"The Pulse" --#45

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.

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Looking for interview prep or a coach to help you navigate the process? Check the “Going Forward” section below for more details.

Last year, 85% of students coached received offers.

Recruiting Timeline:

Banking:

Where We’re At:  

• SA 2025: Mizuho and Santander opened applications this week. So far ~91 banks have opened applications. Please reach out if you’re looking for mock interviews or any coaching!

Newly Released Applications:

• Mizuho: S&T, large Japanese bank, recently acquired Greenhill (SA 2025)

• Santander: Middle-market, acquiring tons of CS talent (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: Eight SA 2025 applications have been released so far along with a few sophomore programs. Oliver Wyman released their SA 2025 intern role on Friday. The application closes in October, but do not wait to apply. You should apply ASAP when applications are released to give yourself the best chance. 

SA 2025 released apps:

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

• PWC: Business Processes Intern (SA 2025 - Closed).

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

• Protiviti: Tech Consulting (SA 2025 - Closed)

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

• Deloitte: Business Technology Solutions Summer Scholar (SA 2025)

• Bain: Pre-consulting Women's Leadership Summit (Spring 2024 - Closed)

• Cornerstone Research: Sophomore Summit (Spring 2024)

• Berkeley Research Group: Associate Consultant Intern (SA 2025)

• Oliver Wyman: Summer 2025 Intern (SA 2025)

Apply ASAP if you’re interested!

Buyside:

Where We’re At:

SA 2025: Blackrock, Starwood, and Graham Partners all opened SA 2025 apps this week. So far ~75 buyside shops have opened applications, with many firms actively interviewing

Released apps:

• Starwood: Real-estate focused asset manager (SA 2025)

• Blackrock: Huge asset manager, looking for investment interns (SA 2025)

• Graham Partners: PE intern, $2.2bn AUM (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 45th 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:

The Role of Money-Center Banks in the Economy

A money-center bank is one that holds deposits. Think JPM, BofA, Wells Fargo, etc. Not all money-center banks are huge. There are actually thousands in the U.S.

“Goddamn there are a lot of banks!” “Wait, why aren’t there 4,470 banks recruiting for SA 2025 positions??” 

I once thought the same thing….and then I learned the size of these banks.

95% of these have less than $100.0bn in assets with their primary focus being deposits, savings accounts, CDs, etc. Definitely no IB department.

In fact, the other day I walked by “East Village Bank in NYC.” They can’t have more than 5 locations. I bet they don’t even have an app.

How the fuck did they survive and SVB failed in March of 2022? The story of American banking.

Do we need 4,470 banks? No.

As you can see, consolidation in the banking industry is a trend that hasn’t stopped since 2000. Given Basel III regulatory scrutiny ("The Pulse" --#30) and the threat of private credit ("The Pulse" --#24), consolidation will only continue.

Will banking disappear? No.

At the root, there are two primary functions of a bank:

1. To preserve the capital of depositors

2. Be the grease for the wheels of the economy

A bank takes your money (deposits) and guarantees you access to that money as long as you have less than $250,000 in an account at any given time.

Then, they grease the wheels of the economy by lending that money to others at a greater interest rate (generating excess Net Interest Margin).

Instead of holding this risk on their balance sheets, they look to sell the interest-earning assets to investors through securitizations, syndications, or whole loan sales. Therefore, their incentive is to more or less to always do deals. Banking is a business model dependent on fee-generation. Volume is the path towards profitability.

Now, this might seem kind of shitty, but when you think about it you realize that this type of activity is necessary to keep the economy churning at a high clip. If you removed the banker, transactions would move at a snail’s pace.

A bank is a necessity to connect capital providers with those that need capital; either directly through advisory or indirectly through lending and the ultimate sale of that asset. I’d be remiss to state that all lending activity is sold away, banks do in-fact hold a ton of loans on their balance sheets as investments. However, when provided the option, they will look to sell these interest-earning assets.

What is the future of banking?

Tighter regulations and fewer banks. We really don’t need thousands of banks in the U.S. I believe a few hundred or even 50 or so would suffice to maintain competitive pressure + keep the economy running smoothly.

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

What is Restructuring? 👀

Restructuring is the intersection of finance and law. As a banker in restructuring, you work with companies that have:

1). A broken capital structure 💔

OR

2). A shitty business model 💩

OR

3). Both

Some people say it's depressing, others say it is the most intellectually stimulating realm of finance.

Detail of what you do:

In Restructuring, you work with companies in and around bankruptcy. Going bankrupt at the corporate level, is much more than having $0 to your name.

At the corporate level, bankruptcy is better defined as a legal term--which means high-profile lawyers need to be involved every step of the process. Hence, the intersection with law since a banker will often negotiate legal terms with the lawyer. 👔

As the banker, you may represent the company going bankrupt or an investor/lender on the company's capital structure. Regardless, the end goal is to maximize value and get the company out of bankruptcy.

Common Transactions:

DIP: Debtor-in-Possession is the definition. Essentially an opportunity for lenders to cough up more money that can prime existing debt and be super senior in the capital structure. Oh, and the pricing is pretty good--think S+ teens 💰

Equitization: If the Company has no money to pay lenders, they will sometimes offer to equitize the debt. This typically kicks out the equityholders resulting in a fat $0 return for them 💵

Equity Injection: If the Company is sponsor-backed, there will often be discussion about an equity injection to keep the Company alive and the debtors whole. Sponsors hate this for obvious reasons 💉

Cost Synergies: Good old fashion gut and rebuild of the business. Fire everyone who sucks and shut down non-core operations to shore up liquidity ⚒

Do you see some common themes here? Liquidity and leverage tend to be common areas of focus for companies covered by Restructuring Bankers.

Now, do you think you're a top dawg who can handle this rigor?

Some Great Rx Resources:

-Petition: https://lnkd.in/eHGmqRbU for Rx Transactions
-Pari Passu: https://lnkd.in/eMV_sM3S for Rx Learning Paul P.
-Moyer's Distressed Debt Analysis: https://lnkd.in/eAaNhdHh
-Caesar’s Palace Coup: https://lnkd.in/eStHetb3 

Going Forward:

Want to make some bread selling the database or being a coach? Shoot us an email and we would love to work with you.

Last year, we paid $ thousands to our members who helped sell the database.

Coaching Details:

• 1 hour session = $50. Venmo @ThePulsePrep

• 30-minute session = $30. Venmo @ThePulsePrep

• Email us with your availability and we will be happy to schedule a session @[email protected] 

Students we coached for SA 2025 have received offers at Goldman, JP Morgan, Evercore, and many other firms. Roughly 85% of those coached received offers last year!

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

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“The Pulse” #45