"The Pulse" -- #128 / Longest Shutdown Ever 🦅

Recruiting Timeline:

Banking:

Where We’re At:

• SA 2027: RBC, BMO, and Leerink Partners opened their applications this week. 6 banks are actively recruiting for SA 2027

• This process is kicking up, seeing plenty of coffee chats opening for select schools, check Handshake. The more apps that open, the harder it will be to secure networking chats so try to squeeze those in ASAP. Right now, you should be full interview prep mode: behaviorals and technicals

• FT 2026: Rothschild opened this week. 67 firms are actively recruiting for FT 2026. This process is pretty dead at this point  

• 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:

• RBC: Large Canadian bank (SA 2027)

• BMO: Middle market Canadian bank (SA 2027)

• Leerink Partners: Tech-focused boutique (SA 2027)

New FT 2026 Applications:

• Rothschild: Strong boutique (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:

• Going forward, only smaller boutique firms will be releasing applications. This process is 85% complete.

SA 2026 released apps:

• None

SA 2027 released apps:

• None

FT 2026 released apps:

• Recon Strategy - Associate Consultant (FT 2026)

Buyside:

Where We’re At:

• SA 2027: No updates here. There are currently 11 buyside firms actively recruiting for SA 2027

New SA 2027 released apps:

• None

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 128th 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: 

Longest Shutdown in History

At 39 days, this is now the longest shutdown in history. Trump passed the longest shutdown award from his prior term to his current self.

What’s everyone arguing about? The primary topic seems to be healthcare tax credits. Unbelievable.

As stated in our recent piece: "The Pulse" -- #123 / Do Government Shutdowns Affect Markets? Shutdowns haven’t historically affected markets in any material fashion. However, no shutdown has ever been this long, so we cannot really make apples-apples assumptions anymore.

This is a new beast and real impact is happening.

• 900,000 government workers are furloughed

• SNAP benefits are in limbo

• Air travel and other public services are experiencing abnormal delays

Definitely a rainy day for all of those affected and we hope there is a resolution soon so that everyone can receive the pay and benefits needed. As we all know, the U.S. GDP is 2/3rds consumer spending. Stripping pay and benefits from millions of consumers will slowly erode spending and top-line growth for many companies.

However, a much longer shutdown would be needed to realize any significant downside.

First of all, AI made me this graph. Very cool. I Love AI. ILAI. 

Secondly, you can see that collateral damage from the government shutdown will not have a large, immediate impact on total consumer spending. U.S. consumer spending is buoyed by the wealthiest individuals.

Now, the wealthiest consumers primarily spend based on the success of their underlying assets…which often rely on income generated from other people spending. So, a trickle-up effect will eventually take place, but the shutdown would have to last much, much longer than 39 days.

I mean fuck it, even airline stocks haven’t really flinched.

When will a resolution happen? I’m not sure, hopefully before Thanksgiving.

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

Leverage

Leverage is when an individual or a firm borrows money from a different entity to invest in projects. The name of the game is to generate a return from the project that is greater than the principal and interest of the borrowing.

Leverage makes the world go around. Everyone loves to borrow money to buy shit.

-PE firms love it.

-Mortgage borrowers love it.

-I love it. ❤️

Here is why leverage is so great:

Let’s say I borrow $10 from my buddy and use $2 of my own funds to buy a large pizza from Domino’s.

-(please never be so down bad where your only option is to finance a pizza)

I could probably take that $12 pizza and go to the library and sell each slice for $2.

8 slices for $2/each = $16. Sweet.

I pay my buddy back $10 and throw in an extra $2 as a thanks for borrowing the money.

Now, I’m left with $4.

I pay myself back the $2 and pocket the extra $2.

Effectively, I made 100% of my investment.

My buddy, he made 20% (not too bad either).

That is why leverage is so great.

I can turn nothing into something really quick.

However, leverage is a double-edged sword.

If no one bought my pizza, I’d have lost $2 and be on the hook to repay my buddy $10! Fuck that!

Going Forward:

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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” #128