Hi All,
I have some upcoming meetings with some high profile groups in LA for a lateral ANL II/III or ASO I. I want to be as sharp as possible for these meetings and curious to know if anyone has any information they can share from their experience or from other forums:
JP Morgan - Consumer Retail
Houlihan Lokey - Business Services
Moelis - Generalist
Stout
Kroll
Thank you all in advance!
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Based on the WSO Dataset, here's what you need to know for your upcoming lateral interviews in LA:
JP Morgan - Consumer Retail: This group is known for its strong presence in the consumer and retail sectors. Be prepared to discuss recent trends in consumer behavior, e-commerce growth, and how retail companies are adapting to new technologies. Understanding key financial metrics specific to retail, such as same-store sales growth, inventory turnover rates, and EBITDA margins, will be crucial.
Houlihan Lokey - Business Services: Houlihan Lokey's Business Services group often deals with a broad range of companies, from logistics to professional services. You should be ready to talk about how business services companies are leveraging technology to improve efficiency and customer service. Also, be familiar with how macroeconomic factors affect this sector.
Moelis - Generalist: Moelis is known for its generalist approach, which means you could be discussing a variety of industries. Brush up on your technical skills, especially M&A scenarios, LBO modeling, and valuation techniques. Being well-versed in current market trends and having a few recent deal examples in mind will also be beneficial.
Imperial Capital: This firm often focuses on high yield and distressed securities. You should understand the basics of distressed debt investing and restructuring. Know the key indicators that suggest a company is a candidate for restructuring.
Stout: Known for its valuation services, expect technical questions around valuation methodologies, including DCF, comparables, and precedent transactions. Stout often deals with complex valuations, so demonstrating a nuanced understanding of different industry metrics can set you apart.
Rothschild: With a strong global presence, Rothschild will appreciate knowledge of international markets and cross-border transactions. Be prepared to discuss global economic factors that influence mergers and acquisitions, and perhaps even some recent international deals.
Kroll: Specializing in risk management, you should be ready to discuss how companies mitigate financial and operational risks. Understanding of compliance, due diligence, and forensic accounting will be useful.
For all these interviews, remember that LA's IB scene is heavily network-driven. Demonstrating strong interpersonal skills and having done your homework on each firm will be just as important as technical knowledge. Make sure to also prepare some thoughtful questions that show your interest in the specific group and its focus area.
Good luck with your interviews!
Sources: Berkeley IBD Forum (Career Fair Advice), Los Angeles IB SA Recruiting Mini-Guide, Guide to LA IB Scene (2023 Edition), NE M7 to MBB: What I wish I knew, observations, and ask me anything, Started in M&A this month; 30 Years old. No prior experience. Non-target school.
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For the first group you mentioned (JPM), they are extremely traditional in terms of culture. The LA office is mostly a satellite office, high face-time culture, only 3-4 bankers in the consumer group (regional banking is the largest in terms of people). A majority of juniors have quit the JPM LA office with nothing lined up (going back ~3 years worth of classes).
Quit because of the horrendous backward culture?
Yes, also extreme workloads and clueless superiors
thank you for the feedback! Is there any notable accolades to the group? Any note worthy deals or something that kind of answers "Why this group?" "Why LA?"
City fit is important, so showing a strong affinity to LA is always good.
Showing an interest in the group is good, but also more generally why BB vs. Middle market etc. Would just talk about the deals experience you would get.
Other stuff is very standard and just depends on the interviewer, definitely know your deals & walk-through on basic financials for them
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Moelis is heavy on media in LA. Also have consumer, shareholder advisory, RX, cap markets and a few other verticals (with a smaller presence) in the office. Best bet is to brush up on the recent media and consumer deals they've done.
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