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- "The Pulse" --#76 / Total Market Factor Index
"The Pulse" --#76 / Total Market Factor Index
Peep the Learning Point to check out 'How to Answer ID Questions'
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Looking for interview prep or a coach to help you navigate the process? Check the “Going Forward” section below.
Last year, 95% of students coached received offers.
Pay for 3 coaching sessions, get one FREE! For the next month, we will be offering an exclusive offer to pay $150 to receive 4 coaching sessions with a current or future analyst (Venmo @ThePulsePrep or pay with credit card: (Coaching Bundle $150 for 4 Sessions). Interviews are right around the corner and we want you to be as prepared as possible. Last year, 95% of those coached received offers!
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Recruiting Timeline:
Banking:
Where We’re At:
SA 2026: No updates this week. 5 firms are actively recruiting for summer 2026 positions. Some deadlines are for January, so be sure to apply! It is critical to apply early and often to ensure you have the best chance at getting an interview—that is seriously the best advice I can ever offer.
FT 2025: Telos Advisors opened its application. There are currently 61 firms actively recruiting for FT 2025. Please reach out if you are looking for coaching!
New SA 2026 Applications:
None
New FT 2025 Applications:
Telos Advisors: Boutique (FT 2025)
See below to gain access to our premium database, updated weekly, which houses the application processes for over 200+ 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:
50 SA 2025 applications have been released along with 55 FT 2025 apps. This process is coming to a close. In general, firms still releasing apps will be smaller, niche firms.
SA 2025 released apps:
Potomac River Partners - Summer Intern (SA 2025)
Reefpoint Group - Consulting/Business Analysis Intern (SA 2025)
FT 2025 released apps:
None
Apply ASAP if you’re interested!
Buyside:
Where We’re At:
SA 2026: Harris Associates announced its application. Currently 6 buyside firms recruiting for SA 2026 seats.
New SA 2026 released apps:
Harris Associates: Equity research internship (SA 2026)
Premium Database:
The database is updated weekly and contains 200+ 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 76th 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 pay a one-time fee of $50 (Venmo: ThePulsePrep / Credit Card: (ThePulsePrep—Stripe.com) that grants you annual access to the updated database (You can enable purchase protection if concerned). If you don’t find our services helpful, we simply ask for feedback on an area we can improve upon and will refund your $50.
This is a small investment for a huge payout when you secure your dream offer!
Video of Premium Database——>The Pulse Database Video
Market Update:
Snapshot of the Macro
Today, we are covering a snapshot of the positive and negative macroeconomic factors impacting markets today. (Mostly focused on the U.S.)
Pros:
Rates cut 75bps, rubbed the genie lamp for this. Federal Funds rate now stands at 4.75-5.00% (covered in: "The Pulse" --#29 (beehiiv.com)
10-year and 2-year not inverted ("The Pulse" --#58 / The Longest Yield Curve Inversion Ever)
10yr and 2yr yields (LHS), spreads (RHS) (Source: FRED)
Possibly lower corporate taxes
21% today, might go as low as 15% (Source: Trading Economics)
Inflation down to 2.1%
FED did well (Source: FRED)
High FICOs ("The Pulse" -- #21 (beehiiv.com)
FICO Inflation? (Source: Experian)
Wage growth outpacing inflation ("The Pulse" --#39 (beehiiv.com)
Wage growth at 4.6% (Source: Statista)
Markets perform well after ATH ("The Pulse" --#37 (beehiiv.com)
(Source: Forbes) Graph is dated, we hit ATH back in 2021
Greater M&A and IPO activity compared to 2022 and 2023 ("The Pulse"--#32)
Cons:
Earnings forecasts are lower, ~9% of companies reporting negative guidance
Higher tariffs on Chinese goods with the election of Donnie T ("The Pulse"--#57 / Financial Markets During Election Years)
Valuations at highs ("The Pulse" --#37 (beehiiv.com)
S&P 500 PE Ratio at 30.7x (Source: multipl.com)
Homes are too expensive ("The Pulse" --#27 (beehiiv.com)
Values up ~33% in 5 Years (Source: FRED)
Bankruptcies rising ("The Pulse" --#11)
Source: U.S. Courts
Deteriorating U.S. & China relationship ("The Pulse" --#29 (beehiiv.com)
Wars between Ukraine / Russia and Israel / Palestine ("The Pulse" --#20)
U.S. national debt is high ("The Pulse" --#18)
Middle-Ground Items:
Consumer savings rate is average (numbers revised in September) ("The Pulse" --#20)
Savings rate at 4.6% (Source: FRED)
Nearshoring and onshoring of manufacturing
Spreads at historic lows ("The Pulse" --#40 (beehiiv.com)
Spreads at lowest levels since 2006 (Source: FRED)
Spending remains focused on necessities, but is stable ("The Pulse" --#20)
Spending is solid, but shifted towards necessities (Source: Deloitte)
Unemployment rate at 4.1% ("The Pulse" --#46 (beehiiv.com)
Unemployment is manageable (Source: FRED)
DTI normalizing at 11.6% ("The Pulse" -- #21 (beehiiv.com)
(Source: FRED)
Disclosure: Nothing written here is financial advice or should be used for investment decisions.
Learning Point of the Week:
How To Answer ID Questions
Is there a method to the madness? Short answer is no. Just be honest.
This type of request is in every single application. Employers like to know who is applying and what diverse perspectives people might bring to the table.
So, how should you answer this form?
You should just be honest and identify yourself. If you’re a straight white guy, just mark that down.
Some people start playing guessing games because they think that electing a certain option will help or hurt their application status is some way. Out of all areas, this is not something to fabricate. Just answer the questions truthfully.
You can elect “prefer not to say” but any interested employer can just look you up on LinkedIn if they’re so curious. Or Instagram. Or your club website. Or just type your name into Google and find some photo of you.
If you choose to lie, your bluff will get called very quickly lmao, so it’s definitely not worth it to lie.
Don’t overthink this. Just be honest.
Going Forward:
If you run a club, we want to connect with you to partner. Please shoot us an email @[email protected], would love to make your club the most prepared on campus.
Coaching Details:
Pay for 3, get one FREE = $150. (Venmo @ThePulsePrep or Credit Card: (Coaching Bundle $150 for 4 Sessions)
1 hour session = $50. (Venmo @ThePulsePrep or Credit Card: ThePulsePrep—Stripe.com
30-minute session = $30. Venmo @ThePulsePrep or Credit Card: ThePulsePrep—Stripe.com
Email us with your availability and we will be happy to schedule a session @[email protected]
Students we coached for SA 2025 have received offers at Goldman, JP Morgan, Evercore, and many other firms. Roughly 95% of those coached received offers last year!
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” #76