Brian DeChesare

MARCH 13, 2024

Over the past few decades, growth equity (GE) has gone from an afterthought to a major asset class for huge investment firms. Some argue that GE offers the best of both worlds: the opportunity to fund innovation and growth – as in venture capital – plus the ability to limit downside risk and invest in proven companies – as in private equity.

Equity 90

Equity Start-ups Marketability Banking 90

Brian DeChesare

MARCH 2, 2022

As investment banking recruitment has moved up earlier – especially in the U.S. Finally, work experience expectations have risen over time, and you may not even be competitive in IB summer internship recruiting without other finance internships first. vs. elsewhere, and it also differs at different types of banks.

Banking 59

Banking Start-ups Finance Equity 59

Brian DeChesare

NOVEMBER 22, 2023

I never expected to revisit the topic of bulge bracket banks so quickly because the full list changes slowly, and we updated it a few years ago. What is a “Bulge Bracket Bank”? The name “bulge bracket” (BB) comes from the prospectus for an IPO or debt issuance, which lists all the banks underwriting the deal.

Banking 97

Banking Start-ups Finance Equity 97

Brian DeChesare

AUGUST 24, 2022

A long time ago, the investment banking weekend trip was a rite of passage. If you came across as personable and knowledgeable in these meetings, you would gain an advantage in winning interviews and job offers – and you might even get to visit the bank’s office briefly. And What Are They?

Banking 87

Banking Start-ups 87

Brian DeChesare

DECEMBER 14, 2022

One topic that I’ve never fully explained on this site is the investment banking target school. There are countless references to “target schools” in the articles and interviews, and we assume everyone understands the term. And why do banks focus so heavily on a few schools? They may not be adjusted for class size.

Banking 52

Banking Finance Start-ups Corporate Finance 52

Brian DeChesare

OCTOBER 18, 2023

Even though we’ve covered industry groups vs. product groups and teams such as M&A , ECM , DCM , and Leveraged Finance , we continue to get questions about capital markets vs. investment banking. The questions usually go like this: Are capital markets teams (ECM, DCM, and LevFin) “real” investment banking?

Banking 59

Banking Marketability Start-ups Equity 59

Brian DeChesare

AUGUST 16, 2023

As with investment banking in Hong Kong , I can summarize private equity in China in one sentence: “If you’re not Chinese, don’t even think about it, and even if you are Chinese, it’s best if you have great connections within the CCP and want to stay in China long-term.”

Equity 70

Equity Banking Start-ups Private Equity Firm 70

Brian DeChesare

JANUARY 31, 2024

In other words, they’re the public face and brand of their fund, and all investment decisions flow through them. This setup creates many differences with multi-manager (MM) hedge funds , from investment styles to recruiting and careers. Some of these funds have 100+ employees; Viking has 275+ with 45+ investment professionals.

Start-ups 59

Start-ups Equity Marketability Banking 59

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

FEBRUARY 16, 2022

One of the more controversial industry groups is public finance investment banking. The controversy starts with the name: Is public finance “really” investment banking? You could argue this either way, but the short answer is yes , public finance still counts as investment banking.

Finance 65

Finance Banking Equity Marketability 65

Brian DeChesare

SEPTEMBER 20, 2023

Look around online, and you will quickly discover that most coverage of venture capital interview questions is junk. Most articles are copied/pasted/tweaked text, others appear to be written by ChatGPT, and others repeat generic questions you might get in an interview for a janitorial position. Which market is attractive?

Start-ups 59

Start-ups Equity Marketability Terminal Value 59

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

SEPTEMBER 14, 2022

For example, if you work in Debt Capital Markets or Leveraged Finance or a closely related area such as corporate banking , technically, you are a “credit analyst.”. Investment banks, investors, and lenders then use these ratings in their analyses. This definition is so broad that it could refer to dozens of roles.

Finance 74

Finance Banking Corporate Finance Start-ups 74

Brian DeChesare

APRIL 5, 2023

The pitch is that you do a mix of high-level “macro” work and occasional “micro” work, such as direct investments, you may get to live in exotic locations and pay less in taxes, and you work much more normal hours than in other finance jobs. Some SWFs operate like long-only asset managers (i.e.,

Equity 59

Equity Start-ups Private Equity Firm Banking 59

Brian DeChesare

NOVEMBER 1, 2023

They do not invest in risky biotech startups attempting to cure cancer (at least not within their traditional PE portfolios). These firms lie in the territory of life science venture capital firms that invest in high-risk, early-stage companies. Some PE firms also invest in this vertical, typically via separate groups (see below).

Equity 59

Equity Private Equity Firm Start-ups Banking 59

Brian DeChesare

JUNE 15, 2022

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

MARCH 8, 2023

But a few related areas, such as commodity desks at banks, commodity trading advisors (CTAs), and physical commodity trading shops could put up a good fight for that “most cyclical” title. Commodity trading desks within sales & trading at the large banks. power, energy (oil, gas, NGLs, etc.),

Finance 104

Finance Start-ups Banking Alpha 104

Brian DeChesare

AUGUST 2, 2023

If you send these emails to bankers in your networking/recruiting efforts, they will notice, and your chances of winning interviews and job offers will decrease. It goes back to what I stated in my article about ChatGPT and investment banking in January: it’s good for summarizing code/documents and can sometimes help with writing code.

Banking 52

Banking Finance Start-ups Equity 52

Brian DeChesare

JUNE 29, 2022

The problem could be almost anything, but it’s usually related to: Operational Underperformance – For example, peer companies have generated Return on Invested Capital (ROIC) figures of 10-15%, but this company is lagging behind at 5%, which is well below its WACC. Activist Investment Strategies. Private Equity or Credit Investing: 9%.

Private Equity Firm 52

Private Equity Firm Equity Banking Start-ups 52

Brian DeChesare

AUGUST 10, 2022

With the possible exception of FIG , oil & gas investment banking generates the highest number of panicked emails and questions. But before delving into the exit opportunities and the long-term outlook, let’s start with the fundamentals: Oil & Gas Investment Banking Defined. How do I move around?

Banking 82

Banking EBITDA Dividends Equity 82

Brian DeChesare

APRIL 24, 2024

But then recruiting moved up, the MBA process became more structured, and now we have 4-year-olds aiming for “Target Kindergartens” so they can eventually get into investment banking ~15 years in the future. where you attend a few days of events and workshops and get fast-tracked for first-round interviews if you do well enough.

Start-ups 59

Start-ups Banking Finance Equity 59

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. but large banks in Asia-Pacific may also offer them.

Banking 90

Banking Start-ups Finance Corporate Finance 90

Brian DeChesare

FEBRUARY 15, 2023

When it comes to investment banking in Australia , it’s easy to find complaints online. Also, “large domestic investment bank” Macquarie tends to rank well, often above the international bulge brackets. based middle-market banks have little presence in Australia; you’ll see Jefferies but not many others.

Banking 90

Banking Finance Equity Start-ups 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

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. Ironically, though, the most personal part of the recruiting process – the assessment center – also generates many complaints.

Banking 64

Banking Equity Start-ups Enterprise Value 64

Brian DeChesare

MAY 10, 2023

I’ve found that two main groups care about investment banking in Singapore : Students who are from Southeast Asia and are considering whether they want to work in Singapore, NY, London, or other places. It’s just that it’s smaller than you might expect, which means a lower investment banking headcount than true financial centers.

Banking 94

Banking Start-ups Equity Marketability 94

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. Also, as the entire recruiting process has become more impersonal and automated ( HireVue , online tests, etc.), languages).

Banking 98

Banking Start-ups Finance 98

Brian DeChesare

FEBRUARY 28, 2024

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. An Example Fixed Income Research Report Recruiting: Who Gets into Fixed Income Research? a credit rating vs. an investment recommendation).

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

JANUARY 11, 2023

This leads us to the possible impact on investment banking and other finance-related roles. So, I’ll take a “centrist” approach here and explain my findings and predict how it might affect recruiting, the job itself, and even education at all levels: My Take on ChatGPT and Other AI Tools: The Short Version.

Banking 97

Banking Start-ups Finance Compliance 97

Brian DeChesare

NOVEMBER 2, 2022

In addition to Prime Ministers that serve for only 44 days and questionable weather/food, the United Kingdom is also known as a global hub for investment banking. Many would argue that investment banking in London is second only to New York in terms of compensation, exit opportunities, deal flow, and “prestige.”.

Banking 75

Banking Start-ups Finance Equity 75

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

APRIL 10, 2024

Even as deal activity, fundraising, and exits have slowed everywhere, billionaires and PE firms backed by billionaires continue to acquire and invest in sports teams. Over two-thirds of NBA teams have a private equity connection or investment , and all major U.S. Why Did Private Equity Suddenly “Get Interested” in Sports?

Equity 82

Equity Private Equity Firm Start-ups Accounting Firms 82

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

MAY 24, 2023

Part of the issue is that many different strategies fall within the “event-driven” category: merger arbitrage , activist investing , distressed investing, special situations, and more. You could even say that a long-only fund that invests in undervalued companies based on their earnings announcements is “event-driven.”

Equity 64

Equity Start-ups EBITDA Banking 64

Brian DeChesare

MAY 17, 2023

And just as tech and TMT investment banking have become the most desirable groups on the sell-side, tech private equity has reached a similar status on the buy-side. If they did invest at all, they stuck to areas like hardware/semiconductors and services since they were seen as “less risky” than software.

Equity 64

Equity Technology Private Equity Firm Start-ups 64

Brian DeChesare

MAY 25, 2022

Depending on your approach, preparation, and timing, you might get great results – or a collection of interview horror stories. Here are the most important points: Importance: Private equity headhunters are the most important in the on-cycle recruiting process for larger funds ( upper-middle-market and mega-funds ) in the U.S.;

Equity 52

Equity Private Equity Firm Start-ups Banking 52