Investment Banking Insights
A podcast for aspiring investment bankers, hosted by career-switcher and MBA student Alex Mason. It covers both technical topics, such as the famous "400 interview questions," and the softer skills needed in the profession. The show aims to guide listeners through the journey of breaking into investment banking.
Episodes
Top 10 IB Recruiting Resources
By popular demand... here are my top 10 recruiting resources for investment banking!1. 400Q Guide2. Investment Banking by Rosenbaum and Pearl3. Financial Statements by Ittelson4. Wall Street Journal5. Morning Brew6. Dale Carnegie7. Toastmaster's International8. Microsoft Excel9. Perplexity AI10. Notion AIContact: investmentbankinginsights@gmail.com
Working Capital Equation (Receivables, Inventory and Payables)
Here's a refresher on the concept of working capital. But we don't just cover the concept today, we'll look at the formula and what it means. Specifically:Working capital cycle (aka the funding gap) = Receivable Days + Inventory Days - Payable DaysThanks so much for supporting the show!Contact: investmentbankinginsights@gmail.com
Wells Fargo Update, Plus Ken Moelis Steps Down
Updates in the world of investment banking, regarding Wells Fargo's release from it's $1.95 trillion asset cap. Also, Ken Moelis steps down as CEO of Moelis & Co.The Pulse - Buy Side RecruitingBuy Side Resources (14 Real LBO Case Studies w/Apollo, Blackstone, KKR, etc.) For 10% off enter: IBIDisclaimer: This post contains affiliate links. If you make a purchase, I may receive a commi
Drew Pascarella on Building a Career and Teaching Cornell's IB Immersion
Drew Pascarella is a seasoned investment banker and educator (including my professor!). Drew shares his journey from an IT role at Goldman Sachs to becoming a front-office investment banker at Citi, and eventually transitioning to teaching at Cornell University. We cover a lot of ground, including themes such as:- the importance of networking and mentorship- building your reputation throughout you
Series 63 Exam Results (Plus Graduation!!)
Series 63 exam results and differences from the SIE.Also…I just graduated from business school!!!! 🙌🏽Contact: investmentbankinginsights@gmail.com
IB Recruiting Outside of NYC
Most of the investment banking jobs in the United States are in New York...but what if you want to work somewhere else? Setting up your life in a physical location is a big decision that impacts your entire lifestyle. Today we cover how to tackle this interview question.Contact: investmentbankinginsights@gmail.com
Finding Your Champion with Pete Fraser
Today we're sitting down with Pete Fraser, a former mechanical engineer who successfully pivoted to investment banking after his MBA at Cornell. Pete shares his journey from working in a steel mill in Gary, Indiana to landing a coveted position at Guggenheim in New York City.We discuss: The culture shock of MBA recruitingA cautionary tale about getting cutThe "Zero Defects" philosop
How to Un-lever and Re-lever Beta
Beta measures systematic risk...great to know, but what do we do with it? In today's episode we'll walk through how to un-lever and re-lever beta based on the capital structure of a target business that you're valuing (e.g. for a DCF analysis).Contact: investmentbankinginsights@gmail.com
SIE Exam Results
How I did on the Securities Industry Essentials (SIE) exam and advice for you!Contact: investmentbankinginsights@gmail.com
What Is Beta?
What does beta mean in finance and what is it used for? A simple explanation.Contact: investmentbankinginsights@gmail.com
Quick NVIDIA Comps Analysis (Capital IQ)
Today we're performing a quick comparable companies analysis for NVIDIA in Capital IQ. We'll walk through how to create the set of comparable companies and get to the point of being able to compare trading multiples for similar firms.Contact: investmentbankinginsights@gmail.com
IB Journey Update and Networking Thoughts
Today I'll give a quick update on where I'm at in my journey, and share some insights I've learned talking with a several of you!Contact: investmentbankinginsights@gmail.com
AI's Impact on Investment Banking
AI's a big buzzword these days, but it's worthwhile to think about how artificial intelligence is going to impact our work as investment bankers. While I don't think we'll be out of a job, I strongly believe the nature of our work as advisors is changing, and we'll be expected to do much more, as sophisticated tools allow us to expand our productivity.Contact: investmentba
Recruiting Trends and Strategies with Jason Lum
It's my pleasure to welcome Jason Lum back on the show to talk about recruiting trends and strategies to help you stand out (particularly if you go to a non-target school). We discuss what's going on in the market right now and specific actions you can take to make progress toward success!Looking for one-on-one help with the recruiting process? Jason and his team still have a few slots o
M&A Accretion Example (Capital One and Discover)
Last week we talked about the Capital One and Discover deal going on right now, and I thought it would be a great opportunity to explore how the math might look for a deal like this. We'll go over a simple merger model that I put together in Excel. Contact: investmentbankinginsights@gmail.com
Capital One Acquires Discover Financial (Deal Pitch)
Capital One has decided to acquire Discover Financial, a big deal in the financial services space. Today we discuss the basic elements of the deal, including purchase price, consideration, and rationale.Contact: investmentbankinginsights@gmail.com
FINRA Requirements for Investment Bankers
After you get the internship and secure the return offer, what's next? To get licensed as an investment banker, you have to take a few tests....bummer right? Don't worry, these are standardized exams that will draw on a lot of knowledge you've already been learning. Let's dive into exactly what these tests are so you know how to approach them when you're ready.Contact: inv
The State of Investment Banking 2025
Happy 2025! Every now and then it's good to zoom out of the small details of recruiting and understand what's going on in the broader industry. Here are are some fast facts and figures about how the IB industry did in 2024...and my thoughts for what's to come this year!Contact: investmentbankinginsights@gmail.com
Evaluating Multiple Offers
When you get that investment banking offer in hand, it's a beautiful thing. The most common situation is simple - you accept the offer!But what if you have multiple IB offers to choose from? It's an amazing position to be in, for sure, so how do you decide? We talk about this scenario today on Investment Banking Insights.Contact: investmentbankinginsights@gmail.com
How To Know When To Quit Recruiting
How To Know When To Quit RecruitingContact: investmentbankinginsights@gmail.com
3 Fatal Mistakes When Answering Interview Questions
There are a number of ways to prepare for investment banking interviews...and there are ways to not prepare. I've experienced some of these mistakes myself and want to share the lessons I've learned with you in today's episode. The content of what you share is important, but the way you deliver your message is equally important.Contact: investmentbankinginsights@gmail.com
Jon Paris - Career Evolution in Banking and Career Advice From My Talent Director at Lincoln International
Today I have the pleasure of sharing a conversation with someone who not only rose the ranks of investment banking to become a Director, but is also someone who runs recruiting at the largest privately held investment bank in the world, Lincoln International.Oh and...he's also the person who hired me at Lincoln!Jon Paris shares his story with us, detailing his career growth as well as what in
Case Studies In Investment Banking Interviews
A trend is emerging among some investment banks, where case studies are becoming a component of the interview process. In today's episode, we discuss:why case studies can be relevant to investment banksthe two structures of case studies I've observedhow to approach preparation for case studiesContact: investmentbankinginsights@gmail.com
Jason Lum - The 'Bridge' Path to Investment Banking
Today's episode features a conversation with finance consultant Jason Lum. Jason worked his way up to several high-finance roles - including a banking role at CIBC - from his time as an undergraduate at a non-target university in Canada. We discuss several aspects of the recruiting process, including:- using 'bridge' roles to land your IB job- the importance of combining networking
Boeing Buys Spirit Aerosystems (Deal Pitch)
Today we'll look at a real deal pitch example for a deal that's happening in the market right now. We cover the basic facts of the deal and what things you can point to in terms of the strategic rationale for the acquisition.Contact: investmentbankinginsights@gmail.com
Deal Pitch 101
Getting the typical "why investment banking" question is expected, but what if your interviewer expects you to go deeper?You might get asked for a deal pitch! Today we cover the basics of how to structure an answer to the question "pitch me a deal"Contact: investmentbankinginsights@gmail.com
How To Become An IB Analyst w/Larry Oliver
What does it take to become an investment banking analyst? When you do you need to start the process, and how do you keep track of so many deadlines?In today's conversation, I speak with Larry B Oliver. As a current IB analyst, Larry has experience navigating the analyst recruiting process and offers tips on how to best navigate it.Larry also runs The Pulse newsletter, a free resource helping
The Six Steps of Sell-Side M&A
When a company mergers with another business or acquires a business, there is a standard process that investment banks go through to get the deal done. Today we explore these six steps.Contact: investmentbankinginsights@gmail.com
Valuation Ratios for Investment Bankers
Today we discuss some common valuation ratios for investment bankers!Contact: investmentbankinginsights@gmail.com
Lessons From The Summer Internship (Banking De-brief)
It's time to reflect on my summer internship in investment banking! Here are the high level lessons I learned.Contact: investmentbankinginsights@gmail.com
Back and Ready Fall 2024!
We’re back! A quick update for y’all.Contact: investmentbankinginsights@gmail.com
Valuation Methodologies You Should Know
Aside from the basic three methods of valuing a company, here are a few other valuation methodologies you should know.Contact: investmentbankinginsights@gmail.com
Three Major Valuation Methodologies
Today we cover the three major valuation methodologies!1. Comparable Companies2. Precedent Transactions3. Discounted Cash FlowContact: investmentbankinginsights@gmail.com
How Do You Account For Convertible Bonds in Enterprise Value?
You might know the basic equation for calculating enterprise value already. But how do you account for convertible bonds as part of that calculation?Contact: investmentbankinginsights@gmail.com
Calculating Fully Diluted Shares (Treasury Stock Method)
Let's learn how to calculated fully diluted shares for a company using something called the Treasury Stock Method.Contact: investmentbankinginsights@gmail.com
Breaking Down Enterprise Value
Let's break down enterprise value together today!Contact: investmentbankinginsights@gmail.com
Goodwill: What Is It Anyway?
Goodwill is one of those weird accounting concepts that doesn't come naturally at first. But it's super important and not that hard to understand once you break down the underlying logic of it. Today we'll learn about goodwill! It's critical for investment bankers to know, particularly in the context of mergers and acquisitions.Contact: investmentbankinginsights@gmail.com
Let's Talk About EBITDA
What is EBITDA and why do we care about it as investment bankers?Contact: investmentbankinginsights@gmail.com
GAAP vs Non-GAAP Earnings
What's the difference between GAAP and the ambiguous "Non-GAAP" earnings that we often see in company financials? Contact: investmentbankinginsights@gmail.com
When Do You Capitalize Or Expense A Purchase?
Capitalizing a purchase vs expensing it can be understood by looking at the differences between the Income Statement and the Balance Sheet. Let's check it out!Contact: investmentbankinginsights@gmail.com
Why Collecting Cash Is Different From Earning Revenue
I used to think that when a business "made money" it was the same thing as earning revenue, as well as collecting cash. But then I realized I was wrong. Today we cover a basic accounting principle that's important for investment bankers to understand when looking at financial statements.Contact: investmentbankinginsights@gmail.com
How Do You Account For Asset Write-Downs?
When an asset gets written down in value, how does that impact the financial statements? What happens when debt gets written down too?Contact: investmentbankinginsights@gmail.com
Working Capital Explained
What does it mean for capital to be "working"? Today we unpack this concept, which is plays an important role in understanding the balance sheet, cash flow, and projecting cash flows in a DCF model.Contact: investmentbankinginsights@gmail.com
Negative Shareholder's Equity - Is It Possible?
Can Shareholder's Equity be negative on the balance sheet? And if so, how?Contact: investmentbankinginsights@gmail.com
Company Sells A Product
What happens when a company sells a product, and how are the financial statements impacted? We'll assume the product is sold for $20 and it costs $10 make.Contact: investmentbankinginsights@gmail.com
Company Buys A Factory
What happens to the financial statements when a company buys a factory with debt? We'll look at this scenario at Year 0, Year 1, and the end of Year 2 / start of Year 3.Contact: investmentbankinginsights@gmail.com
When Inventory Goes Up By $10
How do you account for changes in the financial statements when inventory increases by $10?Contact: investmentbankinginsights@gmail.com
Walk Me Through $10 Of Accrued Compensation
How does accrued compensation work on the financial statements? Today we'll work through a simple problem to find out.Contact: investmentbankinginsights@gmail.com
Walk Me Through $10 Of Depreciation
Let's put our knowledge of financial statements and depreciation to work to solve a simple investment banking accounting question.Contact: investmentbankinginsights@gmail.com
Understanding Depreciation and Amortization
Depreciation and Amortization always seems like funny concepts to me, but now that I have studied them in more detail I understand why they exist.Today we'll go over the basics of what D&A actually are and why they matter.Contact: investmentbankinginsights@gmail.com
Connecting The Three Financial Statements
We covered what the three financial statements are, and their most basic components. What how do they connect to each other? We'll cover some of the major connections between the three financial statements.Contact: investmentbankinginsights@gmail.com
Cash Flow Statement Fundamentals
Today we're talking about the fundamentals of the cash flow statement! (my personal favorite)Contact: investmentbankinginsights@gmail.com
Income Statement Fundamentals
Today we're covering the fundamentals of the Income StatementContact: investmentbankinginsights@gmail.com
It All Comes Down To This
It’s time for Day One.Contact: investmentbankinginsights@gmail.com
Balance Sheet Fundamentals
Today we explore the fundamentals of the balance sheet!Contact: investmentbankinginsights@gmail.com
How To Do Final Internship Prep
How to do final preparation before starting your internship!Contact: investmentbankinginsights@gmail.com
Where I’m Going This Summer
A quick update on life, and where I’m interning this summer!Contact: investmentbankinginsights@gmail.com
The 6 Levels Of Investment Banker Responsibility
What are the different levels of responsibility of an investment banker?Contact: investmentbankinginsights@gmail.com
The Investment Banking Landscape In The U.S.
What types of banks exist in the U.S? Today we'll talk about three broad categories:Bulge BracketsLarge IndependentsSmaller IndependentsThanks for enjoying this episode via audio or on YouTube!Contact: investmentbankinginsights@gmail.com
Accounting Basics For Investment Bankers
As Investment Bankers we certainly don't have to know the finer details of accounting - what we do have to know the basics! Here are some of the essential concepts we should know as investment bankers.Contact: investmentbankinginsights@gmail.com
Coverage VS Product Groups
What's the difference between a coverage and a product group at an investment bank? Today we'll learn the basics.Contact: investmentbankinginsights@gmail.com
From Non-Target To IB Success With Matthew Farquhar
Matthew Farquhar started out as an undergrad in Canada trying to figure out how to break into Investment Banking. At first, it wasn't going well.Unanswered emails, coffee chats that went nowhere...not to mention he was coming from a "non-target" university.Fast forward several months, and he landed a prestigious Investment Banking internship in the US.Now, Matthew helps other studen
Why Do You Want To Work Here?
It's not enough to know your story and to know why you want to go into Investment Banking. It's important to have clarity about why you want to work for *a specific bank*.How do we answer this question? Contact: investmentbankinginsights@gmail.com
Why Investment Banking?
Today we answer the fundamental interview question "Why Investment Banking?"Contact: investmentbankinginsights@gmail.com
Tell Me About Yourself (The Pitch)
Tell Me About Yourself - The Pitch!Quite possibility THE most important interview question.Contact: investmentbankinginsights@gmail.com
Be An Asset Wherever You Go With Sandy Li
Today we have a special episode of an interview with Sandy Li. Sandy is a Wharton alum, former investment banker, and recruiter. She currently works as an executive coach teaching important skills like executive presence and discovering your unique value proposition.I thoroughly enjoyed the conversation and have listened to this multiple times for my own learning. Enjoy!Learn more about Sandy at:
Five Reasons Not To Pursue Investment Banking
Five Reasons Not To Pursue Investment BankingContact: investmentbankinginsights@gmail.com
What Is Investment Banking?
What exactly is investment banking?Contact: investmentbankinginsights@gmail.com
Investment Banking Insights Is Now On YouTube!
We're on YouTube now!!:)Contact: investmentbankinginsights@gmail.com
Quick Update On The Show
Quick update on the showContact: investmentbankinginsights@gmail.com
The State Of Investment Banking 2024
The State Of Investment Banking 2024Contact: investmentbankinginsights@gmail.com
The Myth Of Accretion
The Myth Of AccretionContact: investmentbankinginsights@gmail.com
How To Network At Events
How To Network At EventsContact: investmentbankinginsights@gmail.com
Determine Valuation From Precedents
Determine valuation from precedent transactionsContact: investmentbankinginsights@gmail.com
Benchmark Comparable Deals
Benchmark comparable dealsContact: investmentbankinginsights@gmail.com
Thoughts On LBOs
Some recent thoughts I've had as I've been learning the ins and outs of leveraged buyouts.Contact: investmentbankinginsights@gmail.com
Collar Provisions
Collar ProvisionsContact: investmentbankinginsights@gmail.com
Fixed and Floating Exchange Ratios
Fixed and Floating Exchange RatiosContact: investmentbankinginsights@gmail.com
Spread Transaction Data
Spread Transaction Data - calculating equity valueContact: investmentbankinginsights@gmail.com
Finding Data For Private Transactions
Finding Data For Private TransactionsContact: investmentbankinginsights@gmail.com
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