning or signal processing shit. The work im going to be doing is looking at financial statements, company presentations, research reports and trying to determine, which stocks are over or under priced, but that's not quantitative analysis.

Actual investment banking is pitching companies or their equities and debts so yeah the work at the bottom is basically making this presentation called the pitchbook, which is a bunch of shit saying how amazing the thing is and how high its returns are going to be so yeah at the bottom level that is basically making powerpoints, but at the top level it's inevitably much more interesting and relationship based. To be honest sometimes i'm confused why this stuff isn't out sourced to indian considering half the time if a powerpoint slide was too complicated to make we'd just scribble a sketch of it and send it to a women in mumbai to make, but I guess the investment banks need to justify their fees by saying "look we have all these oxford, cambridge and LSE grads working on your transaction give us 3% of the payoff". Even financial models could be sent to this data provider called capital IQ if they were tough.

Quote:
Originally Posted by Cool The Kid View Post

There is still value in understanding how those programs are (supposed to) work just as a gut check

When companies rely too much on computers they go out like LTCM

Tutoring several people from my uni in finance specifically in options who are going to bulge bracket investment banks to trade options who can't even understand the basic pay offs of options let alone the stochastic process involved in pricing them. Can't even grasp that high interest rates make calls more valuable and puts less.




Edit: just noticed you wrote qualitative not quantitative. Assuming "oh the company has a sound business model, i predict long term growth rates of 3% based on management reports and and historical growth and I expect return on equity to maintain stable and ill estimate weighted average cost of capital to be in line with the market so the stock price should be X, but it's Y so i'm going to buy it" I'll let you know when I start training in July.
Edited by fuji - 5/7/15 at 7:20am
post #53457 of 57266
Quote:
Originally Posted by venividivicibj View Post
 


Not sure if trolling or not.

I think its a fair question.

You rarely see a job ad that states something along the lines of "strong qualitative skills needed", while its an absolute most with quant in many roles.

The debate of qual vs quant is pretty tiring, but for jobs quant is imo preferred. Even in the role fuji describes which he says is qual, they would most likely not hire someone without great numerical (quant) skills. A business degree with very little quant is harder to sell.

 

Quote:

Originally Posted by skeen7908 View Post

How does qualitative analysis work?

You go like "ive got a hunch"

Doesnt seem like you need to hire people for that: theres no grunt work to be done its just ideas that come to the CEO while hes on the shitter or railing some coke or whatever

Surely its mainly quantitative analysis of trends, charts, numbers for most financial employees

Im interested in how it works. Amazed that IB is just making power point presentations

 

Qualitative analysis is typically used to bring insight. I guess it could be used to determine which model would be applicable in different cases o to explain why the quantitative analysis looks the way it does.
 
On that last point you made, the guys in Industrial Engineering and Management at my school (study tech, math and business with coursework in financial engineering and such, often go into management consulting or IB) are known as "powerpoint engineers" by the other more classical engineering majors (mechanical, electrical, computer engineering, etc).
post #53458 of 57266
Quote:
Originally Posted by fuji View Post

Even financial models could be sent to this data provider called capital IQ if they were tough.

My dad used to work for capital IQ.
post #53459 of 57266
Quote:
Originally Posted by TeeKay View Post

Okay finance brahs...I could use some advice if someone would be so kind.

I owe 26k in undergrad debt at an interest rate of 6.50%
Next year my fiancee will be starting a job with access to a 403b and a starting salary of 51k. If she contributes nothing, the university automatically puts in 5% of her gross income. If she contributes 3% of her pay, the university puts in additional 5% for a total of 10%

My question is does it make more sense to contribute that 3% of her income 51k salary to her 403b, or would that money be better spent helping pay off my loans?

 

Do not listen to anything either of these knuckleheads in the thread have said regarding advice.

 

403b is tax advantaged, any money contributed reduces your income tax burden for the year. She should absolutely contribute the first 3%, separate from any investment returns that she expects to accrue, that is immediately earning a 166% return, since the account will increase by 8$ for every 3$ you invest pre-tax.  That decision is separate from the free 5% contribution they are giving you, which is extremely generous.

 

The decision becomes more difficult after that.  First of all, you should refinance your student debt: http://www.sofi.com/refer/5/11352 (this is a referal link where I would make some money if you used it).  You can get a fixed rate for less than 6.50% and potentially consolidate loans if you are paying multiple servicers now.  Also, if you really plan to pay off in the next 2 years, you might as well take a floating rate loan, while rates are going to rise a bit, possibly as soon as September, based on global interest rates, I wouldn't expect a return to the historical average for another 3-5 years, given no further financial crises.  These guys also sent me a free Everlane Dopp kit after I closed the loan, ha.

 

After that it is probably a coin flip on which is the better option regarding additional funds, but you won't be making a critical mistake to do either, or a little of both.

 

 

Regarding sell side M&A, it doesn't get "easier" the higher you get up the chain to MD.  Sure you make money, but you are responsible for driving revenue for the bank, if you don't you are gone.  The reason they hire analysts to make the presentations and do the shitty work is basically a pipeline to future senior bankers.  Someone is unlikely to come from outside banking and be a great MD/senior investment banker.  

 

Regarding quantitative analysis, much if it is less glorious than you would think, but you are right in principal regarding the primary strategies.  A lot of it has to do with providing liquidity (bid-ask spread) to make a tiny profit, or implementing a position while generating the least market impact (VWAP participation strategies, Implementation Shortfall strategies, etc).  Maybe the dudes at Renaissance or whatever are doing something different, but most of it basically related to pattern recognition.  

 

Qualitative analysis, in this context, is of an individual business, think microeconomics.  You are analyzing the company's details, such as competitive position, suppliers, customers, management, products, pipeline of new products, prospects for growth, competitors, strengths, weaknesses, risks and their mitigants. 

 

Happy to clear up any other financial misunderstandings if need be.

post #53460 of 57266
Quote:
Originally Posted by concealed View Post

Do not listen to anything either of these knuckleheads in the thread have said regarding advice.

angry.gifangry.gifangry.gifangry.gifangry.gif

dat feel.


Didn't say M&A got easier, I said it seems more interesting
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