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Equity research recruiting tends to be less structured, though the bulge bracket banks and elite boutiques still run traditional processes that start over a year before summer internships. If you do not get into equity research as an undergrad, these options also exist. For example, if you have an M.D.
Industry-wise, oil & gas and power & utilities are huge, but sectors like healthcare , financials , and telecom are quite significant as well: Technology has been growing, but it’s still less developed than in regions like London or NY. That doesn’t make Dubai “bad” – it just means it’s smaller than many think. are much less active.
Growth equity firms could invest in any industry but tend to be skewed toward technology and TMT , with some exposure to consumer/retail , healthcare , and financial services. Financial Modeling: Like private equity, 3-statement models are common, as are valuations and DCF models , but LBO models are less common since not all deals use debt.
You’ll also have to spend time learning/reviewing the technical questions, as the day-to-day work in ECM and DCM is far removed from subjects like Equity Value vs. Enterprise Value or a DCF model. If it’s a 5-person regional boutique , take the BB capital markets offer. Should You Accept a Capital Markets Internship or Job Offer?
Valuation , such as the different multiples used for mining companies and the NAV model in place of the DCF (see below). To value it, we build a standard DCF based on production volumes, CapEx to drive capacity, and assumed steel prices: The valuation multiples are also standard (TEV / Revenue, TEV / EBITDA, and P / E).
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