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The choice between working in a bulgebracket investment bank or a boutique investment bank depends on individual preferences and career goals. Deal Size and Prestige: BulgeBracket IB Firms often handle large-scale deals and have a global presence. Here are five factors to consider when comparing the two: 1.
Simply put, you want to get as much understanding when it comes to things like dealing with financialmodels, selecting comparable companies, how to format a deck, etc., I was viewed as the top intern and received a return offer at my bulgebracket bank – trust me, you can thank me when you get your return offer.
Here’s a good example for the Aloha Stadium redevelopment project , which has a very aggressive projected improvement: Sports Accounting, Valuation, and FinancialModeling We’ll focus on teams and leagues in this section because the other verticals are covered in the other industry group articles on the site.
People are convinced that financialmodeling in equity research is vastly different from investment banking and that research requires different or more specialized skills. So, for example, quarterly financialmodels are more common in equity research, as are detailed bottoms-up models used in initiating coverage reports.
Investment Banking Experience at BulgeBracket or Top Domestic Banks – As with PE anywhere, you need a few years of IB experience to be competitive in most cases. Working at the bulgebrackets or elite boutiques is better for international funds, while IB experience at the top Chinese banks (CICC, CITIC, Huatai, Haitong, etc.)
Think: benchmarking portfolios rather than modeling companies. You will very rarely get exposed to the type of financialmodeling that bankers complete: 3-statement models , DCF models , M&A models , LBO models , and so on.
You cover quarterly earnings and send updated models and notes to clients and other teams. The differences vs. equity research lie in the details: Financialmodels focus on the downside scenarios and analyze each issuance separately: the Yield to Worst , Yield to Maturity , Recovery percentages, and the default risk.
Renewable Energy Accounting, Valuation, and FinancialModeling For the most part, very little is “new” here. These firms do a bit of everything (solar, wind, storage, batteries, and biofuel), and you’d have to break them into segments to do the full analysis.
Depth of Work – Traditional PE/HF: You’ll spend time doing market research, meeting management teams/customers/competitors, and building detailed financialmodels for any deal that moves past your quick screening. The approval process might take longer (say, 2-3 months rather than 1 month) because more people need to weigh in.
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