The Wall Street Skinny

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162. Should You Get the CFA? All Your Testing Questions Answered with Kaplan's Joyce Schnur May 31, 2025

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Wondering if you need the CFA to break into banking? Curious what the SIE is, or whether a CPA helps you land a role in private equity? You're not alone—exam questions are by far the most common DMs we get. So in this episode, we finally break it all down.

We’re joined by Joyce Schnur, Senior VP at Kaplan, who walks us through the differences between licensing (SIE, Series 7, 63, 79) and credentials (CFA, CPA, CFP, CAIA), who actually needs them, and how they impact your finance career. Whether you're entering investment banking, sales & trading, asset management, or wealth advisory, we cover which exams matter—and which ones don’t. We also talk exam structure, pass rates, and how new rules may let you fund prep with a 529 plan.

Plus, we dive into the latest market drama—TACO (Trump Always Chickens Out), bond market crowding, and the beauty M&A boom featuring Hailey Bieber’s near-billion-dollar deal. As always, it’s markets, career advice, and pop culture—through a Wall Street lens.

For more information about Kaplan, check them out HERE

To connect with Joyce Schnur on LinkedIn, find here HERE

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INDUSTRY S2E7 | "Lone Wolf and Cub" Hitting a Bid Away, Comp & Revenge May 28, 2025

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We’re back and breaking down Season 2, Episode 7 of Industry: “Lone Wolf and Cub.” This one is dense with real finance concepts—starting with Harper, Eric, and Rishi's attempt to “hit a bid away” and pitch themselves as a ready-made desk to rival firms. We get into how traders actually get paid, why comp guarantees are risky, and what it means to bring “client color” as your leverage in a job switch. Plus: why Rishi’s pitch as a prop-style trader who embraces client flow is more old school than it sounds—and why that still matters.

We also break down how sales and trading teams actually work, the dynamics of headhunter-driven moves versus warm intros, and the very real consequences of interviewing without an offer in hand. For anyone trying to understand what’s real and what’s dramatized when it comes to switching firms, negotiating comp, and building leverage on the Street, this episode is basically a case study.

On the character side, we unpack the growing tension between Robert, Nicole, and Venetia—and how the firm (and culture) handles client misconduct. Plus, Yaz is clearly in deeper than she realizes, and Daria pulls off what might be the best power play of the series. We wrap with our take on who’s up, who’s down, and what this episode gets right (and wrong) about how finance careers really work.

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160. Elite Boutiques vs. Bulge Bracket Investment Banks feat. Greenhill Chairman, Scott Bok May 22, 2025

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In this episode of The Wall Street Skinny, we sit down with Scott Bok, Chairman and former CEO of Greenhill & Co. and author of Surviving Wall Street: A Tale of Triumph, Tragedy and Timing. Scott shares stories from his remarkable career journey—from big law at Wachtell Lipton to investment banking at Morgan Stanley, to ultimately leading one of the most respected elite boutiques on Wall Street. We talk through the rise of the elite boutique model, the decision to go public, and why Greenhill ultimately sold to Mizuho—plus Scott’s candid take on private equity poaching, career longevity, and the myth of the “Goldman discount.”

We also dive into the mechanics of university governance, the rise of endowment taxation, and Scott’s experience as Chairman of the Board at the University of Pennsylvania during one of the most tumultuous moments in higher Ed history. He offers an insider's perspective on free speech debates, board dynamics, DEI backlash, and how elite universities are being pulled into the center of a national cultural reckoning. Scott helps unpack how these issues intersect with broader questions of institutional control, public trust, and economic influence.

Finally, Jen and Kristen cover the latest market headlines—from the Moody’s U.S. downgrade to the recent 20-year Treasury auction and what it says (or doesn’t say) about investor sentiment. We also share an exciting announcement: to celebrate crossing 300k followers, we’re hosting a FREE live Excel + financial modeling masterclass on May 29th at 12pm EST—perfect for interns, new hires, or anyone looking to sharpen their skills. Register now to join live or get access to the 48-hour replay!
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159. Trump Tax Bill Breakdown and Insider Trading in Congress with Rep. Seth Magaziner May 15, 2025

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We’re thrilled to welcome Congressman Seth Magaziner — a longtime friend from our high school and college days — for a conversation about the intersection of finance, policy, and politics. We break down the proposed tax bill currently moving through Congress, the state of U.S. debt and deficits, and insider trading laws for elected officials, and Seth’s background in finance and public service working as the youngest treasurer of Rhode Island for 8 years.

We dive into the details of the proposed $5 trillion tax cuts, $2 trillion spending cuts, and the projected $3–5 trillion increase in debt over the next decade — and what all of this could mean for markets, companies, and investors. We also explore the surprisingly legal practice of members of Congress trading stocks while in office, and Seth’s bipartisan effort to ban it.

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158. Is the Fed Secretly Stimulating Markets? Plus Exciting Announcement! May 10, 2025

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In this episode of The Wall Street Skinny, Kristen and Jen kick announce the launch of their long-awaited M&A course, part of their dynamic, story-driven finance curriculum. They discuss how the course, two years in the making, blends real-world technicals with the drama of HBO’s Succession, making complex M&A concepts like accretion/dilution, deferred taxes, and tax structuring both engaging and accessible. They also announce a major May SALE on their self-paced course, see the links below to participate!

From there, the conversation dives deep into the latest market headlines. Jen unpacks the recent Fed meeting, clarifying misconceptions about quantitative easing and explaining how the Fed is managing its shrinking balance sheet through non-competitive treasury purchases. They also discuss how these moves tie into broader concerns about stagflation, market liquidity, and the mechanics behind treasury auctions—demystifying some of the viral finance content floating around online.

Finally, they pivot to the major private equity news of the week: 3G Capital’s $9.3 billion bid to take Skechers private. Kristen and Jen break down why companies often seek the shelter of private ownership during times of market turmoil, the structure of 3G’s offer (including rollover equity options for shareholders), and what this signals for the broader M&A environment.

Shop the MAY SALE:
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157. From Intern to Offer: The Unwritten Rules of Wall Street Success (Plus Some Markets and Tariff Talk) May 02, 2025

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This week we start off talking about what's happening in the markets: the latest GDP print—and why the headline number being down isn’t quite as simple as it sounds. We unpack the mechanics behind the contraction, including how tariff-fueled inventory surges and net import dynamics played a role. We also dive into real-time supply chain stress, from container ships skipping ports to what that means for everything from baby gear to air conditioning parts. If you're confused by the mixed signals from the market (like why stocks are back at pre-tariff levels despite growing economic headwinds), you’re not alone—and we break down what might really be going on under the hood.

From there, we tackle one of our most-requested topics: how to turn your summer internship into a full-time offer. Whether you're about to hit the desk in sales & trading, investment banking, or even private equity, we share the practical advice no one gives you—like why social skills matter just as much as technical chops, how to navigate rotational programs, and why getting coffee (yes, really) can actually be strategic. We also discuss how the internship landscape has changed over the past decade and what you need to know about recruiting timelines, return offers, and what happens if you don’t get one.

Finally, we zoom out to discuss the broader trends shaping Wall Street careers right now: the shifting prestige of private equity, the evolving exit opportunities for sales & trading analysts, and why the “best” path isn’t always the right one. If you’re a student, early-career finance professional, or just trying to understand how to play the long game in today’s market, this is the episode you’ve been waiting for. Oh—and happy May. Let’s dive in.

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156. FX 101, Operation Twist and Yale’s Selling Their ENTIRE $6bn PE Portfolio Apr 25, 2025

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In this episode of The Wall Street Skinny, we explore the escalating tension between former President Trump and Fed Chair Jerome Powell, how markets reacted, and what it reveals about the importance of central bank independence. Jen also breaks down "Operation Twist"—a lesser-known but powerful Fed tool—and explains how it differs from traditional rate cuts or quantitative easing.
Next, we turn to the U.S. dollar, which recently hit a three-year low. Why does a falling dollar matter, and how does it impact everything from inflation to global trade dynamics? We explore the broader implications of currency devaluation in both the U.S. and China, unpack how exchange rates influence purchasing power and investor sentiment, and challenge popular internet takes that frame this as a one-sided currency war. Spoiler: weak currencies on both sides of a trade war mean everyone loses.
Finally, we zoom in on Yale’s rumored $6 billion sale of private equity stakes—about 15% of its endowment. What does this tell us about the liquidity crunch facing endowments? We explain how the secondaries market works, why endowments like Yale are turning to it, and the growing tension between LPs and PE firms over approvals and fees. For anyone curious about the inner workings of endowments, private equity, or portfolio rebalancing in volatile times, this is a must-listen.
Private Equity Secondaries 101 https://youtu.be/KvayQmu8vNY
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155. The Fed Isn’t Coming to Save Us Plus Endowment Talk and Big Tech Breakups Apr 18, 2025

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This week, we break down the tension between Jerome Powell and Donald Trump—and what it actually means for monetary policy. If you listened to Powell’s latest remarks at the Economic Club of Chicago, you may not have thought much of it, but anyone knows how to decode the Fed’s deliberately vague words noticed unmistakably hawkish tone. We explain how to read between the lines of Fed speak, what it really means when the Fed prioritizes price stability over growth. We also get into why Trumps remarks on Truth Social led some to be concerned he's considering firing the Fed Chair... we discuss what that would mean for the credibility of U.S. markets.

We dive into the economics of elite universities and the real impact of pulling federal research funding. We explain how endowments actually work, where that money goes, and why cutting research dollars isn’t just about punishing a school—it risks gutting innovation across biotech, national defense, and the U.S. economy more broadly.

Finally, we unpack the return of the Big Tech breakup debate. With Meta and Google back in court over antitrust issues, we explain what a corporate spinoff actually is, how it works, and why breaking up a giant like Meta might help your portfolio. From conglomerate discounts to split-offs and subsidiary IPOs, we walk through the corporate finance mechanics that could drive the next big move in tech.

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154. Bond Market Chaos: Unpacking the Basis Trade Blowup Theory. Cause...or Convenient Excuse? Apr 15, 2025

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There has been some speculation that the reason for "chaos in the bond markets" isn't loss of confidence in the US but rather the result of an unwind in "the basis trade" leading hedge funds to blow up and causing yield spreads to widen. To explore this theory we need to get super granular.

We go deep into the relationship between cash bonds, futures, and interest rate swaps—and explain why so many market participants prefer the derivatives over buying Treasuries outright. We also walk through how structural leverage, repo financing, and margin exposure interact in this high-stakes trade, and why even a small dislocation can trigger major losses when trades are levered 50 to 1 (or more). Don't worry, we do keep it accessible—even if you’ve never heard of the Treasury Bond Basis book or you’re not fluent in swaps. HOWEVER, this episode does assume a basic understanding of the bond markets and is definitely "advanced" for those not fluent in fixed income speak, so you might need to listen a few times like Kristen.

Finally, we tackle what the Fed can and can’t do in the face of this volatility, whether quantitative easing or regulatory changes could help, and why some argue the blowups are a symptom of something bigger—not the cause. Whether you're a market pro or just trying to understand what all the chaos in the headlines actually means, this episode gives you the tools to make sense of it.

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153. Steve Eisman, the Real-Life "Big Short" Investor, on Tariff Panic and Lessons From the 2008 Crisis Apr 12, 2025

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This week on The Wall Street Skinny, we’re diving headfirst into one of the most volatile weeks in recent memory—and we brought backup. After a whiplash-inducing reversal in the bond and equity markets, Jen and Kristen break down how the tariff announcements are rippling through rates, treasury auctions, and investor sentiment. From the Fed’s shrinking balance sheet to the rising fear that the U.S. may be losing its “flight to quality” status, we unpack what’s really happening beneath the headlines—and why the bond market might be the biggest canary in the coal mine.

Then, we’re joined by legendary investor Steve Eisman—yes, the Steve Eisman portrayed by Steve Carell in The Big Short—for a candid conversation about the state of the global economy, what everyone’s missing in this moment of policy upheaval, and why he’s not panicking. We get his take on the implications of Trump’s tariffs, the fate of the U.S. dollar, and what it would actually take for the Fed to step in meaningfully. Steve also shares how he spotted the subprime crisis before anyone else, and why he’s still staying cool in today’s environment of uncertainty and anxiety.

Whether you’re an investor trying to make sense of the macro crosswinds or a Wall Street hopeful wondering how the system reacts in real time, this episode is packed with hard-earned perspective, market wisdom, and—yes—a few deep cuts from Battlestar Galactica. Stay tuned to hear how Steve really feels about being played by Steve Carell, and why sometimes the best strategy is to zoom out, shut off CNBC, and not sell your soul to the volatility gods.

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