Brian DeChesare

JANUARY 10, 2024

If you want to read angry comments and long threads with plenty of insults, you can’t go wrong with the wealth management vs. investment banking debate. And wealth managers at large banks may advise people with as little as a few hundred thousand to invest. The truth is that both claims are correct but incomplete.

Banking 59

Banking Start-ups Equity Corporate Finance 59

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

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

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

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

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

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

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

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

SEPTEMBER 7, 2022

If you want an investment banking internship , you need a previous investment banking internship, usually at a smaller firm. And as the recruiting process has moved up , this problem has gotten worse because you need these “pre-internships” even earlier to have a good shot at the large banks later.

Finance 84

Finance Banking Start-ups Marketability 84

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

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

FEBRUARY 9, 2022

Company Types: These firms invest in large, publicly traded companies that serve addressable markets worth tens or hundreds of billions. Recruiting: If you don’t work in one of the top groups at a bulge bracket bank (or an elite boutique ), you don’t have much of a chance at these firms.

Equity 52

Equity Banking 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

NOVEMBER 9, 2022

People usually start this discussion by comparing S&T exits to investment banking exit opportunities and saying that S&T exit options are “worse.”. Execution Trading – You take your team’s investment ideas and execute them at the best price and terms to maximize profits on the trade. But that’s not quite accurate.

Banking 69

Banking Equity Start-ups Marketability 69

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. Also, if you send short emails – which you should in any networking effort – these AI tools are pointless because they barely save you time.

Banking 52

Banking Finance Start-ups Equity 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

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

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. Interestingly, there are not many investment banks on these lists.

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. 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

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

SEPTEMBER 20, 2023

No Right or Wrong Answers – Some technical questions have correct answers, but many market and investment ones do not. There are better and worse explanations for your answers, but in the absence of time travel, VC interviewers can’t determine if your startup investment pitch was “correct.” Which market is attractive?

Start-ups 59

Start-ups Equity Marketability Terminal Value 59

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

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.),

Banking 98

Banking Start-ups Finance 98

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

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? Why Are Weekend Trips NOT That Useful?

Banking 87

Banking Start-ups 87

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

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 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

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

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

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. billion at a P / BV multiple of 0.1x – exceptionally low for a commercial bank. with flying colors !

Banking 85

Banking Start-ups Corporate Finance Marketability 85

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 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