AMA: Non-target to London BB to Top PE

What would you say is the best way to learn financial modeling?
What valuation (or finance) book is best?

Hi all

I did a similar thing on Wall Street Oasis and I was able to help a few people out - would love to do the same here if I can!

In 2013 I joined a PE firm in London after 3 years in IBD at a bulge bracket. I had a very non-traditional background but managed to secure a job at the BB. I also did a hell of a lot of recruiting for the BB over my 3 years so am well placed to answer any and all questions you may have.

Thanks!

What things can I do on an internship to stand out for conversion?

Thanks for taking the time to do this.

Interested in what sort of things you got asked in your PE interviews?

Hi all

I did a similar thing on Wall Street Oasis and I was able to help a few people out - would love to do the same here if I can!

In 2013 I joined a PE firm in London after 3 years in IBD at a bulge bracket. I had a very non-traditional background but managed to secure a job at the BB. I also did a hell of a lot of recruiting for the BB over my 3 years so am well placed to answer any and all questions you may have.

Thanks!

I feel like everyone follows the PE route. I was wondering if you knew of any other routes people had gone down, perhaps not so traditional?

I feel like I'd rather do something Corporate Development related and probably find it more interesting for me. Is that a suitable route to go down if you want to progress at a corporate? Do you have any insight into things like this?

Also, for you, was there nothing that made you think you'd like to stay in IBD?

That aside, whatever route you go down, how valuable do you think it is to gain professional qualifications - what would you recommend? Thinking about specifically MBA, CIMA, CFA, ACCA etc. Let's say assuming you went IBD to Corporate Development etc.

Finally, any advice for incoming IBD interns? Maybe more on the little things rather than the generic online things?

^ I recognise that's quite a lot to ask but thanks in advance.

Posted from TSR Mobile

g.

What are typical daily hours in BO/MO/FO respectively?

And how often, if ever, do u work weekends.

How do hours vary from analyst to associate to VP?

And really how do you show you are willing to work midnights in an interview..

Hi all

I did a similar thing on Wall Street Oasis and I was able to help a few people out - would love to do the same here if I can!

In 2013 I joined a PE firm in London after 3 years in IBD at a bulge bracket. I had a very non-traditional background but managed to secure a job at the BB. I also did a hell of a lot of recruiting for the BB over my 3 years so am well placed to answer any and all questions you may have.

Thanks!

Which uni in the US?
Would you say the work experience is better in the US or UK? What about wages?
How far can a HBS/Top BS MBA bring you?

Thanks

I'd rather not say the uni to retain my anonymity.

I think there are probably more deals in the US. Also, it is all very US focused which is good (standardised accounting) but may get a little dull. In London we are more global and spend a lot of time looking at exciting growing regions such as Asia and Eastern Europe. Wages are similar, maybe slightly better in US given most banks are HQ there and the current strength of the USD!

A top MBA can get you a job at a top bank...but so can a target undergrad degree. MBA is more useful for people who want to change careers.

Okay that's interesting. I have an offer from Edinburgh for Econ and Phil, how good/bad would you say my position is when aiming at banks such as Jp Morgan and Goldman? ( knowing they rate pedigree so high )

Also how do people such as Mark Carny (and Bernanke? I am not sure )manage to go from
top banking positions to top government ( still banking thou ) positions?

What are typical daily hours in BO/MO/FO respectively?

And how often, if ever, do u work weekends.

How do hours vary from analyst to associate to VP?

And really how do you show you are willing to work midnights in an interview..

Sure, people go down all kinds of routes. I know people who have gone to corporate development, growth equity, venture capital, start-ups, Google and some who have just quit altogether and travelled for a couple of years. Banking (IBD specifically) gives you a great foundation for any job in the business world, and completing the 2-3 year analyst stint is almost like a badge of honour that everyone respects (and will open doors).

The move from IBD to corpdev is pretty easy. The route up internally from corpdev would be variable and firm dependent, but I think it is very well respected at most firms. Ultimately, however, if you want to progress at a corporate you will want to work for an operational division of that corporate and start running projects and then ultimately divisions / businesses. But I think it's very common at a corporate to spend a couple of years in corpdev and then go to work for an operational division. There is a good degree of flexibility in most corporates and they understand that people will want to move around every few years to stay interested. This also lets their employees see all of the various parts of the business.

Professional qualifications are OK but not necessary, for IBD at least. Probably not worth it. If you want to work for a corporate I imagine ACCA would pigeonhole you. If you want to work for a startup or be a CFO one day then an ACCA is a great asset. CFA is only a requiment really for asset managers and those involved with investment (although not important for PE or hedge fund investing). MBA is very expensive and I only recommend it for career changers: i.e., I have spent 4 years as a consultant and I want to go to banking...I will do an MBA (at a top school only) and use their career services to get a role in banking.

Anything that made me think I'd like to stay in IBD? Sure. The money is good, it's fast-paced, the work can be interesting (especially now that things have picked up). But after 2-3 years as analyst you need a break!

I've pretty much given my advice to interns above, including some . To reiterate (with a few additions):

What do I look for? In an intern or first year analyst the most important thing is attitude. Is this person going to want to work to midnight every night, often doing boring work just because they are hungry and want to learn? There is obviously a certain degree of intelligence required, but if you got an interview then I can assume you have met that threshold. So yeah, I'd say attitude, enthusiam, and willingness to learn are the most important things...assuming you have a base level of intelligence.

It's all about enthusiasm as an intern. Be first one in, last to leave. I know this is a bit silly but makes a difference. Shave if you're a man. Dress nicely but not over the top - ie no braces, don't wear a rolex. Always look presentable, fresh, and ready to work / learn. Never complain or push back.

Sure, people go down all kinds of routes. I know people who have gone to corporate development, growth equity, venture capital, start-ups, Google and some who have just quit altogether and travelled for a couple of years. Banking (IBD specifically) gives you a great foundation for any job in the business world, and completing the 2-3 year analyst stint is almost like a badge of honour that everyone respects (and will open doors).

The move from IBD to corpdev is pretty easy. The route up internally from corpdev would be variable and firm dependent, but I think it is very well respected at most firms. Ultimately, however, if you want to progress at a corporate you will want to work for an operational division of that corporate and start running projects and then ultimately divisions / businesses. But I think it's very common at a corporate to spend a couple of years in corpdev and then go to work for an operational division. There is a good degree of flexibility in most corporates and they understand that people will want to move around every few years to stay interested. This also lets their employees see all of the various parts of the business.

Professional qualifications are OK but not necessary, for IBD at least. Probably not worth it. If you want to work for a corporate I imagine ACCA would pigeonhole you. If you want to work for a startup or be a CFO one day then an ACCA is a great asset. CFA is only a requiment really for asset managers and those involved with investment (although not important for PE or hedge fund investing). MBA is very expensive and I only recommend it for career changers: i.e., I have spent 4 years as a consultant and I want to go to banking...I will do an MBA (at a top school only) and use their career services to get a role in banking.

Anything that made me think I'd like to stay in IBD? Sure. The money is good, it's fast-paced, the work can be interesting (especially now that things have picked up). But after 2-3 years as analyst you need a break!

I've pretty much given my advice to interns above, including some . To reiterate (with a few additions):

What do I look for? In an intern or first year analyst the most important thing is attitude. Is this person going to want to work to midnight every night, often doing boring work just because they are hungry and want to learn? There is obviously a certain degree of intelligence required, but if you got an interview then I can assume you have met that threshold. So yeah, I'd say attitude, enthusiam, and willingness to learn are the most important things...assuming you have a base level of intelligence.

It's all about enthusiasm as an intern. Be first one in, last to leave. I know this is a bit silly but makes a difference. Shave if you're a man. Dress nicely but not over the top - ie no braces, don't wear a rolex. Always look presentable, fresh, and ready to work / learn. Never complain or push back.