Over on the Ask Us Anything section we’re starting to see the same questions come up. This post is going to address why the advice won’t change and how we can save time together.
1) How Do I improve my Diet? We have covered diet advice in a post. If you haven’t taken a look then go ahead and read the post. If you’re slogging 80 hours a week you need to be efficient and as we stated before, if you don’t want to read the post, here’s the basic outline:
Breakfast: Fruit + Protein. Worst case a protein shake in the AM and a banana/fruit bowl on your way to work
Lunch: If you have a high paying job, lunch is used to improve your political positioning so you always eat with people so suck up the $10-12 meals
Dinner: You can get $25+ from your company, do not waste it on unhealthy food. Most people will eat terribly which starts the downward spiral. There are hundreds of options online using seamless. If you don’t have to work late… then make your meal at home after your day is done.
By doing this you guarantee 2/3 of your main meals are healthy. Lunch may be hit or miss, but if you’re smart all 3 will be perfectly fine and you won’t break the bank.
2) What Bank do I Join? Again this question misses the point by a country mile. The question is, which bank will allow me to get promoted the fastest. If you have no idea which bank then go by the rule of thumb
Elite Boutique (Moelis, Qatalyst, Centerview, Evercore, Lazard, etc.)
Bulge Bracket (Goldman, Morgan Stanley, Citi, etc.)
Middle Market (Jefferies, Piper Jaffray, etc.)
No-Name Banks (simply make sure it is the same job function)
No, we will not get into a back and forth about “what exactly is E-Boutique versus not” it is up to you to make that decision but if you’ve done your due diligence the answer will be extremely obvious. If they pay above top bonuses at a bulge bracket… it’s an E-boutique. If it pays the same as a BB… it’s probably smarter to choose the BB.
After your very first job none of this matters at all anymore. From that point forward you choose the firm that is going to promote you the fastest. Think smart. It is about responsibility not prestige.
“F*** prestige get money”
Put that quote on your cubicle. People who obsess over prestige have never had a long career on Wall Street. Maximum of maybe 5 years. To put the nail in the coffin check out one of two blogs we recommend (we only recommend Danger and Play and Financial Samurai). Click on FS’s blog… notice something? He started at a top shop but his real money came in after getting promoted and generating a ton of revenue. **hint hint**
3) When Should I Work Out? Well do you even work out? If you’re under 30 years old and you don’t work out 6 days a week you’ve already lost in the first place. If you have been working out 6 days a week, you probably already have a healthy routine! See how that works? So the question is not when you should work out it is if you even work out in the first place. We got this question many times and the answer when pushed is exactly the same.
If you work on the East Coast you go to the gym first thing in the morning. If you work on the West Coast you go to the gym after work.
You can feel free to change this if you’re a morning person or a night owl but it really misses the point. The point is this:
“There is no science, there is simply consistency.”
Consistency is how you keep yourself honest. If you can make it to the gym every single day and lift correctly, you’re going to see gains.
4) What Do You Think About the Stock Market Levels? Always the same answer, do not care at all. You should not care if the S&P is at 1,700 or 2,000… simply dollar cost average into cheap ETFs such as VOO, SPY etc.
If you’re trying to beat the stock market and you only have a half million dollars or so in the bank, you’re wasting your time. $500K in the bank to invest is pretty much a waste of effort. It means if you beat the bench mark by call it 5% that is only $25K. You may as well go and chase real revenue in a business. $25K for 10+hours a week is only $48/hour… That is significantly worse than what you’re making on the job anyway.
If the economy collapses? It doesn’t matter again. Generally recessions last about a year so you simply sit around and take the extra cash that was on the sidelines and buy any time there is a large correction. Your cash was on the sidelines because you want to continue buying through the dips so you get lower entry prices. Maybe you lost your job for a few months. No big deal. You had cash on the side to keep buying and get your next position.
If the market goes up 20%? Great already exposed getting richer!
What if inflation goes “crazy”? Again already own assets… getting richer! Only poor people think inflation is a bad thing.
5) I Make $50K and I am X Years Old What Do I Do? Some tough love and inspiration at the same time. First why in the world did you do this to yourself? If you look around there is money everywhere. A weekend in a high cost city driving an Uber will net you $30+ an hour. That is an extremely low estimate and yet that gets you an extra $60K per year. Why is it an *extra* 60K per year? Well, if you’re not working at least 80 hours per week and you’re broke, you have no one to blame but yourself. Anyone who believes they should be rich working 40 hours a week is going to be in for a rude awakening.
If you attempt to come back with the “but i’m smart” argument, you’re going to get laughter on this side of the web. Why? If you were actually *smart but lazy* you wouldn’t be broke in the first place right? It is much smarter to control what you can control. Go ahead and start slogging those long hours because at some point everyone pays their dues.
Finally, to put the nail in the coffin on this one… If you believe that anything over 40 hours is “too much work” then how exactly are you going to catch up to someone better than you putting in more time? If Person A is working 60 hours a week making $100K per year and you’re working 40 hours a week making $50K… You’re already making significantly less than Person A on an “hourly basis” and there is no way you’re going to catch up by working less and learning less.
Get to the grind!
6) Does Money Attract Women? Yes. Anyone who says otherwise has never made a good amount of money. Here is a general guideline since the question is asked so frequently:
$50K or less: it will be a negative to your sex life because you are not making enough
$50K – $100K: in a regular city this will be perfectly fine, in a major city it is still a detriment to your sex life
$100K-$175K: in a regular city you’re doing well, in a major city it now has no negative or positive impacts to your sex life
$175-$250K: Positive impact to your sex life in practically every city
$250-500K: Significant positive, less because of your life but because of the value of your time. At this point you’re extremely busy, you’re traveling, you’re not available, these are traits that will make you incredibly attractive. It won’t be possible to fake these trips/traits.
$500K+: It is practically impossible to blow through this type of money with common sense and everything in the previous tier are truer.
$1M+: If you can make this income at any point in your life you’re set. Your life changes because all of your actions value your time and comfort. You fly business/first class and do not care. You live a life that is impossible to fake.
Given the range and scope of this blog, it is certainly possible to get to $250-500K (before mid 30′s of course). This is achievable for anyone who wants it. When you start pushing up on high 6 figures and 7 figure numbers, you’re going to have to do something special.
Finally, there is no need to bother asking people like us. You can check out James Altucher’s blog, a multi-millionaire, who comes to the same conclusion… money gets girls.
(Caveat: before all the guys who live on shoestring budgets come in, yes you still need some social skills. That is about it though. If you don’t have some sort of social disease you’re going to be perfectly fine if you ever obtain large amounts of money)
7) Can You Hire Me? No
8) Are You Writing a Book? Maybe, not enough page views as of today. Creating a book that will take a long amount of time. It is certainly not worth it for a 5 figure payoff.
9) Industry Overview on XXX Sector? Probably, these are for Wall Street folk and the blog is currently a ~50/50 split it seems. This means it’s likely but no promises.
10) Resume Reviews? Nope! Hate them.
11) Can You Redesign the Blog? 100% agree needs to be re-done, no time-table yet though.
2) I am XX years old What do i Do to break in? We also get this one far too many times here’s the general guideline. Unless you have something spectacular you are holding back, this is the backdrop.
Analyst: If you are 25 years old or younger, keep gunning for an entry level slot as an analyst. This means you pass CFA level 1 if you have absolutely no finance experience to prove you understand the basics and then you get straight to networking. If you’re at a non-target then read our post on how to network/recruit. Now if you are from a no name school, no work experience and low GPA. You have next to no shot and are better off going to get an MBA later in life. This is the truth. As a non-target or older candidate with no experience, you need to have something to bring to the table otherwise you will lose time and time again to 22 year old candidates with banking internships, top GPAs and a great school.
Associate: If you are 26-33 years old this is your second chance to break in. If you have nothing related to finance, probably best to get an MBA.
Vice President and Above: Likely 33+ years old and you’re making a switch from a revenue generating career. In this case you should already know if you’re well qualified. Generally speaking, if you’re in a sales role or run a product line at a firm and are paid $300K+… You’re likely a good fit (this is general as most people who are in this slot know if they have the skills to move to the sell-side or not)
There you have it, it will answer 99% of questions. If you’re young you simply network and spin your resume assuming you have some skills that are transferable. If you’re in your late 20s you’re likely better off with a top MBA.
Your post “I’m a failure” really resonated with me, I could relate to a lot of it. In the post you mentioned you interned at “a bucket shop, chop shop, s*** cap, micro cap insert shady investment bank.” I just started as a first year analyst at a bank that would fall into the same category, and I’m wondering what I can do to learn as much as possible at a place like this before I attempt to lateral in 6 mo. – 1 year. What did you do during your internship to learn as much as possible working at a shitty bank?
Ha some of those quotes are funny when read back after being posted several months prior.
That said you’ve already done step one so this is what you do.
1) get on linked-in, find every single 3rd year investment banking analyst on linked-in that is in your city/general area. In addition find every 3rd year in every city you would do banking in.
2) apply as a lateral ONLY to banks that have a proven A to A promotion
3) once a job is obtained grind
(caveat if your small bank is terrible, apply to all larger banks but again choose ones with a PROVEN track record of internal promotion. Promises are worth nothing in this business, not in writing = not legitimate)
In terms of learning… banking is banking. The models may be more or less complex, but there is no major thing to learn. Learning curve is just jargon they throw at you to make it seem more intense. Just expect to work much longer hours, going from a chop shop to a bulge bracket is usually an increase of ~20 hours per week (unless your small bank is also a sweat shop).
As you know, the key is simply to make the lateral. You may have to eat a year as well, but it will be worth it if you can land a solid MM or even get lucky and get into a BB.
Thanks, that LinkedIn tip is genius. To clarify my question about learning, my bank works analysts about 50-60 hrs a week, which is nothing. I’m thinking of devoting an additional ~20 hrs. a week honing the fundamentals, i.e. getting to a point where models and pitch-books are done quickly with no mistakes. Right now it takes me longer than other analysts at my bank to complete my work and there are mistakes. I don’t want this to still be the case in 6 mos when I’m looking to lateral. Any advice on this?
That is an enormous waste of time.
What is more valuable being 1) able to create a chart or 2) having a large set of contacts (VP or higher) at multiple investment banks.
You already know the answer.
You’re right. So how do you recommend networking with VPs and higher once you’re out of college? Informational interviews don’t make any sense, are there networking events for lateral recruits I should be on the lookout for?
In short this is a terrible and stupid question.
Now that we’ve got your attention here is why your question is stupid. It tells everything we we need to know.
1) You don’t have a pitch yet because if you did you would be making edits to it and asking about something tangible
2) You don’t have a list of Alumni to contact – again if you did your question would be more specific
3) You didnt even find the contacts that would be interested in your resume because otherwise Steps 1 and 2 would be done.
You can take this comment as harsh or you can do something about it. We suggest the latter.
The questions you outlined is how people get sold BS “networking” pamphlets. There is absolultely no pamphlet on networking worth a damn because in reality your situation will always be specific to you. If you do steps 1 and 2 you will already have at least an “idea” of how to sell yourself.
Again why do we know nothing was done? Your question is vague and is phrased like someone who has done no work themselves.
1) Get on linked-in
2) get on your alumni network
Take copious notes. You should ALREADY KNOW what your angle is.
Did this person join the same clubs as you? Slyly put that in the email
Is this person in the same investment banking sector as you? Use this as a selling point
Is this person a managing director? He doesn’t give a crap about excel and wants to see if you can SELL so you should pull on his ego – eg: you should ALREADY HAVE his completed deal list.
Hate to type in caps or come off as a hard ass but all the items listed in here are true.
Again, find the people most likely interested in you. Come up with a spin. The next time you comment it should be
“I came up with this spin what do you think?”
Not “I did absolutely nothing please hold my hand”.
You guys mention a lot that if you invest in the spy you will be richer. What is the spy and does vanguard have one?
SPY is just an ETF that tracks the S&P 500 index.
There are NO GUARANTEES in any investment at all. We simply make the case that dollar cost averaging into a market index will yield LONG-TERM gains.
Just go to finance.google.com and type in SPY as the ticker.
You can buy SPY from any brokerage firm.
Any tips, resources or exercises you guys can post/send to get better with Excel and Powerpoint? (more efficient, etc.) For an I banking analyst
Nothing beyond the typical Wall Street training print outs you get
Just type in the following to google: Wall Street excel shortcuts 20XX
Once you can build a 3 statement model in a few hours there is no point in getting faster. As you know it’s not a very important skill once you can do that.
How would you go about developing a pitch for distressed debt? Currently in M&A, any tips for learning about distressed debt? Currently read the moyer book and the HL case study.
Well in that case you are going to phrase your interview question as “I want to help fix companies”
In terms of resources, unfortunately don’t know of a good one on hand. The best way to get ramped up is to 1) find old pitchbooks, 2) go through old M&A transactions and 3) find books written by elite bankers in the space.
All three of those should keep you busy for quite some time.
For a first date, would you suggest going to a place you ate somewhat familiar with, or a new venue that seems pretty exciting, but you have never been there before/know what to expect? My thinking is to try the new venue out. If the date fizzles, could still try to enjoy new venue.
familiar venue where everyone knows you. Status wins.
Hi im 20 years old, with 3 years left of univesity and I choose the wrong major so im aleardy playing catch up. I live in a dysfuctional home that is effecting my performance in every aspect of my life from school to lifting. I have to save energy to deal with all the shit that goes on it my house, when I can allocate that energy to something that can better me. In addition its like im haunted by my home life, I can be completely focused and be submerge in something but these thoughts just creep into my consiousness. I know your stance that your environment should not dictate your state, I have tried living using this principal for the last year I have only seen slight improvement. I am reluctant to write this post because Im not trying to complain but would like to your advice on what to do about my current home situation because im a really struggling with it.
Get a part time job and move in with a lot of roomates on campus.
If your family is holding you back, leave.
Thank You for responding and thank you for the advice. I will take your advice and will be moving out. However I cant help but feel like im abandoning my family specifically my younger siblings who have nothing to do with the problem. How do I deal with this?
You are not abandoning anyone.
Explain to your younger siblings why you are leaving and set a precedent. If the situation is really bad enough where you will be successful by leaving, prove it to them.
Now your younger siblings have someone to look up to.
Again run the math. Save the money by getting a decent part time job and if they are net loss on your life, you’re doing yourself a huge favor by leaving and are providing your siblings with a real role model. Ie someone who “made it” and didn’t let his situation determine his future.
Whai know that you guys advocate to avoid debt at all costs. But what about housing debt such as a mortgage on a condo or coop ? Rent is crazy in nyc and at the all that you are left with is rent receipts. How can you minimize the costs of housing living by yourself so that you can save most of your income?
You have asked the same question numerous times already.
Is ‘lesbian’ codeword for slut?
Hahaha. Funny question, overall no. But if you’re saying there are a larger number of openly bi-sexual girls out there, would have to agree with that observation.
By some stroke (well several strokes) of luck I have won the affections and regular sex of someone way out of current league – she’s a solid 9 and doesn’t go out much anymore (used to be a bikini model back in the day), and I’m still at the beginnings of my career, fitness and psychology. Downsides? She is a decade older (doesn’t want or have kids though) and just got out of a 5 year relationship with a rather boring and broke guy (the dude details cars…. at 40. WTF). The truth is she left him for me.
Part me of wants to be with her and ride that magical train of wild romance and pornographic sex as long as possible, but am I being young and foolish not to consider the emotional implications of a heartbreak? Should I be cutting this loose and sticking with the 6s and 7s (on a good day) I typically attract? I’m only getting richer and fitter with time and if she doesn’t keep up, things will naturally take their course.
As noted several times. 6-9 months is generally the rule of thumb. Read our post on a relationship.
If she is 10 years older than you, it doesn’t sound like it will last very long to be honest.
You should make your own decisions, just realize they all come with positives and negatives. Asking people what to do about your sex life is a bad habit you don’t want to develop.
Hard to be a leader if you can’t make decisions on your own sex life, not being harsh simply telling you how it is.
How many hours of studying do you think a person needs to spend in order to kill IB interviews?
I’m curious as I’m in the process and wanted to get your opinion.
You should have a generic pitch. This should take 5-10 hours to create depending how many interviews you have had in the past. Background, why you, strength, weakness, all the items listed in the Q&A section.
After that is done it will unlikely ever change.
Then you should spend ~1 hour per company.
If you have 25 interviews you should be able to knock out the compnay specific pitch the day before you walk into the interview room
Technical = 0 hours to 40 hours. If you know it then there is no point in studying. If you have no knowledge well you need to grind.
What are your general approach to setting up second dates after grabbing drinks for the first date? Any guidelines, suggestions or general rule of thumbs? Read your comment regarding to making more decisions independently instead of seeking advice. To what point should you go on your own, and go through trial and error instead of seeking advice?
After you have tried and failed something 5-10 times then you should ask questions
“I tried this and this and this, all 5 ideas didn’t work any tips?”
Until then you are wasting the person’s time.
Going back to the prior question, what’s your approach for setting up second dates? First date only led to heavy makeout.
See now you have provided incremental information.
The answer is clear, now. Go on any date near your place, do not get physical with her AT ALL in public, no touching. Invite her to your place and make a move there – should be 5 minutes walking from you. Act somewhat colder than usual (physically) but be entertaining/fun in public (eg: run good game). The lack of physical contact will make her think you’re not that into her so she’ll be much happier when you make the move in private
Hello,
I recently stumbled upon your site and have been obsessively reading your archives as time permits. I want to break into Wallstreet when I graduate, let me tell you a few things about myself.
I’m 18 and married (A bad move in the eyes of most of those in the Game community, but its my choice as a man and aligns with my values, but the sites advice is not to get married).
I’m attending the University of Wyoming, majoring in Economics, Math, Computer Science with a minor in Finance. Graduate in 5yrs.
My college is paid for. I get 13k back from the school this year, and around 8 for the next 3 after that.
I work a job that will bring in about 40k a year, my wife’s brings in about 13k. Two years from now her income is expected to reach mine.
My expenses are about 1k a month and next year I plan on looking for trailers around here to lower my rent and rent out rooms to friends
Learning web programming on my spare time and after that trying to maximize my excel skills.
Questions:
How does my outcome look? My career goals is working in Hedge Funds or in S&T (I think trading looks more my area). What else can I do?
The University has connections for internships, and I have heard that Denver firms recruit from UWYO, but how can I get the best opportunities possible?
Other advice on how to break into Wallstreet when I graduate?
Thank you for your time.
Unless Wyoming is a target school that makes your chances significantly lower.
If you want to break into wall street.
1) get a 4.0 GPA
2) work side internships in something finance related
3) transfer to a target university in year 2, in-line with community college transfers
Read 1) post on non-target recruiting in worst case and 2) real guide to colelge system on how to apply.
Can you define private equity and hedge fund?
PE: takes broken entity fixes it for later sale or IPO
HF: runs a portfolio to beat a benchmark
I like your site man, you must have worked so hard writing all this great info on here. I have a question for you.
I dropped out of HS at age 16 but I am looking to start college next year via an entrance test. I’ll be 22 should I start next year. When I finish I’ll be around 26. Reason I never went to college is because I never saw the benefit of it and because we own a family business and have been living off of it for 12+ years. Father never went to college and is doing great with the business. is a natural sales guy. Make about $6k a month but can be much more. I am not really interested in taking over the business as of now and I am spending my time doing nothing except going to the gym and working a few part-time jobs (minimum wage) so I might as well do something valuable with my time. BTW I live in Europe but the family business is in a small south american country. don’t see myself living there as it is really boring, but there’s money to be made.
I am interested in 3 subjects with #1 being the one I’m most interested in:
1) International Hotel Management (Bachelor in Business Administration)
I could see myself working in a large hotel as a GM, degree is also useful in other management jobs
2) Financial Services Management (Bachelor of Business Administration)
You’ll be working as a financial adviser. Mortgages, treasury, insurances, stocks and banking.
3) Fiscal Economics (Bachelor in Business Administration)
You’ll be working as a tax analyst/auditor. Working for firms like deloitte. starting salary is very good
4) Ditch college and get into the family business to help and learn from my dad. Downside is that it’s a boring 3rd world country.
Thanks
What is your question?
1) we know nothing about
2) we also know nothing about except for the very last one. Maybe should be added to about us but this blog focuses on FO Jobs.
3) also do not know.
4) would keep this as a fall back plan if you have no interest
As it stands your best move is to get into the best university possible, then go straight tithe career center.
Unfortunately most of the items you have asked are unrelated tbh.
How do you carry yourself? I’m talking in terms of communication- verbal, non-verbal, how much you speak, etc. On occasions like when your going for lunch with your boss or potential boss, or when you meet a bunch of friends of friends, or when you meet someone for a date. For example, are you the charmer who doesnt take anything seriously when you start talking, or do you keep quiet and make a comment here and there.
On a short-term basis, yes, its important to not be in your head and just ‘be yourself’, but I believe you can change ‘yourself’ over the long-term; then for self-development purposes, how should we carry ourselves in terms of communication with others? Pretty general question, but it’s such a huge element of our lives that I would love to get your opinion.
You should always act in a way that gets the person/group to like you.
After that you make a decision on if you should keep in contact with them.
If you’re bright, at the end of the convo you know more about them than they do about you. Only exception is work where you’re selling yourself.
Is it realistically possible to be in really good shape i.e. well above average, if you work 16 hours a day? I’m willing to prioritize definitely, but in terms of sleep, diet and energy for lifting…
Once you start cracking 80 hours it becomes quite tough. If possible, you develop trust with your firm then you’re allowed to leave after he markets are close to hit the gym for 1 hour and come back to finish the work.
If you can’t do that, workout first thing for 30mins to an hour and really hit it on weekends. You’ll be above average fitness but not in insanely good shape.
After that just focus on a healthy diet.
Ok, I’m thinking maybe just focus on being lean and healthy then rather than gaining much mass. I suppose in the long run that’s probably the best route anyway for “longevity”.
What do you think of a woman who is your girl and you find out on her facebook and instagram page pictures of buffed up celebrities with comments of her saying damn just what the doctor ordered. I would like to eat some of that. What would your opinion be about her and would u take her serious after that? Btw…she doesnt know that you read those comments…
1) you shouldn’t bother stalking/following girls on Instagram and Facebook, you should have better things to do with your time. If you have either one that’s fine but using your valuable time seeing “what other people are doing” is nonsense. We recommend deleting both.
2) now that you have that information, no would not take her seriously. As mentioned you shouldn’t take any American woman seriously unless proven over many many months to be incorrect. Even then 6-9 months and drop.
After spending a ton of time grinding towards goals (career, financial, fitness, etc.), it seems ability to game goes down, and level of investment in a girl’s reaction goes up.
Is there any things that you guys do to switch from the determined, “rigid” mindset, to the playful, fun, carefree mindset of game smoothly/quickly?
You should have no change, not sure what you mean and have not dealt with this issue.
If you’re trying to meet women while constantly thinking about work, you’re not going to be in the moment and you’ll blow out.
When at work stay in your head and grind. When you’re on your own free time, don’t think about work.
Seems you’re having a tough time switching states in your mind. Have never dealt with this issue so do not know how to help tbh. You should simply have fun when you go out because there is no way you’re going to improve your career when you’re lounging at a bar with a vodka in your hand right?
When you’re not at work, forget about work. Keep them separate.
Given the hectic lifestyle, do you guys cook or just eat out? If so, do you cook a big batch of food for a few days or quick meals but from scratch every time?
Thanks for the post idea.
We’re doing one on overall health on the Street. Will apply to people who have a future/promising career as well IE: 60-80 hours a week being the norm.
That’s cool, looking forward to reading that post once it’s on the site!
On a second look your questions were answered:
http://wallstreetplayboys.com/a-working-mans-diet/
I work in the health care industry with a union job that pays 45 grand with excellent medical benefits. I dont pay anything for medical benefits and my insurance covers everything including medicine. No premiums no deductibles and no copayments for anything. I have a degree in information technology in nyc. I want to join the group of very high income but most high income jobs or careers have high salaries,no union, no job security and horrible medical insurances. My question is the following: what type of health insurance do you guys have?I work out and eat healthy like you guys preach but I believe that a good health insurance is mandatory no matter what because you can break your foot and there goes your savings if you dont have insurance. What would you advise me since job security and health insurance are a prority to me? The more you make the more uncle sam takes away as a wage slave and the more you pay back in taxes.should I not worry about having a union for job security? Any tips?
Simply make the best decision based on your current options. Most firms provide healthcare so not sure what you mean by this.
Any advice on overcoming addiction?
No significant advice, the best thing to do is find something healthy to replace the current addiction. This is not something we’ve dealt with to a major extent so we’re not good people to ask.
When you guys talk about state control are you talking about NLP? Do you support/practice NLP?
Yes NLP is part of it, we have a post somewhere on here that covers NLP please use the search function.
State control = recognizing when your internal beliefs are impacting your outward results.
Example1 : after you land your first job or get into your college of choice you are usually on a “high” naturally this leads to better results when interacting with people
Example 2: if you were recently fired, you’re on a low and this likely negatively impacts your ability to interact with people.
So your goal is to control your state to the vibes from example 1.
Thanks for the response. Do you recommend any books on the subject?
I’ve delved into “Introducing NLP: Psychological Skills for Understanding and Influencing People” which is good so far.
And apologies, I searched for “NLP” as well as what it stands for and didn’t get any hits – maybe I’m doing something wrong.
In reading a post of yours on another website called “Top 5 Basic Technical Questions That Will Show You The Door”.
As you said you are trying to filter out those that study technicals based on memorizing interview guides. What would you recommend the best ways are to get a *solid* foundations of technicals going into analyst interviews?
1) build a 3 statement model by yourself
2) correctly spread 7 comps in excel in your universe/sector
3) create the valuation metrics that would show up in the comp table
4) create a dcf off of the 3 statement model
You should be rock solid after that.
hello,
i have a job where i’ll be able to retire with a defined benefit pension plan by the time i’m 55 which will be well above 6 figures guaranteed . I’m currently 28 years old. Should I still contribute to my 401K to lower my tax bracket or is saving for retirement/lowering my tax bracket not really necessary in my case?
thank you.
If you are certain that you’ll have enough off of the benefits plan after 55 to live the life you want to live then there would be no point.
Make your own call though.
connoco phillips has a generous 401K plan where they take 1% of your annual salary but match it by 9%.
Wondering if you guys could post something on how to get capital for a business and the different types and how to go about doing it. (Venture capital, Friends/Family, Bank loans, etc). Seems like starting a business is the ideal situation for everyone.
thanks
Unlikely post since the business would be up and running off of their own capital before moving on in which case they would already know the best means to obtaining funding.
You fuckers were right… 6-9 months max. And women lie better than men. Although some may view this as a win, since I was on the good side of the cheating affair, heartbreak still sucks balls. Oh well, guess I just have to make even more money to fill empty void that is my heart. And sex. Lots of sex.
This is not a question. Also your *empty void* should not occur, there is no such thing if you’re happy, healthy and have a normal sex life.
I’m very good at networking in a professional context, but I have difficulty creating meaningful friendships. What’s the best way to improve that? How many close friends is necessary for happiness?
The best way to obtain good friends is to be a valuable resource in a few topics. Once that happens people will be asking to spend a lot of time with you. If you have nothing to add, then there is no reason why a large number of people want to spend time with you.
If you have 5 real friends who will go to bat for you, then you’re a rich man indeed. You don’t need a lot of friends, most will stab you in the back, just create a small core over a decade and have a large number of acquaintances.
I’m a female. What are your thoughts on friendships between men and women? Can they work? Should my strategy be different when establishing friendships with girls?
Also what are some topics one can specialize in?
Thanks!
1) Can you provide some common stereotypes of each BB/e-boutique?
2) On that note, BB or e-boutique?
1) not sure what your question is, please clarify.
2) If you are young we would lean towards an E-boutique unless you’re talking about GS/MS in which case you will be on similar footing. IE: a job at Citi should not be chosen over a job at Moelis. Either way if you’re in this position you’re in great shape!
The main reason we suggest a E-boutique is because they have smaller teams and can’t afford to hire bad people. So if you’re not a stellar analyst at least you will be doing some meaningful work here and there. In a BB if your’e not great, they will give you poor tasks for the full 2 years.
Every single bank and group is different so giving a BB versus E-Boutique is a bit meaningless beyond the paragraph written above.
In short? In our opinion, if you’re young you go to the E-boutique because chances are slightly higher that you’ll end up with meaningful experience. Again this is simply because they cannot afford to have a bad hire.
Thanks. Can you provide us a few examples of what you would consider an e-boutique?
What I meant in question 1 was which sector does each bank excel in, for ex: MS maybe healthcare, Moelis maybe technology, etc? Or is this too much of a generalization
What you are asking for would take hundreds of hours worth of time. It would be near impossible to come up with a list of every single bank, every single sector/group they cover within each city and every single banker that moves firms which would change the strength of the group. EG: if the #1 banker goes from MS to Citi, the strength of the MS group at that point would decline.
E-boutique is essentially Qatalyst Partners, Moelis, Evercore, Lazard, Centerview.
Please do not take these lists or decision making ideas at face value. You absolutely must research by yourself. Is the group good? Do they have good deal flow? Did any major banker leave?
Asking the following “I got DB NYC or Evercore NYC” would be like asking someone to choose heads or tails on a coin flip. You have to dig into each group/sector and find out if the placement rate is good, if the deal flow is good and if the seniors want to help their junior bankers grow.
You guys emphasize game however the game is rigged. Women have more choices than any of all of us thanks to technology. They are the real emotionless players. Game today is not as before especially in America. A good looking woman walks down the street and will be hit on more than any good looking muscular well dressed guy. I have seen the best players get hurt. Money beats game too. Go on twitter and all these women want a rich guy. They constantly complain about these broke as guys. They are also more into self improvement than us. Men are doomed no matter how much game they learn and study. If you have money and health that increases your options but you have good looking women with nothing and still have a long list of f-buddies than any one of us. It’s a joke….Your thoughts?
No thoughts at all.
If you are well off (Ie: we always say to get money first) and you stay in shape + have decent game the USA is a great place to be.
Unless you’re average then you should leave the country.
What do you guys think of information technology as a career? I know that it’s not on your list however if you look at all these startups and apps it looks promising. Any thoughts?
It is a job not a career if you have no way to leverage the skills to create something in the future. If you do have leverage in the future (before 40) then yes.
You guys mention that retirement is a scam. Do you guys ever see yourself retired? if not what do you guys see yourself doing when you get to be 65 and older?
That is far away, the answer is whatever you feel like doing. You should have more than enough to do what you want to do far before then.
Which do you choose, a BB bank that is decent in everything vs. a middle-market bank that is not doing so well in other sectors expect the one that you are in, which is doing exceptionally well?
Same answer always given around here. Choose the one with the better placement/promotion ratio.
In general a BB is more likely to win but choose carefully.
Would you consider how well exit opps are as well?
My concern is if it’s a BB the chances of being placed at the top is harder, i.e. more competitive, whereas a middle-market perhaps it is less so. Opinion?
That is what we mean by placement.
Your concern is incorrect, the top 10-20% is a standard across the board. Again simply go to the history of the bank, what happened to the vast majority of the analysts?
That is your answer and why we don’t burn a lot of time talking about the difference between a specific bank.Groups differ dramatically even within the same bank, so make the right move when you have done your own research.
How can you protect yourself from something like the Argentina default happening here in the states? we still need some cash for emergencies so what should we do? doesn’t that affect the stock market too?
You cannot protect against a full macro downtick. In that case you should have *emergency cash*. That is about it though, the emergency cash is not an investment though.
what are some great websites to find a better job/career? how can someone with a bachelor’s in computer science improve in the current economy with high unemployment?
We do not know engineering careers or websites
Regular sites:
Doostang
Indeed
Linked-in
Company specific website
Theladders
Hi,
I love your blog and I’ve been following it for some time I’m coming from a back office Big 4 Public Accounting background and recently decided to make the switch to pursue one of my dreams which would be to work for a VC. My ultimate goal would be to work at a startup or create one of my own. I’ve been applying to many other jobs with your resume template with accounting jobs they love it but for startups no bite. Recently a position opened up at a well known large VC and they require a cover letter. How should I convey my interest even with my non-traditional background to be applying for the job they usually look for people with previous startup experience, IBs, PE, Biz Dev etc. Thanks for any advice on how to approach applying. Please keep up the awesome work!!!
As stated many times before.
Employers are risk averse.
If your résumé reflects all your abilities there is nothing else you can do.
Harsh truth? Moving from back office to VC is a needle in the haystack. It sounds like your résumé is getting traction at FO roles. In your shoes, switch to FO and then go to vc.
That is the right move,
Well its getting traction at Financial Services IB/PE but Backoffice roles. I just want to get out of that stigma still waiting for a call back for an advisory role at a Big 4 company which would be better than staying in BO. I will try harder to get into a FO role than eventually VC
Ahh gotcha in that case you’re doing the right thing.
As mentioned before as well, no one reads useless cover letters. Anyone who says they do = loses immediate credibility.
Agreed I just thought that VC might have been different since they’re non-traditional. I.e. The VC job descriptions posted by some top tier firms have asked for Twitter Handle, Meetups attended, my personal blog and blogs that I read. Reading the blogs of former analyst who have received offers show some insight that they were involved in consulting, ib, pe or startups. I just was unsure on how should try to standout since I have non-traditional background but most likely will have to do what you recommended first but doesn’t hurt to try to get my foot in the door.
That is an odd situation.
In that case it is best to spin your cover letter or interests to be related to the companies they invest in. If they primarily invest in say retail Internet stocks, then spin your CV in that direction.
Since this is a one off situation that is probably the best way to approach it.
This is a bit too specific to come up with a “what to do”. Our guess again is to just spin it and then continue to search for a FO role and get out of BO ASAP.
Thanks totally agree. Appreciate it!
Don’t know if others have the same request, but would it be possible for you guys to create a mobile version of this site? The font becomes hard to read on a smartphone.
And any chance to invert the question orders for this Ask Us Anything section (i.e. latest questions on top, earliest questions at the bottom)?
1) mobile site appears to work fine
2) do not know how to reverse it, haven’t looked into a site update… Probably should though
% chance of S&P 500 rebounding after the weekly decline to at least 1970 within the next month?
Trying to predict the S&P 500 over a daily/weekly/monthly trading situation is like playing god.
We don’t play that game.
Buy hold for 30+ years.
What do you guys think about buying gold bars as an investment? what are some good hedges against inflation?
A good rule of thumb is 5% of worth in metals such as gold.
Any appreciating asset class is a hedge against inflation. Cash is the only thing that would be a bad investment.
what do you mean by your first $50K purchase in your street tweets?
and what are some exit opportunities after working on the buy side for a good 5 years managing a fixed income portfolio?
Generally when you buy items in excess of $50K you start using leverage. Meaning you better be right.
If you’re a good manager then build a book of business, recurring revs, that’s a great gig to have!
do you guys offer mentorships ? can you be someone’s mentor?
No we do not.
We have a post on finding a mentor here on the blog.
How do you make new friends in a new city starting off as a IBD analyst? Currently, have been trying to make friends by doing things related to personal hobby (BJJ, Yoga, Gym etc.), but the difficultly has been scheduling appointments, then cancelling last minute as schedule is dictated by staffer.
Have tried making friends in gym/yoga, but the main purpose is to workout, and get back to office ASAP. What would your suggestions be with regards to making friends out finance (for a balance) without a strong social network?
To be honest it sounds like you’re doing the right thing.
Meet people on weekends and avoid making plans, instead simply try to call them on a whim.
Plans will generally blow up.
Hey guys, would it be ok to invite someone for a coffee when cold emailing for internships (I am thinking of mailing ER analysts, as I want to go into ER) at small investment dealers/brokerages or would it be better to just follow the pattern you guys have mentioned before and just attach a resumè? I am currently in school (Econ major) and have some good extra curricula, but GPA is not the best its around 3.4
Cheers!
In your case it would be smarter to do this move when you’re closer to internship time. You want to do a real meet up when you’re “ready to apply” so to speak.
As an example if you’re a sophomore and you’re on the cusp of 3.5+ GPA. Then go and take some community college classes and you’ll move up in the mean time.
Then you can apply with a 3.5 and be ready to present your *best self*. No use for a meet up until you’re ready to ask for any openings.
Hey Guys,
Just a quick question. Is the “walk me through your resume” and “Tell me about yourself” the same question? If so, you guys say to go chronologically through my story, but that chronological order is not present in the resume (ie the different sections for work/leadership).
Any advice?
Practically the same.
Always go chronological when explaining it so it sounds smoother. Before you begin on walking through the resume explain you put relevant items up front, but just go chronological from there.
Chronological allows them to see why and how you made the decisions you did.
Hey,
So I’ve managed to talk and connect with several relatively important figures in my field of interest, but as someone of very little value (I’m a student, if that matters). I know you mentioned in a previous post to keep
“soft once a month contact”, but I was wondering what exactly this entails. In particular, what would you consider appropriate contact topics (vs irrelevant or useless contacts/emails). For example, would asking for opinions on key news events/on goings be appropriate? What about personal questions and asking for advice?
Thanks,
You keep in contact with only pertinent news.
If it is every 2 months so be it.
Ideas:
1) You seeing they just closed a deal
2) You seeing they just hired a person for their group in a press release
3) You being officially ready to apply, ie ask to talk on phone/coffee meet up for an interview so to speak
4) you obtaining a position during school that will be a new item on the resume for when you apply later
Anything that 1) shows progress or 2) shows you’re really paying attention to the firm
The rest is a waste of their time.
What do you guys think of I saving bonds as an investment?
We have already covered stock and bonds many times here in various forms.