PSU LLC & Wall Street Careers - Comprehensive Study Notes

Overview of PSU LLC & Wall Street Careers

  • Transcript describes Penn State Fixed Income Association (PSU FIA) and the Wall Street Careers (LLC) program, including schedule, career paths, and interview preparation.
  • Covers structure of investment banks, career tracks, compensation, interview process, networking, and real-world placements.

Semester Schedule (LLC)

  • Dates, topics, locations, and times:
    • 9/29/2 — Introductions | Thomas 100 | 8ext−9extPM8 ext{-}9 ext{ PM}
    • 9/99/9 — Wall Street Careers | BB 110 | 8ext−9extPM8 ext{-}9 ext{ PM}
    • 9/169/16 — Markets | BB 110 | 8ext−9extPM8 ext{-}9 ext{ PM}
    • 9/239/23 — Fixed Income Fundamentals | BB 110 | 9ext−10extPM9 ext{-}10 ext{ PM}
    • 9/309/30 — Accounting | BB 110 | 8ext−9extPM8 ext{-}9 ext{ PM}
    • 10/710/7 — Valuation | BB 110 | 8ext−9extPM8 ext{-}9 ext{ PM}
    • 10/1410/14 — Capital Structure and Covenants | BB 110 | 8ext−9extPM8 ext{-}9 ext{ PM}
    • 10/2110/21 — Review Session | BB 110 | 9ext−10extPM9 ext{-}10 ext{ PM}
    • 10/27 ext{ & } 10/29 — LLC Interviews | BofA Career Services Center | 5extPM−extEoD5 ext{ PM} - ext{EoD}

What is Wall Street? (Key concepts)

  • Wall Street refers to U.S. financial institutions and players that drive markets.
  • Culture emphasizes ambition, competitiveness, high compensation, world-class training, and rapid career advancement.
  • Investment banks (IBs) function as intermediaries to:
    • Help companies and governments raise capital.
    • Provide advisory services on major financial decisions and transactions.
  • IBs earn profits primarily by charging fees for services and work with large institutional clients.
  • Difference from commercial banks: IBs are not depository institutions; they focus on raising capital, advisory services, and facilitating transactions. Some may engage in lending or investing at a corporate level.

Investment Bank Functions (Front Office & Support)

  • Front Office functions include:
    • Investment Banking (IB)
    • Sales & Trading (S&T)
    • Asset Management / Wealth Management (AM/WM)
    • Research (Equity Research/Credit Research, ER/CR)
  • Product Groups structure (examples):
    • Coverage Groups, Sales Groups, Trading Groups, Asset Management Groups, Research Groups
    • Mergers and Acquisitions (M&A)
    • Healthcare, Fixed Income, Currencies, and Commodities (FICC)
    • Equities, Private Clients, Credit, Restructuring (Rx)
    • Technology, Media, Telecommunications (TMT)
    • Debt Capital Markets (DCM), Equity Capital Markets (ECM)
    • Industrials, Leveraged Finance (LevFin), Energy, etc.
  • Supporting groups may include Middle Office & Back Office.

Promotional Structure & Career Progression

  • Entry path: Most analysts enter via summer internships, which are the primary pipeline for full-time roles.
  • Typical timeline:
    • 2extyears2 ext{ years} as an analyst
    • 3ext−4extyears3 ext{-}4 ext{ years} as an associate
  • Exit / progression statistics:
    • Approximately 70 ext{-}80 ext{ %} of IB analysts exit after 2–3 years to: private equity, hedge funds, corporate development, startups/entrepreneurship, venture capital.
    • Approximately 75 ext{ %} of S&T analysts stay at a bank and progress up the corporate ladder.
  • Career ladder (typical): Analyst → Associate → Director → Vice President → Managing Director.

Responsibilities, Compensation, & Roles (IB, S&T, & related)

  • Roles and years by title:
    • Analyst (years 1ext−21 ext{-}2):
    • Work: Excel/PowerPoint, notes, emails, phone calls, pitch books
    • Skills: Discipline, attention to detail, technical skills
    • Added value: Heavy research, financial modeling, grunt work
    • Pay Range: 140,000ext−220,000140{,}000 ext{ - }220{,}000
    • Associate (years 3ext−43 ext{-}4):
    • Work: Client meetings, acting as point person between analysts and VPs
    • Added value: Facilitate communications, review models
    • Pay Range: 250,000ext−420,000250{,}000 ext{ - }420{,}000
    • Vice President (years 3ext−43 ext{-}4):
    • Work: Oversee deals and pitch books, distribute work from directors/MDs, more client interaction
    • Added value: Client relationship management, leadership
    • Pay Range: 500,000ext−650,000500{,}000 ext{ - }650{,}000
    • Director (years 3ext−53 ext{-}5):
    • Work: Pitch deals to clients, direct associates, help execute deals
    • Added value: Client acquisition/relationship management
    • Pay Range: 700,000ext−1,000,000700{,}000 ext{ - }1{,}000{,}000
    • Managing Director (years 1+1+):
    • Work: Lead, high-level client relationships, revenue generation
    • Pay Range: 1,000,000+1{,}000{,}000+

Investment Banking: What is it?

  • IB is the business of helping companies, governments, and institutions raise capital, executing complex financial transactions, and managing large-scale deals worth billions.
  • M&A (Mergers & Acquisitions): Advising on buying, selling, or merging companies.
  • Restructuring (Rx): Advising distressed companies on reorganizations and bankruptcy proceedings.
  • Debt Underwriting: Raising capital through bonds and loans.
  • Equity Underwriting: Raising capital through stock offerings (IPOs, follow-ons).
  • Typical day in IB: long hours; start around 9–10 AM and often work until late (12 AM+), with weekly hours ranging from 70extto10070 ext{ to }100+ hours.
  • Tasks: financial modeling, building pitch decks, formatting presentations, handling client requests.
  • Skills needed: analytical ability, attention to detail, teamwork.

Sales & Trading (S&T)

  • What S&T does:
    • Makes markets and provides liquidity; connects buyers and sellers; facilitates client activity.
    • Revenue: from transaction flow, spreads, commissions, or by taking trading risk.
  • Structure:
    • Sales: client-facing, pitches, market color, relationship-building with clients.
    • Trading: executes orders, manages risk, provides liquidity.
    • Desks organized by product (equities, credit, rates, FX, commodities).
  • Day-to-day:
    • Executing trades, risk warehousing, monitoring market news (earnings, M&A, macro trends).
  • Skills: ability to work in a fast-paced environment, emotional intelligence, markets knowledge.

Asset & Wealth Management (AM/WM)

  • Asset Management: manages investment portfolios for clients; focus on preserving/growing wealth; works with institutional investors (pension funds, endowments, foundations, sovereign wealth funds); product roles focus on researching and creating investment opportunities; client roles focus on relationship management.
  • Wealth Management: provides financial/investment advice, tax planning, retirement planning, and estate planning; client relationship management; asset allocation and product selection; retirement and succession planning.

Credit & Equity Research

  • Equity Research: analyzes a company’s equity and business operations; provides valuations, forecasts, and investment recommendations on stocks; organized by sector teams.
  • Credit Research: analyzes a company's capital structure, leverage, liquidity, and operations; covers corporate bonds and loans; includes macro research to assess impact.
  • Buy-side research: conducted by institutional investors to inform decisions.
  • Sell-side research: conducted by brokerages/investment banks to provide recommendations to clients and support S&T.

Types of Investment Banks (Categories)

  • Elite Boutiques: specialize in advisory over underwriting; lean deal teams; high-touch client services; notable advantages include strong exits and brand; highest compensation but potentially narrower product scope.
  • Bulge Brackets: largest IBs with full product suites across IB, S&T, research, AM, WM; strong brand, high compensation, large analyst classes, broad opportunities.
  • Middle Market: focus on middle-market advisory; smaller brand, good compensation, more responsibility, leaner deal teams.
  • Regional Banks: big balance sheets, select services, regional focus; opportunities include MM PE and regional deals.
  • international banks: global presence with full product suites; strong international brand; mid to high compensation; international opportunities.
  • Lower Middle Market: focus on lower middle-market transactions; smaller teams; regional focus; opportunities for growth.

Interview Process (LLC): HireVue, First Round, Superday

  • HireVue (online video): submit recorded responses to questions; 30 seconds to prepare, 1–3 minutes to respond; 3–7 questions; important to understand firm culture; know strengths/experiences.
  • First Round: typically phone interview (1–1 or 2–1); preliminary screen to narrow candidates; sometimes from a school; few advance to Superday.
  • Superday (final round): in-office or online; 2–4 interviews, ~30 minutes each; mix of behavioral, technical, and market questions; the most intense stage; thorough preparation needed well in advance.

Networking (LLC basics)

  • What is networking? Exchange of information among professionals with a common interest; PSU has a large alumni base on Wall Street; networking helps learn career paths and discover jobs; can be in-person or via phone/virtual.
  • How to network: conversations can be casual or technical; start with family, peers, and alumni; research the person beforehand (bank, role, background) without overdoing it.

LLC Networking Best Practices

  • Emails:
    • Send during regular hours; subject line format: "Your Name | PSFIA"; personalize body; keep messages brief and clear; include a calendar invite after scheduling.
    • Do not email the executive board before establishing appropriate contact.
  • Mock Interviews / Coffee Chats:
    • Be on time; bring notebook/computer; bring printed resume; review relevant content; send a thank-you email afterward.

How to Network with LLC Members

  • 1) Initial email:
    • Always begin with "Hello/Hi [Name]"; introduce yourself (name, year, major, connections);
    • Be professional; clearly state the purpose and request availability for chat/mock interview; ensure error-free email.
  • 2) Reply navigation:
    • Provide 30-minute call availability; offer alternative times if schedule is tight.
  • 3) Finalize chat:
    • Let LLC member choose a time; send a thank-you message and calendar invite.
  • 4) Send calendar invite: Live demo of scheduling.

Sample Interview Questions (LLC)

  • List of common questions you may encounter:
    • 1. What is Leveraged Lion Capital?
    • 2. What is Leveraged Lion Capital’s mission statement and what are the 4 values?
    • 3. What do investment bankers do?
    • 4. What do people in sales and trading do on a day-to-day basis?
    • 5. What is the difference between sales and trading?
    • 6. Why is LLC a paper portfolio?
    • 7. Why do you want to work on Wall Street?
    • 8. How many sectors does LLC have and what are they?
    • 9. What are the holdings for your preferred sector?
      1. How does LLC benchmark its performance?
      1. Who are LLC’s biggest partners/sponsors?
      1. What are your 3 biggest strengths/weaknesses?
      1. Walk me through your resume/tell me about yourself.
      1. Why do you want to work in [X] career path?
    • 15–24. Additional questions covering major topics: major choice, LLC membership, PSFIA involvement, goals, decision-making, failures and learning, teamwork, leadership, and handling teamwork failures.

Placements & Closing Remarks

  • 2025 Full-Time Placements (sample of members and roles):
    • Luke Zoll — President — Morgan Stanley — Sales & Trading — New York, NY
    • Pearse Kelly — Vice President — Bank of America — Credit Research — New York, NY
    • Peyton Brezski — CIO — Citigroup — Sales & Trading — New York, NY
    • Max Aurilio — Secretary — Tudor, Pickering, Holt & Co. — Investment Banking — Houston, TX
    • Zander Golden — Treasurer — Perella Weinberg Partners — Investment Banking — New York, NY
    • Ivan Sosa — Director of Equity Research — Bank of America — Sales & Trading — New York, NY
    • Emma Reach — Director of Outreach — JPMorgan Chase — Sales & Trading — New York, NY
    • Dan Alpert — Director of Pitch Quality — BNP Paribas — Investment Banking — New York, NY
    • Garrett Goodwin — Director of Monthly Reports — Bank of America — Sales & Trading — New York, NY
    • David Harris — Director of Weekly Reports — Cowen — Investment Banking — New York, NY
    • TJ Callan — Director of Weekly Reports — Bank of America — Credit Research — New York, NY
    • Nick Skiadas — Lead Analyst, Materials — KPMG — Audit, Risk, & Advisory — New York, NY
    • Will Perez — Director of Education — BlackRock — Asset Management — New York, NY
    • Olivia Ouyang — Associate Analyst, Energy — Cowen — Investment Banking — New York, NY
    • James MacDonald — Associate Analyst, Industrials — PNC — Investment Banking — New York, NY
    • Trevor Carney — Director of Research — PGIM — Investment Management — Newark, NJ
    • Jake Whittaker — Director of Outreach — Vanguard — Investment Management — Malvern, PA
  • 2026 Full-Time Placements (sample):
    • Dimitri Rainey — President — Morgan Stanley — Investment Banking — New York, NY
    • Jayden Golden — Vice President — Goldman Sachs — Investment Banking — New York, NY
    • Noah Simone-Dobin — CIO — Wells Fargo — Investment Banking — New York, NY
    • Madi Hunter — CFO — Goldman Sachs — Investment Banking — New York, NY
    • Nick Patterson — COO — Wells Fargo — Corporate Banking — Charlotte, NC
    • Alex Kornblatt — Co-Director Education — TD Cowen — Investment Banking — New York, NY
    • Sid Sharma — Co-Director of Education — BNP Paribas — Sales & Trading — New York, NY
    • Kenzie Smith — Co-Director of Weekly Reports — Bank of America — Sales & Trading — New York, NY
    • Jakub Dingo — Director of Philanthropy — J.P. Morgan — Equity Research — New York, NY
    • Grace Manion — Director of Outreach — Citigroup — Investment Banking — New York, NY
    • Lulu Douglas — Director of Monthly Reports — J.P. Morgan — Private Wealth Management — New York, NY
    • (additional names spanning various IBs/S&T/AM roles)
  • Internship Placements (2026):
    • Shawn Wang — Lazard — Investment Banking — Chicago, IL (Co-Director of PSFIA)
    • Grace Misha — Goldman Sachs — Investment Banking — New York, NY
    • Mike Aquilino — J.P. Morgan — Sales & Trading — New York, NY
    • Chris Cervantes — Goldman Sachs — Sales & Trading — New York, NY
    • Rohan Thandassery — Goldman Sachs — Investment Banking — Dallas, TX
    • Anton Skvortsov — Morgan Stanley — Investment Banking — New York, NY
    • Sam Kilareski — J.P. Morgan — Asset Management — New York, NY
    • Connor Grauel — LBC Credit Partners — Private Credit — Radnor, PA
    • Karac Webb — Bank of America — Investment Banking — New York, NY
    • Mert Budak — Goldman Sachs — Investment Banking — New York, NY
    • Kyle Lehman — Bank of America — Sales & Trading — New York, NY
    • Adam Conti — Wells Fargo — Sales & Trading — New York, NY
    • Preet Lodha-Jain — Citi — Investment Banking — New York, NY
    • Anshul Dadayyapally — Wells Fargo — Investment Banking — Charlotte, NC
    • Devon Runk — Bank of America — Sales & Trading — New York, NY
    • John McLaughlin — REGAL-FIG — SMBC — Investment Banking — New York, NY
    • Will Gavin — TD Cowen — Investment Banking — New York, NY
    • Lucas Hubner — Piper Sandler — Investment Banking — New York, NY
    • Riley Saxman — Goldman Sachs — Investment Banking — New York, NY
    • Tejas Gatehouse — Morgan Stanley — Investment Banking — New York, NY

Contact Information & Leadership Directory

  • LLC Members (selected):
    • Dimitri Rainey (President) — raineydimitri@gmail.com
    • Jayden Golden (Vice President) — goldenjayden4@gmail.com
    • Noah Simone-Dobin (CIO) — noahsd26@gmail.com
    • Nick Patterson (COO) — nickpatterson124@gmail.com
    • Madi Hunter (CFO) — madelinehunter13@gmail.com
    • Shawn Wang (Co-Director of PSFIA) — shawn4wang@gmail.com
    • Grace Misha (Co-Director of PSFIA) — gracemisha5@gmail.com
    • …and others listed with their emails (full list provided in the transcript).

LLC Women’s Program

  • Purpose: To enhance women’s involvement in LLC and develop important connections for Wall Street careers.
  • Benefits: Access to recruitment and networking opportunities; aligns with LLC values of giveback, diversity, and professional development.
  • Meetings: Weekly sessions (Wednesdays) focused on Wall Street careers, markets, fixed income fundamentals, accounting, valuation, capital structure, covenants, and LLC interviews.
  • Schedule example (Women’s Program):
    • Meetings every Wednesday 5:30–6:30 PM
    • 9/3 Meet & Greet (SNAP Pizza), 5:30–6:30 PM
    • 9/10 Wall Street Careers (BB 107), 5:30–6:30 PM
    • 9/17 Markets (BB 107), 5:30–6:30 PM
    • 9/24 Fixed Income Fundamentals (BB 105), 5:30–6:30 PM
    • 10/1 Accounting (BB 101), 5:30–6:30 PM
    • 10/8 Valuation (BB 105), 5:30–6:30 PM
    • 10/15 Capital Structure & Covenants (Forest Resources 101), 5:30–6:30 PM
    • 10/22 Review Session (BB 105), 5:30–6:30 PM
    • 10/27 & 10/29 LLC Interviews (BofA Career Services Center), 5 PM – End of Day

Nittany Markets Analysis Association (NMAA)

  • Purpose: Enhance markets knowledge; focus areas include equity, fixed income, macroeconomics, commodities, FX, derivatives, real estate, tech, energy, etc.
  • Schedule: Meetings on Mondays & Wednesdays, 8:00–8:45 AM, in Business Building 110.
  • Resources: GroupMe, QR code to join, contact info for President and Outreach Director, Instagram handle @NITTANYMARKETSPSU.

Announcements & Canvas Access

  • LLC Canvas page access requires dues: 2525; required to interview for LLC.
  • Dues provide access to all PSFIA presentations and Wall Street interview guides.
  • Payment options: Cash or Venmo @Madi-Hunter-13; include PSU email in Venmo caption.
  • Canvas access form and related links provided in the announcements.

Important Links & Communication Channels

  • GroupMe for LLC communications
  • Attendance tracking and other LLC resources listed in the transcript.

Key Takeaways for Preparation

  • Understand the ecosystem: IB front office functions, and the split across IB, S&T, AM/WM, and Research.
  • Know the career ladder, typical durations, and exit/switch opportunities (e.g., IB to private equity, hedge funds, corporate development).
  • Be prepared for a rigorous interview process: HireVue, First Round, Superday; plan practice for behavioral and technical questions.
  • Build a proactive networking approach: professional emails, research targets, and follow-up etiquette.
  • Leverage PLC and student organizations (LLC, PSFIA, NMAA) for exposure, mentorship, and placement opportunities.

Real-world relevance & ethical considerations

  • Wall Street roles influence corporate financing, mergers, and capital allocation, impacting economies and communities.
  • Professional networking should be conducted ethically: respect time, be transparent about aims, and avoid misrepresentation.
  • Diversity programs (e.g., Women’s Program) promote inclusive access to opportunities in high-stakes financial environments.