A Day in a Life - Private Equity/Investment Banking
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- Опубліковано 27 лис 2024
- I take you through an average day in my life as a private equity associate and talk about my experiences in investment banking.
Follow me on my IG:
@emory_liu
Wall Street Oasis IB/PE Prep Courses: linktr.ee/casu...
After graduating from university, I worked at a local boutique investment bank for two and half years, specializing in equity capital markets in the real estate sector. My previous firm also did a little bit of M&A (mergers and acquisitions) for a variety of industries including manufacturing, cannabis, technology, etc. I transitioned into private equity in 2019. My current firm invests in real estate development and value add real estate deals. As a disclaimer, these are my personal experiences in investment banking and private equity, this may not reflect the experiences for other people in this industry around the world. I work in Toronto, Canada and have not experience the bulge bracket life on Wall Street in New York City. I do try to talk to some of my friends who work at bigger firms and get their personal experience in investment banking and private equity. Unfortunately, no wall street bets yolos or gamestop GME shares were traded in this video.
Comment below if you have any question about investment banking, private equity, recruiting, school, life.
Thank you for your honesty, no fake glamour and hype. Appreciate your discipline. Much success to you in your career.
Appreciate it, trying my best to show the real side of the industry
It will be great if you could talk about the actual work a PE associate normally does, such as modelling and the investment memo. Thank you very much!
The insane stress of missing one small detail and causing a deal to fall apart, the dread of defending another deal to the IC, the politics, preparing agendas, taking notes, getting that intralinks notification that the data room just opened at 7pm on a saturday, staying up until 4am creating models 10x more complex than could be possibly necessary, working 100 hours a week for weeks on end with no acknowledgement, competing with a bunch of type A sycophantic humorless freaks for brownie points, completely thankless, soulless work, wasting the best years of your life enriching people wealthier than you ever will be given the glory days of this industry are a decade plus behind us. oh the prestige of being a private equity financier
this is literally why I have an interview in a few hours and I want to cancel--- I'm only doing it to keep up with the joneses and know I'd be so unhappy urh
Every job is thankless because you're just an expendable employee, a cog in the wheel. Most people are not business owners, instead they're employed. So if you're going to be a wage slave like everyone else then you might as well choose what earns you the most.
Private Equity is therefore unrivalled.
@@me6602 The grass isn't greener on the other side, don't be ungrateful.
I would love a video on how you undertake the actual cash flow modelling on excel and the type of returns you are evaluating. Great Vid, keep up the good work!!
Great video! Yes I would like to see how you build the financial models after a new deal
I will talk about it in the future
Modupe Olukanni Your name just kinda caught my eye... Would you mind me asking you where you're from?
@@wiltonkock Nigeria. Subscribe to my channel:)
It’s so good to see some finance videos from Canadians!!!
i guess im randomly asking but does someone know of a way to get back into an instagram account??
I was dumb forgot my password. I appreciate any help you can offer me
@Briggs Malcolm instablaster :)
@Alaric Luciano I really appreciate your reply. I got to the site through google and Im trying it out atm.
I see it takes quite some time so I will get back to you later when my account password hopefully is recovered.
@Alaric Luciano It worked and I finally got access to my account again. I am so happy!
Thank you so much you saved my ass :D
@Briggs Malcolm Glad I could help xD
Gotta love honest creators sharing this side of the business. Mostly just hitting F2 and Ctrl Z. Also can't wait for last season of AoT.
I would say your hours are abnormally good. Having been in both IB and PE, depending on the shop, 80-100 hours can be a consistent thing year round. And also dependent on the shop, there often times isn't a "break" in between review periods. So much work is backed up that it's like playing endless whack-a-mole. From my personal experience, my worst 8-month stretch consisted of 3am nights on average with absolutely no breaks throughout the day. Only saving grace was that we got off relatively early on Fridays to be able to catch dinner/drinks with friends.
yea I do think my hours have never been bad. I personally never worked at a bulge bracket investment bank and never at a mega fund. All the firms I worked at are all mostly chill.
Wow extremely informative, learned a lot man. Can't wait for the next drop!
Can’t believe the strictly graded commented on my video, actually a legend
Hey great video, thank you for the insights! :)
I am currently working in IB looking to transition to a PE.
Little note, at 11:30 when you mention that you used to work 60-70h/ week average in IB and that you didn't know why some IBankers liked to flex they worked 90-100 h/week
Well tbh it is my case, idk where you worked or what the workload was but I currently work at a big balance sheet bank (not a BB tho) think Wells Fargo, SocGen, BNP Paribas, HSBC, RBC, etc in their IBD division and I do indeed work 90-100/ week on average... It is a reality for many of us...
We do see 70h weeks or 110-120h weeks but these are prob like you said more the exception than the norm...
I guess it really depend on the Bank and the team you work for :)
yea I think I had it good when I was a banker. I worked at a small boutique IB in Toronto, I've heard its a lot worse conditions at bulge brackets.
The dating analogy works shockingly well.
Alarm is lit !!!!! Can't stop me 😁
Dude, make more videos. Really appreciate
Jhahahahah we basically the same mate...honestly i can imagine myself coming home from work and getting a meal and watch anime!!!!!
Really cool been doing research about private equity and came across your video!
I really like your video. I'm trying to create an optimal work routine, and yours seems pretty honest to me. Thanks for sharing.
Hi! This was rlly cool to see- thank you so much for sharing! I actually was curious on ur thoughts of how possible it was to transition from a global markets (ST) position to IB? With the support of PE part time internships ?
Love the Bape and Essential hoodie my man !!!!
I need to visit Alfredo at Alfredo’s pizza cafe!
Great video I was thinking about getting a ib job after college for two years then pe thanks for useful for video to have a better understanding of the jobs my favorite part of the video was attack on Titan season 4
Cool video. I’m at an intermediate advisor level for retail banking and have been looking into PE.
As a sophomore wanting to join PE firm, really grateful to see this video and really wanna hear you talk about something related to how you perform dd and your qualitative analysis of a target company! fdefinitely share with us if you got time!
Yeah! What do those models look like?
Great work, keep it up!!
I'm just about to start my masters of finance whilst interning at a PE firm here in Sydney, what's the finance and professional culture like in Toronto? My plan is to move there as soon as I can
Can’t speak for the whole industry, but my personal experience in IB and PE is pretty positive. My current firm is really chill, I work around 50 to 60 hours a week and my coworkers are very easy going. I’ve heard some firms are pretty bad but I’ve never experienced it.
@@casualbusiness I wish I find the same kind company there. I plan on moving there too. Thanks for making this vid 🙏
As a ONCE the intro was a heart shakerrr❤❤❤
HAIKYUU 😭🥺 I think I'm about to enter this industry. Still not sure maybe I'll pursue an accounting/auditing job. It depends on the offers that I will get a few days from now. But thanks for this video! Very informative 👌
7:00 the pie is 105% lol. Good video btw, it was really helpful!!
Bro. Sneakers, going to work with a bape hoodie, attack on titan and u work for PE - respect
Appreciate it, finance doesn’t have to be so serious
@@casualbusiness I really do appreciate this. You seems to be a cool guy to go out on the town. I hope everything will go for you as you wish. Greetings from Poland :)
kudos to the piano ver. of cruel angel's thesis playin in the background 😇
I was working in a RE PE before, the time span goes really long for a most of company's projects, they take years.
Yea, most of our deals are around 5 years from start to finish
@@casualbusiness Very typical, so are you thinking other targets such as stocks?
@@Ray-hx4dz a very small amount of public stocks personally, but my fund does not invest outside of private real estate deals
@@casualbusiness Right!
Love the example at the beginning with the office references 😂
Loved the video!!! Anymore videos coming soon?
Excellent video. Thanks
Neon, a man of culture
Evangelion in a finance video? Unexpected but intriguing 🤔
sick Evangelion BGM
Great content! Just subscribed
What city you in Homie? Love the video. 100% It's cool seeing what you do in the Office, I have a lot of respect for you guys who make the Transactions happen and do a-lot of the diligence. I am still learning as a Partner/Entrepreneur. The basics of my story? I went out built a all star board of directors and coldly recruited a Chairman of a Fortune 500 company as my Mentor and Chairman. Now we are moving and I am lining up Transactions.
Good stuff I subscribed.
I am based in Toronto. Entrepreneurial ventures are definitely interesting, management and operations is definitely the bigger and more important part of the investing process.
Wow, so informative. I wish I could meet you one day
My DMs are open
Lmaoooo @ the essentials sweater! 😂 Spot on.
Enjoyed the content. You from LA big Dogg?
Thank you for the video!
You must be making more than 6 figures. 45-5-% of that is deducted due to taxes. In your opinion wouldn't most private equity analyst stay only for not more than 10 years and invest most of their money in equities and retire in 10 years. The high taxation of salary sucks. What did you major and how did you get into a job in investing?
I see that you are a man of culture
Thanks a lot for your honesty 💙👍🏾
Noticed the Haikyuu soundtrack! 😆
Great video. Wanted to hear your thoughts about what type of personalities typically succeed in roles such as IB and PE?
I was curious also if you find fulfillment in your current or previous role(s).
Thanks,
I'd say most personality types would succeed in IB and PE. A lot of introverts can have good interpersonal skills, Warren Buffett is a good example. PE is definitely a lot more fulfilling, because you're managing the asset after investing. It is a lot more entrepreneurial.
@@casualbusiness Great insight, thanks!
Great video!
It’s the I Can’t Stop Me alarm for me😂
hey i like your glasses, where can i cop them?
I like the song of street fighter Manga dehind ! Good job
Nice Neo Genesis music in the background bro
What are the salaries like in Toronto for private equity.
if you don't mind me asking, what is the rent costs around this area?
Since the pandemic, rents came down pretty hard in Downtown Toronto. Pre-pandemic you're looking at $3.50 to $4.00 per square foot. that's around $2,000 to $2,400 for a one bedroom condo. Now you're looking at $2.75 to $3.25 per square foot, so you can probably get a one bedroom condo for $1,600 to $2,000.
Is it possible to get into investment banking and move up to private equity with just an associate's degree???
Why aren't you wearing a Suit ? I have been lied to by Hollywood !
Keep up the good work !
where are the videos dude!
8:10 "Million dollar deal" oh swear they deal in a single family detached home in brampton? Jks nice video!
Subbedd
What's that start song?
was that neon genesis evangelion music there? nice touch
Hey! Mind if I DM you? I’m starting out at Deloitte M&A but wanna make the jump to PE in a few years. Interested to hear about your story.
Dope video btw!
Yea go for it. When I have the time I’ll respond
Which course did you do and what is the advice you would give someone who has interest in doing investment Banking
I did accounting up to second year, that’s more than enough to know the basics for investment banking. Personally I do believe luck plays a big part outside of you controlling what you can, like your grades and networking. If you’re more than qualified but can’t get it, don’t be discouraged and think of it as a numbers game.
Thank you and do you see the investment banking sector growing or declining
@@daniellitunya4971 If you're talking about the sector, I don't think investment banking will ever "decline" in the long run because businesses will always need to be bought and sold. If you mean the job "investment banker" is dying, I guess to a certain degree its true. A lot of people are pursuing tech instead since it pays more out of school and life style is a lot better.
Do you have regrets after doing investment banking and if you do which ones do you have
So the job doesn't pay that much.how much does it pay per month on average
Hey, this vid was great! is ti possible to move to a mid market PE shop from a boutique IB? (Im based in London)
Yes. This is how I got in. I worked at a boutique IB, then transitioned to a mid market PE fund. I’m based in Canada and it’s possible here. I’m not sure about how the industry is in London, but from what I understand it’s similar.
@@casualbusiness Ahh great, thanks for the insight! I've been thinking to move to Canada in the long term as living in London is quite unsustainable, esp when you work in the city as the living costs are super high. Is there any way I can contact you to ask more about living in Toronto and also your experience so far working in PE? many thanks
@@zakkhan6054 Toronto isn’t the cheapest city either lol. You can message me on Instagram, when I see it I’ll respond
Im pursuing a PE career, can you please help me to answer that is it necessary for me to have CFA?
No, it’s not necessary to have a CFA in my opinion
I don’t mean be nosy, but how is the pay?
In Canada, the average first year IB analyst would be paid around $60 to $90k base salary, $30 to $50k bonus. Average first year PE associates make around $80 to $100k base, $30k to $100k bonus. PE in Canada doesn't make as much compared to the states. Not sure how it compares to the rest of the world.
@@casualbusiness I mean that’s still a lot even in CAD. Could you give any tips or recommendations for what I could do enter this field? I am high school freshman and I am interested in finance, specifically the PE industry? Is there anything that you would like to tell an aspiring banker?
Also, if it helps, I go to one of the top 5 schools in the U.S.
@@vaibhavkrishnavasudevan8983 not much you can do in high school other than learn about the industry. In university, try to go to a school where firms recruit. Landing the first internship is about having good grades or network with people in the industry.
@@casualbusiness Ya i def agree with that. Did you go to a college in the U.S. or Canada? I’m living in the U.S. and I want to go to at least a semi target school in the U.S. and then go to Canada for like my job (specifically Toronto cuz that’s like financial capital in Canada)
Average Shingeki no Kyojin enjoyer
Super random but hey! You have icsm by twice as your alarm!
Hello, I really enjoyed the video thank you for uploading the wonderful content.
I’m looking forward to start my own PE fund within the next few years. Whenever you have the time I just have a few questions for you. I’d love to hear more about you’re journey so that maybe I can pick up a few things along mine.
Thanks Again.
I don't know much about starting a PE fund, but if you have any other questions I'll be happy to answer.
Are you leaving your job soon as well?
What only 60 hours a week 💀 wait is that like not including emails and calls and having to do lots of stuff out of work as well? How about FaceTime? Don’t you have to stay if there’s still people working? Dope video by the way!!
Facetime is for the people who wants to make people think that you're working hard when you really aren't doing anything lol. Personally if I don't have anything to do I just leave, I don't really care about face time. For hours, I work at a mid-market fund in Canada so the hours aren't bad. Most days is around 9 am to 8 pm with a couple hours over the weekend. I've heard hours at mega funds are a lot worse, but I've never worked at those firms so I don't really know.
Mans said "rise and grind let's get this bread" hahahaa
I see that you’re in REPE now. Going to grind for partner?
We'll see where my career goes. I was definitely grinding to get out of IB into PE when I was a banker. Now it just feels like I'm more passive for my next opportunity instead of actively pursuing something.
@@casualbusiness If you ever want to get into tech then feel free to PM me. I’ve worked at several FAANGs and have a lot of connections there. But honestly I wish I had gone for PE and went for the partner track; too late now. No other career offers you generational wealth building capability and builds such iron clad business skills like Private Equity does.
@@SquarePenix. I honestly think there are ways to do that in tech, but maybe its not as organized like the partner track in PE. The technical skills you pick up like coding can set you up to do startups that I have 0 chance of doing, its just you have to venture out for yourself instead of following a set path in PE.
@@casualbusiness I guess the grass is always greener on the other side as they say. I’m a FAANG engineer trying to go the PE route now. I just like the predictably of the straight forward partner track and the carry afforded with it. Startups just seem like way more of a risk to me.
how much do u make
You really did the whole wake up act for 20s lmao
Dang man, wassup with the social life?
Did you go to a Target school for undergrad?
somewhat? I went to Western in Canada if youre from here. I had the pre-entry to Ivey but didn't end up going
@@casualbusiness so did you just continue with BMOS?
@@notshubh I switched my major a couple times, started in econ and ended up in math 3rd and 4th year. I landed a summer internship with a boutique IB in second year summer, when they told me they would take me back for full time I kind of lost motivation to do school and just wanted to start working.
@@casualbusiness woah an IB internship in second year! Nice! Do you think you could make a video on the recruiting process and how you landed the internship?
@@notshubh I honestly got extremely lucky cold emailing the right person at the right time. I will talk about it in the future
Why do you wear a mask outside
Why do you hate the Dodgers?
Best team in baseball
6:26 lmao that outcome
lol love the neon evangelion
Cruel Investment Banking/Private Equity Thesis!
11:02😂😂😂
pick a better name i'll wait
Private
Dude stop flexing....jk... what do your parents do?
Software and engineering
what are those hours bruh.
great video