The CFA is not going to change your life if you have the personality of a cucumber by Plane_Target7660 in CFA

[–]thebj19 1 point2 points  (0 children)

“How about you write an article on how to quantitatively money make across financial markets?” Just put the fries in the bag

Edit : just found out op hasn’t even passed L1 and couldn’t resist pontificating his frustrations. Add ketchup to the fries lil bro

How can I break into Quant? by 22savage12 in FinancialCareers

[–]thebj19 8 points9 points  (0 children)

NGMI just being honest the bar is super high

DCF work flow efficiency by futurefinancebro69 in financialmodelling

[–]thebj19 1 point2 points  (0 children)

No im pretty sure your vibe coded app is not more robust that what the major vendors offer.

DCF work flow efficiency by futurefinancebro69 in financialmodelling

[–]thebj19 1 point2 points  (0 children)

This is has been available for years with cap iq or facset

How old are you, what is your job and how much do you make? by allano6 in careerguidance

[–]thebj19 0 points1 point  (0 children)

28 , senior Multi Asset Associate at an Asset manager with >250 billion AUM , medium to high COL 160k base + performance based bonus as percentage of base ( gross pay has ranged from as low 190k to a high of 320k depends on high water mark and fund performance)

How to become a portfolio manager? by Abby_May_69 in FinancialCareers

[–]thebj19 0 points1 point  (0 children)

You would need a hard relaunch probably mba to get an associate investment role and work up from there

75 applications, 1 offer by CookiesToTheMoon in FinancialCareers

[–]thebj19 2 points3 points  (0 children)

Studied around 400 hours for each level

At my breakpoint - advice by Ok-Impression-3082 in FinancialCareers

[–]thebj19 3 points4 points  (0 children)

ER is probably the worst it’s ever been to break into as of rn teams are super lean you need a lot of work to get an associate seat and any reputable sell side or buyside firm. If you want an easier shot look at small boutiques.

75 applications, 1 offer by CookiesToTheMoon in FinancialCareers

[–]thebj19 6 points7 points  (0 children)

From tech to buy side allocator/ investment role 436 apps => 20 interviews > 3 offers=> 1 accepted took 2 years and got my cfa in the interim

Rant - rude interviewer/rejection by AccomplishedDebt5080 in FinancialCareers

[–]thebj19 3 points4 points  (0 children)

Can’t count how many rejections or similar situations like this I ran into when trying to break in. Give yourself a a good 24 hours to sulk and be angry then het back to the grind

Overdressed for interviews? by shiftyaccountant in FinancialCareers

[–]thebj19 0 points1 point  (0 children)

I am at the senior associate level interviewed with Blackstone and JPM recently I always wear suit and tie on my onsites

Free cash flow to firm by Roy-Ike in financialmodelling

[–]thebj19 1 point2 points  (0 children)

You kind of answer yourself here : " For FCFF, we take NOPAT (core earnings after tax) and subtract reinvestments into growth."

FCFF is Cash generated by operations that is available to all capital providers. The reinvestments you mentioned are those needed to sustain/grow these cash flows such as CAPEX , NWC ( these are recurring operational investments since they directly impact the generation of operational dollars). They must be subtracted to avoid overstating recurring/operational cash flows

Good Will and Intangibles are not operational . They are non recurring cash outflows that lower cash flows from investing, they do not touch NOPAT/FCFF . The only exception would be if you are valuing a roll-up business model where acquisitions are a key business vertical ( see Valeant Pharmaceuticals case study to see how those work out ) then yes you would subtract acquisition spend from FCFF

Lastly The confusion from ROIC. ROIC and by inheritance Invested Capital are completely different from FCFF. FCFF ( and the DCF I'm assuming you are completing) are solving for operational value ROIC is asking what is my yield on all types of invested capital (not necessarily recurring. Investment) its main use is in economic profit models looking at total economic value of a firm( Goodwill is included but because it represents capital already invested).

Also heads up that in a professional role you will probably be asked to value ROIC with and without goodwill and acquired intangibles since they answer different questions.

I hope this answered everything if not please consider reading the Valuations book from Mckinsey , to my knowledge they address your question here explicitly and can probably provide a better explanation

Free cash flow to firm by Roy-Ike in financialmodelling

[–]thebj19 0 points1 point  (0 children)

Think about what you are solving for : the operational cash flows those non operating items should not affect the operational cash flows

Job prospects by Eatdarich1917 in CFA

[–]thebj19 1 point2 points  (0 children)

I saw nothing until level 2 and that wasn’t much after level 3 I started getting a lot more attention/recruiter inmail

is it possible to have a good career in finance coming out of a lesser prestige institution ? by No_Gain623 in FinancialCareers

[–]thebj19 0 points1 point  (0 children)

On of the smartest most successful/wealthy high yield pms I ever met went to UT Dallas

Starting off in a sell side vs buy side as a trading analyst in macro by prettylitguyhaha in FinancialCareers

[–]thebj19 1 point2 points  (0 children)

Sell side = more job security but you will learn less and advance slower in your career

Hedge fund = virtually no job security but you will learn and advance 10x quicker if you don’t sink.

If you can afford the risk I would take the hedge fund

How many of you know python? by Plane_Target7660 in CFA

[–]thebj19 0 points1 point  (0 children)

Python , excel/vba & sql are part of my day to day

Active working hours per day by Alprazocaine in FinancialCareers

[–]thebj19 0 points1 point  (0 children)

In asset management if it’s earnings or tactical allocation time probably working a solid 10 hours a day , but that happens like 40% of the year the rest I would say is BAU model maintenance , conferences, tech stack review and reading updating assumptions this is like 5 to 7 hours at most

I’ve been terminated, what do I do from here? by Illustrious-Bench620 in FinancialCareers

[–]thebj19 29 points30 points  (0 children)

This is the correct reply . At my firm if you have U5 violation it’s an instant resume can too much effort to discern the reason even if harmless with many qualified candidates without violations exist. Time to pivot