"The Pulse" -- #104 / U.S. Exceptionalism Pt. 2

Recruiting Timeline:

Banking:

Where We’re At:

• SA 2026: No updates here. 103 firms are recruiting for SA 2026

• FT 2026: No new updates. 2 firms are actively recruiting for FT 2026  

• If you need some interview support or just need a place to vent, check out our Coaching Program: Coaching for banking, consulting, and buyside recruiting | The Pulse. 95%+ of those coached for the summer 2025 recruiting season received offers!

New SA 2026 Applications:

• None

New FT 2026 Applications:

• None

See below to gain access to our premium database, updated weekly, which houses the application processes for over 300+ 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:

• There are rumors going around that BCG may not be engaging in undergrad recruiting this year. They have not announced office recruiting heads yet, which typically indicates the start of their recruiting cycle. We will continue to provide information as it becomes available.

SA 2026 released apps:

• None

FT 2026 released apps:

• ZS Associates - Decision Analytics Associate Consultant (FT 2026)

Buyside:

Where We’re At:

• SA 2026: Updata Partners opened its app this week. Currently 100 buyside firms are recruiting for SA 2026 seats 

New SA 2026 released apps:

• Updata Partners: D.C.-based, B2B SAAS Growth Equity (SA 2026)

The database is updated weekly and contains 300+ 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 104th update today.

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Market Update:

U.S. Exceptionalism Pt. 2

A few weeks ago in "The Pulse" -- #95 / U.S. Exceptionalism? A Quick Macro Update we discussed whether the U.S. is still an exceptional place to invest and the best place for people to park their cash.

Last week, Moody’s downgraded the United States government’s AAA credit rating to Aa1. Until then, they were the last rating agency to rate U.S. bonds at AAA.

Moody’s cited the increasingly precarious fiscal deficit and noted that borrowing will continue to accelerate, pushing up interest rates. After the announcement, the 30-year U.S. bond yield traded above 5% and the 10-year traded above 4.5% last Monday.

Rising interest rates make growing national debt more concerning as they make the cost of debt more expensive. The last thing we want is more of our budget going to debt interest payments.

Moody’s noted that the proposed tax bill in Congress would extend expiring tax cuts and further increase the deficit. After Moody’s dropped their U.S. Credit rating, markets edged down.

All that to repeat the same question we asked 2 months ago: Is the United States still the place to invest your hard-earned cash?

Last week, I was walking around the City of London (where all the finance firms are located), and the pubs were busy at 2 PM. I was thinking to myself, “How can all of these people be drinking this early in the day?”. Pretty shocking.

That would never fly in the U.S. (especially not NYC). It was a real-life visualization of the hard data showing that the United States is simply so much more efficient than Europe in terms of output. At the end of the day, you want to invest in productive and innovative companies, which remain to be U.S. companies.

Europe simply doesn’t encourage innovation like the U.S. does, and European companies cannot move at the same speed as their American counterparts. It takes longer to raise capital, and there are more regulations to comply with in Europe than in America. This is reflected in valuations.

One pretty crazy fact that I read in the WSJ this week is that Apple’s market cap is bigger than Germany’s stock market. Insane.

Lastly, the American consumer is incredibly resilient, which has propelled our economy through the ups and downs.

Granted, consumer confidence has faltered over the past two or so months with the rollout of tariffs. However, the data points show strong consumption, which is likely to continue as long as unemployment remains low and consumers have $ in their pockets.

If nothing else, this should serve as a reminder to cut through the short-term headlines and focus on long-term trends. The United States is incredibly innovative and efficient, and we continue to have strong consumption.

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

Tips for Coffee Chats

When firms recruit at specific schools, you’ll see coffee chats pop up on Handshake for those firms. When you see these for firms of interest, you should absolutely sign up for them. They offer the opportunity to gain industry insights, learn more about a specific company, and cultivate relationships. Most importantly, you can showcase your interpersonal skills.

Employers use these to gauge the fit of candidates and make sure that you are more than just a resume. Below are a few pointers for students engaging in coffee chats:

1. Don’t just show up, prepare first. Research the person that you will be chatting with and learn about their background. This way, you can prepare targeted questions and make connections. For example, if they played soccer in college and you do as well, this provides an excellent conversation starter. Additionally, try to understand their role, career path, and any industry focus they might have.

2. These chats are short, so try to have a specific goal going into them. If you have a specific objective for the call (i.e. learning more about TMT M&A), you can be more targeted in your questions, and the conversation will be more productive.

3. Prepare good questions. As I mentioned, coffee chats provide opportunities not just to learn more about the role or firm but also to showcase interest. Nothing is worse than asking questions that can be answered by a 5-word Google search. Good questions signal genuine interest.

4. Follow up with a “thank you”. After your coffee chat concludes, you should follow up with a thank-you note. This can be a quick email, but make sure it is tailored to the conversation you had and not too generic. A follow-up email also enables you to continue the dialogue and maintain the connection.

Going Forward:

You Got a Job?

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“The Pulse” #104

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