"The Pulse"--#48

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

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: Calder Capital, Navagant Advisors, and Cascadia Capital all opened applications this week. So far ~99 banks have opened applications. Please reach out if you’re looking for mock interviews or any coaching!

Newly Released Applications:

• Calder Capital: Little boutique, does buyside too (SA 2025)

• Navagant Advisors: Small advisory firm (SA 2025)

• Cascadia Capital: Seatle-based boutique (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: Ten SA 2025 applications have been released so far along with a few sophomore programs. Bain recently released their 2025 intern position with two rounds of deadlines. The first deadline is July 7th and the second deadline is September 8th. Apply to the July deadline if at all possible!

Spring 2024 released apps:

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

• Cornerstone Research: Sophomore Summit (Spring 2024)

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)

• 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)

Apply ASAP if you’re interested!

Buyside:

Where We’re At:

SA 2025: Night Owl Capital, Susquehanna International Group, and CF Private Equity all opened SA 2025 apps this week. So far ~85 buyside shops have opened applications

Released apps:

• Night Owl Capital: L/S hedge fund (SA 2025)

• Susquehanna International Group: Multi-strat fund looking for a GE intern (SA 2025)

• CF Private Equity: PE secondaries (SA 2025)

• Indigo Partners: New PE fund launched by a Stern alum (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 48th 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:

CPI vs. PCE

So, the data is all over the place. The CPI printed 3.5% YoY for March and the PCE printed 2.7% YoY. Both readings are surprises to the upside and NO ONE is happy.

We discussed the impacts of inflation surprises many times in previous releases (22 references of ‘CPI’ since we start writing our newsletter)!

Greater inflation = higher rates = everything is more expensive = worse financial conditions for companies and consumers. We all know this by now.

However, what is really interesting about the recent CPI and PCE releases is the spread of 80bps between the two indices.

Both the CPI and PCE look to tell the same story: inflation. Historically these indices track in-line. So, why the spread and why do we care?

Well, turns out there have been roughly 7 instances where these indices spread roughly 100bps or more since 1990 (from 1996-2000 these indices stayed nearly 100bps wide during the whole period!)

What else do we notice? The CPI tends to run hotter than the PCE. This is because the CPI is calculated based on a ‘basket of goods’ so inflation in a few core goods with heavy weighting can inflate the CPI.

The PCE is calculated on a sliding scale. For example: if the price of beef increases, the PCE places more weight on chicken because the rationale consumer would purchase the ‘undervalued’ product. A huge flaw is that the PCE assumes consumers to be fully rational! Not true in practice!

I buy the same shit at Trader Joes week after week regardless of the price. I find comfort in food I know and have already tried all the interesting items in the store; so don’t call me tasteless. By this example, the PCE isn’t an accurate reflection of the inflation I experience.

However, the CPI also doesn’t work for me because I don’t buy the same exact goods and services every week/month. When the whole egg problem was happening in 2022, I just said fuck it I’ll cut out the eggs. Therefore, an inflation index that is most representative of my inflation is probably somewhere between the CPI and PCE.

Most people are in this camp. And things run smoothly when the indices track in-line and people have an idea of how their lives are financially impacted.

Uncertain data = uncertain markets. Take a look at the VIX:

The VIX measures market volatility. As you can see, the VIX spikes during these events of CPI vs. PCE spread widening which are often accompanied by talk of rate changes. Noted that there are certainly many other factors which relate these two data points, but interesting nonetheless.

Moreover, the FED prefers the PCE as their measure of inflation and they target a 2% rate of inflation. But can they really start cutting rates if CPI vs. PCE spreads remain this wide? Even if the PCE drops to the coveted 2.0%, the CPI could still be printing much higher (100+bps)!

Therefore, the average American would still be experiencing inflation greater than 2.0%.  

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

 Bond Math

Really simple stuff here.

Bond prices are the inverse of bond coupons. If you buy a bond today and rates go up tomorrow, the price of your bond will fall. However, you won’t realize a loss unless you sell that bond vs. holding it to maturity.

-Example:

• Day 1: I buy a 10-day bond for $100 (par) at a 4% coupon (paid daily)

• Day 2: The FED hikes rates 50bps. Therefore, the price of my bond falls.

  Why? Because a NEW investor looking at the SAME 10-day bond issued by the SAME entity will expect a greater return (coupon) since the benchmark rate has risen. The new expected return can be calculated using a present value analysis

• Day 3: I decide not to sell my bond and hold it to maturity

• Day 10: I’m repaid my $100 and have claimed $40 of cumulative interest over the 10 days

Bond prices ebb and flow just like the stock market. However, unlike a stock, you can always recoup your principal if you hold the bond to maturity, even if the price of the bond trades lower over the time of your hold (assuming the entity that issued the bond doesn’t go bankrupt).

Bond pricing is really only important for companies that need to report the fair value of their financial assets on their financial statements or for hedge funds trading these securities. For the standard LONG investor, the pricing can be largely ignored (once again assuming the issuer isn’t going bankrupt).

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:

• 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

Check us out on LinkedIn (The Pulse) and Instagram (ThePulse) too!

Proudly Produced,

The Pulse

“The Pulse” #48