Newly minted university graduates who have landed coveted jobs on Wall Street may have impressive résumés and sought-after references. But often, nuts-and-bolts skills like spreadsheet building and database extraction are not part of university curriculums.
The New York Times reports that when millions of dollars can be won or lost on one calculation, firms are finding it essential that their new hires can tell the difference between a pivot table and a header row.
Enter specialized boot camps where - for fees that sometimes exceed $1,000 a day - would-be masters of the universe can perfect Excel modeling techniques and financial analysis.
Each year, tens of thousands of students at the nation’s top business schools, and scores of new hires at financial firms, including Goldman Sachs and the Blackstone Group, now take courses run by companies like Training the Street and Wall Street Prep.
Graduates say the classes give them a new appreciation for the heart of financial analysis. An eight-hour crash course on leveraged buyouts from Training the Street was so intensive that it 'kind of makes you want to slit your wrists', said Michael Rojas, who graduated from Columbia Business School this month.
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