CS FCPA.Imagine you are a 22-year-old hired at a big investment bank as a first-year analyst, straight out of college. You show up at the introductory training class, where the bank teaches new analysts how to do discounted cash flow analyses and format working-group lists. But you don’t come alone. For some reason Warren Buffett is with you. Just hanging out, going to your training classes. You are inseparable for the whole program. “Oh yeah, that’s my buddy Warren,” you tell your fellow analysts. “I just like talking about deals with my young friend,” he explains.At the end of the program, there is a multiple-choice exam testing your knowledge of financial concepts. You do very poorly on the exam. Here is my question: Does the bank care? Are your bosses like “I am sorry but this person does not know much about finance or WGL formatting, which are the essential skills for any first-year analyst”? Or do they throw your exam in the garbage, invite you out to dinner, and suggest that you bring your friend Warren along to talk about a few deal ideas they have?Decades of investment banks hiring top students from top universities, training them in financial modeling and working them all the time has… Read full this story
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