 Michael Hughes Degree: Mathematics MSci University: Imperial College London Grad year: 2008 Role: Associate Reasons for joining Qatalyst I joined Qatalyst for a host of reasons, in fact too many to include here. However, as a small insight, one of the main reasons I joined Qatalyst was the opportunity to be able to develop more technical, detailed and well-rounded skills than any of my peers at any other investment bank and at a faster rate! I know that is a bold statement, but believe me, you will not get the development opportunities you receive at Qatalyst, in anything like the same time-frame, anywhere else. Unique aspects that set the opportunity at Qatalyst apart from other opportunities in banking Qatalyst is a true meritocracy - this is a widely used term with little meaning at most banks. At Qatalyst you will become a master modeller and an excel demon (building client's business plans with dynamically flowing 3 statements, complex LBO structures dependent on specific country takeover laws, in-depth merger modelling analysing cash and earnings impacts from single, two, or more stage transactions, complex valuation methodologies, carve-out analysis, purchase price adjustment and fund flow analysis and so much more), you will manage live transaction processes (diligence meetings/calls, dataroom management, Q&A management and liaising, etc.), build-up the knowledge-base and skills of a junior law associate (share/asset purchase agreement analysis, NDA drafting and negotiations, transitional services agreements, and again much more). This is just an insight into the areas to which you gain exposure at Qatalyst, on the FIRST DAY! Most of these skills you wouldn't have the chance to develop until the senior analyst level, and some of them not until the senior associate level at other banks... What skills are necessary, what skills are useful to have? For a role at Qatalyst you need to be mature, a fast learner, intrigued by finance and someone who actively seeks out an answer to the question "why?". Given there is client exposure from day 1, you have to fully understand every aspect of your role and the roles of those around you so you can explain such things in a comprehensive manner. There is a huge opportunity to learn and develop at Qatalyst and to take full advantage of this you need to be always asking questions and actively engaged in all projects. The job is tough and the hours are long, as such everyone has to be incredibly hard working, with a "can-do" attitude. If anyone approaches the firm and the role with this in mind, they will go far, quickly!
Peter Spofforth Degree: B.Sc. Mathematics University: University of Warwick Grad Year: 2010 Role: Analyst Reasons for joining Qatalyst Qatalyst stood out for me from other opportunities in finance due to its participation on influential M&A transactions in the tech sector, extensive experience of team members and corporate culture. The close-knit team and quality of transactions immediately gives Analysts the chance to really become involved and play an active role on high-profile deals. The resulting interaction with the senior team means that you will absorb a vast amount of knowledge of the M&A process and industry dynamics, rather than being pigeonholed into an “Analyst pool” for the first few years of the position. Unique aspects that set the opportunity at Qatalyst apart from other opportunities in banking Roles at Qatalyst deliver a unique set of opportunities to junior members of the team. You are given the chance to take a meaningful role on the some of the largest and more important transactions in the sector, as well as participating in high-level strategic discussions with key decision makers at major corporates. Behind the job is a close team culture, without the barriers present in many hierarchical workplaces. You will interact regularly with senior team members on both a work and social level, in a collegial environment that really does value its employees.
Focus on one transaction that interviewee is particularly proud of/ particularly enjoyed (no details of deal need to be mentioned specifically, just a description that details the variety of the role) One particular transaction that has stood out for me during my first year at Qatalyst was a complicated carve-out and sale of a unit from a public European corporate. I was staffed on the deal from my first day in the office, participating in modelling, leading due diligence calls and developing materials presented to both the management and board of the corporate to keep them abreast of the transactional and market developments. I learnt a huge amount about contract and transaction negotiation, deal structuring and the complications that can arise during a complex deal, working alongside some of the most experienced and successful M&A practitioners in the industry.
What skills are necessary, what skills are useful to have? The most vital skill to succeed at Qatalyst is a capacity to learn quickly. The environment is extremely entrepreneurial: Analysts can expect to be speaking to clients from day one, taking on advanced modelling work as soon as they prove ready; and contributing to strategic discussions and brainstorming sessions. Given the lean team structure, exceptional quantitative skills are absolutely essential towards supporting senior members of the team during meetings as well as quickly digesting and understanding financial models. Given the technology sector’s continual rapid evolution, an ability to understand and develop opinions on trends and business models within the sector is also vital to provide accurate and
meaningful advice to clients. What makes the role enjoyable for the interviewee? One of the most rewarding facets of the role at Qatalyst is the responsibility given to junior members of the team. I am continually challenged to contribute more to the team, whether that be on live transactions or developing strategic thought-pieces. The rapid expansion of responsibilities quickly leads to the opportunity to attend meetings and discuss strategy and viewpoints with CEOs and CFOs from leading technology companies. Within two months of joining, I travelled to Paris and spent two days on an on-site modelling session, helping the divisional CFO of large-cap European Conglomerate build a detailed operational model and a business plan while providing live feedback on the financial and valuation implications. The opportunity to step up and take on responsibility is extremely rewarding from a professional and learning standpoint.
What did the training entail? Interesting aspects learnt? Training consists of a week of formalised training in San Francisco alongside the Californiabased analyst and intern class. This is complemented by regular training sessions throughout the year from the firm’s Partners on both banking and industry topics. Examples of on-going training sessions include Negotiations and M&A tactics, Reading and Understanding Merger Agreements, Best Practices in Public & Private Company Deals, UK M&A and Take-over Code Basics, Industry Primers etc. Live transactions also provide a rich learning experience – a recent example was when I solely led a due diligence work stream sitting across the table from the M&A team of a multi-billion dollar US corporation. Qatalyst provides an unparalleled opportunity to learn from some of the brightest and most highly-respected advisors in the tech industry, who have developed a wealth of knowledge through their experience in major transactions across geographies and verticals during the tech sector’s evolution in the last three decades.