FT 2027 Recruiting Kicked OFF
FT 2027 kicked off for banking and buyside programs. This process is much different from summer analyst programs. Only the largest firms execute standardized recruiting processes, most recruit ‘ad-hoc.’
Ad-hoc recruiting means that only a few spots are open across select groups vs. hiring of entire analyst classes. Most firms recruit ad-hoc for full-time roles because they’re largely able to fill their classes from the SA programs. So, if there are 2,000 spots for summer analyst recruiting, there is only ~200 for FT recruiting.
This makes it 10x more important to Apply Early & Often to ensure that you’re getting your app to the top of the pile.
Our Premium Database covers 500+ firms across banking, buyside, and consulting so that you never miss an app. (ThePulsePrep—Stripe.com)
Recruiting Timeline:
Banking:
Where We’re At:
SA 2027: Ziegler opened its app this week. 100 banks are actively recruiting for SA 2027. This process is 95% complete.
FT 2027: No new updates this week. 2 banks are actively recruiting for FT 2027.
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New SA 2027 Applications:
Ziegler: MM (SA 2027)
New FT 2027 Applications:
None
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Consulting:
Where We’re At:
Status quo here. BCG, McKinsey, and Bain have been giving out SA 2027 offers, but we are still waiting on the next wave of firms to release applications.
SA 2027 released apps:
None
FT 2027 released apps:
None
Buyside:
Where We’re At:
SA 2027: No new apps this week. There are currently 86 buyside firms actively recruiting for SA 2027.
FT 2027: No new apps this week. There are currently 7 buyside firms actively recruiting for FT 2027.
Buyside Associate Recruiting: TPG, Blackstone, Lead Edge Capital, and more are actively recruiting for summer 2027 associates. This is a section dedicated towards providing updates for our post-grad Buyside Associate Recruiting platform: Buyside Recruiting & Interview Prep Platform | The Pulse.
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New SA 2027 released apps:
None
New FT 2027 released apps:
None
New Buyside Associate released apps:
TPG Growth: Growth equity arm (summer 2027 start)
Blackstone Strategic: Secondaries PE arm (summer 2027 start)
Lead Edge Capital: Tech Growth / PE (summer 2027 start)
Premium Database:
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
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Market Update:
Asset Yields in a Frothy Market
The S&P 500 is trading at 31x P/E. The Mag 7 comprises 40% of the index’s market cap.
Source: Multpl.com
At the same time, Anthropic is reportedly being valued at $900bn—-30x ARR. We are talking about ARR here, not a measure of profitability, not a measure of cash distributable to investors. ARR.
How can you get comfortable investing in this environment? You need to buy into the lofty growth assumptions. You need to believe that earnings power will only become stronger for the companies you’re investing in because at these multiples, the asset yields are shit.
“Unc, what’s an asset yield?” An asset yield is the implied annual cash flow you’re expected to receive relative to the purchase price of the investment. In the public markets, you’d take 1/(P/E) as your shortcut for asset yield—a thrilling 3.2%.
Let’s bust open Excel and take a look:
Source: Yours Truly
The cash flows are stretched for 31 periods. Each period represents 1 year. Therefore, buying an asset at 31x today would take you approximately 31 years just to recoup your investment assuming there is no growth to the underlying cash flows. 31 years is 1/3 of your life.
This is a quasi credit analysis applied to equities. However, unlike credit, equity investing directly benefits from growth of the underlying cash flows. So, assuming a 0% growth rate is punitive, but necessary for this illustration of how asset yields work.
Before I press the ‘Buy’ button on Schwab, I try to look at the underlying asset yield to provide myself a sober perspective of what I’m buying into. In most circumstances, you’re ONLY buying into the growth with very little support from the underlying cash flows your investment is expected to produce.
Let’s cut the multiple a bit to see how the investment changes.
At a 15x entry, the asset yield is ~7%. That’s not bad. Your entry MATTERS.
Source: Yours Truly
Now, let’s go back to the 31x entry and sensitize the growth rate of the underlying cash flows. At a measly 5% annual growth rate, your repayment period is ~50% of the base case.
Source: Yours Truly
Under this scenario, you’re essentially beating your asset yield. Now, you may ask “Unc, what decent company DOESN’T grow at least 5% per year?” You’re right, 5% is a pretty low bar for growth. My question to you would be “Are these cash flows or are these proxy cash flows?”
The future investors reading this would have picked it up on the spot. The future bankers would have just agreed with the analysis thus far and probably aren’t even reading this. After all, asset yields rarely make it into pitch decks.
5% revenue growth is no problem. 5% dividend growth? Into perpetuity? Show me that ticker. We have only discussed P/E ratios today, Price / EPS. EPS = Net income / average shares outstanding. Net income =/ dividends. There has been no consideration for the “forgotten cash effects”—capex, change in net operating working capital, mandatory repayments of principal on debt outstanding, preferred equity coupon payments, etc. All of this happens before the common equity holders see a dollar.
There is no commonly used Price / Distributable Cash or Price / Dividend multiple because these aren’t comparable across companies. Very similar companies who would otherwise be comparable on a P/E basis may have wildly different dividend strategies.
This is why it’s important to know the asset yield. What is the implied stream of cash flows that you’re buying into today? If the asset yield looks like shit, what growth rate needs to be assumed to make your return pencil? When and how will you realize this theoretical return?
If you’re buying into growth, always question the growth rates. Otherwise, you’ll be waiting around for decades just to get your money back.
Disclosure: Nothing written here is financial advice or should be used for investment decisions.
Learning Point of the Week:
Banking vs. Buyside - What Path Works For You
Last week we covered the three waves of FT recruiting, this week we are going to focus on the two archetypes pursuing FT recruiting: a) the hardos and b) those just trying to break in.
If you’re a hardo, you should solely be focusing on Buyside recruiting. Why go through the stress of FT recruiting just to keep doing banking? Your goal should be to lateral to an analyst role at Apollo, Blackstone, KKR, etc to skip the bullshit of eventually recruiting for Buyside Associate positions after your 2-year stint. Recruiting while in undergrad is a much easier process! No real modeling tests or case studies, pretty similar interview process to banking recruiting at the undergrad level.
On the other side of the coin, if you did an internship at a really small bank, an adjacent industry, or didn’t have a job at all then you should ONLY focus on banking. The Buyside shops will throw your app away before looking at it. Banking is a much more accepting industry of those with limited experience and there are far more banking roles than Buyside roles at the entry level.
However, your approach must be targeted with significant networking. The shotgun approach of applying to every job available without forming any meaningful connections won’t get you anywhere in FT recruiting. Next week, we will discuss how to network for FT roles.
Going Forward:
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“The Pulse” #153
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