Brian DeChesare

DECEMBER 21, 2022

Just look at the financial markets, the crypto meltdown, deal volume at banks, inflation, energy prices, Russia/Ukraine, supply chains, and the hiring environment in tech and finance. But let’s start with my favorite topic: “ranking” banks, schools, and maybe a TV series or three. Bank, School, Dragon, and TV Rankings.

Banking 80

Banking Start-ups Finance EBITDA 80

Brian DeChesare

JUNE 15, 2022

Oh, and most importantly, you won’t get any respect if you’re in one of them. Yes, if you’re working at a large bank, it’s generally best to be in a “front office” (client-facing) role. First, note that these terms apply only to investment banks and related finance firms (private equity firms, hedge funds, etc.).

Banking 90

Banking Treasury Start-ups Finance 90

Brian DeChesare

JUNE 21, 2023

Investment banking in Dubai stands out for attracting remarkable hype on social media. Specifically, should you aim for entry-level investment banking roles in Dubai rather than London, New York, or other financial centers? Investment Banking in Dubai: The Top Banks The usual U.S.

Banking 96

Banking Start-ups Finance Equity 96

Brian DeChesare

DECEMBER 14, 2022

One topic that I’ve never fully explained on this site is the investment banking target school. But that’s not always the case, and it gets confusing because target schools differ by region (U.S. And why do banks focus so heavily on a few schools? Definitions: What are “Investment Banking Target Schools”?

Banking 52

Banking Finance Start-ups Corporate Finance 52

Brian DeChesare

SEPTEMBER 14, 2022

The commonality is that they can be useful side doors into the finance industry, especially if you got started late , earned lower grades , or did not complete enough internships : What is a “Credit Analyst”? how much in products/services they can order before submitting cash payments) and how your company’s cash flow will be affected.

Finance 74

Finance Banking Corporate Finance Start-ups 74

Brian DeChesare

MAY 11, 2022

There are few topics as heated as age and investment banking. What should I do with my life if I’m too old for banking?”. If you are older than these age ranges and still want to win a traditional investment banking role, you should start by asking yourself, “Why?” Do I have any chance if I’m above the age of X?

Banking 98

Banking Start-ups Finance Private Equity Firm 98

Brian DeChesare

DECEMBER 7, 2022

The first thing to understand about investment banking in Hong Kong is that it’s unlikely you’ll ever be able to work in investment banking in Hong Kong. Hong Kong is still an important financial center, but banks there now focus almost exclusively on mainland China in terms of deals, clients, and new hires.

Banking 52

Banking Equity Start-ups Finance 52

Brian DeChesare

JANUARY 19, 2022

FSG Investment Banking: What the Financial Sponsors Group Does The Financial Sponsors Group vs. the Financial Institutions Group The Financial Sponsors Group vs. Leveraged Finance vs. Debt Capital Markets Recruiting: Who Gets Into the Financial Sponsors Group? Table Of Contents. So what’s the difference?”.

Private Equity Firm 72

Private Equity Firm Banking Equity Finance 72

Brian DeChesare

APRIL 24, 2024

A long time ago, the idea of a pre-MBA internship was odd because most people stayed in their full-time jobs until their MBAs began. Also, getting into a top MBA was so much of a hassle that few people wanted to apply for something else before the program began. Do You “Need” a Pre-MBA Internship?

Start-ups 59

Start-ups Banking Finance Equity 59

Brian DeChesare

AUGUST 10, 2022

With the possible exception of FIG , oil & gas investment banking generates the highest number of panicked emails and questions. Historically, these panicked questions were usually variations of: “Will I get pigeonholed? How do I move around? Different banks classify their oil & gas groups differently.

Banking 82

Banking EBITDA Dividends Equity 82

Brian DeChesare

MARCH 27, 2024

If you go by most online discussions, investment banking spring weeks in the U.K. are as essential as oxygen or high grades if you want to work at a large bank. Banks are also to blame because they now market spring weeks to students as young as 16. How Do You Convert a Spring Week into a Real Internship?

Banking 90

Banking Start-ups Finance Corporate Finance 90

Brian DeChesare

APRIL 20, 2022

A long time ago, it didn’t matter that much if you applied for summer internships at the large banks but failed to win a single offer. It hurt, but it wasn’t necessarily a disaster because full-time recruiting still existed, and it was more feasible to win full-time offers without a previous internship.

Banking 115

Banking Corporate Finance Finance Start-ups 115

Brian DeChesare

JULY 26, 2023

A long time ago, hardly anyone knew about search funds or search fund internships. But over the years, they morphed into a well-known topic and then a commonly derided topic – as many people argue that search fund experience is worthless, while others claim it’s “just as good” as working in banking or private equity.

Banking 52

Banking Equity Start-ups Private Equity Firm 52

Brian DeChesare

FEBRUARY 28, 2024

While everyone seems to know about equity research and trading stocks, fixed income research gets far less attention. But a few other reasons also explain why fixed income often gets overlooked: the unstructured recruiting process, fewer job openings, and the “cushiness” of senior-level roles.

Equity 59

Equity Banking Start-ups Finance 59

Brian DeChesare

JUNE 22, 2022

I published an article on this topic of investment banking in New York vs. Chicago vs. San Francisco vs. Los Angeles vs. Houston vs. other cities a long time ago – but a fair amount has changed since then: Remote / hybrid work means that some of the advantages and disadvantages of different cities are more nebulous.

Banking 89

Banking Start-ups Finance Marketability 89

Brian DeChesare

MARCH 22, 2023

Before delving in, though, I want to start with the elephant in the room: I was partially wrong ~5 months ago when I wrote about Credit Suisse, UBS, and Deutsche Bank, and whether they would become Lehman Brothers 2.0. And what should you do if you have an internship or full-time offer at CS or UBS? Is the financial system going bust?

Banking 85

Banking Start-ups Corporate Finance Marketability 85

Brian DeChesare

AUGUST 24, 2022

A long time ago, the investment banking weekend trip was a rite of passage. Ideally, you would have spoken with these bankers on the phone first to get better response rates. Also, since you’ll meet many bankers within a short period, you could potentially get interviews on the spot – depending on the timing of your trip.

Banking 87

Banking Start-ups 87

Brian DeChesare

APRIL 12, 2023

Over time, investment banking recruiting has become more impersonal with developments like HireVue interviews , online tests, and recruiters conducting the initial screens. People often complain about how it’s impossible to make a “good first impression” in a pre-recorded video or when speaking to a hapless recruiter.

Banking 64

Banking Equity Start-ups Enterprise Value 64

Brian DeChesare

MARCH 23, 2022

Some people like to complain about networking in general, but if there’s a specific part of networking that almost everyone likes to complain about, it’s investment banking information sessions. Since they’re open to everyone at the school, it can be quite difficult to get bankers’ attention.

Banking 98

Banking Start-ups Finance 98

Brian DeChesare

SEPTEMBER 13, 2023

Distressed investing offers equity-like returns with lower risk.” Distressed debt investing offers advantages over other hedge fund strategies , but the marketing often oversells the benefits. Distressed investing relates specifically to Debt and how much a company’s Debt and Equity “should” be worth when various scenarios play out.

Equity 83

Equity Banking EBITDA Start-ups 83

Brian DeChesare

OCTOBER 12, 2022

If you search for “how to start a private equity firm” online, you’ll find results that range from useless to tangentially useful to occasional nuggets of real wisdom. That said, much of it is better than the junk found on generic websites about how to start a hedge fund. How Does It Work?

Private Equity Firm 59

Private Equity Firm Equity Start-ups Marketability 59

Brian DeChesare

JANUARY 18, 2023

Finance” could refer to dozens of careers: corporate finance at normal companies , credit analysis , commercial or corporate banking , private wealth management , investment banking , private equity , equity research , hedge funds , venture capital , and even roles like commercial real estate and risk management in the middle office.

Finance 119

Finance Start-ups Banking Corporate Finance 119

Brian DeChesare

JULY 5, 2023

If you want to find investment banking league tables , it’s easy: Google the term and add a specific region, industry, or year you’re interested in: “Investment banking league tables us healthcare [20XX]” For faster results, use Image Search to scan the results and find relevant-looking tables. JPM in London or MS in NY?

Banking 52

Banking Marketability Equity Start-ups 52

Brian DeChesare

NOVEMBER 30, 2022

If you’re doing a PE internship or a PE Analyst program , you already know the most likely path: work at a bank and then move back into PE. Yes, the work is more interesting than banking in ~99% of cases, but if you do not like analyzing companies and working with numbers, you will still not like it. Why Leave Private Equity?

Equity 84

Equity Banking Start-ups Marketability 84

Brian DeChesare

DECEMBER 6, 2023

Multi-manager hedge funds promise investors solid risk-adjusted returns with low volatility; no matter what the broader market does, you’ll make money if you invest in them. Some teams might get $100 or $200 million, and others might get $1+ billion, depending on their track records and sector/strategy focus.

Start-ups 85

Start-ups Beta Marketability Comps 85

Brian DeChesare

JUNE 14, 2023

Whenever internships begin, we get a lot of questions about how to “prepare quickly.” A long time ago, most questions were about Excel, financial modeling , and how to find data quickly. Today, they’ve shifted to programming languages, automation tools, and AI (e.g., can InternGPT do everything for you?).

Banking 65

Banking Start-ups Corporate Finance Finance 65

Brian DeChesare

OCTOBER 5, 2022

Over the past week, there has been a ton of speculation on social media that Credit Suisse – and possibly also Deutsche Bank or UBS – is about to have its “Lehman Brothers” moment. Everyone knew the bank was troubled throughout 2007 and 2008, but most people assumed the government would bail it out, as it had already done for Bear Stearns.

Banking 128

Banking Start-ups Equity Compliance 128

Brian DeChesare

APRIL 19, 2023

Metals & mining investment banking used to be a “sleepy” group. But let’s forget about the children temporarily and focus on the verticals, the drivers, deal examples, and the exit opportunities if you escape from the underground mines: What Is Metals & Mining Investment Banking?

Banking 52

Banking Start-ups Private Equity Firm Equity 52

Brian DeChesare

OCTOBER 11, 2023

While people obsess over investment banking and private equity, other sectors within finance, such as commercial real estate (CRE) , often go ignored. That’s a shame because “how to get into commercial real estate” is a much easier question than “ how to get into investment banking ” for many people.

Banking 78

Banking Private Equity Firm Start-ups Equity 78