How to Write the Equity Sales Team Memo: The Best Part of Working in ECM?

10 Comments | Investment Banking - The Work Itself

Equity Sales Team MemoIf you work in an equity capital markets team, one thing’s for certain: you will know how to raise capital like nobody else can.

Writing memos, one might say, will be the ace up your sleeve.

The good news is that these “equity sales team memos” are shorter than many of the documents you write for M&A deals, like CIMs (confidential information memorandums) and OMs (offering memorandums).

The bad news is that while there are some interesting parts, it’s still not exactly rocket science…

But hey, you need to do them if you’re a junior banker in capital markets.

We’ll walk through why and when you would write these, how to set them up and structure them, and the differences for different types of equity offerings in this tutorial:

Equity: When to Issue, and How to Issue It

General Electric’s Financial Management Program: The Most Prestigious Corporate Finance Gig Around?

24 Comments | Corporate Development & Corporate Finance - Groups & Regions

General Electric Financial Management ProgramThere’s a lot of debate around the “best” place to start your career: Investment banking? Private equity? Corporate finance? Equity research?

But if you go the corporate finance route, there’s no debate over the best, or at least most “prestigious,” option within corporate finance: General Electric’s Financial Management Program (FMP).

It has been around for almost 100 years (created in the 1930s), and 75% of GE’s Chief Financial Officers went through it!

The only problem is that if you try to read about it online, you run into corporate speak and buzzwords galore, but little real information.

I actually graduated from the program and then left GE to start my own business, so I want to give you a realistic, non-sugar-coated version of what you do, what a “rotational program” in corporate finance means, and just how lucrative / prestigious it is.

Plus, we’ll take a look at how it compares to IB roles and answer the #1 question on your mind: is there any reason to forget about IB and become an FMP instead?

What Exactly IS a “Financial Management Program” (FMP)?

2014 Investment Banking Bonuses: Capital in the Twenty-First Century?

35 Comments | Investment Banking - Salaries & Bonuses

2014 Investment Banking BonusesNOTE: This is a revised version of an article we initially published, but then deleted, last week. This version has significant updates and corrected numbers.

Zero percent.

Or maybe 10%?

No, not the growth rate in bonuses this year.

I’m referring to the percentage you’ll actually keep.

At least if certain French economists had their way and implemented a “global wealth tax.”

The good news this year is that the rest of the world has not yet turned into France, which actually has a wealth tax.

The second piece of good news is that bonuses are up substantially.

The bad news is that it’s still not 2007, and the market may not stay this “hot” for long.

But hey, at least your life might be improving with all these new “protected weekends”!

What Were Bonuses This Year?

Let’s start with the cold, hard… ranges: