"The Pulse" -- #126 / Total Market Factor Index

Recruiting Timeline:

Banking:

Where We’re At:

• SA 2027: BDO Global opened its app. 3 banks are actively recruiting for SA 2027

• FT 2026: No new updates this week. 66 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 2026 recruiting season received offers!

New SA 2027 Applications:

• BDO Global Advisors: MM in Richmond, VA (SA 2027)

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:

• Mostly just boutique firms releasing apps going forward, so if you’re still on the hunt for a consulting internship/FT role make sure to apply right when they open.

SA 2026 released apps:

• None

SA 2027 released apps:

• Alvarez & Marsal - Restructuring & Turnaround Analyst (SA 2027)

FT 2026 released apps:

• Cofactor Group - Associate Consultant (FT 2026)

Buyside:

Where We’re At:

• SA 2027: Stone Point Capital and Morgan Properties opened their apps this week. There are currently 10 buyside firms actively recruiting for SA 2027

New SA 2027 released apps:

• Stone Point Capital: $50bn AUM PE (SA 2027)

• Morgan Properties: RE Acquisitions (SA 2027)

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 126th 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: 

Total Market Factor Index

Today, we are covering a snapshot of the positive and negative macroeconomic factors impacting markets today. (Mostly focused on the U.S.). Out of all editions we’ve published, this one contains the most ‘Middle-Ground Items.’

It’s very clear that corporate health is being portrayed as overall Economic Health. There are not many catalysts supporting exceptional spending by the consumer. Interpret that as you see fit.

Pros:

• Rates cut to 400-425bps

  

  Source: NY FED

• 10-year and 2-year not inverted

  

  Source: FRED

• Wage growth outpacing inflation (stale chart, but still positive net wage growth)

  

  Source: Statista

• Markets are frothy

  

  Source: MacroMicro

• Credit scores re-rating from the resumption of student loan DQ reporting

  

  Source: FICO

• M&A and IPO activity has been kicking back to life

Cons:

• The U.S. government shutdown is one of the longest in history

• Tariffs are still elevated relative to historical levels

  

  Source: Wharton Budget Model

• Bankruptcies rising

  

  Source: U.S. Courts

• Consumer savings rate is lower than historical levels

  

  Source: FRED

• Consumer DQs rising across all categories

  

  Source: Household Debt & Credit Report

• Mortgage rates still high

  

  Source: FRED

• War between Ukraine / Russia ongoing

• U.S. national debt is still high

Middle-Ground Items:

• Aggregate capex spending growth is nominal at 3.2%

  

  Source: FRED

• Inflation contained despite greater tariffs

  

  Source: FRED

• Possibly lower corporate taxes (waiting on this!)

  

  Source: Trading Economics

• Home values coming down slowly

  

  Source: FRED

• Credit spreads at their tightest levels in 5 years

  

  Source: FRED

• Spending remains focused on necessities, but is stable

  

  Source: Deloitte

• Unemployment rate at 4.3% 

  

  Source: FRED

• DTI contained

  

  Source: FRED

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

DCF

The Discounted Cash Flow Analysis (‘DCF’) is the #1 direct valuation tool used across finance.

A DCF can be as simple or as complicated as you want it to be. For an interview, it’s critical to understand its mechanics

Steps:

-Spread unlevered free cash flow across a horizon of 5-10 years ✅ 

-Apply a ‘terminal value’ to the final year’s cash flow. You can either apply an EBITDA multiple based on where comparable companies are trading. Or apply the Gordon Growth Method ✅ 

-Calculate a WACC to use as a discount rate ✅ "The Pulse" -- #124 / Off-Balance Sheet Financing 

-Apply the WACC to the stream of cash flows and terminal value using the present value formula. This effectively accounts for the time value of money and discounts the cash flows according to the year they’re generated ✅ 

-Sum up the discounted cash flows and discounted Terminal Value. This yields an Enterprise Value ✅ 

See below for a visualization of a really basic DCF.

As you can see, there are many assumptions baked into a DCF including: the growth rate, the WACC, and free cash flow forecasts.

The most broken component of any DCF is the exceptional anchoring to the terminal value to drive the bulk of the value. Regardless of the method you use to calculate the Terminal Value, how are you really supposed to sum up a business’s lifetime performance (ie Terminal Value)?

But hey, if everyone does it then it must be ok… after all, valuation is really just the price someone is willing to pay for something.

A DCF is especially useful when spread alongside a comparable companies analysis and a precedent transactions analysis to form the Big 3 of valuation (will speak about these next week). The collective results present a valuation range for a particular business.

Investors are more interested in a tight valuation range across these three methods vs. a super specific number generated by one method.

Going Forward:

Rx Case Comp

In addition, wanted to share a great opportunity! The Pari Passu Newsletter launched the first Restructuring Competition, learn more and sign-up here (must sign up by tomorrow). While there are hundreds of stock pitch competitions, this is something new and unique, so definitely encourage you to check it out!

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

“The Pulse” #126