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- First Step to Final Offer 11/18/25
First Step to Final Offer 11/18/25
Brooks Gammill
November 18, 2025
Your weekly round-up of an M&A deal walkthrough, insightful market news summaries, technical quiz questions, and various internships, events, and diversity programs. A key resource to best prepare yourself for finance recruiting. If someone sent you the newsletter subscribe below!
CAREER OPPORTUNITIES
Class of 2026 Finance and Consulting Opportunities
Class of 2027 Finance and Consulting Opportunities
RBC Capital Markets First in Finance WM Internship Program, 2026 - NYC Link
RBC Capital Markets 2026 GAM Fixed Income & Business Management Summer Internship Link
Teneo Financial Advisory Intern, Summer 2026 Internship Program Link
CIBC 2026 Summer Intern - Equity Research Milwaukee Link
Summit Partners Summer Growth Equity Analyst Link
PJT Partners 2026 Summer Analyst - Corporate Rotational Program Link
Houlihan Lokey 2026 Investment Banking Summer Financial Analyst (Class of 2027) - Multiple Roles and Locations Link
Goldman Sachs 2026 | Americas | New York City Area | Global Investment Research, Equity Research | Seasonal/Off-Cycle Link
Baird Internship – Private Asset Management, Client Services (Year-Round) Link
Baird Internship – Private Wealth Management (Henderson, KY Summer 2026) Link
LPL Financial 2026 Summer Internship- Wealth Management Summer Intern Link
Susquehanna Equity Analyst Internship: Summer 2026 Link
Charles River Associates (2026 Bachelor's/Master's graduates) Consulting Analyst/Associate Intern - Multiple Roles and Locations Link
To see c/o 2027 opportunities, click here: Class of 2027 Application Tracker
Class of 2028 Finance Opportunities
Leerink Partners 2027 Investment Banking Summer Analyst Program Link
TECHNICAL QUESTION OF THE WEEK:
If I were stranded on a desert island, only had 1 statement and I wanted to review the overall health of a company – which statement would I use and why? |
MARKET NEWS
Goldman Sachs Nears Best M&A Market Share in 24 Years Amid 2025 Deal Boom
Goldman Sachs is on track to achieve its largest share of the global mergers and acquisitions market since 2001, having advised on 34% of the $3.8 trillion in announced deals this year. The firm’s dominance has been reinforced by its leading role in major transactions, including the $55 billion take-private of Electronic Arts and the $48.7 billion acquisition of Kenvue. While it won’t capture the same share of fees—currently at 10.7%—Goldman did secure a record $110 million advisory fee for the EA transaction. Its success is being driven by a resurgence in strategic M&A, as boards regain confidence under a more permissive regulatory climate. Despite fierce competition, Goldman’s unmatched presence in blue-chip dealmaking has lifted its market position to a new high.
Source: Financial Times
Investment Consultants Quietly Fueled $17 Trillion Boom in Alternative Assets
A new study reveals that a small circle of investment consultants played a decisive role in pushing U.S. public pension funds toward alternative assets like private equity, real estate, and hedge funds—tripling their share of total investments since 2000. These consultants, including firms such as Wilshire, Meketa, and NEPC, advised clients managing nearly $5 trillion and shifted expectations by forecasting stronger returns for alternatives while downplaying diversification benefits. The move helped ignite a $17 trillion alternatives boom but now raises concerns about over-optimism, potential misallocation of retirement funds, and exposure to excessive fees. Critics argue that consultants’ assumptions didn’t just inform decision-making—they actively shaped institutional risk appetite and asset allocation norms.
Source: Bloomberg
M&A DEAL OVERVIEW
Thoma Bravo Makes Takeover Bid for Clearwater Analytics Amid Competitive Bidding
Thoma Bravo has submitted an offer to acquire Clearwater Analytics, aiming to take the company private. The bid adds momentum to a competitive process, following a recent joint offer from private equity firms Permira and Warburg Pincus—Clearwater’s original backers when it went public in 2021 at a $5.5 billion valuation. Although details of Thoma Bravo’s offer remain undisclosed, the transaction is not guaranteed to move forward. Clearwater, based in Boise, Idaho, provides investment portfolio management software for institutional clients such as insurers and hedge funds. The firm’s market cap stood at approximately $5.7 billion as of the latest trading day, though its shares have faced pressure this year amid concerns over how artificial intelligence may disrupt the SaaS landscape.
Source: Reuters
LAST WEEK TECHNICAL QUESTION OF THE WEEK ANSWER:
Correct Answer: C, up 5 — If you have an increase of $10 on the financial statements, what is the net effect on cash flow from operations (assume 50% tax rate)?
Explanation: If a financial statement item increases by $10 and it is tax-affected at a 50% tax rate, the net effect on cash flow from operations (CFO) is the after-tax impact. A $10 increase in a non-cash expense or deduction creates a $10 reduction to taxable income, saving $5 in taxes, which increases cash flow by $5. Therefore, the net effect on CFO is +$5, which corresponds to Answer C: up 5.