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

Note: the below article was published in June 2023 and is currently behind paywall

I am feeling very grateful for how our community is growing, and I am removing the paywall for all readers this month ahead of many of you starting your new role.

If you are not subscribed to Pari Passu, I would encourage you to do so now. Our writeups go behind paywall after publication, so subscribe now or pay to read later!

If you enjoy our content and want more of it, please consider becoming a paid subscriber to access our premium-only writeups. The June premium piece will be exceptional. I want to make Pari Passu my job, and I need your support to make this happen.

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

• Check your work after a quick break: Once you've finished any type of work, take 5 min and step away from your desk. Do anything else and then go back to review what you just did with a fresh mind

• Printing tips: When you print, first print to PDF and compare it to the previous draft in PDF that is marked up. Set the zooms equal between the marked-up version and your new one, place the windows on top of one another, and you can ALT+Tab between the files. If something flashes, the numbers/values changed

• Pin the most commonly used applications to your taskbar so that you can avoid having to drill in the drive to find something you are working on most of your workday

• Pin deal files: same idea but for files; in Windows Explorer, pin your most commonly used deal files to the favorites section, this reduces time spent going down through the shared drive

• Paste links in your emails: This helps others and yourself find data more quickly.

• Save all of your logins in your browser: This allows you to automatically login to any online application.

  • I promise you that no one will ever log in to your LogoIntern account to see what logos you have downloaded

• Find a time when you work the most efficiently: when you can make progress on work that requires 100% of your attention; this will usually be early or late when people around you are less loud

• Avoid all-nighters: they are a result of two things: lack of planning and communication (by you or your senior) or making avoidable mistakes

  • If you chat with your buddies all afternoon, do not complain that you need to work until 2 am to finish your workload

Communicating effectively

• Learn to balance asking questions vs. trying to figure things out without spinning your wheels: my general rule when I was first starting out is 30 minutes. If you can't figure it out, ask the associate. It's his/her job to mentor you. Take notes on what they tell you. This prevents you from asking the same question twice. Personally, I keep a Word doc for each project I've worked on, whether it be a deal or a pitch, broken down by category (ppt q's, excel, etc.) so I can reference them before asking my ASO or VP.

• Over-communicate: keep your deal team informed on where workflows are at, the expected time to finish (know it will be hard to do this in the first months), and what potential issues/outstanding items you foresee. If you are going to be late, ensure that you email the team

• Be clear: always ensure that the senior clearly knows which project/item you are referring to before you start rambling off questions. They have just as much on their plate as you do, so you may need to remind them of what you're talking about

• Be assertive: Clearly outline everything that you are working on at a given time – if you are not communicating your workload to your seniors, you will get overwhelmed. This helps you to avoid unnecessary late nights and weekends.

• Respect everyone's time: Give seniors and associates a heads up ahead of time that you have a question and what it's about. This shows respect for their time and schedule and also shows that you're being professional

• Ask what the timing is on any request: this allows you to prioritize and identify any potential workflow conflicts ahead of time, allowing you to communicate and also appear that you have your workload under control

• Problem and solution: If you have a problem or conflict with workflows, your schedule, etc., always accompany it with a proposed solution when you approach a senior.

Being professional

• Own your work: 

  • If you're running the analysis on the transaction, know it back to front

  • A good way to do it is to make sure your model has a summary of all the key inputs and outputs that are readily printable. For each major scenario or sensitivity, print out a copy and take it with you to read it whenever you have downtime

  • If you can't provide a clear answer when your MD asks a question, that’s on you

• Own your projects

  • Be proactive and work to identify problems and solutions before they happen.

    • What is the big picture or the main idea of what you are working on?

    • What are the key points that the senior bankers are trying to get across with the data/book?

    • How can I make their life easier?

    • Even if you have no intention to stay at your bank besides the 2 years, try doing the associate job so they can do the VP job

      • It's always a good look to at least attempt to do more than the minimum

• For public clients that you cover: you should set up alerts on Bamsec so you're notified whenever a new filing is uploaded. Scan these for any M&A news, anything said about capital allocation decisions/acquisition appetite, and prepare a brief email to the MD that covers said client / your client team summarizing the info. This also applies to earnings summaries

• Print and highlight comments/requests: When you receive comments or a request, print it, and take a highlighter to check off each comment/request as you do them

• Always take notes: whenever asked to go to a meeting/go to someone's desk, never show up empty-handed but with something to take notes with

• Note your mistakes: It's ok to make them, but it's not okay to make them several times

• Come into the office early: come in ~15-20 minutes ahead of the normal start time for the day, and you will quickly develop a reputation for being responsible. That way, on days you are late (sleep in, appointment, train delay, etc.), nobody questions you because they know that if it's in your control, you would be there

• Be careful with volunteering for extra work: all this does is get you overwhelmed. As a first year, you will get plenty of work from the staffer and seniors. I would much rather you absolutely crush your projects since you have plenty of time vs. getting overwhelmed and not being able to finish everything that you asked for/do a poor job

• Easy on the stories: better to be the quiet analyst than the one that shares tons of college and high school stories

• Never start a conversation about the weather: it shows that you have nothing interesting or important to say

• Don't draw attention to yourself: if you are the best-dressed person in the room or have to proactively identify your accomplishments to people, you're doing it wrong. If you are doing great work and are a great performer, others will bring attention your way

• Book and plan for vacations several weeks in advance: The week of your vacation, email everyone that you are working with on Monday, first thing, and provide them with a "kind reminder" that you will be out from this date to that date, and that you will have your phone and laptop with you should anything urgent arise. Even if you don't plan to be available, this shows that you are responsible and that you are willing to be a team player if needed.

• Sign up for frequent flier/hotel programs: if you are in a group that allows analysts to travel to meetings, this is money. Business / First class tickets get you quite some bonus miles

• Dinners:

  • Background: most of these dinners will occur at a steakhouse in Tribeca or Midtown, you'll probably go to one of 3-4 steakhouses every couple of weeks for the entirety of your analysts here

  • You don't have to scarf everything down

  • Don't talk with your mouth full: no excuses

  • Do not use your phone:

    • Your team should know where you are so they will call you if it is urgent

  • Mind your posture: 

    • Upright

    • Shoulders back

    • Elbows off the table

  • Be careful about what you order:

    • Avoid noodles, instead opt for things that don't have to be slurped or twirled, like rice, gnocchi, potatoes, etc., and if you're uncomfortable cutting meat, order the fish (you should be able to get by with just a fork)

    • Get vegetables to offset the protein main course

  • Don't be a conversation killer or dominator: follow the MD lead, you likely won't be in charge of the conversation, but be ready for your brief intro something like "I'm from here, I went to school there, I grew up doing A & B, I got to this job in this year, and I recently got into C. how about you?" if they have kids ask about them, if they mention travel, ask about that, and a good one to keep the convo going is "what was that like?" or "tell me more about that, I've never done/been to…"

  • I don’t think I need to say this but do not take anything to go

Balancing work with personal life

• Do not let this job consume you: realize it is important but it is not worth sacrificing your mental health over it

• Prioritize your health:

  • Sleep: 5 hours a night over time are not sustainable (science says so), make an effort to be efficient on the job and to catch up on sleep if you fall behind

  • Eat with moderation: just because you are given money to spend, those calories still count, and combined with sitting most of your day at your desk, getting weight could be easy

  • Exercise: aim for 3 times a week (doable with one time in the week and on Saturday and Sunday). This will keep you active and make long hours more sustainable

    • Try to walk to work every morning to get some more steps in

• Don't neglect relationships with family and friends for the sake of work:

  • Make an effort to connect weekly with people you care

  • Try to leave your analyst years with some relationship that go beyond the office

• Find/continue a hobby/interest: and make time for it. Since you should always be available for work it is easy to give up any interest, but with a bit of effort it is doable

I truly hope that you are still reading and that you got some value from this newsletter. To conclude, I would like to share one final thing I enjoy doing. Every day I ask myself these two questions:

• Am I adding value to this group and to my team?

• Am I being the best analyst / if they had to fire all analysts but one would they keep me? What can I do differently to become that analyst/associate?

Subscribe to receive future emails!

Interested in our reading list? Check it out here.

Do you have any feedback? DM us on Instagram and we will get back to you!