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At the junior levels , entry-level professionals in both fields spend a lot of time in Excel working on models, valuations, and documents such as equity research reports and investment banking pitch books. public markets roles ( hedge funds , asset management , etc.), bulgebracket research team to startup PE firm).
The basic difference is that the international bulgebracket banks tend to be stronger in M&A advisory and weaker in equity and debt capital markets. These banks focus on the capital markets, so you should target the bulgebrackets if you want to work on M&A deals. 1,000 | Singapore: ~170 Hedge Funds: U.S.:
based bulgebrackets (GS, MS, JPM, Citi, and BofA) are the strongest international banks, and Avendus, Kotak, JM Financial, ICICI, and Axis are the strongest domestic firms. Among the bulgebrackets, the U.S.-based based firms (GS, MS, Citi, JPM, and BofA) tend to perform best. or Europe and recruiting there.
But the headwinds have subsided, and the tailwinds have finally arrived in the form of new fund launches, a rise in allocations and increasing returns for funds, not to mention the continuing emergence of multi-strategy hedge funds. That’s adding a level of interest in the sector again by allocators. billion in 2023.
For example, they might ask you how to use a DCF, what bond yields are, or the trade-offs of debt vs. equity – but but they won’t ask you to build a DCF model or calculate Unlevered Free Cash Flow. As with the job itself, the theme is breadth over depth.
We’ll return to this point later, but in finance, it’s more common to do a pre-MBA internship at a small VC/PE firm or boutique bank rather than a bulgebracket bank. If you’re targeting an informal venture capital internship , private equity internship , or search fund internship , focus on smaller, local firms.
For example, if a renewable developer wanted to raise debt to build a new offshore wind farm as a separate entity, it would fall under Project Finance. Many private equity firms and hedge funds invest in renewables or related areas like chemicals, industrials, technology, and power.
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