AnEx Advantage - Finance Training


Hey Paul,

How's everything been? Sorry for not following up with you last email. I have been really busy in the past month with finals and meetings. I was able to get an offer as an analyst with Credit Suisse IBD for Oil and Gas, as well as a couple of boutiques that a couple of my friends work at. I am also waiting to hear back from a JPMorgan's VP in the energy group, whom I met with last month after networking with his associates last summer, he seemed pretty impressed with my modeling skills and training. Hopefully something will come of that, despite general recruitment being over. How's the program been? I heard about the semester long program starting this coming spring. It looks very exciting and I'm sure it'll be a great success. Thanks a lot for all your help last summer. I'll keep you posted in the coming weeks on what I decide.

Regards, Carl

Hi Paul,

I just wanted to update you on my recent job search  - I recently signed with Evercore and would not have been able to snag the internship without your help and the opportunity you provided me two summers ago. Thanks so much again. 

I have a younger brother who is also interested in participating in the Analyst Exchange program this summer - could I put you two in touch at some point? 



Dear Paul and Obed,

I am writing to tell you some really good news -- I just got an offer from GS IBD in HK this summer! This is so exciting!

I am also happy that I am having final round interviews with 6 other banks (7 incl GS: GS, MS, BX M&A, CS, Barcap, Citi, RBS) and am happy to say that I've had a 100% conversion rate from first rounds to final rounds. 

Will definitely keep you posted if more offers come rolling along! I still have yet to hear from CS and will be interviewing with BX, MS, and Barcap this week.



Dear Paul and Obed,

Update on my offers: I got MS as well!

The MD sat me down and told me that I was one of their first picks, and really wanted me to join their firm -- so they wouldn't pressure me to sign anything before a deadline. I was so happy haha

Decision time now! Any advice as to which one to choose?

Thank you for everything this summer!


Hi Paul,

(Subject: Offer from TMT Boutique)

I think the title says it all.

Thank you ever so much for the opportunity at AnEx - it was a phenomenal experience!

May the future bring you, John, Kishan, Nate , Ian and Obed plenty of success and happiness!

Best regards

Hey Paul,

Just wanted to let you know that I finally got an offer at Nomura for ibd in NYC. I am still interviewing for Rothschild and Leonard Green and Partners, but am just really glad that I locked something down. That being said, thank you so much for all your help so far. I couldn't have gotten here without your help.


Hello Paul,

I hope you are doing well, I apologize for not getting in touch with you for the longest time, I have been extremely busy these past 2 weeks.

I have to really thank you for everything you have done for me and the degree of excellence of this program (even though I'm not technically done 100 percent, I still have one more LBO to do). This has been one of the best learning experiences of my life, even when I am doing the program from abroad. This has been the best career move for me thus far, its incredible! The reason I have been so busy is because after updating my resume, I have been getting calls to interviews like never before, I have just completed 3 interviews in the last 10 days with one more scheduled next week. But what I really want to thank you for is the job offer that I received at an investment bank this morning back home, which I plan on taking. It's incredible, the power of AnEx. I will most certainly be sending as many applicants your way as possible, and I would be more than happy to be a point of contact for any jobs in the gulf region for any of the future prospective interns. I cannot thank you enough, I will be visiting soon hopefully, as soon as I figure out the details of my new employment.

All the best Paul,


Hi Paul,

I hope everything is going well. I just wanted to let you know that I will be signing with [a private fund] in their direct investing group. The experience last summer definitely helped a lot with obtaining interviews in this tough job market, and I got exactly what I wanted - a taste of PE before recruiting for banking for full time. Thank you very much for all your help and guidance.


Dear Paul,

Thanks to you, I gained valuable work experience and equipped myself with necessary skill sets that put me ahead of my competitors. I don't know how to thank you enough and I might ask you for more help later but if there are anything I can help you with, I will be more than happy to assist you.




I accepted the job offer with a firm in New Orleans.  Thanks again for all of your help Paul, I couldn't have done this without you or the AnEx program. I am very excited about this opportunity, and I am going to stop into AnEx this week to visit.



I interviewed last night for the position and I think it went ok? But the interviewer told me that I killed the technical questions and hit the nail on the head for the general behavioral stuff so maybe I did better than ok... 

Either way, if I get onto the next level I will let you know.



Hope all has been well for you and the program. It was definately a life changing experience for me and I truly learned a lot. I am going to be working for a boutique bank in debt restructuring. I want to thank you once again for all your help. Hopefully we can meet up in the near future.




I never had the chance to stop by in person and say thank you for the experience, and just wanted to do so now. I believe that I have gained and learned so much within a short amount of time. I now have a competitive advantage in this tough and down market, and truly have a, small, but better shot at trying to get in. Thank you for helping contribute to my dream. It will live on, regardless if I deviate from it for a little while but use stepping stones to acquire my dream. I will keep in touch and keep you posted my career search.



Hey Paul,

I started with JPM as an IB analyst. I have a lot of positive things to say about the program, so please forward me the number of anyone that is looking to speak to an alumni.



Thank you for everything over the last 7 weeks. The experience has been great. I feel like I have learned much more than I initially thought possible. Best of luck with the next group and the program's future.


Got the offer a few hours ago [Real Estate].  Again, thanks AnEx definitely helped me better position myself.


Hi Paul:

I hope all is well. I thought it would be good to update you on my current progress. I recently managed to get a year round internship in a hedge fund of funds. The training program definitely played a very big role in me getting the internship.




How are you doing? I hope everything's well. Just to give you a little update on myself. The recruiting season is pretty much over, and I decided to join Citi group in Hong Kong for summer. I am really excited about this opportunity and my experience definitely helped out a lot throughout the interviewing process. 



Couple of boutique banks have been impressed by my modeling skills. I've been bringing case studies i made myself with your templates and all of my interviews basically just go over the modeling in depth. They always tell me I've been trained well.


Hi Paul,

How's everything going? Just wanted to check in and say hi. Hope the new classes of AnEx are going well! 

A quick update: I was quite successful in recruiting this year, having interviewed with most major banks across the US and Canada. In the end I decided to sign with an elite boutique firm in their Los Angeles office, primarily for the caliber of their MDs and fantastic PE placements they've had. I will do one week of training in NY in June and would love to stop by and check in! 


Hope the program is doing well. Just want to say thank you for your help this summer. I just got a summer offer from Credit Suisse NY and a Canadian bank, also waiting for other firms.

Take care


I'm happy to tell you that I got an offer from RBC Capital Markets that I plan on accepting!  I definitely couldn't have done it without the experience that I had this summer through AnEx, so I just wanted to send an email thanking you.  This summer was really a transformational experience for me and definitely provided the break-in that I needed....


Hey Paul:

I just wanted to let you know that I have been fortunate enough to have received three offers, and have decided to sign with JP Morgan for an IB analyst position. As of the beginning of July, I wasn't familiar with the concept of EBITDA, let alone how to build valuation and merger models, and I credit the AnEx program for filling in the knowledge gap. Much Appreciated!


Hey Paul

I got an investment banking job at BMO Capital Markets, a Canadian investment bank in Toronto. I just started two weeks ago because it was an immediate start job. So far it has been great and it has kept me very busy! It all happened very quickly. Thanks for your advice and help this past summer.


Hey Paul,

I got 2 offers and quite a few interviews lined up; the
first choice being Putnam. I am waiting for second round. I spoke with the portfolio managers and asked what made them invite me- the answer being " we loved your resume and is better than most MBA's" in overall

I appreciate your help and the effort you put in this venture. Hope things turn out positive and then I write a wonderful testimonial for anex.



Hi Paul,

This summer was pretty intense but well worth it. Morgan offered me a job at the end and I accepted. I decided to stay in the Chicago Office since I liked the people and also because analysts seemed to do pretty well after the program (actually one analyst is going to TH Lee next year). I am very excited to have a job and not have to worry about fall recruiting. Thanks again for all your help. How is everything?


Hey Paul,

I would like to thank you for the opportunity to work for your company over the Summer. I found it a great experience with some great people and I definitely see it as beneficial for my career focus. I appreciate all your help with working with me and I will be sure to let you know about my recruiting results. I wish you the best in the future and I look forward to staying in touch. Thanks again.



Hey Paul,

How are you doing? How is the winter season going for business? I just wanted to inform you that I accepted an employment offer from Exelon, as a Financial Analyst, and my training with The Analyst Exchange was probably the biggest factor in my employment. The advertised position stated that they would prefer someone with 3-years of work experience or an MBA (neither of which I have), but when they saw the financial modeling on my resume they called asking for more info on my modeling skills. They wanted to see a Financial Model that I had previously worked on, so I sent the one I did for [Hedge Fund 1], and they were impressed. During the interview, I also was asked many of the questions that you went through with us, when discussing how to link the financial statements and building unlevered free cash flows from various points in the financial statements. They also asked how I would go about reconciling an un-balanced Balance Sheet, and the tips you provided really helped answer the questions. 

I just wanted to say a thank you for the training.  I really appreciated the training and feel that it gave me a strong advantage in the interview process. Also, feel free to use any part of this email as a testimonial for future customers. 


Advantage Participant Profiles

M.S. in Engineering - Imperial College London

B.S. in Finance- Ryerson University, Canada

MBA Candidate - The Wharton School

MBA Candidate - University of Toronto

Videos of Select Lectures and Guest Speakers

Julio Marquez, partner at GEM Capital, introduces capitalization tables for Venture Capital funds and uses magic to demonstrate share dilution.

Clip 1 of 2

Clip 2 of 2

Obed Cepeda, partner at hedge fund Green Coast Capital and senior lecturer, introduces the working capital schedule.

Clip 1 of 2

Clip 2 of 2

Paul Pignataro, founder of the Analyst Exchange, walks through the steps of a $10MM asset
acquisition using $5MM equity and $5MM debt.

More videos of AnEx Training lectures can be found here


Recent Graduates

Some firms from which our trainees have received offers after taking the AnEx program include:

Morgan Stanley

Merrill Lynch - M&A


Credit Suisse

Citigroup Hong Kong - IBD

JP Morgan - IBD
JP Morgan - IBD Toronto
JP Morgan - M&A

Nomura - US IBD

Evercore - Energy Group

Pine Bridge Investments - PE

Rodman & Renshaw - IBD

TD Bank - Debt Restructuring

BMO Capital Markets - IBD

Moelis & Co - IBD

RBC Capital Markets - IBD


Raymond James - M&A

AIG - Real Estate

Centerview - M&A

Houlihan Lokey

Rothschild - Asset Management

Bentley Associates - IBD