blogs.vault.com/ Mon, 15 April 2019 00:00:00 Mon, 15 April 2019 00:00:00 /blog/in-the-black-vaults-finance-careers-blog/50-best-accounting-firms-for-2020/#detailed_comment Today, as taxpayers scramble to file their returns, we release our annual Accounting 50 , a ranking of the best accounting firms to work for. This year, our ranking is based on a survey of more than 8,200 accountants, who were asked to rate their own firms in various quality of life categories such as culture, hours, compensation, and work/life balance. They were also asked to rate their peer firms in terms of prestige. The Accounting 50 was compiled using a weighted formula based on these internal and external ratings. Here are the Top 10 firms in the Vault Accounting 50 based on Vault’s annual Accounting Survey:  PwC Deloitte KPMG Grant Thornton BDO USA Baker Tilly RSM Plante Moran Moss Adams Friedman PWC still on top, Deloitte still a close second   This year, PwC solidified its position as the No. 1 accounting firm to work for. The firm held its spot atop our Accounting 50 for the seventh year in a row. It also again ranked No. 1 in our Prestige Rankings and improved its standing in most of our Quality of Life Rankings . PwC rose five places in Overall Satisfaction , four places in Culture , three places in Hours , and one place in Work/Life Balance . It also rose three places in Business Outlook to take the No. 1 spot, perhaps underlining the lead PwC is taking as public accounting firms become more reliant on technology to improve their bottom lines. Recently, PwC has begun to train much of its staff in areas such as AI and data analytics. That said, it was Deloitte that took home the No. 1 ranking in Formal Training this year, leaping from the No. 3 spot last year. And Deloitte, a much larger firm than PwC when it comes to annual revenues, was a very close second in both the Accounting 50 and our Prestige Rankings. What accountants say about the top 3 firms Accountants at peer firms tell us that PwC is the “global leader,” and has a “strong technical and audit skill set,” “many high-profile clients,” and “awesome benefits.” Meanwhile, PwC insiders very much appreciate the “excellent opportunities for professional growth,” “flexible work schedules,” and “the people and culture”—especially the ability to “work collaboratively with caring, driven, intelligent, motivated colleagues to solve important problems.”  This year, accountants at peer firms tell us that Deloitte is “large and powerful,” “a great brand,” and “very prestigious.” Meanwhile, Deloitte staff members rave about the “unmatched opportunity to learn and progress,” “working with top clients on complex issues,” “the best benefits in the industry,” and working with “highly intelligent colleagues in a supportive, professional environment.”  As for KPMG , it’s also “very prestigious,” according to peer accountants, who add that KPMG offers “great international opportunities” and is filled with “good people.” Insiders at KPMG praise the “early exposure to high-ranking client contacts and complex accounting issues,” “great people and culture,” and “new experiences everyday.” Big 4 firms are best for diversity This year, Big 4 firm KPMG wins three out of four of our Diversity Rankings , impressively ranking No. 1 in Overall Diversity , Diversity for Women , and LGBT Diversity , while fellow Big 4 firm PwC takes the top spot in Minority Diversity . Here’s what one KPMG insider tells us about a new firm initiative: “KPMG has begun a ‘Day of Understanding’ campaign, where positive discussions are held about diversity. This is done in an effort to promote communication and openness, so no topic is considered taboo or off-limits. They want us to feel like a collective group and to embrace our diversity instead of hide it. It's a great campaign, and I think it's working.”  Mid-sized Friedman is the best for quality of life New York City-based Friedman is the big winner in our Quality of Life Rankings. Friedman cracks the top 10 in the Accounting 50 this year, and ranks No. 1 in Culture, Hours, Overall Satisfaction, Relationships with Supervisors , Travel Requirements , and Work/Life Balance. Friedman insiders tell us that they very much appreciate “getting Fridays off the entire summer and the option to work remotely from home.” They also say that “people here care about your success at work and treat you with respect, not just like another number,” and that “you won’t be able to find another accounting firm that gives you a better work/life balance.” The Vault Accounting 50 Rankings, Accounting Prestige Rankings, and Accounting Quality of Life Rankings can all be found here . /blog/in-the-black-vaults-finance-careers-blog/50-best-accounting-firms-for-2020/ /blog/in-the-black-vaults-finance-careers-blog/50-best-accounting-firms-for-2020/ Mon, 15 April 2019 00:00:00 /blog/in-the-black-vaults-finance-careers-blog/how-to-find-a-venture-capital-job/#detailed_comment There’s no one true path to becoming a venture capitalist. Some successful VC professionals join the industry straight out of school, others after long careers. Some have technical backgrounds, others have liberal arts degrees. Some come from Silicon Valley “royal families,” others from Midwestern middle-class homes. Some previously worked in the tech sector, others in banking, consulting, or law. That said, successful venture capitalists share an intellectual curiosity and drive to know what’s likely to happen next. They also share a passion for getting others’ talents to shine, so unproven entrepreneurs can thrive and veteran executives can collaborate. Location, location, location If VC sounds like it might be for you, the first thing you should know is the most prominent and traditional venture firms are located in San Francisco, Boston, and New York. But note that New York tends to have later-stage, lower-technology firms with more capital deployed per transaction, and, as a venture capital city, follows behind San Francisco and Boston. Also, don’t overlook the less prominent, less competitive states with high entrepreneurial growth such as Virginia, Georgia, Maryland, Utah, Hawaii, North Dakota, Nevada, and New Hampshire. The growth of these venture capital communities is not far behind the rise of the entrepreneurs, and you can get in on the ground floor. Other reasons to check these locations out include: 1. It might be easier to get a job. 2. The day-to-day job is the same or better (because you’ll end up having more responsibility). 3. Quality of life will be better because of lower pressure, fewer constraints on lifestyle, and lower cost of living. The big players At the end of 2017, there were 970 venture firms in existence, managing 1,722 active venture funds. These firms had approximately $359 billion in assets under management. According to PitchBook, a data and tech provider for the global venture capital and private equity markets, the following firms invested the largest amount of capital in seed and/or early-stage deals completed in the U.S. in 2015 and 2016: 1. New Enterprise Associates (Menlo Park, Calif.) 2. GV (Mountain View, Calif.) 3. Khosla Ventures (Menlo Park, Calif.) 4. 500 Startups (San Francisco, Calif.) 5. Greycroft Partners (Los Angeles, Calif.) 6. First Round Capital (San Francisco, Calif.) 7. Andreessen Horowitz (Menlo Park, Calif.) 8. General Catalyst Partners (Palo Alto, Calif.) 9. Kleiner Perkins Caufield & Byers (Menlo Park, Calif.) 10. Accel (Palo Alto, Calif.) Beyond prestige Don’t just target the large, prestigious, private funds. Look at university funds, Small Business Investment Company program companies, and venture capital divisions of corporations. If your ultimate goal is to work for the big better-known firms, your best bet might be to pursue a job at one of the lower profile firms first, prove yourself for a few years, and then make the move to the big leagues. On the other hand, working at the most prestigious firms gives you: 1. More job opportunities down the road. 2. Higher name recognition. 3. A better platform from which to meet people in the industries you follow. 4. A front row seat on how the best minds in the business think. East Coast vs. West Coast In meeting venture capitalists from around the country, you will quickly come to realize that East Coast venture capitalists place a high degree of value on financial acuity and experience, while investors further west have a much stronger bias toward operational proficiency. This should come as little surprise, since many Silicon Valley venture capitalists tend to be former operators (founders and C-level management) of extremely successful startups from days gone by, while many Boston and New York investors got their start as investment bankers and money managers. While there are no hard and fast rules, bankers will probably have an easier time breaking into venture capital on the East Coast, whereas seasoned executive managers with deep industry experience and technical know-how will likely enjoy better odds in California. First steps to breaking in Venture capital remains a hot field and so, aspiring venture capitalists have their work cut out for them. But it’s not impossible to get hired in this dynamic area. Some of the best ways to begin searching for jobs in the VC industry include networking (VC is definitely a “who you know” type of field), contacting recruiters (e.g., MatchStar Venture Search ) and general partners directly, using the networking and job-search resources of professional associations, visiting industry and social-media job sites, attending industry conferences and events (such as those held by the National Venture Capital Association ), and participating in information interviews. As you search, keep in mind that it’s no easy task to break into the VC industry. The industry is small, made up of only several hundred small firms (each consisting of between two and 40 people). Also, the "old boys’ network" is in full force in this corner of the economy. The portion of partners with degrees from Harvard and Stanford is very high. This is changing (slowly), but many VC firms still remain predominantly comprised of white males. Finally, know that the demand for positions is so great that openings are often filled through networking, and are rarely publicly advertised. This post was adapted from the newly updated Vault Career Guide to Venture Capital . /blog/in-the-black-vaults-finance-careers-blog/how-to-find-a-venture-capital-job/ /blog/in-the-black-vaults-finance-careers-blog/how-to-find-a-venture-capital-job/ Thu, 29 November 2018 10:55:00 John James /blog/in-the-black-vaults-finance-careers-blog/4-essential-skills-necessary-for-forex-trading/#detailed_comment In today’s digital age, just about anyone can try their hand on the forex market. However, this doesn’t mean that anyone and everyone should start placing investments on this potentially risky trading opportunity. Here, we break down a handful of the essential skills necessary to become successful in the forex market, helping you decide whether you’re cut out for the fast-paced world of 24/5 currency trading. 1. Strong mathematical and analytical ability Regardless of which market you choose to trade in, every potential investor simply must have a strong set of mathematical and analytical skills. When trading on short-term spreads on the forex market, you’ll be dealing in currency pairings. This is presented as two numbers, side by side, which can initially be quite confusing without the right knowledge and understanding. Fiercely fast mental maths will help you decode these quickly, working out potential profits and losses and deciding how much you can afford to invest. Likewise, the ability to analyze data quickly will further benefit you in the forex world. Naturally, there’s a lot of math involved in currency trading, but this is often presented in the form of daunting technical charts, indicators, and patterns. To the newbie, this data is worthless without an existing understanding of data analysis, translation and interpretation, so a fundamental comprehension of these concepts is necessary in order to develop your own strategy and technique. The easier you can understand the data presented, the more effectively your technique will develop, leading to the potential for far greater success in this technical market. The most successful forex traders have total analytical proficiency, helping them translate data to make informed predictions based on the indicators and systems they’re using. 2. Mental stamina and discipline As a forex trader, it’s almost inevitable that you’re going to experience some ups and downs along the way. Alertness and decisiveness are both fundamental ingredients in the recipe for a successful forex trader, and the ability to apply these skills to pressured situations while remaining emotionally and strategically rational will certainly be of benefit in testing situations where things don’t quite go your own way. Furthermore, the successful forex trader remains focused at all times. There is a plethora of financial information available online, and potential traders simply must be able to remain focused on the primary and actionable date that directly affects their trades. 3. Meticulous record keeping Often overlooked but nonetheless of vital importance, the ability to be meticulous in your record-keeping and trade-tracking is of undeniable benefit to the profitable forex trader. A trader who stays on top of their admin, recording the results of their trades with conscientious care, is more inclined to discover a prosperous strategy. This is because, in order to improve your strategy, traders must simply refer back to their previous trades, tweaking tried and tested methods to find one that works for them. Though it can be quite intensive, keeping on top of the books will help you reap the potential benefits the forex market has to offer. 4. A fundamental understanding of forex Most important of all, no novice should ever trade on the forex market without acquiring a fundamental understanding of the basic workings of the market first. There are both big wins and big losses to be made in currency trading, so it should go without saying that no-one should part ways with their money before holding a basic understanding of what they’re investing in. Learn about forex trading by conducting thorough research first and consider attending educational industry workshops and courses. Only once you can confidently identify and comprehend jargon, strategies, trends and data will you be ready to start trading. John James is the content writer for Learn To Trade —forex education and learning specialists, offering a range of training courses to help people learn and understand the forex market. /blog/in-the-black-vaults-finance-careers-blog/4-essential-skills-necessary-for-forex-trading/ /blog/in-the-black-vaults-finance-careers-blog/4-essential-skills-necessary-for-forex-trading/ Fri, 09 November 2018 00:00:00 /blog/in-the-black-vaults-finance-careers-blog/50-best-investment-banks-to-work-for-in-2019/#detailed_comment Today, we released our annual  Vault Banking 50 , a ranking of the best investment banks to work for in North America. This year,  Goldman Sachs again ranked No. 1, while Evercore and Centerview Partners held their places at No. 2 and No. 3, respectively. Morgan Stanley again ranked No. 4 this year, while boutique bank Greenhill jumped a spot to No. 5.   Here are the top 10 firms in the new Banking 50: Goldman Sachs Evercore Centerview Partners Morgan Stanley Greenhill Moelis & Company Perella Weinberg Partners Guggenheim Securities Bank of America Lazard The rankings are derived from our annual Banking Survey. This year, 2,800 banking professional of all levels took our survey. The survey asked professionals to assess their peer firms on a scale of 1 to 10 based on prestige (they were unable to rate their own firm and asked to rate only firms with which they were familiar). They were also asked to rate their own firm in various quality of life categories, including compensation, hours, firm culture, business outlook, training, work/life balance, and overall job satisfaction. A weighted formula was applied to this data to create the Banking 50. Goldman Is “Still the Best Name to Have on Your Resume” In addition to topping the Vault Banking 50, Goldman Sachs also continued its dominance of Vault’s Banking Prestige Rankings , again ranking No. 1. This underscored the fact that Goldman is still seen as the most prestigious bank, best dealmaker, and best bank at which to build your career—no matter if you want to stay in banking or eventually move to another industry. Indeed, professionals at peer firms continue to rate Goldman well above its competitors in prestige, while those inside the firm, though not without their complaints, nearly unanimously rave about their highly talented and helpful colleagues, the challenging and interesting assignments they get to work on, and the nearly unmatched development and growth opportunities. Here’s one Goldman Sachs banker speaking with us about the firm’s career development opportunities: “Goldman is an incredible place to work, with the most talented people working together in an intense, entrepreneurial work environment. The firm’s laser focus on client service, risk management, and best commercial outcomes makes for an exciting and rewarding career. If you’re a strong performer, there will be mentors available for you to guide you in your development. Senior MDs and partners tend to be the best in their field across the industry, so the apprenticeship is quite valuable. Internal transfer opportunities are also readily available at junior levels.” Other Goldman insiders noted that the best things about their jobs include “working with hardworking, supportive colleagues in a culture of excellence”; “the challenging, interesting work”; “the many growth and advancement opportunities”; and, of course, “the prestige—the brand name and reputation.” Evercore Inches Closer to Goldman Evercore held steady at No. 2 in the Vault Banking 50 , while narrowing the gap between No. 1 and No. 2. This year, Evercore’s raw score in the Banking 50 was 8.372 vs. Goldman’s 8.431. That means Evercore lessened the gap between the top two firms by 17 percent (last year, Evercore scored 8.311 vs. Goldman’s 8.380). Evercore was able to gain ground thanks to solid ratings in Compensation , Business Outlook , Formal Training , and Overall Satisfaction . It also scored well in Prestige, jumping one spot in that ranking to No. 4.  Here’s one Evercore insider speaking about the development and training opportunities at the firm: “We have tremendous deal flow, and this gives young people a great experience. Doing deals is the only way to learn M&A, and thus they get an exceptional education at Evercore. We believe in the apprenticeship model, and we care a lot about our human capital, so we spend a lot of time and effort on mentoring and teaching people.”  Banking Boutiques Hold Strong   Several boutique banks—including Centerview, Greenhill, Perella Weinberg, and Moelis—have a lot to be proud of. Centerview stayed strong at No. 3 in the Banking 50, while holding at No. 6 in Prestige. The firm, which has been on a tear in recent years, gaining market share in the M&A deal market, also ranked No. 1 in Compensation and Firm Leadership , No. 2 in Promotion Policies , and No. 3 in five categories, including Culture , Business Outlook , and Overall Satisfaction .  Here’s one Centerview insider speaking about life at the firm: “Centerview has a fun, collaborative, supportive culture. We take pride in doing excellent work, but at the same time are very respectful of people’s personal lives. We want our bankers to have full, rich professional lives as well as happy personal lives. Partners are respectful of your time, and junior bankers are treated with respect. The firm is incredibly collegial. We all want each other to succeed, and we support and celebrate each other’s successes.”  Meanwhile, Greenhill rose one place to No. 5 in the Banking 50 while dominating the Quality of Life Rankings, coming in at No. 1 in 10 categories, including Culture , Hours , Promotion Policies , Overall Satisfaction , and Work/Life Balance .  Here’s a Greenhill insider speaking about why the bank is such a great firm to work for: “There’s a strong culture here focused around teamwork and collegiality. Senior management is very focused on maintaining that. Also, there’s a high quality of life with a focus on working smarter and flexibility to work remotely. No face time at all. Hours tend to be unpredictable, but that goes with the industry. If you let people know your external commitments early, they can usually be accommodated.”  Perella Weinberg Partners, another strong up-and-coming boutique, jumped one spot this year in the Banking 50 to No. 7, while also ranking No. 1 in both training categories: Formal Training and Informal Training . The firm also ranked No. 1 in the important Benefits category. Meanwhile, Moelis, an impressive No. 6 in the Banking 50 this year, ranked No. 1 in Business Outlook and No. 2 in Internal Mobility . Overall, it ranked among the top five banks in 11 workplace categories.  This year’s rankings again showed that although Goldman is in a class by itself when it comes to prestige, boutiques like Evercore and Centerview continue to close the gap between the big firms and boutiques when it comes to being a top banking employer. Typically, the boutiques offer healthier work environments, with more forgiving cultures and much better hours. That said, it’ll be very interesting to see what happens next year with Goldman under new CEO David Solomon , a.k.a. D.J. D-Sol. It's very possible that Goldman’s culture will shift somewhat under Solomon, for the better. Bank of America Leads the Way in Diversity   Underscoring its commitment to inclusion and diversity, Bank of America nearly swept the Diversity Rankings. The firm ranked No. 1 in Overall Diversity, Female Diversity, and LGBT Diversity, and ranked No. 2 in Minority Diversity. Minority-owned bank Loop Capital took the top spot in Minority Diversity. Follow me on  Twitter . Follow us on  Instagram . /blog/in-the-black-vaults-finance-careers-blog/50-best-investment-banks-to-work-for-in-2019/ /blog/in-the-black-vaults-finance-careers-blog/50-best-investment-banks-to-work-for-in-2019/ Wed, 08 August 2018 00:00:00 /blog/in-the-black-vaults-finance-careers-blog/50-best-accounting-firms-to-work-for/#detailed_comment Today, we released our annual Vault Accounting 50 , a ranking of the Best Accounting Firms to Work For. This year, the rankings were based on a survey of more than 8,800 accountants. We asked these accountants to rate their firms in several workplace categories, including compensation, culture, training, work/life balance, hours, and business outlook. We also asked them to rate other firms in terms of prestige (they could not rate their own firms).  For the sixth year in a row, PwC took the top spot in the rankings, coming in at No. 1. Fellow Big 4 firm Deloitte was not far behind. Deloitte held onto its No. 2 ranking, scoring just 3 percent lower than PwC.  Here are the 10 Best Accounting Firms to Work For according to Vault’s annual Accounting Survey:   1. PwC 2.  Deloitte 3.  KPMG 4.  Grant Thornton 5.  BDO USA 6.  Plante Moran 7.  Crowe Horwath 8.  Baker Tilly 9. Moss Adams 10. RSM Accountants at peer firms told us that PwC is the “best in the business” and a “top-notch,” “high quality,” “very prestigious” firm with “great training and learning opportunities.” Meanwhile, PwC insiders very much appreciate the “work/life balance and flexibility” and “working with the best and brightest in the field who continually challenge you to do your best.” PwC insiders also say, “There’s always something to learn on the job, and there are a million ways to improve and grow as a professional.”  This year, accountants at peer firms told us that Deloitte is a “very prestigious” firm, “known worldwide,” with “elite clients”—it “has an aura that resonates with international companies.” Meanwhile, Deloitte staff members rave about the “world-class training” and “ability to work with top talent on some of the world’s largest companies.”  As for KPMG , it’s also “very prestigious, ” according to peer accountants, who add that KPMG is a “great firm” with a “great training program” and is “very good to its people.” Insiders at KPMG praise the “inclusive family-like culture,” “learning and growth opportunities,” and “interesting, intellectually stimulating, challenging work.” In addition to dominating the top of the Accounting 50, Big 4 firms dominated the  Prestige Rankings  and Diversity Rankings . PwC and Deloitte again ranked No. 1 and No. 2 in Prestige, respectively. And PwC ranked No. 1 in Overall Diversity , Minority Diversity , and LGBT Diversity . However, it was a mid-sized firm that dominated our Quality of Life Rankings . Michigan-based Plante Moran ranked No. 1 in 11 of 18 workplace categories, including Business Outlook , Client Interaction , Culture , Firm Leadership , Hours , Internal Mobility , Overall Satisfaction , Relationships with Supervisors , Travel Requirements , Vacation Policies , and Work/Life Balance . Indeed, the firm is an “inviting, happy place to work” and “known for its work/life balance,” according to peer accountants. Meanwhile, staff members at Plante Moran say the firm’s “caring culture is irreplaceable” and “the people here are so good to work with that we spend time together outside of work.”  You can find the complete Accounting Rankings here . Follow us on  Twitter  and   Instagram . /blog/in-the-black-vaults-finance-careers-blog/50-best-accounting-firms-to-work-for/ /blog/in-the-black-vaults-finance-careers-blog/50-best-accounting-firms-to-work-for/ Tue, 17 April 2018 15:36:00 /blog/in-the-black-vaults-finance-careers-blog/qa-with-rafael-kuhn-a-director-at-deutsche-bank/#detailed_comment Rafael Kuhn works as a Director in Capital Markets at Deutsche Bank, focusing on Aviation as well as co-leading the bank’s debt placement team in the Americas. He also supports Deutsche Bank with diversity recruitment. Vault spoke with Rafael about his background, how he got his job at Deutsche Bank, the firm’s workplace culture, and the recommendations he has for students and young professionals pursuing a career in finance.   VAULT: Where did you grow up and go to school? And how did you find your way to Deutsche Bank?   KUHN: I grew up in New York City and went to the Bronx High School of Science. I then went to University of Chicago, where I studied economics and theater. I started at Deutsche Bank in 2007 as an intern in Mergers and Acquisitions (M&A) and returned in 2008 after graduating as a full-time analyst in the group. As a second-year M&A Analyst, I got involved with dbPride and started to work on recruiting because I wanted to help ensure students considering jobs after graduation knew that the world of financial services—and more specifically Deutsche Bank—was an inclusive environment for LGBT professionals.  After three years with M&A, it was time for me to try something new. I found a position within Capital Markets as an Associate focused on investment grade debt private placements. After two years focused on that product, I transitioned within the group to focus on Aviation capital markets coverage. In that group I was promoted to VP and then, more recently, Director. Over time I took back responsibility for the debt private placement product in addition to my responsibilities on the aviation side. Outside of my “day job” I’m on the dbPride Steering Committee and responsible for leading our LGBT diversity recruiting strategy. VAULT: Why did you choose Deutsche Bank over other employers?   KUHN: I really enjoyed my experience as an intern at Deutsche Bank. When I finished my internship, I decided I wanted to do something in corporate advisory because I thought it would be educational—I didn’t want to go to business school. I knew I wanted to do something where I could learn and get practical experience in the real world and build a career, and I knew I could do that at Deutsche Bank.  VAULT: Can you talk a little about Deutsche Bank’s career development opportunities? How has the firm fostered your career growth?   KUHN: I personally don’t think it’s the firm’s responsibility to look after you; to really succeed you need to be proactive in seeking out opportunities. It is the firm’s responsibility to provide you with a platform and the resources you need to grow and achieve your full potential. The culture at Deutsche Bank allows for that. For example, having a more diverse front office was something I really wanted to support. As a second-year Analyst, I took it upon myself to change the way we managed LGBT recruiting and with the support of the dbPride network, I felt my voice was heard and my actions helped create change.  At Deutsche Bank, it’s about taking the initiative yourself, developing a strong internal professional network, and utilizing it to achieve your goals. I have a manager that I enjoy working with and I think our relationship is strong. I’m surrounded by people I can ask for advice or bounce ideas off of. Both in your personal and professional life, you always have to advocate for yourself, and here you’ll be rewarded and recognized for the value you bring.  VAULT: Can you talk a little about Deutsche Bank’s diversity practices and its culture with respect to how it promotes diversity? Have you been involved in and affected by the firm’s diversity initiatives? KUHN: It can be hard to attract students to a big bank because there’s an assumption that Wall Street and banks aren’t inclusive places to work, and that’s not the case. You can be comfortable with who you are at Deutsche Bank. There’s a strong commitment from the top to ensure that people are empowered to bring their whole selves to work. John Cryan, our CEO, has participated in dbPride initiatives, and the heads of our business divisions have devoted their resources to supporting dbPride projects.  A great example of this is an LGBT competition called Powering Progress, which Deutsche Bank launched earlier this year. Powering Progress challenged university students to pitch innovations for some of our non-profit partners, and the winners will see their project ideas funded by the Deutsche Bank Foundation. We came up with the challenge to raise awareness of Deutsche Bank as an employer of choice for LGBT students, and also to communicate that as professionals at Deutsche Bank, we can use our position as a global firm to make a difference in the LGBT community.  VAULT: Where do you see yourself in five years?   KUHN: I’ve never been the type to be prescriptive about what’s going to happen five years down the road. If you’d asked me when I was an Associate if I imagined myself making it to Managing Director (MD), I would’ve said that was years away. Since then I’ve made it to Director, so MD isn’t that far of a stretch. At the moment, I’m focused on staying engaged with the work I’m doing, bringing value to the firm, learning as I go along, and developing relationships both with colleagues and clients. VAULT: What advice do you have for college students and young professionals thinking about pursuing careers in finance?   KUHN: Network. The advice I always give to people starting in the industry is grow your network and meet people outside of your immediate group. This means reaching out to people in your alumni networks, and not being closed off to divisions you don’t know much about; if you work in M&A, learn about what’s happening in markets or asset management, and keep an ear out for mobility opportunities. I was always an airplane geek, and now I finance the aircrafts that I fly on, but when I was an undergrad I didn’t even know my current job existed.  Somehow, by networking and staying open to opportunities as they arose, I ended up in a place that’s been really great for my professional and personal interests. I created a track for myself and learned about what all the different areas of global banking do. Remember, you’re not going to be an MD, or even VP, right out of college. You have to take it one step at a time, and learn as you go.   To learn more about the opportunities available with Deutsche Bank, visit db.com/careers . This post was sponsored by Deutsche Bank. /blog/in-the-black-vaults-finance-careers-blog/qa-with-rafael-kuhn-a-director-at-deutsche-bank/ /blog/in-the-black-vaults-finance-careers-blog/qa-with-rafael-kuhn-a-director-at-deutsche-bank/ Tue, 12 September 2017 16:06:00 /blog/in-the-black-vaults-finance-careers-blog/50-best-investment-banks-to-work-for-in-2018/#detailed_comment Today, we released our annual Vault Banking 50 , a ranking of the best investment banks to work for in North America. This year, Goldman Sachs again took the top spot, ranking No. 1 and thus keeping the title of the "best investment bank to work for." Goldman edged out Evercore, which ranked No. 2, and Centerview Partners, which ranked No. 3. Goldman's overall score was 8.380, while Evercore scored 8.311 and Centerview scored 8.308. Here are the top 10 firms in this year's Banking 50: Goldman Sachs Evercore Centerview Partners Morgan Stanley Moelis & Company Greenhill & Co. Lazard Perella Weinberg Partners Bank of America PJT Partners Our rankings are derived from our annual Banking Survey. Conducted this past spring and summer, the survey asked 2,400 banking professionals of all levels to assess their peer firms on a scale of 1 to 10 based on prestige (they were unable to rate their own firm and asked to rate only firms with which they were familiar). They were also asked to rate their own firm in various quality of life categories, including compensation, hours, firm culture, business outlook, training, and overall job satisfaction. A weighted formula was applied to this data to create the Banking 50 . Goldman Is “Still the Best” In addition to holding onto the top spot in the Banking 50, Goldman continued its dominance in our Banking Prestige Rankings , again ranking No. 1. This dual win highlighted the fact that Goldman's unmatched prestige coupled with its innovative workplace policies make it the “gold standard” of investment banking. Here’s one Goldman Sachs banker speaking to us about the firm’s workplace policies: “The firm is extremely focused on improving work/life balance. In the time that I’ve been here, I’ve seen a tremendous difference, not only as a result of formal policies but also in the culture and mindset of those who work here.” Other Goldman insiders note that the best things about working for the firm include “exposure to talented, thoughtful, respectful colleagues”; “the collaborative team-oriented environment”; and “the challenging, intellectually stimulating assignments.” Meanwhile, bankers at Goldman’s competitors call the firm “a finance machine,” “the gold standard,” “the best in breed,” and “still the best.” Evercore Leaps to No. 2, Closing In on Goldman   Evercore jumped two places from No. 4 to No. 2 this year in the Banking 50, underscoring its rise in terms of prestige as well as its focus on creating a healthy working environment for its employees. Along with its strong showing in the overall ranking, Evercore ranked No. 1 in two workplace categories: Formal Training and Informal Training . Here’s one Evercore insider speaking about the quality of life at the firm: “We have an outstanding, very teamwork-oriented, and collaborative culture. The firm is filled with very intelligent people treating each other with respect and working together to give clients the best advice possible. The atmosphere is very positive—lots of high fives on wins and no dressing-down calls if you miss a piece of business. We try to help people balance their lives as best we can, but we have so much deal flow that it can be tough.”  Banking Boutiques Keep Rising  Moelis and Centerview, so-called “investment banking boutiques,” were also big winners in this year’s rankings. Moelis rose four places to No. 5 in the Vault Banking 50 and rose two places in the Prestige Rankings to No. 8. Its insiders noted that the firm has a “great culture” and “smart and dedicated people,” and offers “significant deal experience to junior bankers.” They also lauded their firm for its benefit offerings and deal flow, as Moelis ranked No. 1 in Benefits and No. 1 in Business Outlook . Bankers at peer firms called Moelis “highly respected,” “an elite boutique,” and “a firm on the rise.”  Meanwhile, although Centerview stayed at No. 3 in the Banking 50 and at No. 6 in the Prestige Rankings, the firm saw a healthy rise in its raw scores in both categories, signifying that it could be contending for the top spot with Goldman and Evercore in the Banking 50 next year. This year, Centerview insiders told us that “deal opportunities are unparalleled at the firm—you get to work on the largest, most interesting, challenging projects for large-cap clients.” They also noted that the firm is filled with “extremely talented, smart, and thoughtful senior bankers who care about your development,” and that the “comp is incredible—way above the Street average.”  Centerview ranked No. 1 in nine workplace categories this year: Ability to Challenge , Compensation , Culture , Firm Leadership , Hiring Process , Internal Mobility , Promotion Policies , Relationships with Managers , and Overall Job Satisfaction .  In other news from boutique firms at the top of the Banking 50, Greenhill rose one spot to No. 6 (and also ranked No. 1 in Hours and No. 1 in Work/Life Balance ), Lazard ranked No. 7, Perella Weinberg Partners held steady at No. 8, and PJT Partners stayed at No. 10.  Overall, this year’s rankings show that although no one’s catching Goldman anytime soon when it comes to prestige, boutiques like Evercore, Centerview, and Moelis are making big names for themselves on Wall Street, closing the gap between big firms and boutiques when it comes to being a top banking employer. Indeed, the boutiques have been making huge strides when it comes to creating healthier work environments for employees, and are seen as having a much better business outlook than Goldman and other top banking firms. Moelis, Centerview, and Evercore ranked No. 1, 2, and 3, respectively, in our Business Outlook category this year. Still, it's important to point out that Goldman is still seen as a leader on Wall Street when it comes to innovative workplace policies. Goldman was the first bank to provide protected-weekend-day policies for junior bankers, no-working-past-midnight polices for interns, fast-track promotions, and a modern performance review system. It was also the first bank to implement wide use of video interviews during its campus recruiting. Loop Capital, Goldman, and Evercore Lead the Way in Diversity   In its second year in the rankings, Loop Capital Markets—a minority-owned full-service investment banking firm that serves clients across the globe—swept the Diversity Rankings . The firm came in at No. 1 in Overall Diversity , Minority Diversity , Female Diversity , and LGBT Diversity . Loop Capital insiders noted that the firm is “highly diverse and inclusive,” “the culture is all about diversity,” and “women hold four of the top five leadership positions that report to the CEO.”  Other big winners in the Diversity Rankings this year included Goldman Sachs and Evercore. Goldman ranked among the top 3 in Overall Diversity, Minority Diversity, and LGBT Diversity. And Evercore ranked No. 2 in Overall Diversity, Female Diversity, and Minority Diversity. Follow me on  Twitter . Follow us on  Instagram . /blog/in-the-black-vaults-finance-careers-blog/50-best-investment-banks-to-work-for-in-2018/ /blog/in-the-black-vaults-finance-careers-blog/50-best-investment-banks-to-work-for-in-2018/ Wed, 06 September 2017 12:58:00 /blog/in-the-black-vaults-finance-careers-blog/will-the-geeks-inherit-wall-street/#detailed_comment I remember there was this ridiculously smart guy I went to college with who, in some circles, might qualify as a "geek." This guy was a math whiz, computer whiz, a bit socially awkward, and had the pencil-thin physique of Waldo . This guy was not derided or bullied or ignored but, in fact, widely accepted and celebrated by the so-called jocks and popular crowd, in part because he could create bouncer-proof fake IDs in a matter of minutes, using nothing but a laptop and laser printer, as well as build a Shawshank-like  tunnel that led from his dorm room, under the gates of the quad, out into the free world where kegs of beer could be snuck into his room, undetected. I mention this guy because he went on to become a highly successful Wall Street derivatives trader (seven-figure successful) and it is his type of banker, the so-called quant, that is and has been the future of Wall Street for quite some time. At first, quant geeks were creating complicated securities to trade on Wall Street, putting themselves into big-money-making roles. Then they were creating complicated computer programs to automate trades, putting many traders out of work. And now they're creating complex computer programs that could soon replace the so-called relationship bankers : the impeccably mannered and connected, boarding school and Ivy League educated M&A and corporate finance professionals. Technology whizzes who helped Goldman Sachs eliminate hundreds of trading jobs over the past few years are venturing into the bank's flagship M&A business, making some junior bankers uneasy. A team of 75 programmers, internally referred to as "strats," has been developing technology to make Goldman's elite dealmakers more productive. That team within investment banking has doubled in size since 2014, when long time tech banker George Lee was appointed chief information officer for the investment banking division. Programmers are now supporting those handling equity underwriting, leveraged buyouts and deals within the financial services and real estate sectors. They are also analyzing client data to offer better advice on deal targets and types of actions that might please a particular company’s investor base. Perhaps this underscores how Goldman Sachs CEO Lloyd Blankfein sees Goldman: as a tech firm, not a bank. It also underscores the fact that next in line to succeed Blankfein is not another banker or trader but a technologist (which perhaps explains why ex-Goldman COO Gary Cohn jumped ship to the Trump Show ). Goldman's deputy finance chief, Marty Chavez, has been telling people worried about their jobs to learn skills that cannot be replicated by a computer. At a Harvard event last month, Chavez said some investment banking tasks were "begging to be automated," according to an MIT Technology Review report. Chavez, a computer scientist who made his name leading teams of strats, is now considered a contender to eventually succeed Chief Executive Lloyd Blankfein. Blankfein himself likes to say Goldman is more of a technology firm than a financial one, even though dealmakers and traders have led the bank for its entire 148-year history. Although in the near future, the so-called relationship banker will still be much needed and gainfully employed by Wall Street firms, what their place will be at big investment banks in five, seven, and 10 years out is anything but certain. As in other industries where various job functions are increasing being automated , the relationship banker is not immune to the rise of the robots (and/or the quants). One concern is that technology may make some staff redundant. Another is that the strats themselves – more likely to hold engineering PhDs from the Massachusetts Institute of Technology than MBAs from Wharton – could get ahead of bankers on a career path … The top 10 Wall Street firms have cut the number of client-facing investment bankers they employ by 15 percent since 2010, according to research firm Coalition. Advances in technology could thin the ranks of low-level staff at Goldman as much as 10 percent in the next few years, people familiar with the matter said. Kognetics, a software company that uses artificial intelligence to assist investment bankers, says about a quarter of their routine can be automated. And so, if you're a young jobseeker or soon-to-be graduate, and are passionate about the financial markets, and investment banking is your top career of choice, and you don't know how to code, then you might want to sign up for a coding class or three as soon as you can (either through your school or outside of it, at one of the boot camps out there). That is, don't be afraid to geek out a little. Or a lot. It could, someday soon, make the difference between holding a job and losing it. Follow me on  Twitter . Follow us on  Instagram . /blog/in-the-black-vaults-finance-careers-blog/will-the-geeks-inherit-wall-street/ /blog/in-the-black-vaults-finance-careers-blog/will-the-geeks-inherit-wall-street/ Wed, 15 February 2017 12:57:00 /blog/in-the-black-vaults-finance-careers-blog/will-wall-street-succeed-or-suffer-in-the-age-of-trump/#detailed_comment In 2008, when the subprime mortgage-backed securities hit the fan, Wall Street firms faced financial disaster as well as a PR nightmare. In the wake of the Great Recession, many Wall Street banks suffered losses in the billions, some banks went under or were fire-sold to competitors, and the firms that survived had to answer to an angry Main Street mob wanting revenge for the loss of millions of jobs and billions of pension fund dollars. One bank in particular, Goldman Sachs, became the primary punching bag for Main Street, in part thanks to one member of the media likening Goldman to a "great vampire squid wrapped around the face of humanity." It was a difficult image for Goldman to shake (and the firm suffered because of it, sometimes fairly, at other times unfairly) but shake it they did. In time, as the years passed, Main Street forgot all about the financial crisis, forgot all about the regulatory failures that led to the reckless investing and then to the Great Recession. In fact, their memories were so poor that now they've found themselves in an age in which the presidential cabinet and presidential advisory board is filled with bankers who had worked (and some who still work) in the C-suite of many of the same Wall Street organizations, including Goldman, that were largely responsible for nearly bringing down the entire global financial system. Former Goldman bankers named Mnuchin, Bannon, and Cohn, as well as current Wall Street CEOs Schwarzman  and Dimon all now have the ear of the current president. Which brings us to the conundrum now facing Wall Street firms. On the one hand, the future looks rather bright for Wall Street firms' bottom lines, given that we now have a president with plans (albeit vague ones) to roll back most of the regulatory reform which was enacted after the Great Recession in order to prevent against the occurrence of another Great Recession. For example, the prospect of lower capital requirements means banks could soon be able to put into play some of that cash that they've been forced to keep on hand for a very rainy day. And the prospect of ditching something called the Volcker Rule means that soon banks could be able to once again engage in proprietary trading, meaning they would again be able to make very big bets in derivatives and other financial securities in their own accounts, thus increasing the prospects of making (or losing) shiploads of money. (Note that there are many so-called boutique investment banks such as Lazard, Centerview, and Greenhill that do not have trading arms, and take pride in the fact they have advisory-only business models, and so the possible dismantling of the Volcker Rule will not have a direct effect on their bottom lines.) On the other hand, an endorsement by President Trump isn't exactly gold. As we've seen in Silicon Valley  and other places in the wake of Trump's immigration ban, any hint that you're with the president can send your customers as well as your employees running for the door. And so, already, some banks, understanding the slippery slope of a Trump endorsement, or even the appearance of one, have come out and been vocal in their opposition of the president. Even Goldman Sachs has attempted to distance itself from the president, at least when it comes to his stance on immigration. A little over a week ago, just after the immigration ban was announced, Goldman CEO Lloyd Blankfein made a statement saying that the ban is " not a policy we support." He also stated that for Goldman "to be successful, our men and women must reflect the diversity of the communities and cultures in which we operate," and that "we must attract, retain and motivate people from many backgrounds and perspectives." Days later, Gary Cohn, the ex-Goldman chief operating officer (and ex-Blankfein right-hand man) who is now Trump's chief economic advisor, came out in support of the president's plan to dismantle Dodd-Frank, the main piece of bank regulation legislation enacted under President Obama. Meanwhile, JPMorgan Chase CEO Jamie Dimon and Blackstone CEO Stephen Scwharzman, as part of Trump's economic advisory board, met with the president to speak about just that: the deregulation of Wall Street. As you can see, all of this sends very mixed messages to just about everyone, and that includes college students and MBA students considering finance as their career of choice. What should they take away from all of this? Should they be excited? Worried? I don't think it's my place to answer that question for students, but I will say it seems clear that students thinking about Wall Street careers, as well as Wall Street banks, should be asking themselves many very important questions.  Students, for their part, should be asking themselves if they believe careers on Wall Street will begin to look less or more prestigious if the majority of America (if not the world) sees Donald Trump and friends of Trump as the enemy. If less, should they reconsider a Wall Street career or pursue one anyway (after all, Trump will not be around forever; a career outlasts even a two-term president)? They should also be asking themselves if we are entering a time that offers great opportunity ($$$$) on Wall Street, given the likely dismantling of regulations, or if we're entering a time of uncertainty in the global markets, which might lead to less job security. Meanwhile, banks should be asking themselves related questions, such as where they stand and what they stand for in this new environment where a Trump policy might be good for the bottom line but bad for recruiting. They should be asking if the most talented young job candidates, whom they've been fighting Silicon Valley over during the past five years, will see an opportunity to thrive on Wall Street with less regulation, or if they'll want to distance themselves from the industry because it appears that Trump is in bed with big business and the big banks. And they should perhaps also be asking how, if at all, they should alter their messaging to young recruits in the age of Trump. These are all million-dollar, if not billion-dollar questions, and ones that aren't easy to answer. Still, they're questions that job candidates and Wall Street firms will have to address sooner or later. Their futures depend on it. Follow me on  Twitter . Follow us on  Instagram . /blog/in-the-black-vaults-finance-careers-blog/will-wall-street-succeed-or-suffer-in-the-age-of-trump/ /blog/in-the-black-vaults-finance-careers-blog/will-wall-street-succeed-or-suffer-in-the-age-of-trump/ Wed, 08 February 2017 12:38:00 /blog/in-the-black-vaults-finance-careers-blog/female-ceos-and-goldman-sachs-trump-bump/#detailed_comment Is the world ready for a woman to be the CEO of a giant global bank? The short answer is no . The long answer is noooooooooooooo. I kid. In fact, the long answer is a three-part answer from Megan Butler, the supervisor of the U.K. Financial Conduct Authority, a financial regulator in the U.K. which aims "aim to make financial markets work well so that consumers get a fair deal." Earlier this week, in London, Butler spoke at something called the City & Financial Global’s Women in Finance Summit. Here's part one of her answer, which focuses on Butler's experience working with finance firms. "It’s extremely rare that in my professional life I have a conversation with a head of desk at an investment bank or a global head of business that is anything other than a white male … I’ve increasingly come to find that a little bit difficult to take." And here's part two, about how Butler feels about gender quotas. "For 20 years I was completely resistant to the idea of having targets on gender. I found it patronizing and insulting and I didn’t want there to be any taint on any achievement I ever had … But I look back and there hasn’t been significant change quickly enough." And here's part three, about when she thinks the U.K. will be ready for a woman to top the org chart at a big global bank. "I’m going to say five years, which is an awfully long time ... I find that quite depressing as I say that." Butler also said that, like others have pointed out in the past, the lack of women in supervisory roles at large financial institutions "can lead to 'group think,' which was one of the problems that caused the 2008 financial crisis." In other words, it makes good business sense to put more women in charge of our big banks. So maybe we should do it sooner than later? *   *   * Speaking of white men and banking, one of President Trump's many cabinet picks with Goldman Sachs experience on their resumes just came into some money . A lot of money. Money that might explain why it might've been a rather easy decision for this banker-turned-public servant to make the switch from finance to government. Goldman Sachs Group Inc. said Gary Cohn will receive more than $100 million of stock and cash that would otherwise have been locked up for years as he leaves the Wall Street firm for a role in the Trump administration. Goldman said in a filing Tuesday that it had made available immediately Cohn’s outstanding stock awards and long-term bonuses accumulated over his 25 years at the bank, many of which he spent as the heir apparent to Chief Executive Lloyd Blankfein. Cohn received $65 million in cash to cover his potential future bonuses at the bank, according to the filing. Those payouts would otherwise have been determined by how Goldman fared over the next several years. He also received $45 million worth of stock that was locked up or remained subject to clawback. He must now sell those shares to comply with government ethics rules. In other words, although in the past we might have felt bad for Cohn, a self-made man with blue collar beginnings who'd been waiting for years and years for Blankfein to step aside so he could run the Goldman Sachs ship, we should probably not feel so bad for him now. In any case, it looks like Cohn decided he wasn't going to wait for Lloyd any longer, and he jumped ship just at the right time, after Goldman Sachs' stock had soared, taking the Dow Jones Industrial Average along with it. Indeed, despite serving as Donald Trump's punching bag during his presidential campaign, the bank has been one of the early winners post-election. Goldman's stock has been the primary engine behind the Dow's run toward and beyond the 20,000 mark , rising more on a percentage basis than any other bank in recent months. As for the reasons behind Goldman's share price rise in the wake of the election, most analysts point to the prospect of less financial regulation and antitrust policing and a cut in the corporate tax rate under a Trump administration, as well as higher long-term interest rates. There are other fancy and famous analysts , though, that warn against the bump being able to continue, saying that the admininstration's new anti-trade policies might turn out to be not so great for Goldman and other banks. *   *   * Finally, here's some interesting advice if, like Gary Cohn, you decide to switch careers from the private sector (the world of business) to the public sector (the world of diplomacy). It comes from Boston Globe journalist Stephen Kinzer, whose recent book, True Flag , "explains how the Spanish-American War launched an ongoing debate about America's role in the world." Kinzer has also written a fair share about the new President of the United States. Here's Kinzer on a recent NPR "Fresh Air"  podcast , answering a question about the differences between making deals with other companies and making deals with other countries. In diplomacy you're looking for something very different from what you're looking for in a legal or a business negotiation, which are the kinds in which Trump has been involved. In a business or a legal negotiation, you want to get the most you can. You want the other guy to get as little as possible. If you come out of the room with 80 percent and he leaves with 20, you won, and if you can get 90, you won even more, but diplomacy is not like that. Diplomatic agreements only succeed when everybody goes away from the table feeling that they got something. That means that nobody can go away thinking they got everything. I hope we're able to make this transition. I hope Trump is able to make this transition in his own mind. Winning may be your goal in a business negotiation, but to win in diplomacy you have to be sure that the others around the table also win. You don't have to do that if you want to win in a business or legal negotiation. So I fear that some fundamental principles of diplomacy are in conflict with some of the business practices that Trump has used. That's fine as long as he can make the transition. I'm still waiting for the first indication that he can. I'm no CEO, but doesn't Kinzer's definition of diplomatic deal success sound like it makes good legal and business deal sense, too? Follow me on  Twitter . Follow us on  Instagram . /blog/in-the-black-vaults-finance-careers-blog/female-ceos-and-goldman-sachs-trump-bump/ /blog/in-the-black-vaults-finance-careers-blog/female-ceos-and-goldman-sachs-trump-bump/ Wed, 25 January 2017 17:11:00