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Due Diligence

 
#1 Due Diligence
07/01/2008 09:44

anon

Any advice/tips before getting involved in Due Diligence work? I'm under pressure to get staffed on a series of due diligence projects. I have never done any of these before and have no idea what to expect.

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#2 RE: Due Diligence
07/01/2008 16:42

FSA to anon (#1)

Pick up a good book on Financial Statement Analysis (TIP: Penman) in general and the fundamentals of the PE industry specifically.

You can base your book choice on the materials used in FSA and PE courses at Harvard, Wharton and Stanford. Also, MIT has free courses online (give me slides! SLIDES!).

Due dils are veru though in terms of hours but the skills you learn are highly valued.

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#3 RE: Due Diligence
07/01/2008 16:43

tough to FSA (#2)

though => tough

veru => very

Among other potential typo's

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#4 RE: Due Diligence
07/01/2008 16:50

anon to tough (#3)

dammit, that's what I heard too.... avoid the DD's at all costs.... burnout city

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#5 RE: Due Diligence
07/01/2008 18:42

DDalltheway to anon (#4)

No, honestly, I think you should ask for them.

A career in M&A is hugely lucrative. PE analysts at top PE funds get packages of 450K in their first year. They are told '1 in 2', that is, they will make a cool million in just 2 years.

And the best part? These analysts are only 23, after 2 years in MBB or a bulge bracket IB.

So start dreaming, my friend.

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#6 RE: Due Diligence
07/01/2008 19:27

anon to DDalltheway (#5)

I forgot to mention... I would be doing audit type work... checking company procedures and stuff as part of their due diligence. A far cry from sitting there telling Bill Gates which companies to buy next. Do you still think I should go for it, or avoid the DD's?

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#7 RE: Due Diligence
08/01/2008 09:14

hmm to anon (#6)

I would still go for it if you want to transfer to the corporate finance division in your firm.

I don't have first hand experience with Big 4, but all my accounting friends are planning to apply for corporate finance after 2 years.

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#8 RE: Due Diligence
08/01/2008 09:17

anon to hmm (#7)

DDalltheway,

I think those figures are wrong, even in $US that's pretty high!

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#9 RE: Due Diligence
08/01/2008 09:54

anon to anon (#8)

Would/should my decision be different if I don't want to end up in a financial or corp finance role in the long term?

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#10 RE: Due Diligence
09/01/2008 00:33

450K to anon (#9)

I never saw the offers myself, but the numbers I am giving are stated by several members of wallstreetoasis.com

The 450K package includes bonus and - unfortunately - taxes. It's probably about 10K net per month and a 120K net bonus. And it's New York = high cost of living.

These packages can be found at Bain Capital, Blackstone, KKR, ... Maybe CVC too, don't know.

These are all megafunds of course. In middle market funds the package is 200-300K, again according to wallstreetoasis.com.

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#11 RE: Due Diligence
09/01/2008 00:35

$ to 450K (#10)

PS I was indeed talking USD.

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