Tithi Jhunjhanuwala

Hey investment banking interns..... Here's some advice: 1. Ask questions often to clarify work requests 2. Ask questions to understand the work you're doing 3. Ask questions about your clients & how this work helps them 4. Ask questions regarding technical acumen to learn it correctly 5. Ask questions to prevent spinning your wheels frustrating team members The key here is: Ask Questions.... Walk away from that internship with as much information So you can make the best decision on that full time offer You earned!

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Only 1% people who get interviewed at Jane Street end up getting offers for the Quant roles. Firms like Jane Street don't care too much about 'Target Schools' but your cognitive abilities. However, the barrier to excel at their interviews is set high. Here's a list of few things which Top Prop shops look for in the candidates? □ Great formal education in mathematics □ Problem solving skills and creativity □ Outstanding scientific achievements (great GPA, research, published papers etc.) □ Strong programming skills including some good projects. How does a typical interview for Quant role at Jane Street look like? □ The interviews are generally basic probability, combinatorics, expected value based questions with a bend towards game theory or finding optimal strategies. They get harder in each successive round. □ The interviewer is not interested in the final answer but your approach towards solving that problem (thought process). Here's a list of sample interview questions similar to ones asked at Jane Street. 1)Probability of number of even heads after tossing 6 fair coins. 2)Probability of number of even heads after tossing 200 fair coins. 3)Probability of number of even heads after tossing 99 fair coins and one weighted coin. 4)Say we have a chest with X dollars, where X is a number between [0, 1000]. You bid B. If B is higher than X, then you get 1.5X (you pay B). If B is less or equal to X, then nothing happens. What is your bid? 5) Assume now that the number is between [800, 1000]. How much do you bid? 6) Assume the number is no longer uniform between [0,1000], but rather Gaussian, with mean 500 and standard deviation 100. The calculations are messy to do by hand, but what would be your intuition on how much to bid? 7) If you could choose a multiplier for the pay out on the above question, what would it be and why? If you are someone who is looking to apply for Jane Street, follow us for getting a flavour of interview questions and become a part of the Quant community.

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Will talk to 5 individuals on call. Topic: Career in Equity Research What it’s not: -For job -For Technical Analysis -Any stock or sector specific talk or recommendations Message me directly don’t write in comments Before messaging read about UPVC door/Window link in comments #CA #CFA #Equityresearch #Sharemarket #Students

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I hacked Goldman Sachs. And it helped me build and sell Ampush for mid-8 figures. This is a wild story👇 Summer 2009, I’m on the desk at Goldman (hedge fund analyst). Using one of my fav tools. GLG. What’s GLG? It’s a massive (9-fig) expert network biz - AKA they say to Wall St. hedge, “we’ll get you on the phone with an expert on any topic you want”. Using GLG I became an expert in Trucks. Auto-dealers. Hell, even farming. Around the same time, my best friend Nick’s job offer got pulled. It was 2008...the hedge fund he was going to work at blew up. So, Nick and I started spitting biz ideas back and forth. We had a MILLION ideas but no way to validate them. Then a light bulb went off... I didn't want to be an excel monkey, so I went to my boss’s office and put in my 2wks. BUT...for those 2wks I had an UNLIMITED SUBSCRIPTION to GLG. I could learn about new trends and use it to come up with THE idea. So we talked to founders of huge agencies. Big shot CMO’s. All these industry experts. 100% FREE. I ended up doing 65 GLG calls on Goldman's dime. 6mo later, and thanks to all our free GLG calls, we found THE IDEA: *lead-gen for online education* Nobody was using digital mktg at the time (pre FB ads), so there was a huge opp. Then a buddy from a hedge fund called me. “Hey Jesse, There’s this company called QuinStreet going public. Isn't this kind of like what you're doing with your new digital mktg co? Can you teach us about QuinStreet?" So we told them everything we knew, and a second lightbulb went off...I immediately call GLG HQ and say... “Hey GLG! I'm an expert in digital mktg. Will you pay me $500/hr to consult with hedge funds?” And they're like "YEAH, because we have no idea what these companies do." Now, we're taking 5-7 GLG calls/wk @ $500/hr and literally teaching them about digital mktg, which we learned from GLG calls before. On one of our calls, they ask: “Do you guys have any research you've put together in a pitch deck?” Of course, we didn't, but we said... “Sure. We have a $5,000 report. It's 50 pages. It outlines all the competitive players and value chain, etc.” He says: “Great, can you have it to me by Monday?” So we pulled all-nighters and put it together over a weekend. We ended up selling around 24 reports driving over $120k! I joke a dinner parties that this was Ampush's "angel round." Not only did it fund Ampush in the early days, but it also taught us how to build to 8-figures. Crazy story, but there are 3 lessons that I've kept. 1) Leverage your unfair advantage: Using GLG at Goldman, I had a huge advantage. Today, I leverage my network heavily for our portcos. 2) Be resourceful Bootstrapping forces you to come up with unique and interesting ideas, often with limited resources. 3) Be opportunistic We turned a hedge fund call into a profitable gig, which ultimately helped us gain the knowledge and resources to start Ampush. I usually save these stories for my free newsletter. Link below.

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This is for all CFA L1 Candidates! My strategy for scoring above 70% in Ethics💡 Ethics is a tricky section for CFA® candidates. But fear not! I aced it with a score above 70% using this approach, and I'm here to share my secrets (and answer some FAQs). My Top Tips: 1. Strategic Timing : Start your Ethics prep atleast 1.5 months before the exam. Since it's theory-based, consider studying it last in your sequence for maximum focus. 2. Source Material Matters: Go straight to the source! Focus on the CFA Institute curriculum for the most comprehensive and up-to-date Ethics coverage. While Schweser materials are great, the CFAI content reigns supreme here. 3. Practice Makes Perfect (25-30 Questions Daily): Don't overwhelm yourself. Aim for 25-30 daily Ethics practice questions for the 30 days leading up to the exam. Analyze your mistakes thoroughly to avoid repeating them. 4. Master the Art of the Question: Read exam questions carefully – don't rush! Take your time, understand the underlying concepts, and avoid impulsive answering. Other candidates can share their tips in the comment section and this is my subjective opinion, other may have different strategies for Ethics. #ethics #education #finance #cfa

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Here’s Why All Investment Enthusiasts Are Enrolling For CFA in 2024 🚀 Hi guys, I know most of you on Linkedin have now started finding CFA level 1 cleared or CFA charterholder qualification next to every other bio you come across. Today, I'm diving into the world of finance by understanding why so many students are opting for the Chartered Financial Analyst (CFA) credential. Well, let me break it down for you. First off, the CFA designation isn't just some fancy title – it's globally recognized and respected🌍. With over 170,000 charter holders spread across 165 countries, it's like having a VIP pass to the financial industry worldwide. Plus, after the 2008 financial crisis, trust in financial pros became a big deal 💼. That's where the CFA program shines. Its rigorous curriculum and focus on ethics help restore that trust. Employers know that CFA charter holders mean business – they're known for their credibility and adherence to high ethical standards. Speaking of employers, having that "CFA" after your name gives you a serious edge in the job market 🏆. Whether you're into investment management, equity research, or financial analysis, employers are actively seeking out CFA charter holders. It's like having a golden ticket to some of the most competitive roles out there. And let's not forget about expertise. With financial markets getting more complex by the day📈, you need someone who knows their stuff. CFAs are equipped with extensive knowledge of financial markets, investment strategies, and risk management. They're like the superheroes of the finance world, tackling even the trickiest of challenges with ease. Now, here's the kicker – CFAs aren't just about numbers. They're also all about staying ahead of the curve. With regulations getting tighter and a growing focus on sustainability, CFAs are right there, making sure everything's up to snuff. They're experts at integrating Environmental, Social, and Governance (ESG) principles into investment strategies 🌱, making them invaluable in today's regulatory and sustainability-focused environment. So, there you have it – the lowdown on why CFAs are all the rage in 2024. As per Nick Polland of the CFA Institute In India currently, we have 3,500 charterholders. But we are one of the largest candidate markets for the CFA program, globally. So, today, the number of candidates in India is more than in the United States. We have a much larger young candidate pool that joins the program and goes through it. And as the talent pool evolves so does the job market. If you’ve got CFA on your mind in 2024, sign up for a free counseling session: https://lnkd.in/dNdHNhBP #CFA #Finance #CareerBoost #Expertise #JobMarket #Ethics

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How to get a SCHOLARSHIP for your CFA exam? This post is for all CFA aspirants aiming for any form of scholarship offered by the CFA Institute. For many students, CFA is a far-fetched dream due to the high fees at all levels. Often, people from developing nations see the currency conversions and give up instantly. The CFA Institute clarifies its intent with scholarship programs, ensuring that the best talent can pursue the certification and not be left behind. With this scholarship, you can expect a substantial discount of around 75% 🤫 To assist you in your journey, I’ve curated a comprehensive guide for all CFA aspirants who dream big but face financial constraints that may be hindering their goal of earning the CFA designation. The document contains: 👉 Information related to different types of scholarships offered 👉 A step-by-step essay writing strategy 👉 Important details related to the scholarship process 👉 Important FAQs according to the CFA website 👉 Important links and FREE resources to assist you further Read everything carefully and make sure you reach out in case you require any guidance/assistance. 𝗖𝗙𝗔 𝗦𝗰𝗵𝗼𝗹𝗮𝗿𝘀𝗵𝗶𝗽𝘀 (𝗔 𝗖𝗼𝗺𝗽𝗹𝗲𝘁𝗲 𝗚𝘂𝗶𝗱𝗲) 𝗕𝘆 𝗔𝗮𝘆𝘂𝘀𝗵 𝗠𝗮𝗹𝗹: https://lnkd.in/g9gTUHkX (𝗜𝗻 𝗰𝗮𝘀𝗲 𝘆𝗼𝘂 𝗻𝗲𝗲𝗱 𝗮 𝗱𝗼𝘄���𝗹𝗼𝗮𝗱𝗲𝗱 𝘃𝗲𝗿𝘀𝗶𝗼𝗻, 𝗰𝗼𝗺𝗺𝗲𝗻𝘁 𝗯𝗲𝗹𝗼𝘄 𝘆𝗼𝘂𝗿 𝗲𝗺𝗮𝗶𝗹 𝗜𝗗𝘀) Disclaimer: You must check for your eligibility for the program before researching about scholarships: https://lnkd.in/gtjFNzsF Please like, comment, and repost this post—it would mean a lot to me. For much such content, feel free to follow Aayush M. #CFAScholarship #cfaaccessscholarship #CFA #Cfalevel1 #Cfalevel2 #Cfalevel3

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Here's my condensed advice for CFA L1 candidates - (After helping 100+ people through my topmate) Time → Start 6 months before exam → 400 - 500 hours Material → Schweser Notes → Schweser Quicksheet → Curriculum for ethics only → Coaching is recommended Strategy → Watch a lecture → Read schweser → Practice questions Revision → Every weekend → Take advantage of quicksheet → Revise weak areas after practicing questions Mocks → Minimum score to target : 70 → Attempt 1-2 months before exam → Do the 2 free official mocks by CFAI (atleast) → Analysing mocks afterwards is super important Best Practices → Don't take ethics lightly → Try studying first thing in the morning → Study for longer stretches instead of small Follow Mayank Rai for more such content Repost for your connections♻️ #finance #cfa #linkedin

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How is market reacting to actual vote counting? 📉 Gains Reversed: Gains made in the previous session, driven by exit polls, seem to be getting washed away today Bearish Sentiment: Nifty, Nifty Bank, Midcap, and Smallcap all have broken previous session lows. Major Decline: Nifty registers biggest single-session decline in over 2 years India VIX: Spikes over 20%, indicating potential increase in volatility Market Breadth: Largecap: Over 85% of stocks in red Midcap: 90% of stocks declined Smallcap: Over 95% of stocks going down BSE Market Cap: Down by 18-19 lakh crore #StockMarket #Nifty #Bearish #Volatility #MarketDecline #Midcap #Smallcap #BSE #IndiaVIX #Investing

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Comment your email below to get our investment banking CV template 👇 Get our 2025 edition CV template, crafted by current high finance analysts and associates. In 2024, skills required by major banks and boutiques are changing. To get the template: 1. Follow our page 2. Comment your email below We will send the template in your inbox. #investmentbanking #finance #privateequity #summerinternships #cv #hedgefund #banking

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IB Interview Questions: LBO : Level 1 LBO Questions 1. What is an LBO? 2. Why do PE firms acquire with Debt as opposed to purchasing outright with equity? 3. What are the underlying value creation drivers in an LBO? 4. What is the difference between a levered and unlevered return? 5. What makes an ideal LBO candidate? 6. What metrics are typically used to measure returns in an LBO? 7. What is an Internal Rate of Return (IRR)? 8. What is the typical target return for PE funds? 9. What is a ‘platform’ or ‘roll-up’ strategy? 10. What are the typical options for exiting an LBO transaction? 11. What is a dividend recapitalization (or ‘Dividend Recap’)? 12. Where does LBO fit into the overall PE Landscape? Foe answers : https://lnkd.in/g4u2XgpR

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Interested in Investment Banking? Read this ⬇️ I’m an ex Investment Banking Recruiter. I’m going to tell you how to answer technical interview questions for IB. This comes from years of experience and having met and interviewed 1,000s of candidates from the world's best universities. This includes Harvard, Oxford, and Stanford. To have a look: ➡️ Follow my page, Hassan Akram and City Careers Coach ➡️ Like and repost this post (Automation tool will check) ➡️ Comment your email below, and we'll send you the file. For more exclusive content, check out my Instagram @hassanakram11

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Difference between "Buy side and Sell side" equity research analyst : Buy Side Research Analyst: ● Buy side analyst maintain confidentiality for firms research work which also called "In-house research". ● This reports are not available publicly ● They works for investment firms like mutual funds, hedge funds, pension funds. ● Provide recommendations to their firm to decide which stocks to buy, hold, or sell. ● Focuses on finding good investment opportunities for their firm. Sell Side Research Analyst: ● This reports are available for public to make their investment decisions ● They works for brokerage firms or investment banks to earn brokerage income. ● Analyzes and writes reports on companies and provides stock recommendations (buy, sell, hold) to clients. ● Their goal is to help clients make informed decisions about which stocks to invest in. Parth Verma The Valuation School #research #equity #investment #stocks #researchanalyst

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I might offend many of Aswath Damodaran sir’s students with this post!! But I will still say it Please do not read this if you are a fanatic of DCF methodology!! Here are my views on DCF: The Discounted Cash Flow (DCF) Method is powerful but Imperfect! The DCF method is a widely used and respected valuation technique, particularly for valuing businesses or potential investments. By discounting future cash flows to their present value, it provides a framework for estimating the intrinsic worth of an asset or company. However, like any analytical tool, the DCF method has its limitations, which professionals must be aware of. Here are some key drawbacks to keep in mind: 1. Sensitivity to Assumptions The DCF method's outputs heavily depend on the quality of inputs and assumptions made, such as growth rates, discount rates, and terminal values. Even small changes in these assumptions can significantly impact the final valuation. 2. Uncertainty Over Long Horizons DCF valuations often involve projecting cash flows over extended periods, sometimes decades into the future. The further out the projections, the more uncertain and susceptible they become to unforeseen events or disruptions. And this is the biggest  problem in my view! 3. Accounting Inconsistencies Different accounting practices, methods, and assumptions can lead to varying cash flow calculations, impacting the final DCF valuation. This makes it challenging to compare valuations across companies or industries. I personally found it tough to straighten up the inconsistencies in the acc 4. Static Nature The DCF method is a static calculation based on a specific point in time. It fails to capture the dynamic nature of businesses, which continuously evolve and adapt to changing market conditions. __ Ultimately, valuation is as much an art as it is a science, and the DCF method, despite its flaws, remains an invaluable part of the valuation toolkit when used prudently. What are your thoughts on the DCF method and its limitations? Share your experiences and insights below. Follow Rahul Jain & hit the bell icon! #ValuationTechniques #DiscountedCashFlow #Investment #CorporateFinance #FinancialAnalysis

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One big mistake I see undergrads make in investment banking interviewing Under preparation You do all this work to attend events, have coffee chats, and research company But you don’t spend enough time to prepare for interviews… Pls fix: 1. Create a schedule to practice technicals 2. Find mock interview partners 3. Practice your story in the mirror 4. Ask people for feedback on your interview answers Interviewers know when you’ve spent the time to practice. You don’t have to be perfect, but you need to show us you’ve committed to practicing your answers. Start now!

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Private Equity (PE) buyout returns – Silver lining amidst a challenging PE deal market The PE industry is going through tough times with declining market activity in 2023 on back of rising interest rates and other factors. However, value creation and exit strategies remain at the core of realizing value on exits. Gain insights into key exit strategies and their impact on PE buyout returns. Let’s delve into critical factors such as exit type, holding period, sector selection and how they influence PE exits and returns. #privateequity #exitanalysis #buyout #buyoutreturn #dealmaking #Investments #PEexit #IRR #StrategicSale #Secondarysale #Holdingperiod #Valuecreation #Cashmultiple #LimitedPartners #GeneralPartners #PEanalysis #exitreturn #Mergersandacquisitions #Equitymarkets #ReturnOnInvestment #investmentretrun #exittype Chinmay Ojha Ajay Nahar Amber Dupont-Liot Miki Simpson (nee Ayton) Lizzie Page Praveen Kalani Gaurav Aggarwal simple Sapra Disclaimer: The views expressed in this article are of the author/s and do not necessarily represent the firm’s views Co-authored by Gaurav Aggarwal, Bhavya Dudeja, Simple Sapra

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"Walk me through a DCF" is a question you can be sure to face if you are recruiting for investment banking or any other front office role 🤨 Here's how to answer the question: ✅ Project out cash flows for 5 - 10 years depending on the stability of the company ✅ Discount these cash flows to account for the time value of money ✅ Determine the terminal value of the company - assuming that the company does not stop operating after the projection window ✅ Discount the terminal value to account for the time value of money ✅ Sum the discounted values to find an enterprise value ✅ Subtract the present value of debt (this is generally the market value of debt) and then divide by diluted shares outstanding to find an intrinsic share price Need help breaking into investment banking? Check us out! 📥 DM us your email, and we'll add you to the WSO Academy waitlist! #investmentbanking #wallstreet #interviewprep

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