"The Pulse" -- #105 / Brief Tariff Update

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:

• BCG did end up releasing their application this week. This is their first deadline, and there will be a second deadline in the early fall. We highly recommend applying to the first deadline as there are simply more seats to give earlier in the season.

SA 2026 released apps:

• BCG - Summer Associate (SA 2026)

FT 2026 released apps:

• BCG - Full-time Associate (FT 2026)

Buyside:

Where We’re At:

• SA 2026: Level Equity and Palm Drive Capital opened their apps this week. Currently 102 buyside firms are recruiting for SA 2026 seats 

New SA 2026 released apps:

• Level Equity: LMM PE (SA 2026)

• Palm Drive Capital: Software-focused VC (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 105th update today.

Students we have been helping have already landed roles at Blackstone, Goldman, J.P. Morgan, Jefferies, Citi, and Solomon.

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

Premium Database——>Database for banking, consulting and buyside roles | The Pulse 

Market Update:

Tariff Update

We’re just going to provide a brief update on where tariffs stand after changes over the past week or so. We have also been given a 4-letter acronym to describe a recent trading strategy, the “TACO” trade, which stands for “Trump always chickens out”.

The idea being that throughout the tariff turmoil, investors should stay the course in terms of their investments because Trump seems to always lower/delay tariffs from previous announcements. Once he reverses course on the tariffs, then equity markets rebound. It is becoming quite predictable because he’s lowered or delayed tariffs multiple times now.

Trump seems very sensitive to the market’s reaction, especially the bond market. As previously mentioned, the bond market dictates how much the U.S. government needs to pay to finance its debt.

Recent tariff announcements:

1. Trump threatened a 50% tariff on goods imported from the EU. He has delayed the tariff deadline until July 9th to allow time for negotiations. Currently, there is a 20% “reciprocal” tariff on EU goods

2. Tariffs on imported Chinese goods have been suspended for 90 days as of May 14th, with the exception of the 10% base tariff.

3. After Apple began looking at other countries to manufacture its iPhones, Trump threatened a 25% tariff on iPhones not produced in the US. This obviously complicates things because producing iPhones completely in the United States is really not feasible. It might be worth buying that new iPhone now.

4. On Friday, Trump said tariffs on steel and Aluminum will double from 25% to 50%. These higher tariffs will allow domestic steel makers to raise prices, which have been dropping until this point. The below graphic shows the effect the steel and aluminum tariffs have on the GDP of trading partners before the doubling to 50%.

There are lots of other tariffs that are in effect or are proposed, but the above 4 are the most recent announcements Trump has made. We will see if they end up taking/staying in effect over the coming months.

Regardless, we are in for at least a few more interesting months, and market volatility will likely remain high, and deal flow will likely remain low.

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

How to Get a Return Offer

An internship is a 9-10 week interview and you’re pitted against your peers. Return rates are roughly 50% across the industry. Also, you’re being watched 24/7 with all interactions being recorded in some capacity.

Peep the list below to avoid being that guy who has to re-recruit his/her senior year of college.

1. Be a finance nerd

• Dive into every vocabulary word, piece of jargon, methodology, etc. Investopedia will be your best friend. Just like school, understanding the material rather than going through the motions of memorization will make you a much better student.

• For example: don’t just know how to calculate EBITDA, look into WHY you’re projecting EBITDA. You chose this industry, so you should get to know how it works whether you like it or hate it. Too many people just show up and churn work product without knowing or caring about what they’re doing.

2. Have something interesting to say on Monday morning

• It is so easy to just say “yeah the weekend was good” and then turn back to your desk. Having something interesting to discuss with your team is a great way to find some commonality and truly connect. Show off your personality, don’t be a robot.

3. Nail the little things

• No one expects you to nail your first LBO from scratch. Focus on nailing the little things like writing good emails, formatting shit correctly, executing on timelines, etc. Show your team that you’re competent and coachable.

4. Ask good questions and never repeat questions

• Avoid asking questions about anything you can find on Investopedia. If you’re working on something, jot down a list of shit you don’t quite understand and circle up with your peers to break it apart. When someone gives you feedback or an explanation, jot it down immediately so you don’t forget it and won’t look like a dipshit repeating a question.

5. Network across your team and firm

• Your work product isn’t really valued as an intern. I definitely made the early mistake of just focusing on my work vs. getting to know my team. Avoid that. Be social and book coffee chats with members of your team and any other person at your firm. The internship is really the only time it is acceptable to book time with some really interesting folks across your firm.

6. Meet with older analysts / associates early and often to discuss your work product

• Please never just send shit up the chain to your VP+. Always have a near peer take a couple passes beforehand to avoid looking like a clown. Your work is going to be riddled with mistakes. Everything from the model to font size is likely to be critiqued from person to person.

7. Learn Excel and PowerPoint shortcuts and tools

• Take the extra 5 minutes to see the limitless options at your disposal after you press the ‘Alt’ button. If you’re stuck, ask any LLM what formula you need or what shortcut to do. I use CoPilot to draft new Excel formulas all of the time. These are questions you shouldn’t be asking anyone. No need to be a freak and know shit like the back of your hand.

8. Don’t abuse the corporate perks

• Unless you’re at a sweatshop, there is likely no need to be staying late ordering dinner and expensing Ubers every single night of your 9-10 week internship. Don’t be afraid to use these perks when you actually need it, but don’t be the top of your team’s expense report.

9. Be friendly / casual with close peers, but keep it collegial

• Allow your analyst / associate to be the first one to extend an invite to something outside of work. These guys will become your friends at work, but probs have their own shit going on during the weekends. Allow them to hurdle that barrier first.

10. Dress like you give a shit

• Don’t be that guy who wears fuckin khaki shorts and a polo on your first Friday. Keep it simple with suit pants and a button down. For the ladies, wear the equivalent. Full suit and tie not needed (you’re not at an actual interview lol)

Going Forward:

You Got a Job?

Congrats! Please share our newsletter with your younger peers looking to recruit for banking / consulting / the buyside.

Please reach out to us with any questions about recruiting or if you’re interested in meeting the team! ([email protected])

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“The Pulse” #105

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