"The Pulse" -- #118 / Are Valuations Getting Too High?

Recruiting Timeline:

Banking:

Where We’re At:

• SA 2027: Nothing new until mid-September!

• SA 2026: Standard Chartered, Huntington Bank, and First National Bank opened apps this week. 121 firms are recruiting for SA 2026

• FT 2026: Centerview Partners, Aeris Partners, UBS, and more opened their apps. 50 firms are actively recruiting for FT 2026. Internships ended, return offers were distributed, and the floodgates for FT apps opened  

• 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 2026 recruiting season received offers!

New SA 2026 Applications:

• Standard Chartered: Middle Market (SA 2026)

• Huntington Bank: Regional Bank (SA 2026)

• First National Bank: Regional Bank (SA 2026)

New FT 2026 Applications:

• Centerview Partners: Elite Boutique (FT 2026)

• UBS: Swiss Bulge Bracket (FT 2026)

• Aeris Partners: Boutique M&A (FT 2026)

• Keybank: Large, regional bank (FT 2026)

• Intrepid Investment Bankers: Boutique M&A practice within MUFG (FT 2026)

• Edgemont Partners: Healthcare Boutique (FT 2026)

• PGP Capital Partners: Boutique M&A (FT 2026)

• TD Securities: Middle Market Canadian Bank (FT 2026)

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:

• Firms are continuing to release applications and will do so through the end of the Fall.

SA 2026 released apps:

• Analysis Group - Summer Analyst Intern (SA 2026)

• Pointe Advisory - Consulting Intern (FT 2026)

FT 2026 released apps:

• Analysis Group - Analyst (FT 2026)

• Kaiser Associates - Associate Consultant (FT 2026)

• Pointe Advisory - Associate Consultant (FT 2026)

• Beghou Consulting - Associate Consultant (FT 2026)

  

Buyside:

Where We’re At:

• SA 2026: Principal Financial Grou[ opened its app this week. Currently, 133 buyside firms are recruiting for SA 2026 seats 

New SA 2026 released apps:

• Principal Financial Group: Private Credit (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 118th 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 make a one-time investment of $65 Credit Card / Debit Card: (ThePulsePrep—Stripe.com) that grants you annual access to the updated database (please reach out for additional payment options). If you don’t find our services helpful, we simply ask for feedback on an area we can improve upon and will refund your $65.

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: 

Are Valuations Getting Too High

The U.S. stock market just wrapped up another strong week, with the S&P 500 closing at a record 6,501.86 on August 28 (up 10% YTD). That’s a level nobody would’ve predicted a couple of years ago. This raises the question: are stocks simply reflecting strong fundamentals, or are we paying too much for growth that might not fully materialize?

If you look at valuations, it’s clear the market isn’t cheap. The forward price-to-earnings (P/E) ratio for the S&P 500 is sitting at about 23.3× right now. That’s down a bit from last quarter’s 24× and lower than last year’s 26× (earnings have gone up), but it’s still higher than the 5-year average of around 22×. On the trailing P/E, which uses the last 12 months of earnings, the number is even steeper—roughly 30×. For context, the long-term historical average is closer to 16–18×.

Another way to look at valuations is the Buffett Indicator, which is total market cap compared to GDP. This week, it hovered around 213–214%, a level that historically suggests the market is richly priced. For comparison, the dot-com bubble peaked at about 150%. So if you’re using history as your guide, it’s hard to argue we’re in bargain territory.

We can also look at the price-to-book ratio. This week, the S&P 500’s P/B hit a record 5.4×, surpassing dot-com bubble levels. That justifiably makes investors uncomfortable, because it implies investors are paying a massive premium for each dollar of company assets.

The numbers do suggest things are stretched. On the flip side, earnings growth, particularly from big tech and AI-related names, has been strong enough to keep investors optimistic. Companies like Nvidia, Microsoft, and Apple are still reporting robust demand for their products and services. That helps justify higher multiples, at least in the near term. Additionally, investors recognize the quality of US companies, which attracts global capital. Investors value the liquidity, transparency, and innovation pipeline in the U.S. relative to other regions, which keeps demand steady even when valuations look elevated.

U.S. stocks are historically expensive, but we are also undergoing historical innovation due to the AI boom. So, valuations might stay high if earnings keep beating expectations and if the AI boom delivers. In other words, high valuations are not inherently a terrible thing as long as the fundamentals hold up.

Still, there are pretty obvious risks. If growth slows, earnings disappoint, or rates don’t fall as quickly as the market hopes, stocks don’t have much cushion. That doesn’t necessarily mean a crash is coming, but it does suggest that forward returns could be muted compared to the past decade.

Overall, U.S. stocks are definitely expensive by historical standards. Whether that’s “too high” depends on how much faith you put in the current earnings cycle and in the idea that AI and tech innovation can keep driving profits at this pace. 

Most investors are probably wary of the high valuations but reluctant to step away from a market that keeps hitting new highs. At the end of the day, more capital = higher valuations…regardless of fundamentals.

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

How to Handle Long Hours

If you work in consulting, banking, or the buyside, long hours are part of the job. It’s important to figure out how to manage both your time and your energy efficiently. You’re not going to win by outworking the hours. Instead, you have to be smart about how you spend them.

Below are a few pointers that might make your life a little better when working a demanding job.

1. First and foremost, get good at your job. If you are good at your job, you will be able to finish tasks more quickly. Rather than finishing up at 3 AM, you might be able to finish up at 1:30 and grab an extra hour and a half of sleep

2. If possible, do the hardest tasks when you are freshest. This is honestly not always in your control, but when possible, it can be very beneficial to the quality (and efficiency) of your work

3. Have at least 1 hobby you do religiously and prioritize it. Going to the gym or running are easy ones because they aren’t super time-consuming. Having something you do besides eat, sleep, and work can make all the difference in the world and keep you sane during hard times

4. Make friends at work. You will be spending tons of time with these people, and having a good relationship with them will make your life much better. You can go to them for advice and rely on them when shit hits the fan. You’ll also have more fun

5. Think of your job as paid training. This is very powerful. You are literally getting paid to learn, and the long hours just accelerate that learning process. So rather than having a negative attitude after a really tough week just frame it as a week of paid learning

This is not a comprehensive list, but just a few tips that came to the top of mind.

Most importantly, remember that this is just a job–it’s not that deep. Do your best, take responsibility, and learn as much as possible.

Going Forward:

Recruiting for Buyside Associate Roles?

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“The Pulse” #118

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