Everything you need to know before starting your IB/PE job

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Welcome to the twentieth Pari Passu newsletter,

Thank you for being a subscriber.

As most of you know, in the upcoming weeks, interns and analysts will hit the desk and I wanted to provide some advice for everyone. Even if you are already working, I hope you can find something that will save you some time. I promise you that the ROTI (return on time invested) for this newsletter will be worth it so let’s dive in.

The advice will be divided into 4 categories: working efficiently, communicating effectively, being professional, and balancing work with personal life.

Working efficiently

• Learn keyboard shortcuts:

  • The first time using shortcuts will feel like a waste of time but it will make you quicker in the long run so it is worth it to make an effort to avoid using the mouse

  • Some people like using their mouse for PowerPoint and Adobe but there is no excuse for using it in Excel

    • Even in PowerPoint, most common actions (aligning, changing color, adding slides) are much quicker to be done with the keyboard

  • To open an application, hit the Windows button and start typing the name of the application

  • To open windows explorer (share drive, etc.), hit the Windows button + e.

• Customize quick access toolbar:

  • For process and keystroke combinations that you use often in Excel or PowerPoint (and that require a lot of steps with the shortcuts), it is worth customizing your quick-access toolbar so that you can access it directly

    • It takes some time to hit Alt+H+G+A+C to align in the center and it makes sense to create a shortcut

  • Some people also record a macro for some processes but you can save this step for when you are comfortable with the above advice

• In Outlook:

  • On the first day of every project, create folders so that you can keep your inbox organized

  • Create an archive folder, anything that is not relevant/useful can go in the archive so that you have it for later just in case

  • When you get an email with a request, flag it and file it, this will help you stay on top of things

    • If you can resolve/respond to the email within 30-60 seconds, without much thought, do it

    • If not, leave it there and come back to it when you can set aside time to clear out your inbox

  • Whenever you receive an email that is new to your outlook, add it to your contacts, so that when you respond in the future, names will autofill and you don't have to search for emails

  • Try to have a clean inbox at the start and finish of every day

  • Some people like using the to-do function, others like paper; just make sure you get everything done every day

• In Excel:

  • Format all of your sheets in the same manner

    • same column alignment, row alignment, empty rows/columns

  • Include a comments box on any hardcode in the model indicating the source and who/when told you to do so

    • If you have access to Bamsec, you should include a Bamsec link to the source

  • If you enjoy creating “creative” models, Box and label anything that shouldn't be deleted

    • This includes side calculations or helper calculations

    • Include plenty of comments to explain why you did things a certain way, chances are someone else will have to work on your model and this could save them a lot of time

  • Only have one hardcode driver for each item in the model that requires a hardcode and then reference directly to that hardcode

    • This makes the model easier to check and change

  • Color coordinate your cells properly

    • For me, the optimal way to find hardcodes is CNTRL+~

    • This also helps you identify external links and formulas.

  • Use conditional formatting to check that your model balances (net income to cash flow, cash flow to balance sheet, etc.)

    • You can pick what works for you, I have seen most people use green/white if things balance and red/yellow if numbers don’t match

    • You can create a macro to make this process quicker and avoid having to create a formula every time

  • Never have a model with external links (unless you are told so)

    • The shortcut is ALT+E+K: If nothing pops up, you're ok

  • Use data tabs as sources: If your model is driven off of a consistent Excel output that the client provides, instead of typing in updated numbers every time, create a data tab and have everything pulled off of it.

  • Every bank has a different Excel add-in (usually Capital IQ and/or FactSet), make sure to learn how to use it during training and do not be afraid to call the support number, it can be very effective

• In PowerPoint:

  • Learn how to use slide master to automate a lot of the repetitive work

    • For example, you can just add a logo on the top right of a slide one time, and it will be in the exact same position in your presentation

• When working with logos: use LogoIntern, it can save you a lot of time

• Leverage as much prior work as possible: as you create more and more Excel and PowerPoint files, you'll be able to leverage your prior work, so you can copy and replace

  • When you hit the desk and have downtime, make an effort to go through the shared drive (folders that everyone has access to where all the past deals and pitches are stored)

    • Each folder in the drive will have separate folders for the decks and models

    • Whenever you are asked to do something for the first time, it would be ideal if you could use a previous example that someone else at the firm has worked on; this will save you time and should make your job easier

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