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Message
The Wall Street Admissions Test (WSAT)
Posted on 4/13/14 at 5:48 pm
Posted on 4/13/14 at 5:48 pm
How many MT'ers have taken this test? I took it about a month ago while applying for some hedge fund job in NYC, and I'm glad for having the experience.
What impressed me more than anything about the StreetOfWalls website, however, was the section (" Training Courses") with all the articles breaking down each section of the interview and training process for investment banks, private equity, and hedge funds.
Investment Banking Interview Training
Investment Banking Technical Training
Private Equity Training
Hedge Fund Training
Quantitative Hedge Fund Training
Consulting Interview Training
Consulting Case Study Training
There's a ton of great practical information in there about how hiring actually gets done in these industries, and it's stuff that I definitely wish I had come across as an undergrad or in business school. (EDIT: It's a lot better than what I read in those Vault.com manuals back in the day.)
I'm pretty much just focused on the Quantitative Hedge Fund Training part now, but I just thought I'd share the link here for any who might be interested.
What impressed me more than anything about the StreetOfWalls website, however, was the section (" Training Courses") with all the articles breaking down each section of the interview and training process for investment banks, private equity, and hedge funds.
Investment Banking Interview Training
Investment Banking Technical Training
Private Equity Training
Hedge Fund Training
Quantitative Hedge Fund Training
Consulting Interview Training
Consulting Case Study Training
There's a ton of great practical information in there about how hiring actually gets done in these industries, and it's stuff that I definitely wish I had come across as an undergrad or in business school. (EDIT: It's a lot better than what I read in those Vault.com manuals back in the day.)
I'm pretty much just focused on the Quantitative Hedge Fund Training part now, but I just thought I'd share the link here for any who might be interested.
This post was edited on 4/13/14 at 5:50 pm
1
Posted on 4/13/14 at 6:45 pm to Doc Fenton
Saw the 2011 HBO movie "Too Big to Fail" again last week. Didn't 3 of the top 5 investment banks go under in 2008 -- Bear Stearns #5, Lehman Brothers #4, and Merrill Lynch #3
That leaves standing GC, JPM and MS?
Is this correct?
That leaves standing GC, JPM and MS?
Is this correct?
Posted on 4/13/14 at 7:30 pm to matthew25
What in the world does that have to do with this thread? He's looking for a hedge fund job.
Doc- I meant to take this last year right after the CFA, but never got around to it as I moved to NYC a week later and spent the next month working or boozing like a sailor. I'm taking L2 in June and might bang this out after while some of the topics are still fresh. Best of luck in your job hunt. I'd definitely be interested to hear what kind of feedback you hear on the value of this test.
Doc- I meant to take this last year right after the CFA, but never got around to it as I moved to NYC a week later and spent the next month working or boozing like a sailor. I'm taking L2 in June and might bang this out after while some of the topics are still fresh. Best of luck in your job hunt. I'd definitely be interested to hear what kind of feedback you hear on the value of this test.
Posted on 4/14/14 at 3:49 am to matthew25
quote:
While the definition of which banks are included in the “Bulge Bracket” list can vary, the following names usually appear:
Bank of America Merrill Lynch (Bank of America acquired Merrill Lynch in 2008)
Barclays Capital (Barclays acquired the North American operations of Lehman Brothers in 2008)
Citi
Credit Suisse
Deutsche Bank
Goldman Sachs
JPMorgan Chase
Morgan Stanley
UBS
Goldman Sachs is generally regarded as the leading investment bank in most business areas, and is the toughest Bulge Bracket investment bank to break into. Goldman has a very strong reputation within the industry and among corporations. They advise on the majority of high profile M&A deals and other major transactions.
ETA: UBS got hit by the subprime crisis worst than just about any other bank in Europe, and have slimmed down their investment banking division substantially. I'm not sure they belong on the list anymore, but I'm a little unsure of the specifics on how far back their cuts were.
This post was edited on 4/14/14 at 3:54 am
Posted on 4/14/14 at 4:04 am to Chris Farley
quote:
Best of luck in your job hunt.
Thanks.
I think I'm done for now though. I'm not sure how much you know about my situation, but I got hit with a pretty devastating blow a few months back when I learned that the private bank that was my quant master thesis sponsor would not be providing me with enough funds for living expenses abroad. So I packed up and moved to Houston to find a better job than what is available in Louisiana, and had to get one ASAP.
I took a job dealing with analyzing and reporting on syndicated bank CLOs, and was planning to still look for other jobs on the side, but as of Friday, I think I will already be moved to a better position than where I started, so now I'm thinking I'm going to just stay put at my current place for a while and try to save up enough money to get my arse back to Europe.
quote:
I'd definitely be interested to hear what kind of feedback you hear on the value of this test.
Not much. I don't think it's really caught on yet. I took it as part of my application for Firefly Value Partners, because they make all applicants take it. Still, I was impressed by the setup, the nature of the test, and all the information on the website.
I am thinking that maybe the WSAT will catch on and become more common practice in future years, but it certainly isn't there yet. Nonetheless, I got a pretty good score in my opinion--at least for someone from a non-accounting background competing against other hedge fund applicants, and it's always good to have your name and score in the system, because maybe at some point in the future hedge funds will look at my info stored there and contact me out of the blue. Then again, maybe not, but you never know.
Anyway, I enjoyed studying and taking the exam, and I think the rules say that you can retake the exam every 90 days if you don't like your current score, which stays active for a few years I think.
quote:
I'm taking L2 in June
So am I!
But, man, I really need to get my arse in gear about studying for it...
Posted on 4/15/14 at 10:57 pm to Doc Fenton
Thanks, I have never considered Citi and Bank of America to be investment banks.
Of the top 9, four are foreign: English, German and 2 Swiss. I thought France had a major bank.
Of the top 9, four are foreign: English, German and 2 Swiss. I thought France had a major bank.
Posted on 4/16/14 at 12:56 am to matthew25
BNP Paribas?
Posted on 4/16/14 at 11:00 am to Dead Mike
That and Societe Generale I think, although I wouldn't really call them major.
Before the crisis, it was a little clearer who the big boys in the bulge bracket were, and who was mid-tier. Now it's a little grayer.
Goldman Sachs and Morgan Stanley are the only stand-alone bulge bracket i-banks left, and JPM & Citi are right behind them--and come on, Citi has been a major i-bank ever since they acquired Salomon Brothers. In fact, they were pretty much the quintessential example in the U.S. of the post-Glass-Steagall move to universal megabanks.
And Merrill Lynch was always considered a major i-bank too, therefore BoA is considered one now that they acquired ML.
As for Barclays, Credit Suisse, & Deutsche Bank, yeah, they're mostly European. CS made a move to be bigger in the U.S. when they were Credit Suisse First Boston, but it didn't pan out. UBS ran into a gigantic shitstorm recently, but they used to have a ginormous building in Connecticut.
The Street Of Walls links talks about all that, as well as the boutique M&A / advisory players like Wasserstein Perella and Lazard.
There was a thread last fall on investment banks in the South for those looking for lower-tier and specialty firms, and I gave a link to some lists there: LINK.
Before the crisis, it was a little clearer who the big boys in the bulge bracket were, and who was mid-tier. Now it's a little grayer.
Goldman Sachs and Morgan Stanley are the only stand-alone bulge bracket i-banks left, and JPM & Citi are right behind them--and come on, Citi has been a major i-bank ever since they acquired Salomon Brothers. In fact, they were pretty much the quintessential example in the U.S. of the post-Glass-Steagall move to universal megabanks.
And Merrill Lynch was always considered a major i-bank too, therefore BoA is considered one now that they acquired ML.
As for Barclays, Credit Suisse, & Deutsche Bank, yeah, they're mostly European. CS made a move to be bigger in the U.S. when they were Credit Suisse First Boston, but it didn't pan out. UBS ran into a gigantic shitstorm recently, but they used to have a ginormous building in Connecticut.
The Street Of Walls links talks about all that, as well as the boutique M&A / advisory players like Wasserstein Perella and Lazard.
There was a thread last fall on investment banks in the South for those looking for lower-tier and specialty firms, and I gave a link to some lists there: LINK.
Posted on 4/16/14 at 2:35 pm to matthew25
quote:
Didn't 3 of the top 5 investment banks go under in 2008 -- Bear Stearns #5, Lehman Brothers #4, and Merrill Lynch #3
That leaves standing GC, JPM and MS?
FWIW, 5-3 = 2, not 3.
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