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Credit Suisse First Boston
2005 Edition
WetFeet Insider Guide

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Insider Guide
Credit Suisse
First Boston
2005 Edition
Helping you make smarter career decisions.

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Table of Contents
Credit Suisse First Boston at a Glance . . . . . . . . . . . . . . . . . . . . . . 1
The Firm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
The Bottom Line . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Industry Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Organization of the Firm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
On the Job . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Investment Banking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Trading. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Research. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
The Workplace . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
Lifestyle and Hours . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
Culture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
Workplace Diversity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
Civic Involvement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43

Travel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
Training . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47
Career Path. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49
Insider Scoop . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52
Getting Hired. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55
The Recruiting Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56
Interviewing Tips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61
Grilling Your Interviewer. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63
For Your Reference . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65
Recommended Reading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66
The Numbers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69
Key People. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72

Credit Suisse First Boston
at a Glance
At a Glance
North American Headquarters
11 Madison Avenue
New York, NY 10010
Phone: 212-325-2000
Fax: 212-325-6665
www.csfb.com
Major Lines of Business
Investment banking with strengths in M&A; sales, trading, and research;
leveraged and private equity finance; derivatives; equity underwriting; and
project finance. Serves institutional, government, corporate, and high-networth
clients.
Primary Competitors
Bear Stearns, Deutsche Bank, Goldman Sachs, Merrill Lynch, J.P. Morgan
H&Q, Morgan Stanley, Lehman Brothers, Citigroup Global Markets, UBS
Financial Services.
Key Differentiating Factors
• Credit Suisse First Boston is 100 percent owned by Credit Suisse Group, a
European financial services holding company with interests in commercial
and private banking, investment banking, asset management, and insurance.
• As of the first quarter of 2004, CSFB handled 15.9 percent of initial public
offerings, ranking second among investment banks, according to Investment
Dealers’ Digest.
• CSFB ranked number one in global high-yield corporate debt, according to
Investment Dealers’ Digest.
1

At a Glance
In the Recruiter’s Words
“For entry-level positions we’re not expecting [candidates] to have expertise. Do
they have problem-solving skills? What type of activities do they participate in?
Are they well-rounded? Being an analyst means basically your life. It takes that
kind of juggling ability to be successful here.”
“An internship can be extremely important. It can be [conducted] at another
bank or with private client or wealth management firms. The internships show
an interest in financial services. It’s important for us to see an interest in that
area.”
“What we don’t look for is the stereotypical . . . banker. We look for people
who are independent thinkers, because we believe that to have individual ideas
we need individual minds. Of our incoming class, 35 percent have never taken
an accounting class in college. We look for people who have the ability to learn.
We have one person who just graduated with a degree in theology. The reason
we hired him is his original approach to what we do. He hasn’t been focused on
being a banker his entire career.”
“We’re looking for players who can come up with creative ideas, people who
are self-starters and innovators.”
“We’re looking for people who are smart, diligent, team players. We want to see
evidence that you can be a strong leader and that you’re comfortable in a highrisk,
high-pressure, competitive environment.”
“In sales and trading, teamwork is essential, so we look for past team
experience. If you were part of an athletic team versus an individual sport,
that’s a big plus.”
“In IBD, we look at a balance of academic credentials—what school you
attended, your GPA, and the kind of coursework you took—along with a
finance background and leadership and teamwork experience through clubs,
school government, and jobs held.”
“We hire a fair number of people with liberal arts backgrounds because we
believe we can train them here. For all candidates, however, you’ve got to
demonstrate strong quantitative skills.”
“We hire students other than on the campuses where we actively recruit. In
fact, we look at every resume that comes in. Of course, it helps if you know
someone here and have a great-looking resume.”
2

In the Interview
• Know why CSFB is the right place for you. You should be able to articulate
why you want to work for this bank and not another.
• Be prepared to think quickly. Near the end of an interview, one CSFB
interviewer asks job seekers to solve a mental puzzle. He wants to see how
candidates will respond to a challenge under pressure. “Our interviews are
more behavioral interviewing,” says a recruiter. “Candidates can show
creativity in how they answer a question. For example, we might ask them to
show how they brought a new idea to a team and changed the way a team
thought about an issue.”
• Don’t overdo it. “One thing I dislike is someone who’s too rehearsed, who is
unwilling to veer off in the direction that the interviewer would like to go,”
says one insider. “There’s a level of due diligence, but you can overdo it.”
• Be articulate, but succinct. The three Cs—calm, cool, and collected—are key.
• Know what’s happening in the world and how it might affect the economy.
• Ask questions. “If someone doesn’t ask a question, you wonder how much
thought they’ve put into the interview,” says one recruiter. “Questions show
they’ve read up on the firm.”
• Show your enthusiasm for the markets. Demonstrate your passion with
intelligent discussion of current economic events. “You’ve got to be
passionate about it,” says one recruiter, “because if you aren’t, you will fail.”
• Make it clear that you know the company and understand where you see
yourself at CSFB.
• Demonstrate the points you want to make by giving examples. If you say
you’re a team player, be ready to back that up with some real-life evidence.
At a Glance
What Insiders Say
“It’s a place where people are willing to help you grow. People here care about
you succeeding. It’s team-oriented, a fun atmosphere.”
“There are people who made silly decisions here in the past and it harmed the
go-getting attitude. But the firm has done a good job (more recently) of
looking forward. The firm has learned from its mistakes and put the past
behind it.”
3

At a Glance
“The people here are very smart and aggressive, and they’re really willing to
teach. You will find the people at other firms are reluctant to share knowledge.
But at CSFB, it’s not at all competitive in that way.”
“As with any investment bank, there are bound to be egos, but on the whole,
it’s not a strict hierarchical structure.”
“It’s extremely entrepreneurial at CSFB. I was given a huge chance to go out on
my own and do something. And yet, it’s also supportive. I’ve got buddies in all
parts of the company. I definitely don’t feel alone.”
“[I came to CSFB last year] because I liked that it wasn’t the incumbent number
one. I like that we’re trying to do something different. It seems younger here—
not in terms of age, but in terms of excitement.”
“I’ve been pleasantly surprised by the people. Of course there are egos. But for
example, there’s great participation in community service programs. This
stresses that these are real people who want to help other people.”
Career Ladder
• MBAs enter as associates and typically make VP after 3 1 /2 to 4 years.
• Undergrads in investment banking are hired as analysts for a 2-year period
with the possibility of a third-year offer based on performance.
• Undergrads in the equity division are hired into the STAR (sales, trading, and
research) program. This 3-year program allows outstanding performers to
become associates in the fourth year.
• Undergrads in fixed income, sales, trading, and research are hired as analysts
for a 3-year period with the potential for advancement.
• Undergrads in technology are hired for an indefinite period.
Personnel Highlights
Number of professionals worldwide, 2004: approximately 19,000
1-yr. growth rate: approximately 3.5 percent
CSFB has not released official hiring projections for 2004 to 2005. Graduates
of the 2004 summer intern program will fill some positions.
4

Estimated Compensation, 2004–2005
MBAs and JDs
Estimated starting salary: $85,000
Signing bonus: $20,000
Performance bonus (July to January):
discretionary
Relocation: $10,000
Undergraduates
Estimated starting salary: $55,000
Performance bonus (July to July):
competitive with the market
Signing/relocation bonus: $8,000
At a Glance
Note: Compensation numbers are estimates. CSFB does not release this information.
5

The Firm
• Overview
The Firm
• The Bottom Line
• Industry Position
• Organization of the Firm
7

Overview
The Firm
Credit Suisse First Boston combines Swiss dependability with American
ingenuity. In January 1997, CSFB was fully integrated into Switzerland’s Credit
Suisse Group (CSG), consummating a relationship that had begun with a
minority investment by Credit Suisse nearly 20 years before. The integration
gave CSFB a new client base and line of products and services that have
allowed it to become one of the leading bulge-bracket firms in the United
States and a prominent fixture on the global financial scene. As recently as
1999, the International Financing Review called it the Best Bank and Best Bond
House of the last 25 Years. Business fell from 2001 to 2003 amidst the
economic slump, and the firm was forced to cut more than a third of its
workforce. But CSFB has continued to win kudos for its prowess in mergers
and acquisitions, equity underwriting, sales and trading, I-banking, and
investment research, both in and outside the United States.
CSFB operates in 34 countries across five continents and has power bases in
New York and London. More than 50 percent of its total revenue comes from
outside the United States. Acquisitions in the go-go late 1990s made it an
investment banking leader in Brazil and the United Kingdom and increased its
presence in the United States.
CSFB was a dominant force in international mergers and acquisitions through
the late 1990s and early 2000s. It played a leading role in the France Telecom
purchase of Orange from Vodafone in 2000 and high-profile deals between
Bayer and Aventis CropScience in 2001 and between Phillips Petroleum and
Conoco in 2002.
8

Economic woes, a few missteps, and increased
“ ”
regulatory oversight slowed the company over the
past 3 years; CSFB dropped market share in several
categories used to measure investment banks. Still,
the company remained more active than many of
its competitors. In 2002, it played a key role in
Northrop Grumman’s acquisition of TRW and the
$10.6 billion restructuring of NTL, Europe’s largest
cable TV and broadband company.
The best part [about
working at CSFB] is
that I get to be
involved in the kind
of issues that
require a CEO’s or
COO’s attention.
And I am directly
interfacing with
these types of
people.
Among CSFB’s 2003 deals were General Electric’s
acquisition of entertainment giant Vivendi
Universal Entertainment for $14 billion and Silver
SpA’s $6 billion purchase of SEAT’s directories and
directories assistance business. It advised Hughes Electronic Corp. on the sale
of 34 percent of its interest in Rupert Murdoch’s News Corp. and its split-off
from General Motors Corp. More recently, the company has been advising
Oracle in its hostile takeover bid of PeopleSoft.
The Firm
CSFB also featured one of the world’s most dynamic equity underwriting
practices in the technology sector, led by the dashing Frank Quattrone. From
1999 to 2000, CSFB took a record 29 technology companies public, with
combined earnings of $718 million. That said, the group saw business fade
when the technology bubble burst. Problems with regulatory agencies sullied
the firm’s reputation and hurt morale. In 2002, CSFB agreed to pay $100
million to settle charges—while admitting no wrongdoing—that the firm
improperly split IPO profits with clients. Then later in the year, CSFB was one
of several high-profile Wall Street firms that agreed to pay a total of $1.4
billion to settle charges that its analysts had reported favorably on poorly
performing companies.
9

The Firm
Quattrone had his own troubles: He was charged with obstructing justice and
witness tampering. He was convicted on three counts earlier this year about the
time CSFB was selected as one of the two lead underwriters—along with
Morgan Stanley—in one of 2004’s hottest deals: search-engine Google’s IPO.
The much-anticipated offering, which will make shares available to a wider
audience, has heartened CSFB employees. Morale has improved noticeably, say
insiders. One insider says the deal indicates that the IPO market is reviving and
that CSFB’s warts won’t prevent it from competing on even terms with other
heavy hitters in the investment banking industry.
The Google deal also figures to be a boon to CSFB’s retail brokerage operations.
“It’s hard to turn around an image when the person at the forefront is going
through an investigation,” says one insider, who adds, “Things are looking a lot
better. The attitude is more positive. People are more willing than before to put
in the extra hours. They’re not as stressed about the company’s future. People
have put the past behind them.”
In late June, CSFB’s CEO John Mack resigned suddenly. Mr. Mack was also co-
CEO with Oswald Grubel of CSFB’s parent, Credit Suisse Group. Mr. Grubel
became sole CEO of CSG. Brady Dougan, a 14-year veteran of the firm,
replaced Mr. Mack as CEO of CSFB. Mr. Dougan is reportedly considered a
possible successor for Mr. Grubel.
Mr. Mack’s departure caught the firm off-guard and reportedly stemmed from
disagreements over the company’s future. The Wall Street Journal reported that
Mr. Mack wanted to explore the possibility of merging with another major
financial services firm. Many investment banking observers expect consolidation
among European banks, which have resisted making deals over fears that
these deals would be unnecessarily difficult to complete and wouldn’t be
successful.
10

Senior leaders at CSG reportedly preferred following a safer strategy of
improving the firm’s core banking and investment banking businesses. They
see significant room for revenue growth in these areas as the economy
continues its recovery.
The Mack Attack Ends
John Mack took over for the ousted Allen Wheat in July 2001. At the time, the
company was staggering under the weight of one of the banking industry’s
most inflated cost structures and several poor business decisions, among them,
paying $12.4 billion for the investment bank Donaldson, Lufkin & Jenrette. The
acquisition was meant to catapult CSFB into a lead spot in junk bonds and
merchant banking and give it a retail online-brokerage business and strong
back-office business in clearing stock trades. But industry observers say CSFB
misjudged the market and made a serious error in guaranteeing bonuses to top
DLJ performers, while not ensuring that other key bankers remained.
The Firm
If it had remained a bull market, the bloated operating budget and mistakes
would not have been so serious. But the economy took a sharp downturn.
Enter Mack—known as Mack the Knife for his cost-cutting ways at Morgan
Stanley. By the end of 2002, he had surpassed his stated goal of cutting a
whopping billion dollars from the unit’s annual costs. Over the past 3 years, he
chopped the workforce from about 28,000 to 19,000.
Mack’s changes seem to be paying off. The company has kept expenses under
control and done a good job of putting its problems behind it. With the
economy improving, business is also on an upward trajectory. In the first
quarter of 2004, revenues rose 26 percent year-over-year to roughly $3.9 billion,
while profits spiked a whopping 39 percent from $436 million to $607 million.
Morale has improved significantly and CSFB has even increased compensation
for some employees.
11

The Bottom Line
The Firm
CSFB is an ideal place for candidates who seek the range of opportunities that a
large, established organization affords but possesses the entrepreneurial excitement
of a smaller, newer firm. CSFB offers new employees the resources of a
huge financial powerhouse and the chance to learn their craft from some of the
world’s most successful bankers in a company culture that isn’t stuffy or
regimented.
Morgan Stanley and Goldman, among others, are well known for their
structured environments, where roles and responsibilities are clearly defined.
Young bankers at CSFB have a remarkable amount of responsibility and client
and international exposure—more so than some rivals. “It’s a structure where
there are no barriers to how far you can advance through the firm,” says one
young analyst. “There are no tier levels that, for example, after 2 years you have
to be at a certain point. One of the great things about working at CSFB is the
responsibility that is expected of the analyst. You’re an intricate part of the
process. Not only does your team trust you, but the company learns to trust
you as well.”
To succeed at CSFB, you need to be the type of person who gets along with
people and will pitch in on short notice to help complete a job. “Overall, it’s a
fairly friendly work environment,” says one insider. “Most coworkers get along.
It’s a good environment to get involved in when you get out of college.” The
insider adds that you have to be able to handle stressful, fast-paced situations
and a high volume of work. “Things need to get done quickly and well, and
there’s not a lot of down time,” the insider says. “If that’s not your preferred
work environment, this isn’t the place for you.”
12

Industry Position
CSFB improved or held its position in most categories of Investment Dealers’
Digest’s league table rankings for the first 3 months of 2004, compared to the
same period in 2003. Overall, it remained in the top six in most categories. On
the whole, CSFB maintains its stronghold in high-yield corporate debt. The
firm’s strong showing in the IPO market also continues.
The Firm
CSFB’s First-Quarter Industry Rankings
Rank 2004
2004 2003 Amount ($M) Market Share (%) Top Firm
Debt & equity 6 7 62,396.8 6.9 Citigroup
Common stock 5 6 3,302.8 8.7 Morgan Stanley
Debt 6 7 57,842.2 6.9 Citigroup
High-grade debt 6 9 15,064.8 7.6 Citigroup
High-yield corporate debt 1 1 5,721.8 13.8 CSFB
Mortgage-backed securities 7 7 8,507.2 6.1 UBS
Asset-backed securities 6 6 12,834.7 7.3 Citigroup
Equity—U.S. 6 7 4,554.6 7.4 Morgan Stanley
IPOs 2 1 2,671.2 15.9 Morgan Stanley
Convertibles 10 8 867.3 4.7 Morgan Stanley
Follow-on offerings (non-IPOs) 6 6 2,376.3 6.9 Morgan Stanley
Source: Investment Dealers’ Digest, June 4, 2004.
13

More Rankings
CSFB’s Rank
2003 2002 2003 Top Firm
The Firm
All-America Fixed-Income Research Team 2 2 Lehman Brothers
All-Europe Fixed-Income Research Team 8 7 J.P. Morgan
Global Research Team 6 1 UBS
All-America Research Team 6 4 Lehman Brothers
All-Asia Research Team 2 2 UBS Warburg
All-Europe Research Team 4 2 UBS Warburg
All-Japan Research Team 6 9 Nikko Citigroup
Latin American Research Team 2 1 UBS Warburg
Loan Market Week’s Best Overall Trading Desk* 2 2 J.P. Morgan
*Derived from the rankings of CSFB’s par and distressed desks.
Source: Institutional Investor, 2004.
14

Organization of the Firm
View from the Top
Credit Suisse First Boston is part of the Zurich-based holding company Credit
Suisse Group (CSG). CSG, one of the world’s largest financial services firms,
operates on five continents and has a presence in all of the world’s major
financial centers. CSG streamlined its structure in January 2002 to create Credit
Suisse First Boston, which includes institutional securities and wealth and
management divisions, and Credit Suisse Financial Services, which has
corporate, retail, and private banking and insurance arms.
The Firm
Revenues at the insurance unit, Winterthur, tumbled in 2001 but have improved
more recently, contributing to CSG’s better bottom line. Last year, CSG’s gross
profits rose by 65 percent over 2002.
CSFB lists corporate headquarters in Zurich, New York, and London. It
operates in about 80 locations worldwide and has approximately 60,000
employees.
View from the Middle
CSFB’s businesses include securities underwriting, sales and trading, investment
banking, private equity, financial advisory services, investment research, venture
capital, and asset management. An information technology group provides
technical expertise and training across all divisions.
15

Institutional Securities Division
The institutional securities division comprises CSFB’s equity and fixed income
groups. Both groups provide cross-functional expertise.
The Firm
Equity. CSFB’s huge institutional equities sales force has a top-six market share
position in equities trading in the United States and Europe. In equity research
alone, CSFB’s analysts follow approximately 2,500 companies worldwide.
Equity specialty areas include:
• Coverage Sales
- Listed Coverage Sales
- NASDAQ Coverage Sales
- International Sales Trading
• Equity Cash Trading
- Listed Block Trading
- NASDAQ Trading
- International Trading
• Equity Derivatives and Convertibles Unit
- Convertible Sales and Trading
- Derivatives and Convertible Research
- Derivatives Structuring
- Equity Finance
- Index Arbitrage
- Options (OTC & Listed) Sales & Trading
- Program Trading
- Statistical Arbitrage
• Equity Sales
- U.S. Portfolio Sales
- International Sales
• Equity Research
16

Fixed income. CSFB ranks among the leaders in underwriting volume and in
arranging leveraged loans. It’s also near the top in fixed income, research, and
high-yield research.
Fixed income programs include:
• Asset Finance
• Corporate Sales and Trading
• Debt Capital Markets
• Derivatives Sales and Trading
• Emerging Markets Sales and Trading
• Global Foreign Exchange Sales and Trading
• Interest Rate Products Sales and Trading
• Leveraged Finance
• Liability Management
• Real Estate Finance and Securitization
• Short-Term Generalist Sales and Trading
• Structured Credit Products
• Structured Products Sales and Trading
The Firm
Investment Banking Division
CSFB’s I-banking division (IBD) has earned high rankings in almost all of the
investment banking league-table categories. Included in the investment banking
division are CSFB’s private equity banking business and its asset management
group.
IBD’s industry groups include:
• Financial Institutions
• Global Energy
• Global Industrial Services (GIS)
17

The Firm
• Health Care
• Media and Telecommunications
• Real Estate
• Retail and Consumer Products
• Technology
IBD’s product/coverage groups include:
• CSFB HOLT Group
• Corporate Banking
• Distressed Finance
• Emerging Markets Coverage Group—Latin America
• Equity Capital Markets
• Financial Strategy
• Private Fund Group
• Private Placement
• Real Estate Private Funds
• Structured Products
Private equity investments focus on the following areas:
• Domestic and international leveraged buyouts
• Structured equity investments
• Mezzanine investments
• Corporate joint ventures and off-balance sheet financings
• Real estate investments
• Venture capital
• Growth capital investments
• Investments in other leveraged buyout, venture capital, and mezzanine funds
18

Wealth and Asset Management Division
The wealth and asset management division comprises all of CSFB’s assetgathering
businesses: Credit Suisse asset management (CSAM), with expertise in
asset management services to institutional and mutual fund investors; the
private client services group, which offers wealth management advisory services
to families and high-net-worth individuals; and Pershing, which offers
brokerage execution, clearance, and data processing to financial organizations.
The Firm
Information Technology
The global team of IT professionals develops and implements technology
solutions to support projects and initiatives across divisions. Such initiatives
range from providing technological infrastructure and support across the
organization to setting and maintaining security standards and developing
information management systems.
View from the Bottom
After 3 years of workforce reductions, CSFB is a lean shop. There are five job
levels:
1. Analyst
2. Associate
3. Vice president
4. Director
5. Managing director
Insiders say that they do not have problems gaining access to senior level
management and have good rapport with the VPs and MDs in their groups.
19

“As with any investment bank, there are bound to be egos, but on the whole,
the senior guys are approachable, and CSFB doesn’t have a strict hierarchical
structure,” says one insider.
The Firm
20

On the Job
• Investment Banking
• Trading
• Sales
• Research
On the Job
21

Investment Banking
On the Job
Life for a CSFB investment banker is fast paced, rigorous, and intellectually
challenging. As an associate or analyst, you will join one of IBD’s product or
industry groups. Either way, you’ll be exposed to a growing array of investment
and commercial capabilities. CSFB is gradually adjusting its activities to reflect
the one-stop-shop model to which it aspires. Although you work on small
teams while a deal is in progress, CSFB seems to purposely test its junior-level
professionals by running a lean business. IBD encourages and respects
individual achievement, and analysts and associates are given a great deal of
responsibility in a short amount of time.
Deal flow varies from one group to another and one business cycle to the next.
The groups that have consistently experienced strong deal flows in the late
1990s and early 2000s are M&A, retailing/apparel, media/telecommunications,
natural resources, utilities, technology, and health care.
Analyst
The analyst position in IBD is pretty similar to the Street norm, although a few
differences do stand out. Insiders feel that the hours at CSFB are among the
harshest on the Street. “You get killed,” says one insider. But you receive a
unique amount of responsibility and exposure at this most humble of levels.
Analysts are thrown in headfirst and must teach themselves how to swim. The
more you prove yourself, the faster you’re put in front of a client or asked to
write, instead of just edit, a pitch. That kind of exposure isn’t available
everywhere on the Street, and it’s one of the reasons undergrads are attracted
to CSFB.
22

Usually, analysts are staffed permanently on certain
“ ”
client accounts and assigned to new accounts as the
need arises. Many analysts develop contacts and
build client relationships that will continue well
beyond their time in IBD. Typical duties include:
• Putting together a pitch book for a client
presentation, such as outlining the client’s debt
flow with respect to pricing and maturing levels
and structure
• Valuation modeling
As an IBD analyst,
the more you prove
yourself, the faster
you’re put in front of
a client or asked to
write, instead of just
edit, a pitch.
• Meeting with salespeople to develop selling points for road shows
• Pricing instruments for a deal
• Sitting in on conference calls with CFOs, CEOs, and other executives of the
client firm
• Helping lawyers draft legal documents on deals to ensure financial accuracy
• Client contact and relationship building
On the Job
Day in the Life of an Investment Banking Analyst
7:00 Wake up, shower, and get out the door. Grab some bread and fruit on
the way out—sounds kind of weird, but hey, it’s healthy.
8:00 Arrive at work.
8:30 Start catching up. Check voice mail and e-mail. Answer anything that has
to do with the project I’m working on. Coordinate early on with the
people I’m going to need in order to get my work done for today. Set up
the schedule for the rest of day. Look at CNN Financial Network to see
what the markets are doing. See if any major equity offerings or M&A
deals are out there. Shoot off e-mail on a hot deal to the deal team. Sent
something out last night, and it’s back in, so I’m fixing it up—preparing
analysis for an M&A call with the client. Also prepping some internal
stuff for the negotiations.
23

On the Job
10:30 Gather in the MD’s office and sit around the table for an hour-long
conference call with the deal team. The associate and I are there for
backup just in case we need to answer any questions about our numbers.
The call involves a discussion about how to structure the particular
transaction based on the client’s needs and ends with next steps. Make
sure everyone’s on the same page for a meeting scheduled for tomorrow
morning.
11:30 Client hangs up. Talk about the call. Go over what needs to happen and
who’s going to do what.
12:00 Run out to grab something to eat. Today it’s a sandwich. Have to eat
light so I won’t fall asleep. Read the Wall Street Journal and watch CNN
Financial Network while eating at my desk. Also read some research and
check the stock again (did it in the morning, too) for the company I’m
focusing on.
1:00 Sit down with the MD, my team lead, to work out what to include in the
analysis we’ll be showing to the client. Talk over what our position is,
then sketch out all of the nuances depending on the nature of the deal.
If it’s for internal use, we show a ton of information. If it’s for the
client, we simplify. In this case, it’s going to be a book [PowerPoint
presentation with lots of Excel tables] for the client.
2:30 Put the book together.
5:00 MD goes over the book. Gives comments and feedback. More work
required. So much for hitting the gym for my one workout a week!
6:00 Pick something up at a new Mexican restaurant that just opened up. Not
bad, and it’s within my $15 dinner allotment—we don’t have a cafeteria
like they do in New York. Hang out in conference room with fellow
analysts and associates. Blow off steam with a good vent session. This
client’s been a pain in the ass—keeps on asking for more data, which
means more work for us.
7:00 Prioritize what needs to get done. Work on book.
10:00 Send the book out by messenger to the MD, who’s been at home for a
few hours already. Remind myself that I’ve gotta pay my dues. Anyway,
the book is for a presentation tomorrow morning, so I have to stick
around for MD’s comments. That means I’ve got a good hour to work
on another project.
24

11:00 Comments are in. Turn them around; put finishing touches on book.
12:00 Drop book off to get copies made.
1:00 Copies are done. Give them a final once-over to make sure nothing
crazy’s going on. Hold on to them since it’s a local meeting, which
means I’ll be attending.
1:10 Pick up a cab. Go straight to bed.
Associate
The associate position is similar to that of the analyst except that the hours are
slightly better, responsibilities are heightened, client interaction occurs almost
immediately, and, most important, due diligence and other unappealing, routine
tasks can be passed on to analysts. Associates are assigned a list of client
accounts, which are also usually staffed by an analyst and overseen by a senior
officer. The work of an associate includes:
On the Job
• Ensuring accuracy of all quantitative and qualitative analyses
• Maintaining client accounts
• Interacting with clients during meetings, conference calls, and road shows
• Working on pitch books
• Developing offering brochures for sell-side M&A assignments
• Building valuation and forecasting models with which to analyze client
financials
On average, associates in IBD spend almost half of each day managing deals in
progress. One associate can participate in several projects simultaneously. That
means regular and frequent contact with lots of lawyers, accountants, and other
investment bankers. Plus, associates manage the work that analysts are doing for
those projects and must monitor quality control. About a third of an associate’s
day is spent on the phone with clients or at clients’ offices reviewing information
(a real bonus if the client is based somewhere sunny). Associates also write
25

memos and summarize new offerings that are distributed to CSFB’s sales force
and other internal groups. Occasionally, associates eat, sleep, and talk to a friend
or two.
On the Job
26

Trading
Traders at CSFB work in either fixed income or equities. Each trading desk
covers a different product and consists of three- to 50-person teams. CSFB’s
trading strengths lie in asset-backed securities, Western European equity, and
emerging markets, which include the Asian, Latin American, and Eastern
European regional desks. Like most other trading floors, the work environment
is fast paced, dynamic, and stressful . . . on a good day. Trading is not as
project-based as IBD. Instead, it’s a continuous series of transactions based on
understanding and processing market information very quickly.
A trader’s work is affected by a huge number of factors: political turmoil,
interest rate fluctuations, currency exchange values—even the weather. Most of
a CSFB trader’s work demands preparation for tomorrow’s news by doing
background reading today (yes, that means bedtime reading). Traders must
respond to constantly changing market conditions and to sales requests from
CSFB salespeople and clients. One insider states that traders are under
persistent, and often frustrating, pressure to reconcile the needs and expectations
of the sales division with those of the trading desk, even though the two are
not always in accord. You must be mentally agile and personable, since you will
interact with fellow desk members constantly.
On the Job
Unless you’re in originations on the equity side, there is occasional travel
involved in trading. As for the traders themselves, they come from a diversity of
backgrounds. One insider says the atmosphere on the trading floor can range
from laid-back to very intense depending on the time of year or the volatility of
the market. On the whole, the slower periods tend to be around Christmas
time, during the summer months, and on Fridays.
27

The one constant in trading is that you are tied to your desk, with your eyes on
a multitude of screens flashing everything from business news to LIBOR bidoffer
rates, and with the phone on your ear, as you make the trades happen. Of
course, these days CSFB also relies on electronic trading. The work of a trader
includes:
On the Job
• Keeping tabs on markets that directly and indirectly affect your trades
• Transmitting information to the sales force so it can advise CSFB clients
• Generating trading ideas for your desk
• Maintaining constant contact with your counterparts in London, Moscow, or
Hong Kong if you’re on the international desk
• Monitoring booking positions
• Putting in orders for trades
28

Sales
A CSFB salesperson works in fixed income, equities, or more specific areas
such as mortgage loans and other collateralized assets. Salespeople are the
conduit between clients, both institutional and retail, and traders, research
analysts, bankers, and the originations group. Most sales work is done by phone,
constantly filling client orders and pitching new ideas. Sometimes you’ll even
find yourself teaching investors about the finer points of securities (but without
making it sound even the tiniest bit like teaching).
Again, because CSFB is a lean shop, analysts and associates in sales have the
responsibility of several accounts and an enormous opportunity for client
interaction. Many salespeople mention that some of the CSFB sales desks offer
significant career opportunities.
On the Job
29

Research
If you couldn’t get enough of college micro- and macroeconomics, the research
analyst position is for you. The job title terminology is the reverse of that for
other CSFB divisions. Undergrads enter as research associates who work under
a senior analyst and focus on an industry. One insider says it’s important to find
someone with whom you get along. Older, more established analysts may be
more set in their ways. Younger analysts may still be looking to leave their mark.
On the Job
MBAs come in as industry analysts, assigned to cover their own areas. Such
autonomy is unlike other firms on the Street, where MBAs typically follow the
lead of senior analysts. The work involves a steep learning curve and an
emphasis on working independently. The associate and senior analyst work
together, but the senior analyst runs the show, and the associate provides a
support structure.
Compared to other divisions, equity research is the least Ivy-centric when it
comes to recruiting associates and analysts. Equity research works most closely
with sales and trading. One change stemming from recent scandals: Analysts are
no longer allowed to work with investment bankers. This holds true throughout
the investment banking community.
The research team is highly respected within CSFB. Much of the work involves
modeling and forecasting earnings, analyzing competition, and writing company
and industry reports. According to one insider, it’s one of the best ways to
build expertise in an industry. CSFB has become adept at using the CSFB
HOLT method for valuation of client deals and stock recommendations.
30

Day in the Life of a Research Analyst
7:00 Get into the office. (On my way to the office, read the newspaper. Look
for articles that are related to our group. Grab a bagel and coffee from a
street vendor.) It’s usually expected for first or second years to be in the
office by 7 a.m. In the office, I look for further articles that might
impact our group. Check Bridge Station, which has continuous pricing
of stocks and data links and pulls in information from Reuters and Dow
Jones news services. As soon as a press release comes out, it shows up
there.
7:15 Attend morning call, where each of the analysts in our group talks
about companies where stories may have come out or about recurring
stories and possible trading positions. This usually lasts about 45
minutes. There are three people in our group.
8:15 Clients call, wanting to know about a news item related to a company.
They want to know about the item’s impact on the company’s stock, if I
believe anything has changed structurally, and where the company stands
next to other companies in the sector. They want to know what kind of
impact there will be on the stock. This is the part I really enjoy. I do so
much work on companies. It’s one of the only times I get to discuss the
issues in depth. It gives me insight into what types of projects clients
might be interested in and that I might want to work on. This is the
opportunity to communicate ideas in more depth than I might have the
opportunity to write about in a paper. I might spend just a few minutes
with a client or an hour.
9:00 Start working on an individual project. Typically, I might initiate coverage
on a company I haven’t covered before or an upcoming event, such as
earnings or industry data that comes out every month. Have to be very
organized but very flexible in my schedule to drop what I’m doing to
take a client’s call or to react to a piece of information that’s come
across the news.
9:30 Phone rings. This time someone from our internal sales force has a
question on one of my group’s companies. Give him my two cents on
the company. He thanks me. That’s the essence of a good sales force.
They’re very appreciative.
9:45 Back to researching.
On the Job
31

On the Job
10:30 Down to the cafeteria for coffee. Usually stick to two cups a day—
industry average seems to be about three cups or more—and an energy bar.
10:45 Back to my desk and researching.
11:00 Big news comes across the newswire. Receive a press release. Call my
trader to give him my insights into what’s happening, how the stock
might react in the short term and long term. Start writing a brief note
for clients on the same points—what occurred, what my conclusions
are. Let the clients know that I’m still working through the analysis and
am waiting for the company’s conference call in an hour.
12:00 Dial into the conference call. Listen to what the CEO and CFO have to
say related to points that aren’t necessarily on the press release. Also
listen to questions from my group’s head analyst.
1:00 Lunchtime. It has to be quick because clients want to hear what my
thoughts are on the conference call. Some days I don’t get lunch until
2 p.m. Go down to the cafeteria and grab a sandwich—turkey and
Swiss, barbecue chips, and a soft drink. I usually eat at my desk when
the market is open.
1:15 Back at my desk. Monitor the market while I eat.
1:30 Start taking calls for the next couple of hours, mostly from institutional
investors and hedge funds.
3:30 Place a call to the company’s management. Talk to the head of investor
relations about my assumptions and any additional insights I have. Try
to get some more details for them to explain further.
4:30 Start putting my assumptions and thoughts into a model that looks at
the valuation of a company. Project earnings growth and what sort of
things will drive the company’s future earnings and the EPS number. Is
there a higher volume of sales? Is there anything that will change one of
the key drivers of revenue?
6:30 Whew! Get my second wind. Start drafting a report related to the
company and the event it announced. I have fun drafting this report.
This is my chance to pull my thoughts together for clients. It’s a fourpage
report.
8:30 Dinner. The cafeteria closes down. Order takeout from a coffee shop.
Have a chicken sandwich with fries and a Coke—a little caffeine boost.
32

Over dinner, I usually sit down at a conference table and discuss the
report and anything my colleagues might want to add.
9:00 Review my report and submit it to legal and compliance for disclosure
approval. In a half hour, the report is approved. Sometimes I don’t wait
for approval but go home and arrive extra early the next morning to
receive approval.
9:30 Submit the report via e-mail to my clients.
9:45 Meet friends for an hour and unwind.
11:30 In bed.
On the Job
33

The Workplace
• Lifestyle and Hours
• Culture
• Workplace Diversity
• Civic Involvement
• Compensation
• Travel
• Training
• Career Path
The Workplace
• Insider Scoop
35

Lifestyle and Hours
The party’s over, kid. Hours in IBD are some of the most grueling on Wall
Street, especially at the analyst level. Analysts work an average of 90 hours a
week, with 60 hours on the low end and 120 on the high end. Although by your
second year, you can start delegating tasks to incoming analysts, insiders say you
should be prepared to cancel trips to visit family, lose touch with your friends,
give up your weekends, and basically give up 2 years of your life. “I had a week
where Monday through Friday I was in every day at 8:30 a.m. and left at 5 in
the morning,” says one analyst. “I got 15 hours of sleep.”
The Workplace
Social life? Count on becoming close with the people in your group. They’re
your social outlet during those hurry-up-and-wait hours late at night or on the
weekends. But those long, caffeinated evenings make for strong bonds. Says
one insider, “I know I’ve got to put in my 2 years and pay my dues to get
ahead. It’s a trade-off.”
Associates have somewhat more time for themselves. They work 70 hours a
week on average (some groups, like leveraged finance, tend to have steeper
hours than others do), with 50 on the low end and 100 on the high end. They
can heap more work on analysts.
Equity Research
Positions in equity research generally require 65- to 75-hour workweeks.
“There’s always something coming up,” says one analyst. “One of your
companies issues a press release after business hours, in the middle of the
night. You have to be ready to provide clients with useful information.” But the
36

analyst says most bosses are reasonable about their employees taking time off—
as long as the vacation doesn’t occur during earnings season: “Late in the
summer is more convenient.”
Sales and Trading
For those in sales and trading, you can expect to devote 60 to 65 hours to
CSFB, with an occasional 80-hour week. Regardless of which division you’re in,
your schedule depends on the market, the deal, the report, and your coworkers,
so flexibility and a willingness to pitch in are essential. One insider says that
people “shouldn’t assume working on the sales side is a 9-to-5 job. A 12-hour
day is the norm, and you can expect to take home reading every night and on
the weekends.”
The Workplace
37

Culture
Is CSFB your typical Wall Street bulge-bracket bank? Or is it more like a Swiss
bank, conservative and discreet? Insiders seem to feel it’s neither. CSFB, in its
post-1997 merger state, is a unique hybrid of two culturally distinct parents.
“You get a lot of different types here,” says one insider. Yet the insider adds
that despite the differences, there’s a team-first attitude. The firm’s CEO John
Mack has instilled the firm with that belief since taking over 3 years ago. He
wanted CSFB to distance itself from the days when some of the firm’s biggest
hitters had more leeway. “We don’t have a lot of really difficult individuals to
work with here,” says one insider. “Obviously, the work is very demanding, but
there’s no yelling or hazing going on.”
The Workplace
Just as there is no stereotypical CSFB employee, there is also no formulaic
method of doing things. According to one insider, “You have to be pretty
responsible with managing your own time. It’s up to you to get things done.
You are usually managing several things at once, and no one is looking over
your shoulder. Instead, there is significant communication—both formal and
informal—since deal teams are small. Obviously, if you’re overstretched,
management will try to ease the load a bit.”
If anything, the culture is defined at the group level, mostly by senior officers.
Social events are organized by product area, and the folks working within these
groups determine their frequency and type. One insider tells us that most of
the groups are fairly social with outings that range from Friday night happy
hours to softball trips outside the city. (Keep in mind that the culture of the
foreign offices will vary depending on where you are.)
38

To claim that any investment bank has an open
culture may be a stretch, but many analysts say that
they have found senior people to be surprisingly
approachable. “Junior-level guys do get a fair
amount of experience and interaction with seniorlevel
guys,” says one insider.
“ ”
You have to be
pretty responsible
with managing your
own time. It’s up to
you to get things
done. ...No one is
looking over your
shoulder.
That doesn’t mean that CSFB lacks formality. In all
divisions, there is a formal 360-degree evaluation
process every year. These reviews affect bonuses,
so they are taken seriously. Insiders say that they
have been able to build good working relationships with senior officers. On the
other hand, as with any organization, there are unwritten rules and policies.
One insider says, “An analyst does not go to an MD and say ‘I have issues.’”
CSFBers know their status and boundaries. If an issue arises, insiders say they
go to the group staffer. If they have a more serious beef, they would contact a VP.
The Workplace
39

Workplace Diversity
CSFB has been largely successful in fulfilling John Mack’s wishes to hire more
Latinos, African-Americans, and Native Americans. The company has a
Diversity Advisory Board dedicated to attracting, retaining, developing, and
promoting women and minorities. CSFB also has a diversity recruiting department
that drives a wide number of initiatives, including the CSFB MBA Diversity
Fellowship Program, the Sophomore Rotational Program, the United Negro
College Fund (UNCF) Scholarship, the MBA and BA Explorer programs, and
partnerships and alliances with nonprofit organizations such as the Robert
Toigo Foundation, the Forte Foundation, and Sponsors for Educational
Opportunity.
The Workplace
The Explorer program selects diversity undergraduates to attend a 3-day event
in New York, where they learn about career possibilities in business. The MBA
Diversity Fellowship Program awards merit-based fellowships to black and
Hispanic MBA students, who are then given early access to CSFB. CSFB
annually awards a 3-year UNCF scholarship to two students, who are then
invited to work at CSFB for the summer. “Diversity is on everyone’s mind, and
better yet, we’re doing something about it,” one recruiter says. Insiders say
CSFB is a lot more cosmopolitan and diverse than other Street firms. The
company hires a large number of Asians and Europeans.
Opportunities for Women
Men continue to greatly outnumber women at CSFB, but no more than at other
Street firms. CSFB remains predominantly male at all levels, most significantly
in senior management. Of course, the ratios do differ from group to group.
40

Some product and industry groups such as leveraged finance or oil and energy
are largely male. Others such as consumer products, health care, and media
have more women, according to one insider.
Still, the number of women has increased in recent years. In the securities
division, a formal women’s network has been formed to focus on developing
women and encouraging leadership qualities in them. CSFB also staged a Take
Our Daughters to Work Day this year, which involved volunteers and senior
executive women at the firm’s Madison Avenue headquarters.
The Workplace
41

Civic Involvement
The CSFB Foundation’s core mission is the education of inner-city youth. The
Foundation provides financial support to organizations that sponsor communitybased
and after-school education programs, including those that incorporate art,
music, sports, recreation, and community building. In addition, the Foundation
works with these organizations to develop volunteer opportunities for CSFB
employees. Individual and team volunteer projects are offered on a wide range
of commitment levels so that every employee can find a way to help. Employees
find that these projects give them an opportunity to make a difference in the
communities where they work and live.
The Workplace
The Foundation also supports other causes and organizations in which CSFB
employees are personally involved. For example, it has developed partnerships
to improve the lives of nursing-home residents; beautify public schools, city
parks, and gardens; deliver food to the homeless and needy; and through
Habitat for Humanity build homes for low-income families.
Finally, the CSFB Foundation administers the Employee Mini-Grant Program:
Employees who are volunteers or serve on boards of qualifying nonprofit
organizations may apply for mini-grants for those organizations.
The CSFB Foundation primarily supports organizations in New York City, but
it also helps groups in Atlanta, Baltimore, Boston, Chicago, Houston, Los
Angeles, Miami, Palo Alto, Philadelphia, San Francisco, and Washington, D.C.
42

Compensation
Salary and Bonuses
Based on market estimates for the Wall Street firms, first-year analysts can
expect a base salary of about $55,000 with a performance bonus that comprises
30 to 40 percent of the base salary. The year-end bonus may be a significant
portion of total compensation, but it will depend on several factors: individual
achievement, and the department’s and company’s performance.
Compensation for associates has risen as CSFB tries to woo top talent and
retain top employees in an improving economy. Based on Street estimates, IBD
associates can expect roughly $85,000 as a base, plus bonuses. However,
according to a Bloomberg News story, the firm is promising first-year
associates “at least $200,000.”
Vacations
Analysts and associates are entitled to 15 vacation days, which they spread out
carefully. “I don’t think you can take a week at a time,” says one insider. “But
you can take a long weekend here or there.” The number of days increases with
length of service as well as title, but even senior people find it difficult to plan
extended vacations. (Exceptions are made for special events such as honeymoons.)
“The biggest challenge is taking the vacation, not scheduling it,” says another
insider. “If a big deal is coming up and you take off, it could really hurt your
reputation.”
The Workplace
43

Other Benefits and Perks
CSFB employees enjoy a full range of benefit programs, including health,
dental, and life insurance; pension and savings plans; and a profit-sharing plan.
Insiders commend CSFB’s 401(k) plan, because it gives them a choice of more
than 100 different investment funds in which to invest up to 10 percent of each
paycheck and bonus. The real charm of the plan is that CSFB invests a
percentage of an employee’s base salary and bonus each year in the plan, no
matter how much the employee is investing. This is a real benefit when you
consider that most plans will only match a percentage of what an employee
actually contributes, if they match anything at all.
Dress for CSFB employees at the vice president level and below is business
casual, says an insider. More senior executives wear suits and ties. Product areas
plan social events—from happy hours to sporting events—on a frequent basis.
Every month, the firm schedules guest speakers on such subjects as healthrelated
issues, how to get a mortgage, time management, and other issues of
interest to CSFBers.
The Workplace
At the New York “campus” (three buildings located on different corners),
employees live very well—some would say like royalty, though that description
is better suited to the London office, which boasts an indoor pool. CSFB-NY is
a one-stop shop in more ways than one. Within a stone’s throw, there’s a dry
cleaner, shoeshine stand, and hair salon. The Madison Avenue location boasts a
large cafeteria for its employees. To top it off, there is a gym called the Fitness
Club, complete with the latest fitness equipment, aerobics programs, and
personal trainers. This is the one place in the company where everyone sweats
equally, without regard to corporate rank.
44

CSFBers are also given a wide range of discounts at various retail stores from
clothing to cosmetics. And they enjoy reduced fees at a number of museums,
Broadway, and off-Broadway shows, thanks to the Credit Suisse Foundation’s
philanthropic contributions to the arts.
The Workplace
45

Travel
In IBD, travel depends entirely on the group, the deal, and the client location. A
typical IBD analyst may travel domestically two or three times annually.
Analysts can also find themselves taking a trip to London, Hong Kong, or
another international destination some time during their 2-year tenure. Or they
might not travel at all. Says one analyst in the San Francisco office, “I don’t
really do much traveling now, especially recently since all of the cutbacks.
Traveling does get intensive when we have to do a pitch or go on a road show.
But usually it’s the senior guys who do them.” Occasionally, deals will involve
significant international travel. One insider, for example, says he traveled to
Europe several times over the past year because his client was based there.
The Workplace
For an IBD associate, most travel is to client meetings within the United States,
with possibly a few international assignments thrown in. Research analysts will
do a significant amount of travel. According to one, “I traveled every week this
summer, doing marketing, research, and meeting clients. I was in San Francisco,
San Diego, Wisconsin, Miami, Orlando, Toronto. ...”Traders, on the other
hand, almost never leave their desks. For salespeople, the amount of travel
varies. On the domestic front, a salesperson may travel once a month or more
depending on the number of road shows in progress. “Travel is pretty limited
on the sales and trading desks,” says a recruiter.
46

Training
In general, the training programs for both analysts and associates include
introductions to CSFB’s products and services, presentations by senior
management, seminars with external experts (NYU and Columbia Business
School professors as well as individuals from leading training consulting
companies), and preparation for the Series 7 and other regulatory exams.
Undergraduates
If you thought you were finished with studying and taking exams, think again.
Analysts in all areas attend a mandatory 4- to 6-week training program in New
York City or London. Sales and trading analysts who are U.S. nationals receive
additional training for the Series 7 and 63 exams. The analyst training program
includes classes on accounting and financial statement analysis, financial
applications and modeling, corporate finance, and computer and online services
orientation. Expect to be tested at regular intervals. The tests are graded. The
few people scoring below a minimum standard receive tutoring from a secondyear
analyst. “Everyone we bring in the door we have every intention of
making successful,” says an insider.
The Workplace
Analysts in IBD are usually hired into a generalist pool, and a big segment of
training involves meeting with representatives of CSFB’s different product and
industry groups after each has made a presentation to the incoming analyst
class. Subsequent training from inside and outside experts covers a range of
topics to help analysts hone their skills. There’s also an online program available
to anyone at the firm.
47

MBAs
The associate training program varies according to the division into which
you’re hired. In IBD, the course begins in August and lasts 3 weeks. The
training course resembles a mini-MBA, and insiders say these refresher courses
on debt and capital markets, forecasting, valuation, and accounting don’t hurt.
You’ll be learning from people who are on the front lines, executing deals with
the latest financial tools everyday.
Those in equity and fixed income attend a 10-week training program. In
addition to the basic courses, there are sales and trading simulations as well as
senior management presentations and training in sales and presentation skills.
Like analysts, associates have opportunities for ongoing training.
Midcareer Candidates
The Workplace
CSFB’s Leadership Institute develops training and development programs from
the analyst to the managing director level. Regular events feature internal and
outside experts.
48

Career Path
CSFB makes career development and training a priority. Over the past few
years, the company has also increasingly emphasized the importance of
retaining its most talented employees. To wit, 70 percent of the analysts who
were hired in 2001 have been invited back for a third year. “There’s an even
more concentrated effort on retention that’s going to get even stronger. We
intend to promote people through the ranks,” says an insider, who adds, “The
people who did stay on during downsizing, they were the cream of the crop.
Having them here is important.”
Opportunities for Undergraduates
Analysts in investment banking are hired into a generalist pool and placed into
a product or industry group after training. CSFB considers analysts’ preferences
but also IBD test scores to match new employees to a group. The company
places fixed income specialists directly onto specific desks. After training,
analysts must take the Series 7 and 63 exams mandated by the NASD for any
professional working with securities.
If you fail an exam, you take it again. If you fail a second time, you may be
politely encouraged to seek employment elsewhere. If you pass your exams,
you’re ready to begin your 2- to 3-year departmental program. If you excel, you
receive increasing responsibility and a larger role in executing deals. Top
performers also receive opportunities to continue with CSFB in another
division or perhaps overseas, depending on the openings available. At this
point, openings are scarce, so competition for these spots is fierce.
The Workplace
49

After the first 2 years, a number of analysts leave to attend MBA programs.
Many investment bankers believe an MBA gives them an edge for promotions
over non-MBA holders, although this isn’t always the case. If you’re interested
in returning to CSFB as an associate, maintain your contacts. A significant
number of analysts stay beyond the 3-year program without attending B-school,
moving up through junior and senior analyst levels. Says one analyst, “There’s a
lot of opportunity here. I have a bunch of friends who have made it through to
senior-level jobs without MBAs.”
If you want to stay on in research, you will need to get your Certified Financial
Analyst designation, at least. Equity sales and trading analysts and those in fixed
income may be asked to stay on if they’ve been successful at CSFB.
Opportunities for MBAs
The Workplace
Participation in CSFB’s summer associate program does not guarantee a fulltime
offer in the fall, although in the past a majority of the summer class has
received offers. If you do get an offer, you’ll escape the dreaded interview
process, which all the other associate candidates will have to endure.
Associates are hired directly into a generalist pool for the first 9 months and are
then placed into a product or industry group. They are required to take the
Series 7 and 63 exams and in some cases the Series 3 and 55. Similar to analysts,
if they fail an exam, they risk losing their job. Those hired into equity research
are hired as independent analysts with their own universe of stocks to cover.
MBAs are expected to launch on five to seven companies within their first year.
Associates then spend 3½ to 4 years in a group before being considered for
promotion to vice president. The levels after VP are director and managing
director.
50

An MD at CSFB is equivalent to a partner at a firm like Goldman. Since there
is no partnership structure constraining advancement, if you can distinguish
yourself early on, there’s a huge amount of room to advance. Insiders say it’s
not uncommon to find a young MD.
The associate program is relatively flexible in the sense that if you want to
develop more international business skills, CSFB will help you find a spot. A lot
of senior people in the firm have held roles in different departments, but only
because they made their own moves.
International Opportunities
Due partly to its multinational heritage, CSFB tries to accommodate employees
who want to gain international experience. With the company’s outposts spread
worldwide, top-performing analysts who receive an offer to stay on for a third
year may even have the option to go somewhere exotic. The opportunities
depend largely on which offices have openings. Associates may apply for
overseas posts on a less fixed schedule. The key is to research which foreign
offices have openings in your area of expertise. Even die-hard New Yorkers
must update their passports. Market conditions or a big deal may require them
to jet anywhere in the world on short notice.
The Workplace
51

Insider Scoop
What Employees Really Like
Your Cup Runneth Over
Junior-level insiders say that even at their level, they’re given a staggering
amount of responsibility. “I don’t think I could have gotten the amount or level
of responsibility anywhere else coming out of school,” says one analyst. Senior
officers put their trust in the junior staff and give them the opportunity to
display their talent and perseverance.
In the Thick of Things
The Workplace
Following the proper training, analysts are given the same kind of exposure that
associates at other, more traditional Street firms get. “Client interaction is
good,” says one insider. “I think that’s my favorite part of the job—getting to
be involved in the key issues on the frontline.”
My Kind of People
Insiders say that the people at CSFB are definitely one of the best things about
working there. “The people are down to earth,” says one insider. “They aren’t
your typical investment bankers. You won’t find people getting into a screaming
match with you. People go out of their way to know that people care about
them. My managing director got everyone Christmas presents. We have group
lunches every week. Someone got married, and half the group was invited.”
52

Helping Hands Everywhere
Aside from its formal mentoring program, a lot of informal coaching and
advice-giving takes place at CSFB. “People have great attitudes here,” says an
insider. “They care about you succeeding.” Says another insider, “It’s a place
where people are willing to help you grow.”
Invest in Your Future
Time and again, insiders talk about the many avenues that open up to them at
CSFB. “It’s a demanding and grueling experience,” says one insider, “but don’t
lose sight of the fact that this is a tremendous opportunity to learn. It’s also an
incredible opportunity [career-wise]. Eleven of 12 analysts [in my group] went
on to take jobs in private equity.” The exposure to client companies and
immersion within industries allow CSFBers to pretty much pick the jobs they
want should they leave the company.
Watch Out!
Less Entrepreneurship, More Accountability
CSFB still retains its entrepreneurial character but the firm is less freewheeling
and also less spirited than it was during the highs of 1999 and 2000. This has
resulted in part from a tighter set of checks and balances that former CEO
John Mack installed in his mission to overhaul the firm. It also stems from
closer scrutiny by regulatory agencies. Groups at CSFB have less autonomy.
The Workplace
What Life?
You’ve heard all of the war stories, but it really can’t be that bad, can it?
Actually, it can. On any day of the week, analysts will be at their desks well into
the night. And although the analyst lifestyle is by far the worst, associates and
even VPs find themselves losing the battle between work and play. Insiders say
53

that when it gets really bad, they just try to think of opportunities they’ll have
by surviving this tough lifestyle—if they’re awake enough to keep their eyes
open. “Working at a bank and putting in a lot of hours is stressful,” says one
insider. “Unless you enjoy it, it’s a difficult situation to be in.”
Too Much to Handle
CSFB is willing to give lots of responsibility to anyone who seems ready to
handle it, regardless of age. Although the company tries to ensure that
everyone succeeds, insiders say this doesn’t always work and that some
employees are overwhelmed.
Getting It—for Real
The reality of the job—the autonomy and the responsibility that go with it—is
not well communicated to job seekers, says one insider. This applies across the
entire industry. Make sure you do your homework and know exactly what the
job entails. A summer internship is probably the best way to get the kind of
firsthand experience you’ll need to make the right choice.
The Workplace
54

Getting Hired
• The Recruiting Process
• Interviewing Tips
• Grilling Your Interviewer
Getting Hired
55

The Recruiting Process
Both analysts and associates find CSFB’s campus recruiting process straightforward.
If CSFB does not recruit at your school, be proactive. The firm’s recruiters
recommend that you find school alumni who work at CSFB and network,
network, network. If possible, have an alumnus forward your resume to the
appropriate person. This tactic will have greater impact than sending your
resume in cold. Go to the corporate website, www.csfb.com, to determine
where CSFB recruits.
Undergraduates
The CSFB recruiting parade begins in early fall when the firm kicks off its road
show of presentations at selected schools. If your school is on the list, watch
for the notice inviting candidates to submit resumes for review. CSFB selects
candidates to interview on campus from these resumes. Keep your fingers
crossed. Undergrads commonly ask whether the company enforces a 3.5 GPA
cut-off. Recruiters say that the 3.5 GPA is used as a benchmark but that factors
beyond academic credentials are also important. These include extracurricular
activities that demonstrate leadership and teamwork abilities.
Getting Hired
If you make the first cut as an IBD candidate, prepare yourself for a whirlwind.
There are usually three rounds of interviews, which may occur within 1 week.
Round one is essentially a screening interview for CSFB to check how your
personality would fit in at the company. You’ll chat with two people for about
half an hour. If you pass the screening, you’ll be notified the same evening and
invited for round two, which will probably be at a nearby hotel. In this round
you’ll have two one-on-one interviews of 30 minutes each. Be prepared for
56

questions that test your interest in investment
banking and your reasons for choosing CSFB over
any other bank. Bone up on current events and
their potential effect on business.
“ ”
Interviewers are
looking for someone
who is positive
without being
arrogant.
Within a week, you’ll know whether CSFB wants
you back for round three: the infamous Super
Saturday. The firm pays your way to the specific
office to which you are being recruited. Wear a comfortable suit and go heavy
on the deodorant, because you’ll go through about 6 one-on-one interviews,
which will last for at least half an hour each. You’ll get a response within a
week. Equity candidates also go through three to four rounds of interview,
ending with a similar all-day final round taking place on a weekday. Fixed
income candidates have two to three rounds. IT candidates face a similar
recruiting process. Whatever route you choose, get ready for a grueling set of
interviews. And good luck.
Note: Analysts interested in a foreign office are encouraged to apply directly.
However, CSFB prefers that its U.S.-educated candidates begin in a domestic
office and then use the third year to go overseas.
MBAs
If you were a summer associate, you’re a big step ahead in the race for that
ideal offer. If not, then put on a suit, smile, and get ready to mingle. The
recruiting process for MBAs is similar to that of undergrads, except more
senior-level officers attend the presentations. The presentations are usually
cocktail events held on campus or at local restaurants.
Resumes are submitted, a closed interview list is posted, and if your name is on
it, the fun begins. Your first round is fairly routine. A junior I-banker, salesperson,
Getting Hired
57

trader, or research analyst will probably interview you, although senior
executives do make it out to campus as well. The second round, most likely in
New York, will be more intense. You’ll begin interviewing with VPs, directors,
and MDs. Expect questions about personality as well as finance, and don’t be
surprised if you get a few brainteasers. If you make it to the third round, you’re
almost there. You’ll meet with more associates and a few MDs from the group
for which you’re interviewing. Dress to impress, but don’t overdo it. A clean,
pressed business suit is fine. Men should avoid ties with Disney characters.
There may be a fourth round, but it’s usually not necessary.
When you get an offer, respond with a gracious thank you, and ask how long
you have to make a decision. Usually you’ll have a month to respond, or until
the acceptance deadline designated for your particular school. If you have other
offers, you can let CSFB know, but playing one company against another for
more money can be tricky. Don’t do it unless you’re willing to lose at least one
of the offers.
For 2005, CSFB expects to recruit several of its MBA hires from its 2004
summer associate class.
Note: If you’re interested in the private equity division, be aware that it usually
hires only analysts and associates who have been in IBD for at least a year. This
division prefers students who have private equity experience at the MBA level.
Midcareer Candidates
Getting Hired
There are several ways for midcareer candidates to enter the upper echelons of
CSFB, although recruiters stress that the going will be pretty rough for those
who try. Hiring at this level occurs on an as-needed basis. Sometimes HR fills
midcareer positions. A recruiter draws on contacts at other firms and on
internal referrals to put together a list of candidates for an open position.
58

Sometimes a group searches on its own. On other occasions HR hires an
executive recruiting firm to fill a position. If you’re looking to get hired at
CSFB at this level, touch base with any contacts you have at the firm and across
the Street, spread the word through professional organizations, and don’t be
afraid to telephone that headhunter who called you once.
Summer Associate Program
CSFB has formal summer associate programs in IBD, sales and trading (S&T),
research, asset finance, debt capital markets, and real estate finance and
securitization. In IBD you are hired directly into an industry or product group.
The candidate pool is filled with students from top business schools.
CSFB’s S&T summer program is one of the few rotational programs on the
Street. You will spend 4 weeks on the equity side and 5 weeks on the fixed
income side. During week 10, you revisit the desk you’re most interested in for
a full-time position. There is also an option to rotate solely within equity or
fixed income if your objective is full-time employment. In equity research, you
are hired to work on specific projects with one group for 10 weeks.
Recruiting begins in your first semester at business school. The resume
submission, selection, and interview process is the same as that for full-time
associates. If you don’t get selected through the campus procedure, don’t give
up. Contact a CSFB employee who is an alumnus of your university to see if he
can forward your resume. Persistence sometimes pays off.
Summer associates in IBD work steep hours. In the end, you won’t have even a
hint of a summer tan, but you will have some experience, a few contacts, and, if
you’re lucky, an offer in hand. Like many intern programs, the work can be slow
at first, but don’t be fooled. This is a lot harder than most summer jobs.
Getting Hired
59

Some insiders say that a more formal orientation would be very helpful for
future summer associates. They recall feeling bewildered and unproductive at
the outset. But one insider says it’s normal for newcomers to feel disoriented
and blame the program. Still, CSFB has addressed this concern, increasing
classroom training by 2 days, says a recruiter.
The work of a summer associate is much the same as that of a full-time
associate. There are opportunities to work on deals and have client interaction
and even travel internationally.
The S&T summer associate program is more structured. There are more than
25 desks through which summer associates can rotate, and each associate
usually rotates through nine or ten. Weeks 7 through 9 are critical, because by
then you’ve surveyed the scene, and can focus on what really interests you.
Each week you’ll have meetings with recruiters to exchange feedback on your
experience. In addition, you’ll receive evaluations through a formal questionnaire
that each desk completes. A desk representative forwards this to recruiters. In
equity research, you will participate in formal and end-of-summer review
processes.
Insiders say they enjoyed many of the summer social events and add that these
occasions are a good way to make connections for the future. In some cases,
someone you had drinks with last summer might help you find resources for a
deal you’re working on a year later, says one insider.
Getting Hired
By the time summer is over, you’ll have a good idea whether CSFB is the place
for you. If it is, use all of your contacts and experiences, and make it clear
you’re interested. If the company wants to extend an offer, you’ll know by the
end of the summer at the earliest and by mid-fall at the latest.
60

Interviewing Tips
• Come in with a confident attitude. Interviewers are looking for someone who
is “positive without being arrogant.” Strong interpersonal skills and the ability
to communicate well are key. One recruiter suggests practicing your interviews.
Preparing in advance will boost your confidence and help you get your points
across effectively on the big day.
• Don’t try to anticipate every question. If you rehearse too much, you’ll come
off stiff. One recruiter says she wants her interviews to have the flow of a
daily conversation. The recruiter expects give-and-take and doesn’t mind if
the discussion veers in unexpected directions.
• Know your resume inside and out. Be able to discuss everything on it.
• Highlight your strengths through examples. Prepare short, witty anecdotes
detailing every good and bad trait you have. Polish them till they gleam with
earnest truth.
• Be informed about recent market trends and the latest financial and business
news. “You should be reading the Wall Street Journal,” says one recruiter.
• Know the company cold and be aware of the basics of what’s involved in the
position you’re interviewing for, including the lifestyle.
• Be specific when questioning the interviewer about the tasks required for a
position, especially when your interviewer is in the position for which you’re
interviewing. Ask what kinds of deals you’ll be doing, what responsibilities
you’ll have, what kind of clients you’ll work with, and the nature of the
accounts covered.
• Be specific. Don’t make general statements such as, “I’m interested in CSFB
because it’s a global firm.”
• Know why I-banking—and not consulting, Capitol Hill, or sailing the
Caribbean for a year—is for you. There’s nothing wrong with admitting to a
few interviews with the enemy, but be very clear on how and why you’ve
come to your senses and realized that CSFB is the place for you.
Getting Hired
61

Getting Hired
• Err on the side of conservatism. Better to be overdressed than underdressed.
Male or female, wear a suit. A white shirt is preferable. Men should keep their
tie patterns conservative.
• Always bring at least three copies of your resume. The one you already sent
in has probably been used, and your interviewer will want clean ones to pass
on to management people if you meet with them later.
• Be aware of dates and deadlines. Not knowing that something is happening
at a certain time is not an excuse. “I’m not lenient about people who are that
way because there are 150 people who did know what to do,” says one
recruiter.
62

Grilling Your Interviewer
You’ll need to prepare a few questions of your own about CSFB. In the
meantime, here are a few to get you started.
• What will my role be in this position?
• What type of international exposure have you had?
• What qualities make an effective banker (or trader or salesperson) at CSFB?
• What is the deal flow in your group? How does it compare with the deal flow
in other groups?
• How much contact do you have with clients?
• Have you worked on any new or innovative products?
• Can you give me an example of a deal in which you’ve combined investmentand
commercial-banking services for a client?
• What are the strategic advantages of CSFB’s global diversity?
• As the industry consolidates and more and more banks offer one-stop
banking, how will CSFB distinguish itself?
Getting Hired
63

For Your Reference
For Your Reference
• Recommended Reading
• The Numbers
• Key People
65

For Your Reference
Recommended Reading
“Wall Street on the Run . . .”
Stung by increased regulatory scrutiny and settlements of about $1.4 billion
over the past 2 years, major investment banks—including Credit Suisse First
Boston—are fundamentally changing how their securities research departments
operate. They are taking care to avoid further legal or ethical challenges to their
businesses.
Source: Fortune, June 14, 2004.
“CSFB Still Lags in Cost Cutting”
Though it has made some progress in slashing costs, CSFB lags behind its peers
in the most critical category of all: the ratio of compensation to net revenue.
The company lowered its comp-to-net ratio to 51.8 percent in the first quarter
but some of its rivals are below 50 percent, say compensation experts.
Source: Investment Dealers’ Digest, June 7, 2004.
“Wall Street Profits Raise Investment Bankers Cachet”
Investment bankers fresh out of school are getting significant bonuses of
$45,000, more than two times as much as last year. The increases come amidst
improving business in the investment banking sector with one consultancy
predicting 19 percent revenue gains for 2004.
Source: Chicago Tribune (from Bloomberg News), June 1, 2004.
66

“The Street’s New Cops in a Tougher Regulatory Environment,
Demand for Seasoned Legal Talent Skyrockets”
For Your Reference
CSFB’s hiring of Gary Lynch has ushered in an era in which legal departments
play an increasingly powerful role at major Wall Street firms. Lynch previously
ran the Securities and Exchange Commission’s enforcement division.
Source: Investment Dealers’ Digest, May 31, 2004.
“CSFB Taps New Chief for Deals”
In its continued scramble to boost its business, CSFB created the new post of
chairman of investment banking and put Robert Murley, a long-time CSFB I-
banker, at the helm.
Source: New York Post, May 14, 2004.
“CSFB’s John Mack Takes a Calculated Gamble”
After more than 2 years of severe cost-cutting, the chief executive of CSFB is
taking a few risks that he believes will improve the company’s once sluggish
bottom line. So far so good: The firm posted a 39 percent jump in net income
for the first quarter of 2004.
Source: Wall Street Journal, May 6, 2004.
“CSFB’s New Golden Handcuffs Mack . . . ”
Amending a longstanding stance, the chief executive officer of CSFB is
awarding as much as $1 million in restricted stock to bankers in its technology
practice and Los Angeles office. The deals are supposed to prevent a further
exodus of key personnel following a rash of departures earlier this year.
Source: Investment Dealers’ Digest, April 5, 2004.
67

For Your Reference
“Wall Street: Playing by Google Rules . . . ”
John Mack kept an unusually low profile as CSFB vied to become one of the
leading underwriters for Internet company Google’s much-heralded public
offering. The chief executive’s strategy worked at a crucial time for CSFB,
which has seen business fall off over the past 2 years in its once-dynamic IPO
practice. Google selected CSFB and Morgan Stanley to guide the deal.
Source: Newsweek, May 10, 2004.
68

The Numbers
For Your Reference
Financial Highlights, 2002–2003
2003 2002
Operating income ($M) 10,783 11,559
Operating expenses ($M) 8,124 9,052
Net profit ($M) 870 –1,178
Source: Credit Suisse Group Q1 2004 Quarterly Report.
Year Over Year Performance
Q1 2004 Q1 2003 Change (%)
Net revenues ($M) 3,891 3,087 26
Total operating expenses ($M) 2,979 2,487 20
Net income ($M) 607 436 39
Source: Credit Suisse Group Q1 2004 Quarterly Report.
69

For Your Reference
Investment Banking Income Highlights
Q1 2004 ($M) Q1 2003 ($M) Change (%)
Institutional Securities Income Statement
Net interest income 834 605 38
Investment banking 672 593 13
Commissions and fees 610 447 36
Trading revenues including realized gains
from investment securities, net 999 964 4
Other revenues 83 –35 n/a
Total noninterest revenues 2,364 1,989 19
Net revenues 3,198 2,594 23
Provision for credit losses –17 112 n/a
Compensation and benefits 1,801 1,342 34
Other expenses 678 703 –4
Income from continuing operations before taxes,
minority interests and cumulative effect of
accounting changes 736 437 68
Income from continuing operations before
income tax expense 206 64 222
Minority interests, net of tax 32 0 n/a
70

Investment Banking Income Highlights (cont’d)
Q1 2004 ($M) Q1 2003 ($M) Change (%)
For Your Reference
Wealth and Asset Management Income Statement
Net interest income 16 2 n/a
Asset management and administrative fees 507 410 24
Trading revenues including realized gains
from investment securities, net 35 38 –8
Other revenues 135 43 214
Total noninterest revenues 677 491 38
Net revenues 693 493 41
Compensation and benefits 222 195 14
Total operating expenses 500 442 13
Income from continuing operations before taxes, minority interests
and cumulative effect of accounting changes 193 51 278
Net income 109 63 73
Source: Credit Suisse Group Q1 2004 Quarterly Report.
71

For Your Reference
Key People
Walter B. Kielholz, Chairman, Credit Suisse Group
Brady Dougan, CEO, Credit Suisse First Boston
Oswald J. Grubel, CEO Credit Suisse Group
Stephen Volk, Chairman, Credit Suisse First Boston
Barbara Yastine, CFO, Credit Suisse First Boston
Recruiting Contacts
For an extensive list of recruiting contacts for positions listed by job category,
employment level, and geographical location, go to the CSFB website:
http://careeropportunities.csfb.com/XSQLServlet/index.xsql
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JOB SEARCH GUIDES
Getting Your Ideal Internship
Job Hunting A to Z: Landing the Job You Want
Killer Consulting Resumes
Killer Investment Banking Resumes
Killer Resumes & Cover Letters
Negotiating Your Salary & Perks
Networking Works!
INTERVIEW GUIDES
Ace Your Case: Consulting Interviews
Ace Your Case II: 15 More Consulting Cases
Ace Your Case III: Practice Makes Perfect
Ace Your Case IV: The Latest & Greatest
Ace Your Case V: Even More Practice Cases
Ace Your Interview!
Beat the Street: Investment Banking Interviews
Beat the Street II: Investment Banking Interview Practice Guide
CAREER & INDUSTRY GUIDES
Careers in Accounting
Careers in Advertising & Public Relations
Careers in Asset Management & Retail Brokerage
Careers in Biotech & Pharmaceuticals
Careers in Brand Management
Careers in Consumer Products
Careers in Entertainment & Sports
Careers in Human Resources
Careers in Information Technology
Careers in Investment Banking

Careers in Management Consulting
Careers in Manufacturing
Careers in Marketing & Market Research
Careers in Non-Profits & Government
Careers in Real Estate
Careers in Supply Chain Management
Careers in Venture Capital
Consulting for PhDs, Doctors & Lawyers
Industries & Careers for MBAs
Industries & Careers for Undergraduates
COMPANY GUIDES
Accenture
Bain & Company
Boston Consulting Group
Booz Allen Hamilton
Citigroup's Corporate & Investment Bank
Credit Suisse First Boston
Deloitte Consulting
Goldman Sachs Group
J.P. Morgan Chase & Company
Lehman Brothers
McKinsey & Company
Merrill Lynch
Morgan Stanley
25 Top Consulting Firms
Top 20 Biotechnology & Pharmaceuticals Firms
Top 25 Financial Services Firm

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InternshipPrograms.com), Web-based recruiting technologies, consulting services, and our
exclusive research studies, such as the annual WetFeet Student Recruitment Survey. Our team
members, who come from diverse backgrounds, share a passion about the job-search process and
a commitment to delivering the highest quality products and customer service.
About Our Name
One of the most frequent questions we receive is, “So, what’s the story behind your name?” The
short story is that the inspiration for our name comes from a popular business school case study
about L.L. Bean, the successful mail-order company. Leon Leonwood Bean got his start because
he quite simply, and very literally, had a case of wet feet. Every time he went hunting in the Maine
woods, his shoes leaked, and he returned with soaked feet. So, one day, he decided to make a
better hunting shoe. And he did. And he told his friends, and they lined up to buy their own pairs
of Bean boots. And L.L. Bean, the company, was born . . . all because a man who had wet feet
decided to make boots.
The lesson we took from the Bean case? Lots of people get wet feet, but entrepreneurs make
boots. And that’s exactly what we’re doing at WetFeet.

Careers/Job Search
Do you want a Wall Street job with some international
flair? Then check out Credit Suisse First Boston. With
power bases in both New York and London, CSFB is an international banking hybrid operating in 34
countries across five continents. Culturally, the firm gives employees a wide berth to be creative rather
than imposing structure from the top down. So if you want the freedom to try new things and don’t
mind a less structured workplace, read on.
Turn to this WetFeet Insider Guide to learn
• How CSFB differs from all the other Wall Street firms.
• What employees love most and like least about working for CSFB.
• The best way to get a job in one of CSFB’s many international offices.
• What the firm’s summer internship program is like.
• About the type of person who succeeds at CSFB.
• Which areas of the firm are growing.
• Which hot new developments job seekers should know about.
WetFeet has earned a strong reputation among college graduates
and career professionals for its series of highly credible,
no-holds-barred Insider Guides. WetFeet’s investigative writers
get behind the annual reports and corporate PR to tell the real
story of what it’s like to work at specific companies and in
different industries. www.WetFeet.com