"The Pulse" --#38

Pay for 3 coaching sessions, get 1 FREE! Until February 21st, we will be offering an exclusive deal to pay $150 to receive 4 coaching sessions with a current or future analyst (Venmo @ThePulsePrep). Interviews are right around the corner and we want you to be as prepared as possible. Last year, 85% of those coached received offers! See the “Going Forward” section in the bottom of the newsletter for additional detail.

SA 2025 interview szn is HERE! Don’t fall behind your competition by wasting time tracking applications.

Instead, use our Premium Database to gain access to 200+ banks/consulting/buyside firms. Venmo @ThePulsePrep $50 and shoot us an e-mail @[email protected]. Additional details of the database can be found below. Gain an edge over everyone by accessing a wealth of recruiting resources and detailed explanations of the interview processes of each firm.

Video of Premium Database——>The Pulse Database Video

Recruiting Timeline:

Banking:

Where We’re At:  

• SA 2025: SMBC, Key Bank, Morgan Partners, and Intrepid Investment Bankers all opened applications this week. So far ~66 banks have opened applications with deadlines passing by the day. Many DEI interview processes are wrapping up with interview processes for non-DEI candidates kicking off across a few banks such as Morgan Stanley

• All applications should be submitted and you should be interview-ready. Please reach out if you’re looking for mock interviews or any coaching!

Newly Released Applications:

• Intrepid Investment Bankers: Small boutique (SA 2025)

• Morgan Partners: Very small boutique, fintech focus (SA 2025)

• SMBC: Sizeable Japanese bank (SA 2025)

• Key Bank: Middle market bank (SA 2025)

See below to gain access to our premium database, updated weekly, which houses the application processes for over 200+ banks/consulting/buyside firms! Gain an edge over everyone else by not having to spend countless hours tracking applications and deadlines.

Consulting:

Where We’re At:

• SA 2025: SA 2025:  Five Firms have released applications and a large wave of apps are about to open. You should feel confident in your case skills and have a list of firms you have researched and are interested in applying to. Ensure you have strong answers to behavioral questions and have crafted a narrative about your interest in consulting/the firm you are applying to

SA 2025 released apps:

• KPMG: Advisory Intern, Deal Advisory - Financial Due Diligence (SA 2025)

• PWC: Business Processes Intern (SA 2025).

• Curtis & Co: Boutique firm (SA 2025 - Closed)

• Protiviti: Tech Consulting (SA 2025)

• RSM: Tech, Risk, and Business Improvement Intern (SA 2025)

Apply ASAP if you’re interested!

Buyside:

Where We’re At:

• SA 2025: Battery Ventures and MGG Investment Group opened SA 2025 apps this week. So far ~46 buyside shops have opened applications

• Spend some time deciding where you want to invest within the capital structure. There are hundreds of strategies to choose from, so narrowing your search will help you seek the right material to prepare for interviews

Released apps:

• Battery Ventures: Early-stage technology VC firm (SA 2025)

• MGG Investment Group: Invest across the capital structure, primarily special situations (SA 2025)

Premium Database:

The database is updated 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

• Insider 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 week with the latest banking and consulting job postings. We released our 38th update today.

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 weekly updates, you pay a one-time fee of $50 (Venmo @ThePulsePrep) 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 $50.

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

Video of Premium Database——>The Pulse Database Video

Market Update:

Deglobalization

Many economists and macro researchers have been hinting at deglobalization. However, the entirety of the focus seems to be on the flow of international trade.

Check out this graph alluding to deglobalization:

On the surface, it looks like deglobalization is real. However, I’d like to point out that this graph merely measures deglobalization as (exports + imports as a % of GDP). Once again, the focus is entirely on trade—trade of goods to be specific.

Other rationale for deglobalization stems from i). the desire for countries to develop renewable energy in-house or on-shore and ii). larger geopolitical risks: war in Ukraine, war in Israel, growing U.S. - China tariffs, etc.

Over the last century, developed nations have moved towards being net importers of goods such as oil. The production of oil looks like shit, is expensive, and destroys the local environment. Unlike oil production, the production of renewable energy is less of an eye-sore and doesn’t destroy the local environment. Therefore, developed nations are willing to soak the higher costs of onshore production of renewable energy as a means to diversify from the reliance on traditional suppliers which can lead to tremendous price volatility.

So, there may be concrete evidence for the deglobalization of physical goods.

What about everything else?

After all, services make up ~70% of the U.S. GDP. With digitalization, many services are not wholly reliant on physical infrastructure to move from person to person or country to country. For the most part, all of the wires and satellites are already in-place.

Today, I can provide a digital service to someone across the globe with virtually no friction and with a speed of execution over a span of seconds. 50 years ago, or even 20 years ago, that wasn’t entirely possible.

Fuck it, even a couple of you guys are located internationally and still receive our content in a matter of seconds! To me, that doesn’t seem like deglobalization.

Outside of any type of transaction, global communication has also never been easier. You can send memes to your boy in Guatemala, Senegal, and Pakistan seamlessly through the digital social network. A feat that was in motion, but not fully developed even 20 years ago.

Besides goods and services, international monetary policy is the most synchronized in history.

A true benefit from Covid was a global restart across financial markets. To prevent the world from falling into depression, central banks across the developed nations cut rates to near 0 and hiked them in unison.

Once again, this doesn’t seem like deglobalization.

Since Covid, the theme has been to “follow the leader (the US)” with regards to monetary policy. When economies look and feel similar, governments are more likely to act together and work with each other to solve problems. Ultimately, this incentives globalization.

The real divergence is between the developed nations and emerging markets. To say deglobalization is taking hold across all regions is an overstatement of the power of international trade of goods. There are many other factors that should be baked into the globalization equation.

For an interview, state your view on the topic of deglobalization. Is it just a buzz word or does the argument have legs? Will central banks remain in unison or will local pressures result in divergence?

Disclosure: Nothing written here is financial advice or should be used for investment decisions.

A Walk Through the 3 Financial Statements

This is the most common question asked in a banking or buyside interview outside of “tell me about yourself.”

3 steps to this:

1. Derive net income on the Income Statement

2. Net income becomes the top line on the cash flow statement. Add up cash flow from operating activities, cash flow from investing activities, and cash flow from financing activities to arrive at net cash

3. Net cash is an asset and net income adds to retained earnings baked into shareholders’ equity. Shareholders’ equity sits on the liabilities + equity side of the balance sheet

The answer is that simple, don’t go crazy here. The reason this question is asked is to see if you know what the 3 statements are and if you know how they’re connected.

During an interview, keep it simple and only answer the question being asked. Elaboration will only lead to more difficult questions.

Going Forward:

Pay for 3 sessions, get 1 FREE! We will pair you with a current or future analyst to help with everything from:

• Resume Review

• Mock Interviews

• Developing Recruiting Preparation Plans

Last year, 85% of those coached received offers! Venmo: @ThePulsePrep $150 to claim this offer; sessions are ~1 hour long and we are fully flexible to your schedule

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

Check us out on LinkedIn too! The Pulse

Proudly Produced,

The Pulse

“The Pulse” #38