Tags: Josh Pearl | Joshua Rosenbaum | Investment Banking | Book

Authors Pearl, Rosenbaum to Moneynews: How Job Hunt Is Won in 'the Real World'

By    |   Monday, 17 June 2013 07:27 AM

Josh Pearl, an investment analyst whose resume includes UBS, recalled the job interview process and wanted to write the book "that showed you how it's done in the real world."

"The valuation techniques that are taught in undergrad and even business school in the past were not taught according to how they were performed in the real world," Pearl told Newsmax TV in an exclusive interview.

"When we were searching for jobs and preparing for interviews, we didn't have a good technical guide to prepare us for the interviews. It's kind of that chicken-or-egg scenario," he said.

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"How do you prepare for the interviews without the experience? How do you get the job without experience? In this market they expect you to have the experience and understand what you're doing Day One. We were frustrated with the guides that were out there, with the books that were written by professors."

The result was "Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions." The book was co-authored by Joshua Rosenbaum, a managing director at UBS.

Editor's note: To order 'Investment Banking' at a great price — Click Here Now.

"When I was in school, taking economics is completely different than learning what's going on and what professionals are doing on Wall Street," Rosenbaum said. "When I got out of school I met people from other undergraduate business schools and it turned out they didn't really know much more than I did."

He recalled the annual recruiting process while working in investment banking

"I'd go from university to university and interview students, brilliant young students, some of them with 3.8s, 3.9s in economics, in advanced mathematics and physics," he said. "They didn't know the first thing about corporate finance. It's not like they don't have the aptitude or the cognitive ability to do it. There really, really was a gaping hole in the finance literature."

Pearl's hope is that the book provides useful information for the average investor and not just for those looking to go into investment banking.

Editor’s Note: Put the World’s Top Financial Minds to Work for You

"For the average individual … they may hear a buzz word — PE, price-to-earnings ratio — but that's in a vacuum," he said. "They don't know what it means relative to another company in a sector. That ratio may not be relative for that sector. It might be a price to book or price to free cash flow. What we do in the book is break them down so anybody with a liberal arts background can pick up the book, very quickly, literally with a fourth-grade arithmetic education because that's all this is."

Investors are encouraged to take responsibility for being aware of how their portfolio allocations can lead to a successful investment strategy.

"Whether you're a doctor or a lawyer or a laborer, [everybody] owns stocks," Pearl said. "If it's in a mutual fund or your own individual stocks, it should be incumbent upon yourself to really understand what you're doing. If you're watching [TV] and you hear a famous investor talking about a stock and it sounds great, go do your work. We show you how to do that."

Editor’s Note: Put the World’s Top Financial Minds to Work for You

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Josh Pearl, an investment analyst whose resume includes UBS, recalled the job interview process and wanted to write the book that showed you how it's done in the real world.
Josh Pearl,Joshua Rosenbaum,Investment Banking,Book
Monday, 17 June 2013 07:27 AM
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