Investment Banking Discussion Thread

[Pennglock]



Are you serious? 3.02 at a non target? What were you doing all day at school? We reject kids with 3.7s from Princeton who worked at Moelis, Lazard, etc. etc. with tons of ECs. What makes you think because you had "work experience" you can be excused??

Seriously Khayembii, you probably should have mentioned this up front instead soliciting irrelevant advice from well-meaning people. Entry into BB banking would not have even been available to you in the boom years, let alone in this environment.

The good news is there are plenty of other fine jobs in finance, and the sooner you start targeting your efforts there the better.

 

[tj100]



nobody at the buyside looks at gaap ebita btw.

This is the most ridiculous thing I've ever read (unless you mean b/c GAAP EBITDA is an oxymoron). EBITDA is the single most important valuation metric in use on the buyside (except in some specific and unique industries). You're going to build out the cash flow model, but I don't think I've ever seen an investment thesis that doesn't involve EBITDA (at least, not since the .com bubble...).

 

[Joffrey]



Lol so it looks like this thread has run its course on being useful to me. Thanks for all the tips everyone.

Are you sure? Because I don't recall you starting this thread

 

[Khayembii Communique]

I don't recall saying I did.

 

[Joffrey]

Ha thats true, just reread the quote.

 

[Khayembii Communique]

I'm looking into PWM now, as I think it would be easier to get into and also think I'd be more interested in following a buy-side track in asset management than going through IB. I've expanded my network in the past few weeks to about 10-15 contacts, most at one BB but others as well. I'm taking CFA I in June. I'm also going to do some volunteer work in fundraising to gain sales experience, and will also be awesome to put on a resume just for the volunteer work anyways. Hoping to get a PWM or investment management position before May to keep my FINRA licensing, then have all of this other stuff to pad it with and either get a better job some time down the line or go to b-school, depending on the quality of the job.

 

[aspasp]

good luck sir

 

[gettoasty]

So, I am in PWM at the moment. (OT as it differs from IB)

However, I find it a bit gray as I am not sure if this is an area I want to pursue further (honestly I think its management b/c I think they really suck at this small brokerage firm). I just always imagined myself being a better fit in a Fortune 500 type company is a more specialized, grown boutique. As of now this is still a small business (AUM 53m) Been only 1 year so I do not want to make any definitive choice. I am actually looking at different licensing as well as grad programs in this specific field or branching out a bit like IT with finance or mathematics/statistics (I double majored in finance and statistics FWIW).

Would pursuing a series 7 and 65; etc. be a good learning experience? The cost doesn't seem much and I think these licensing can be done fairly quickly if I took the time to study. Just looking to learn more at the moment. I'm using Investopedia as a starting pointing atm...

 

[gdl203]

No - these are completely useless for anything other than regulatory requirements. You will learn close to nothing useful and no one will give you any credit for it.

 

[imolazhp_ci]

pwm is the finance/banking equivalent of pharmaceutical sales.

 

[Cantabrigian]



No - these are completely useless for anything other than regulatory requirements. You will learn close to nothing useful and no one will give you any credit for it.

+1

You have to do it once you land a job (as in you can't fail it or you might be gone) but no one will give you a high-five for doing it before then.

CFA is the way to go if you're looking for a cheapish credential that will look good to employers.

 

[gettoasty]

Looks like I'd be better off brushing up by just reading at least as well as looking at older CFA1 2 3 materials. Compliance officer in finance though maybe another route I may consider so these exams (7, 65; etc) maybe a good idea down the line. I always enjoyed my law&ethics business course. Found it very interesting.

^I agree. I see our CFA in the office struggling and wondering why not make the jump out. This further gives me mixed feelings on whether pursuing a CFA, in general for anyone also considering, is really good point to have or be credited for.

Edit:
I have not been told I need to take the 7 immediately (more in the administrative work atm). However, the load is increasing quickly, which is why I am considering now.

This is really funny because I am performing most of these functions:

l o l

 

[gdl203]

Don't waste any time with FINRA tests - material is outdated, too broad and shallow to be useful to anyone, even for a compliance officer. These are "check the box" tests that you'll either need to take - or not.

CFA materials will teach you quite a bit more. Enrolling in evening classes at a local business school / university may also be useful, particularly if it adds up to a certificate and even better if your employer pays for it

 

[gettoasty]

Thanks GDL, will look into classes. I keep my old textbooks from Uni days thinking I can use them as reference (who else does this) but find it difficult to crack open a book without actually attending a lecture of some sort.

Employer will comp me on some if not most of school credits as far as I am aware of.

In the meantime I will just review old CFA prep material. Current ones are so expensive . . . if anyone else has sources to pickup on similar topics/material e.g. cheaper reading material rather than the official ones please do lmk. TIA!

 

[Khayembii Communique]

Why's your CFA guy struggle and what does that have to do with getting a CFA generally? If you want to go into investment management CFA's pretty much a requirement.