Hi all,
Just about a month ago I have registed to this site. I am going to start an internship at a boutique m&a advisory firm. Its a local firm and part of oaklins. I have about 1 month to start and really wonder what I am going to do, Analyst who interviewed me said that interns mostly do research and work in excel. I have been using excel for about 3 months now but I have mostly used pivot tables not functions. What advice would you give on spending this 1 month period to ace my internship. Thanks

I work for a Chinese chemicals company, and I've just been given instructions to explore chemicals assets for sale in the US. Deal size is anything under $200M or so, but we have good capital markets access so we can stretch if we have to. Think of us as a PE buyer, or like HNA or Wanda but smaller. We're also sub-industry agnostic as long as it's related to chemicals, preferably petrochemicals. I have absolutely no idea how to approach this since my background is not in chemicals, I've never done a transaction before, and my boss refuses to give further instructions and says just call around to explore.

How do I do that? Who do I approach? I'm currently in the Bay Area, which is not a huge hub for industrials or energy. The main chemicals bank I found, Valence Group is based in New York. Where do I even start? I'm sure I can't just call up a bank and ask for a list of companies who want to be acquired. I'm not even sure how committed we are to anything, but we're trying to explore I suppose.

Any help would be appreciated and I assure you this is not a troll.

Company with EV $10bn (equity value 6, debt 6, cash 2)

What happens to EV if Company uses $2bn cash to invest in a new project with an NPV of $2bn?

hi guys i will attend the final round interview for GS London office.
do you have any advice for the final round interview?
will Goldman Sachs care for details the same as Morgan Stanley did?
Already failed in MS HK

Hi everyone,

Are you looking to land an internship or full-time offer in IBD?

I am one of the founders of The Investment Banking Guide, which is the first app to guide applicants through the investment banking application process for internships and full time offers. The app is created by former bankers from GS, MS and JPM who have been through the process themselves and who have sat at the other side of the table.

The app describes in a step-by-step guide how to prepare for an interview, how to write a winning CV / cover letter and explains all of the important valuation and accounting concepts that you need to know. The app is packed with 600 common interview questions with detailed model answers.

We have also recently launched our latest app, The Aptitude Reasoning Test Bible, which has >1,000 numerical-, logical- and verbal reasoning questions to prepare for the aptitude test that banks use to screen candidates. As a bonus, the app has all of the common brain teasers with explanations so that you can impress the interviewer!

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Best regards,
Jonathan Anderson

Hello Monkeys,

I just got done with an interview with HFF for an analyst position. Overall, it was a very positive experience and I really got along with everyone who I interview with. Really looking forward to this opportunity.

They have reached back and said next steps would be to take their "analyst test"?

Anyone have any experience they can share regarding this test? Concepts covered/ technicals/ modeling?

Thanks in advanced!

I'm looking at the potential to start at a large BB (think BAMLJPMGS...) and the position I'm in the running for is a VP back office position managing a large technology section. The position is interesting but no mention has been made regarding pay yet and I'd like to know what I'm drawing to.

What is the ballpark pay for a VP leading a cost center in BO technology supporting the investment bank?

Hi,
Just wondering if anyone can share there experience interning at CS SG as I recently accepted an offer and I'm curious about the culture.

I never got to experience the protected Saturday / weekends while working in banking. I am curious to hear from the younger monkeys how the policy is working? Do you feel the policy is actually protecting your time? Are you simply ignoring emails on your days off? Does it apply to live deals? How does senior management view the policy? Do you find yourself playing catch up all week after using your protected time?

Thanks!

Wall Street Oasis (WSO) released a detailed 2017 Investment Banking Report that includes data on compensation, the interview process, employee satisfaction, and more.

All statistics featured in the reports are based solely on paid user submissions to the WSO Company Database during 2015, 2016 and YTD 2017, with approximately 70% of the submissions coming from the United States. In addition, the investment banking industry made its voice heard by supplying almost half of the 50,000+ submissions, followed by an approximately 20% representation by Asset Management. This data is high quality and statistically robust.

Main categories are analyzed below with an emphasis on most relevant employers and key points of interest.

Total Average Compensation

Key Observation 1: First-year analyst total (base & bonus) compensation averages $121,000 with associate level rising to $218,000.

The total average compensation, including base salary and bonus, for bulge bracket banks ranges from $121,000 annually for a first-year analyst to $377,000 for a director-level position (small sample size). The first-year analyst compensation has increased slightly from $114,000 in 2015 to $121,000 in 2017 as has the associate compensation from $211,000 in 2015 to $218,000 in 2017.

The salaries along the continuum of career advancement remained consistent between bulge bracket banks and boutique banks since 2016, with the exception of a significant increase in pay for the vice president level at $457,000 annually among boutique banks, albeit with a smaller sample size. Unlike bulge bracket banks, the top compensated positions at boutiques have remained steady over the past several years. An interesting finding in this investment banking report involves the correlation between career advancement and percentage of bonus in overall compensation figures.

Notably, Bank of America/Merrill Lynch far exceeds the average director-level compensation with a figure of $415,000 annually (but interns get less). BAML has risen consistently over the past three years, and broke into the top 3 last year. JP Morgan Chase, on the other hand, has been declining over the past 3 years - falling from first in 2014/2015 to fourth in 2017.

PJT usually pays a much higher bonus (~$87k) than the average ($43.9k), which is why it is in the top spot. Moelis and Rothschild have also consistently given top compensation over the past few years. In aggregate, investment banks typically lose out to other industries on intern pay, however.

Overall, employees at Houlihan Lokey, Bank of America/Merrill Lynch and Citigroup were most satisfied with their pay compared to similar jobs elsewhere.

This is in comparison to other industries like consulting where starting salary is around $80,000 base and rises to $320,000 at the director level. At a large technology company like Facebook or Uber, software engineers start around $75,000 but are capped at $271,000 as directors.

Interview Statistics - Hardest & Best

Key Observation 2: Centerview Partners, PJT Partners, Moelis & Company and Evercore are viewed as having the hardest interview process.

Member submissions also provided information on the interview process, including the hardest and best experiences. To compile the statistics, each company is given an adjusted score using Bayesian estimates, which takes into account the number of reviews for a particular company with a minimum of two required. The results are representative of 135 firms.

Earning the reputation as having the hardest interview process are Centerview Partners, PJT Partners, Moelis & Company, and Evercore. This is not too surprising since these firms are all considered elite boutique investment banks with incredibly competitive recruiting processes.

PJT, while a newcomer, spun out of Blackstone in 2015 and is following in Blackstone's tradition of being in the top five for hardest interview process. The other three also had consistently difficult interviews from 2014-2017.

The best interview process reviews go to Harris Williams & Co., Perella Weinberg Partners and PNC Financial Services. Each of these investment banking firms also increased or maintained its ranking compared to the 2016 WSO Investment Banking Industry Report.

Professional Development Opportunities

Key Observation 3: Industry leaders in the professional development category correlate with the total compensation category but not with the interview process rankings.

The professional development section of the 2017 Investment Banking Reports focuses on the four sub-categories. We've highlighted the top 3 out of 79 firms in each sub-category.

It is interesting that Wells Fargo has quickly risen to becoming the top company in terms of Professional Development (compared to 2014-2016), considering its fraud press. It may be possible that Wells Fargo is devoting more resources to employee satisfaction and growth after the scandal, but is something to watch going forward.

Interestingly, top investment banks in these categories correlate with the total compensation category but not with the interview process category. In addition, the top three investment banks for intern offer rates have no correlation with compensation or interview process listings. Some of the investment banks with top full intern offer rates are detailed below:

Intern Offer Rates, listed by offer rate. Data up until October 2017.

Four investment banks have been in the top 10 for intern offer rates three of the last four years:

• Fifth Third Bank
  
• Greenhill
  
• Guggenheim Partners
  
• Lincoln International
  

See 30 banks with the highest intern offer rates on the full report.

Promotions & Fairness

Key Observation 4: Goldman Sachs was the sole investment banking firm in the top three in each sub-category.

Member submissions also shed light on promotions and fairness in Investment Banking. Again, we've highlighted the top firms in each sub-category.

Notably, Goldman Sachs was the sole investment banking firm in the top three in each sub-category, with Houlihan Lokey a close second. This is an impressive accomplishment in a field of 79 firms represented in the report.

Promotions and Recognition listing, by investment bank. Data up until October 2017.

Reputation

Key Observation 5: Goldman Sachs and Bank of America/Merrill Lynch have the proudest employees and would be recommended to others by their employees.

Perhaps the most important evaluation of a company is what its employees say outside of work. In this report, reputation is defined by two factors, employee pride and whether employees would recommend the company to others.

Not surprisingly, top performers noted throughout the 2017 Investment Banking Reports were also top performers in this category. Goldman Sachs, Bank of America/Merrill Lynch and Lazard earn the top honors for "proudest employees" while Goldman Sachs, Bank of America/Merrill Lynch and Houlihan Lokey round out the top three for their firms being "recommended" to others by their employees.

Notably, Evercore wasn't in the top three in either sub-category this year but was in the top two of both sub-categories in 2016. This is likely because Evercore hasn't been getting much press over the past year, but should revert soon since it still has strong deal flow.

Senior Management

Key Observation 6: Top senior management rankings have had strong volatility since 2014.

The senior management statistics were generated from the following four sub-categories. We've highlighted the top three out of 79 firms in each sub-category.

Do you see what we see? The data suggests a strong correlation between opinions about senior management and the company's performance in all other categories throughout the investment banking reports.

These rankings have had strong volatility since 2014. But once again, it is interesting to see Wells Fargo maintain its strong senior management reports (since 2014) - considering the highly-publicized scandal.

It will be interesting to see next year's report to understand if the scandal's fallout will affect these perceptions.

Lifestyle

Key Observation 7: None of the top-ranked lifestyle firms are in the top 10 for most average hours worked per week.

The 2017 Investment Banking Reports also include respondents' opinions on which firms provide the most satisfying lifestyle as defined by three sub-categories. The top firms in each sub-category are listed below.

The data suggests that Wells Fargo Securities employees appreciate the lifestyle provided by the investment bank as evidenced by a top-three statistics out of 79 firms in the two "positive" lifestyle categories. But, as mentioned in the other areas - this will be important to monitor going forward.

Top performers in other categories highlighted in this article round out the rest of the top three. A striking takeaway is that none of the top performing firms in previously discussed categories, including compensation, are in the top ten of 140 companies for most average hours worked.

Additional Points of Interest

Key Observation 8: New York and NYU generated the highest response rate by far

In addition to the main categories discussed throughout this article, there are several other points of interest. The greatest number of submissions came from employees at top-ranked firms throughout the 2017 Investment Banking Reports.

• Geographically, New York generated highest response rate by far, followed by Chicago and London.
  
• Level of education also played a role with 58% of the report's 33,400 unique contributors citing a GPA between 3.5-4.0.
  
• Even more, graduates of schools in major markets are most represented in the study, with New York University (NYU), University of Pennsylvania and Cornell rounding out the top three.
  
• Finally, the report does not account for gender as a distinguishing factor in the data.
  

The 2017 Investment Banking Reports provide key insights into the industry as well as important information for both employers and current/potential employees. Analyzing the data in each category is useful when determining priorities in your job search.

For more information, including the most current data as reports are continually updated online, please contact Wall Street Oasis at wallstreetoasis@wallstreetoasis.com.

Graphics Disclosure: Background vector created by Brgfx - Freepik.com // Designs by Freepik // Icons made by Freepik from www.flaticon.com is licensed by CC 3.0 BY // Edited by Ajay Patel

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Received an Associate offer in a MO group (Credit Risk) at DB/UBS/CS. Offer was $90K base which seems a little low.

I also did not receive money for relocation expenses. When I asked, the bank said they were not offering relo because NYC is so competitive and that they had so many candidates already in NYC or willing to move to NYC with no relocation expenses for the opportunity to work for a "Tier 1" bank.

Is this normal? I would assume it's not. I get the feeling that the bank is so pressed to keep comp down. I'm coming from a Top tier BB in another state halfway across the country.

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Has anyone here gone through the Market Data Analyst interview process with Bloomberg? I just had a phone interview with them a few days ago and just got invited for a video interview with the singapore global data team at their offices.

Hello everyone,

I am currently intern in a small boutique and I have some issue with an associate. I would like to have your opinion about his behavior and if you can tell me if it's pretty normal in the industry or not. If it's not normal, how can I deal with that guy?

The team seems happy with my work but every day I have a tight feeling in the stomach, I am really stress right now, normally I can manage the pressure but for me it's kind of too much at the moment.

I like what I am doing, I've learning a lot so far. I want to work in M&A for few years before to start my own business. M&A is for me, the best way to learn how to work fast, hard and efficiently.

Some facts / examples:

(In reality there are many more)

Micro Managing

1) Every 30 minutes he is asking me ''what are you doing right now? When are you going to be done? Can you work faster?'' And if told him that I am going to be done in one hour but in fact i am done in 90 minutes he is going to tell me ''why did you tell me you'll be done in 1 hour? Why are you lying?''

Anger

2) Once, he was checking my work in live (I was doing some valuation on excel) and he get fucking angry because I was not using the short cut he told me something like ''what the fuck is wrong with you? why are you not using the short cut? We have a lot of work, don't waste time, understand?''

Mixed Messages

3) During the first day of my internship, the phone rang after 7 PM, then he told me ''reply, reply, quick, quick quick!!'' So I replied. The following day, the phone rang again after 7 PM, I answered and after the call he told me ''Why you answered the phone? This is not your job, we have other shit to do ok?''

That Graph...

4) Last week, the MD asked me to add a graph on a pitch, I had 5 minutes to do the job before he was leaving for his meeting. He told me to do something very fast and without the company template in order to be in time. Once I get back to my desk, the associate questioned me about what I was doing:

Him: ''what are you doing for the MD?''

Me: ''a graph for xxxx, he is leaving for his meeting in 10 minutes''

Him: ''what graph?''

Me: ''a graph about xxxx for xxx company''

Him: ''you can to use our company template for the graph, understand?''

Me: ''he told me to do something very fast, he is leaving now''

Him: ''you should always use the template, otherwise your work is shit, now tell me where you put your file, so I can check your work in live''

Me: ''I just started, I did not save anything right now, I need to do something very fast, please let me finish my work...''

Then, he was still asking me question about that graph!! Finally, I was late...

VP vs The Associate

5) A VP asked me to do a memorandum and he gave me some specific instructions for the template. Few hours laters, that associate asked me what I was doing (he was not involved in that deal at all), he asked me where did I save the file and then he checked my work.

Him: ''seriously, why are you not using the template?!''

Me: ''because xx (the VP) told me to do like this''

Him: ''No, you always need to use the template, understand?!!''

Him: ''what why that slide is like that xxxxxx?''

Me: ''because the VP told me to do like that''

Then that associate went to see the VP and started to blame him for not using the company template.

MD vs The Associate

6) Today, I made a mistake. I was done with a pitch. Then, the associate asked me how many pages I had. I said ''X'' but when he checked, it was ''X+1''

Him: ''why you told me that it was N?!''

(I was looking for the file at that time to see and fix my mistake by adding another slide ''comments'')

Him ''look at me when I am talking to you, what are you not looking at me?!''

(I looked at him like 2 seconds but they came back to my computer to open the file)

At that time, I saw the MD got up and came back to our desks. Then the MD said to the associate: ''Calm down! What are you doing? We are not working like that, ok?''

More Anger...

7) When he is talking to me, he is always angry (I also see that he was also talking like that to the secretary)

Thank you guys!

Hello guys,

I am currently a final year student at a UK semi-target and trying to do a Masters in the US. I have little knowledge about target universities (apart from Ivy) and would love some help if someone had a similar experience moving from one country to the other.

Thank you

Hi all,

Does adding "Incoming XYZ summer analyst / off cycle analyst" add value to your CV?

Trying to fill in some extra time so I'm looking to apply for another off-cycle. Does the above add value?

Thanks!