M&A Analyst AMA

It appears that the hires our bank makes from the Big Four are from the transaction advisory services line and not from audit, although you can transfer. This is because we often work with them on deals (they do a lot of due diligence-type work). Making the switch from the big4 to an investment bank is quite difficult from what I've heard and requires you to make connections with the bankers you're working with. In other words, you'll need to gain some contacts and it does not seem like a swift process, although it does happen.

You can apply to banking internships in your final year, despite what they tell you, so make sure you've exhausted that option first.

I find it interesting that the big 4 hires at your bank are from TAS teams rather than CF teams who are essentially mid-market investment banks?

Reply 181

Sayed0123

OP

11

Original post by Commercial Paper

Can you give examples of how they scrutinise your performance and things to watch out for please?

Posted from TSR Mobile

They just keep an eye on you to make sure that you're doing your work properly and efficiently while also getting along with your coworkers. Make sure you talk to everyone in your team both about work and not about work, go out for drinks sometimes with the rest of your team. Make sure that you don't leave home too early and I'd suggest just wasting time at the office for a bit if you've done all your work.

Reply 182

Sayed0123

OP

11

Original post by natninja

I find it interesting that the big 4 hires at your bank are from TAS teams rather than CF teams who are essentially mid-market investment banks?

I'm not an expert on this but it might be because TAS workers meet with bankers more and can build up a bigger network which helps them break in.

Reply 183

Rkai01

6

Original post by Sayed0123

Not really, I've never heard of a 'probation period'. The summer internship is basically a long interview which you have to do really well on to get a place on a graduate scheme. They scrutinise your performance a lot during the internship.

From what you know of and from experience, what percentage of summer interns get offered a full time role to join post graduating?
Thanks again

Reply 184

makrxx

11

Are the number of interns within Investment Banking generally more than Capital Markets? I.e M&A/product/sector groups vs ECM/DCM/LAF

Reply 185

gr8wizard10

21

Original post by makrxx

Are the number of interns within Investment Banking generally more than Capital Markets? I.e M&A/product/sector groups vs ECM/DCM/LAF

for the firm i was at, that generally held true yes

Reply 186

natninja

21

Original post by Sayed0123

I'm not an expert on this but it might be because TAS workers meet with bankers more and can build up a bigger network which helps them break in.

Quite possibly though I'd have imagined that TAS staff have more exposure to junior bankers (speculation) whilst people in Banking advisory teams spend their lives interacting with senior bankers (not speculation). The advice I've seen for breaking into banking from big 4 goes along the lines of 'join a banking specialist team or a TAS team so you get to know lots of bankers, if you're in a CF team - well done, you're a banker'

Reply 187

Sayed0123

OP

11

Original post by Rkai01

From what you know of and from experience, what percentage of summer interns get offered a full time role to join post graduating?
Thanks again

This depends on the economic circumstances, how the firm was doing that year and on the quality of applicants during the year. This year I would expect it to be slightly lower overall across revenue-generating divisions.

Original post by makrxx

Are the number of interns within Investment Banking generally more than Capital Markets? I.e M&A/product/sector groups vs ECM/DCM/LAF

Yes

Reply 188

Nirm

13

Not sure if this has been asked already but what proportion of people in spring weeks or the ones who got an offer were from a target university as opposed to a non-target one? Was there anyone in particular who stood out (from a non target and made it in) and why?

Reply 189

Terry Tibbs

19

Original post by Sayed0123

I'm not an expert on this but it might be because TAS workers meet with bankers more and can build up a bigger network which helps them break in.

So would it then be better to start in audit then move to TAS as an internal hire rather than applying straight away to the more competitive CF grad scheme (In terms of moving to BB IBD)? Also, does your bank recruit associates from people out of Big 4 or do they start in an analyst role?

Reply 190

makrxx

11

Original post by gr8wizard10

for the firm i was at, that generally held true yes

Original post by Sayed0123

Yes

Cheers. Out of curiosity, what is the % like, is there a big difference?

Does Capital Markets tend to expect interns to be more adept technically?

Reply 191

Sayed0123

OP

11

Original post by Terry Tibbs

So would it then be better to start in audit then move to TAS as an internal hire rather than applying straight away to the more competitive CF grad scheme (In terms of moving to BB IBD)? Also, does your bank recruit associates from people out of Big 4 or do they start in an analyst role?

Our bank does recruit people from big4 roles, they start off as analysts.
I'm not sure whether TAS or CF would be better but I wouldn't get your hopes up of getting into IB from a Big4- it is definitely possible but big4 audit/cf/tas aren't big feeders into BB banks. Do audit/corporate finance if that's what you want to do; do banking if banking is what you want to do.

(edited 7 years ago)

Reply 192

Sayed0123

OP

11

Original post by makrxx

Cheers. Out of curiosity, what is the % like, is there a big difference?

Does Capital Markets tend to expect interns to be more adept technically?

The percentage depends on the market conditions each year. No, I don't think it does expect that but I have never worked in DCM/ECM before so I don't know

Reply 193

doggyher

2

Original post by Sayed0123

The percentage depends on the market conditions each year. No, I don't think it does expect that but I have never worked in DCM/ECM before so I don't know

Hey im interested in doing econ at cambridge, ive got 6A*s 3As and 2Bs, but will three A2 levels be enough?

Reply 194

Dvizex

11

Thanks OP for starting and maintaining this thread for so long, as a current Year 13 hoping to break into the M&A sector is there any advice you can offer in terms of bolstering any future applications? I've applied to the HSBC work experience scheme, however, that's more for retail banking and potentially wealth management and it's not based in Canary Wharf. I plan on organising some work experience/shadowing as I have family working in both BB and boutique banks. Finally, what did you do in Year 13 in terms of preparing for a career in IB?
Thanks.

Reply 195

GymLad78

12

So much useful information on this thread.

Thanks OP @Sayed0123 and @Princepieman for the early coverage, some interesting Qs and As.

A couple of questions, I suppose related to recruitment and daily tasks:

1.) Do you work with any analysts from non-target universities and if so do you know how they 'broke in' to IB?

2.) I have strong A-levels, (Oxbridge equivalent) but ended up at a non-target as a result of exceeding my predicted. What would you advice be for a 2nd year Accounting and Finance student with no current relevant work experience (and missed out on IB summer intern in my second year, although buy-side internship is potentially on the cards.)

3.) Do you think it is worth going for a MSc in Finance at a top 5 business school to push prospects and have you noticed many colleagues with MS in finance?

4.) Are you given much indication about promotion/future career progress by seniors?

5.) Is the modelling work you to similar to that taught by M&I/WSO??

Thanks for taking the time and look forward to hearing from you! :smile:

Reply 196

Sayed0123

OP

11

Original post by doggyher

Hey im interested in doing econ at cambridge, ive got 6A*s 3As and 2Bs, but will three A2 levels be enough?

Yes, three is enough.

Reply 197

Sayed0123

OP

11

Original post by Dvizex

Thanks OP for starting and maintaining this thread for so long, as a current Year 13 hoping to break into the M&A sector is there any advice you can offer in terms of bolstering any future applications? I've applied to the HSBC work experience scheme, however, that's more for retail banking and potentially wealth management and it's not based in Canary Wharf. I plan on organising some work experience/shadowing as I have family working in both BB and boutique banks. Finally, what did you do in Year 13 in terms of preparing for a career in IB?
Thanks.

Apply to banking insight days. The retail work experience is useless but some investment banks offer insight days for A Level students which are more useful. If you have family working in banking then you're sorted to be fair. Ask them to mentor you and help you with applications.

I didn't do much in Year 13. I only started preparing properly for a finance career when I started university.

(edited 7 years ago)

Reply 198

Sayed0123

OP

11

Original post by GymLad78

So much useful information on this thread.

Thanks OP @Sayed0123 and @Princepieman for the early coverage, some interesting Qs and As.

A couple of questions, I suppose related to recruitment and daily tasks:

1.) Do you work with any analysts from non-target universities and if so do you know how they 'broke in' to IB?

2.) I have strong A-levels, (Oxbridge equivalent) but ended up at a non-target as a result of exceeding my predicted. What would you advice be for a 2nd year Accounting and Finance student with no current relevant work experience (and missed out on IB summer intern in my second year, although buy-side internship is potentially on the cards.)

3.) Do you think it is worth going for a MSc in Finance at a top 5 business school to push prospects and have you noticed many colleagues with MS in finance?

4.) Are you given much indication about promotion/future career progress by seniors?

5.) Is the modelling work you to similar to that taught by M&I/WSO??

Thanks for taking the time and look forward to hearing from you! :smile:

1) Very very few people from non-targets. You need to be exceptional to have a chance but it is possible if you build a good network.
2)Apply for summer internships, do extracurricular activities, network with people in the industry and prepare well for interviews.
3) Yes, it would definitely be useful if you're currently at a non-target.
4) Yes, the seniors are very helpful and aid your profession at the bank.
5) I don't know about what M&I/WSO teaches.