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"The Pulse" --#51 / Total Market Factor Index
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 or pay with credit card (ThePulsePrep—Stripe.com) 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.
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Recruiting Timeline:
Banking:
Where We’re At:
SA 2025: Provident Healthcare Partners opened its application this week with Jefferies and Guggenheim re-opening applications for select locations. So far ~108 banks have opened applications. Please reach out if you’re looking for mock interviews or any coaching!
FT 2025: Calder Capital opened its application this week. There are currently 6 firms recruiting for FT 2025. The FT recruiting process is pretty different from SA recruiting, but applying early and often is still critical! Next week we will be sharing advice on the FT recruiting process within our ‘Learning Points’ section
New SA 2025 Applications:
Provident Healthcare Partners: Healthcare-focused boutique (SA 2025)
Jefferies: Recruiting for the energy & power group (SA 2025)
Guggenheim: Looking for Chicago-based intern (SA 2025)
New FT 2025 Applications:
Calder Capital: M&A-focused boutique (FT 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: 13 SA 2025 applications have been released so far. Apply as quickly as you can (as long as your application is the best it can be). Case studies are an important component of the interview process–it is beneficial to practice with a study buddy to verbalize your thinking!
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 - Closed)
Berkeley Research Group: Associate Consultant Intern (SA 2025)
Oliver Wyman: Summer 2025 Intern (SA 2025)
Bain: Associate Consultant Intern (SA 2025)
Cavi Consulting: Consulting Associate Internship (SA 2025)
McKinsey: Summer Business Analyst (SA 2025)
BCG: Associate Consultant Intern (SA 2025)
Redstone Strategy Group: Consulting Intern (SA 2025)
Apply ASAP if you’re interested!
Buyside:
Where We’re At:
SA 2025: Adams Street Partners and Palm Drive Capital opened SA 2025 apps this week alongside the re-opening of apps for UVIMCO and LBC Credit Partners. So far ~93 buyside shops have opened applications
SA 2025 released apps:
Adams Street Partners: Growth equity (SA 2025)
Palm Drive Capital: Venture capital (SA 2025)
UVIMCO: UVA’s endowment (SA 2025)
LBC Credit Partners: Middle-market private credit (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 51st 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 / Credit Card: (ThePulsePrep—Stripe.com)) 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!
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Market Update:
Snapshot of the Macro
This is a little different from our regular market update, but helpful nevertheless.
Today, we are covering a snapshot of the positive and negative macroeconomic factors impacting markets today. (Mostly focused on the U.S.)
Pros:
75 - 100bps of rate cuts in 2H24* (covered in: "The Pulse" --#29 (beehiiv.com)
AI-fueled excitement with tremendous growth potential ("The Pulse" --#11)
Low consumer DTI ("The Pulse" -- #21 (beehiiv.com)
DTI at 9.8% (Source: FRED)
High FICOs ("The Pulse" -- #21 (beehiiv.com)
FICO Inflation?
Wage growth outpacing inflation ("The Pulse" --#39 (beehiiv.com)
Source: Statista
Markets perform well after ATH ("The Pulse" --#37 (beehiiv.com)
(Source: Forbes) Graph is dated, we hit ATH back in 2021
Solid corporate earnings ("The Pulse" --#37 (beehiiv.com)
Cons:
Inflation sticky at 3 -3.5% ("The Pulse" --#28 (beehiiv.com)
Inflation has decreased, but hasn’t budge in nearly 1 year (Source: FRED)
Valuations at highs ("The Pulse" --#37 (beehiiv.com)
S&P 500 PE Ration at 27.6x (Source: multipl.com)
Home are too expensive ("The Pulse" --#27 (beehiiv.com)
Source: FRED
Bankruptcies rising ("The Pulse" --#11)
Source: U.S. Courts
Consumer savings rate is low at 3.2% ("The Pulse" --#20)
Savings rate at 3.2%, lowest since 2005-2008 (Source: FRED)
Deteriorating U.S. & China relationship ("The Pulse" --#29 (beehiiv.com)
Wars between Ukraine / Russia and Israel / Palestine ("The Pulse" --#20)
U.S. national debt is high ("The Pulse" --#18)
Middle-Ground Items:
Spreads at historic lows ("The Pulse" --#40 (beehiiv.com)
Spreads at lowest levels since 2006 (Source: FRED)
Solid consumer spending ("The Pulse" --#20)
Spending is solid, but shifted towards necessities (Source: Deloitte)
Low unemployment rate at 3.9% ("The Pulse" --#46 (beehiiv.com)
Unemployment is a lagging indicator and is creeping up (Source: FRED)
Large maturity wall in 2025 and 2026 ("The Pulse" --#42 (beehiiv.com)
Cheap debt will get amended and extended (Source: S&P Ratings)
U.S. Presidential election in 2024 ("The Pulse" --#33 (beehiiv.com)
Does this post look familiar? We actually posted something similar on our LinkedIn a few months back ("The Pulse" --Total Market Factor Index).
It is really important to take a step back and look at the world from a holistic view rather than the silo of whatever industry / niche you may spend 90% of your time. Evaluating the market as a whole will make you a much better analyst and interview candidate!
*The Pulse estimate
Disclosure: Nothing written here is financial advice or should be used for investment decisions.
Learning Point of the Week:
Consulting Recruitment Process
With consulting recruiting picking up steam over the past few weeks we wanted to give a little attention to the recruiting process.
Because most of you want to land roles at McKinsey, Bain, and BCG we’ll focus on the processes at these firms specifically (make sure you’re on top of your deadlines and submit your applications ASAP!)
Bain: Uses a point system to grade its candidates. The categories include academics, work experience, extracurriculars…etc.
1) Resume and cover letter drop
2) Bain Online Test - This tests your analytical skills, personality, and aptitude. There are GMAT-like components
3) HR screen - This is to assess you before you’re invited to a more formal interview. Just be yourself and make sure you have cohesive answers to “Why consulting?”, “Why Bain”, etc.
4) First round (PEI and case study) - This is typically with 3 interviewers, 30-40 minutes each
5) Final round (more PEI and cases) - Typically 3-4 interviewers
McKinsey
1) Resume and cover letter drop
2) McKinsey Problem Solving Test - This is very similar to Bain’s online assessment test
3) HR screen
4) First Round - One 50-minute one-on-one case study. Some behavioral mixed in
5 Final Round - Three 50-minute one-on-one case studies
BCG
1) Resume and cover letter drop
2) BCG online assessment/Pymetrics - Again, this is very similar to that of Bain and McKinsey. The Pymetrics assessment consists of 10-12 “games” to test your logic and reasoning skills. Pymetrics a more a measure of fit than intelligence.
3) One-way interview - This is essentially the same as an HR screen except there is no one on the other side of the screen.
4) First Round - Two case study interviews, about 30-45 minutes each. Some behavioral mixed in.
5) Final Round - Three case study interviews, about 30-45 minutes each
Consulting recruiting is highly competitive so case prep is the most important aspect of preparing for an interview. You can have a stellar GPA and great experiences but it is nearly impossible to come away with an offer if you screw up a case study. This is why we always recommend having a study buddy!
Going Forward:
Want to make some bread selling the database or coaching other students? 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:
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30-minute session = $30. Venmo @ThePulsePrep or Credit Card: ThePulsePrep—Stripe.com
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” #51