HH "The Pulse" -- #18

Banking:

Where We’re At:  

• SA 2025: Apps are slowly beginning to open. Everyone knows RBC opened its SA 2025 app a few weeks ago, but other banks silently opened their apps this past week. I know this sounds crazy, but we have been accurately predicting this since last year and are not surprised. We expect ~25% of firms to open their apps before December 1st.

• SA 2024: This process is 95% complete. If you haven’t received an offer yet, you should give up and begin prepping for full-time recruiting. Just kidding, as previously mentioned here at HoosHelpers we will no longer be tracking SA 2024 since most roles are wrapped up; however, feel free to reach out if you still need help searching for an SA 2024 position.

• FT 2024: We are about 1/3 complete with this process. App postings have slowed down and many others are drying up. Overall, it has been a slow FT recruiting season as banks have been weary about bolstering headcount. Most FT roles have been ad-hoc to fill spots within groups where interns did not perform well enough to receive FT offers.

Gameplan:

• SA 2025: Hammer the networking. Cold emails and LinkedIn messages are the best ways of catching the ears of people you do not actually know. Attend information sessions held at your school to show demonstrated interest.

• SA 2024: Dig around for new apps posted by regional banks or very small boutiques. At this point, you should be fully prepared for an interview if you were to receive one and should definitely take any offer extended.

• FT 2024: Continue to network and make sure your behaviorals are sharp + rationale for why you want to do banking FT should be thoroughly hashed out. Check out our database (new update will be next Sunday) for additional job postings.

Interview Questions of the Week:

-Behavioral: What are your 3 largest strengths and why are they applicable to the job?

-Technical: How do you calculate enterprise value?

Consulting:

Where We’re At:

• SA 2024: Almost all firms have released their applications for 2024 internships and jobs. Companies are in the process of conducting interviews and others have even given job offers. By November, recruiting will basically be done. Starting in next week’s newsletter there will be a bigger focus on 2025 roles (crazy how early recruiting is starting nowadays).

• SA 2025: So far only one firm has released its 2025 application. Recruiting will start a little earlier than it did for 2024.

• FT 2024: Full time roles are a little less structured than SA roles because firms like to see how many SAs accept their return offers so they know how many people they need to hire. Most firms have released their applications, but some smaller firms will continue to release applications into December.

Gameplan:

• SA 2025: At this point you should just be networking, researching firms of interest, and making sure that resume looks good.

• SA 2024: If you’re still recruiting for SA 2024 roles make sure you’re doing case prep so you can crush them in the interview. It also helps to do cases with a study buddy to see if they take a different approach. Don’t forget to send a thank you email after your interview.

• FT 2024: Hopefully you’ve been networking so your main focus should be on case prep so you can crush them in the interview. Do cases with a study buddy!

Interview Question of the Week:

-How many piano tuners are in New York?

This is a Fermi Estimation and is a common interview question. Interviewers are just trying to gauge how logical you are. Make sure to focus on the process and setting assumptions rather than the actual outcome.

Buyside:

Where We’re At:

• SA 2025: Insight Partners has opened its app. Very early in this process and we expect more apps to open after the new year.

• SA 2024: This process is 75% complete. As we have specified before, buyside SA recruiting is very fragmented, yet becoming increasingly popular amongst funds. We will also no longer cover buyside SA 2024 as the process is largely finished. Some funds will definitely continue to open apps, so feel free to reach out to us.

Gameplan:

• SA 2025: Spend time understanding the differences between different funds + their strategies. If you’re interested in VC, really take some time to craft a good answer for why you’re interested in investing in startups. Go beyond the bare minimum and build an understanding of the investment thesis driving the deals that these funds do.

Interview Questions of the Week:

-PE Question: With rising rates, will returns be generated from leverage or synergies?

The database is updated bi-weekly and contains 200+ Investment Banking and Consulting internships/full-time positions along with:

• Interview tips for specific companies

• Interview prep material

• Applications and deadlines linked so that you can apply with one click

• Information about the application process

• Professionals to network with

• Buyside deadlines, interview prep, and people to network with for the sweatiest of students

We send the updated dataset every two weeks with the latest banking and consulting job postings. We released our 17th update last week.

Students we have been helping have already landed roles at Blackstone, Goldman, J.P. Morgan, Jefferies, Citi, and Solomon.

To get access to the database and the bi-weekly updates, you pay a one-time fee of $20 (Venmo @Hooshelpers) that grants you annual access to the updated database (You can enable purchase protection if concerned). If you don’t find our services helpful, we simply ask for feedback on an area we can improve upon and will refund your $20.

This is a small investment for a huge payout when you secure your dream offer!

Video of Premium Database——>HH Database Preview--Video

Government Shut-Down postponed (for 45 days hahhahahahahaha).

If you live under a rock, you probably did not hear about how we narrowly missed a federal government shutdown on September 30th.

What is a government shutdown and why does it happen?

A government shutdown happens when Congress cannot agree on the funding bill required for the upcoming fiscal year (starting October 1st). Essentially, the Democrats and Republicans yell at each other over the total $ of funding and where that funding should be allocated for the remainder of 2023 and majority of 2024. If an agreement cannot be reached, then millions of government employees will be furloughed and even worse, a few million will be forced to work without a paycheck if their role is deemed “necessary to protect life and property.”

Imagine working for free? Smh. (Actually, I lowkey work for free anytime I’m turning comments on decks into the wee hours of the morning; it blows).

Today, the hot topic of debate is deciding how much less the government should be spending in attempt to combat our $31.4tn of outstanding debt. Congress is aiming at passing a funding bill between $1.4tn and $1.7tn. Whenever a reduction in spending is sought after (inflation-adjusted), the Democrats and Republicans get extra heated about where that funding should go.

On a base level, Democrats want more spending geared towards programs providing social benefits whereas Republicans typically advocate for spending towards programs focused on national defense. (There are many more points of discussion, but this is usually where the largest divide lies).

Ok, what would happen to the markets if the government shut down? Naturally, we would see a lot of RED. Markets HATE when the government does not run smoothly and financial models can only help so much when you literally have no idea if certain companies will receive the same government benefits they were once awarded.

For an interview, you should frame an opinion on how you think markets would react during a shutdown and more importantly, chart out areas where the most hurt will be felt.

Please reach out to us with any questions about recruiting or if you’re interested in meeting the team! ([email protected])

We are happy to chat, review resumes, or help set up a coaching session.

Deal of the Century: Want a FREE coaching session with a professional in banking or consulting? Refer two friends to our newsletter and write us an e-mail: ([email protected]) with your availability.

Check us out on LinkedIn too! HoosHelpers

Happy to help,

Hoos Helpers

HH #18