Boutique investment bank Moelis & Co. has long had a reputation as a gruelling place to work. This is supposed to be changing under new CEO Navid Mahmoodzadegan, who has sworn off his self-confessed historic “hazing mentality” and says he’s ditching his propensity for being a control freak.
Get Morning Coffee ☕ in your inbox. Sign up here.
Despite the new vibe, current investment banking interns at Moelis & Co. were hit with a more traditional Moelis & Co. approach this week when the bank sprung an unexpected and long modelling test on them without warning.
Interns writing on Wall Street Oasis first complained about the test, which they said had taken hours to complete. “The place has truly become a sweatshop,” declared one.
A spokesperson for Moelis & Co. confirmed the test’s occurrence. “Our 10-week internship program provides exposure to live deals and technical training. This includes a modeling exercise, which should take no longer than three hours, and other developmental experiences,” he said.
Performance in the test is not thought to influence interns’ likelihood of receiving a return offer. – The test is for development rather than assessment purposes and is intended to mimic an LBO. Interns are not so sure.
Have a confidential story, tip, or comment you’d like to share? Contact: +44 7537 182250 (SMS, Whatsapp or voicemail). Telegram: @SarahButcher. Signal: sarahbutcher.22 Click here to fill in our anonymous form, or email [email protected]. Signal also available.
Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libellous (in which case it won’t.)
