Hey,
I’m trying to get a sense of how work-life balance differs across bulge bracket banks. I know IB is intense everywhere, but are some BBs really better than others in terms of culture and hours? Or is it more dependent on the specific group and team?
Would love to hear any real experiences or general impressions!
Hey! It's completely understandable to feel stuck on LBO mechanics even after a lot of practice. It's a complex model with a lot of moving parts, and those circular references can trip anyone up. The good news is, it's not always just a "reps" issue—sometimes it's about changing your approach.
Instead of just building more models, try to really internalize the story behind the LBO. Think about it from the private equity firm's perspective: what is their goal, and how does the financing structure help them achieve it? When you're working on the debt tranches, for instance, don't just plug in the numbers. Ask yourself why one tranche has a higher interest rate and a more senior position than another. For the cash sweep, think about it as the company literally taking its excess cash at the end of the year and using it to pay down debt. By focusing on the logic and the "why" of each step, the mechanics start to make more sense and become less about memorization. When you can articulate the story of the LBO, the pieces of the model naturally fall into place, and you'll be able to spot errors more easily. You've got this!
