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Goldman Sachs Posts Strong Q3 IB Performance

Goldman Sachs beat Wall Street expectations for third-quarter profit last Tuesday as its investment bankers took home higher advisor fees while markets boosted revenue from managing client assets. This was supported by investment banking fees rising to 42% during quarter three, totaling to $2.66 billion by September 30th from last year. According to Goldman executives, the firm advised on $1 trillion in announced mergers year to date, $220 billion more than it’s next closest competitor: Morgan Stanley.

Why it matters: A major rebound in advisory fees signals that deal-flow is accelerating and for students, roles in M&A, underwriting, and credit markets are gaining momentum. If you’re aiming for IB roles, this is your moment. Knowing that firms like Goldman are hiring in earnest means your case prep, valuation techniques, and deal awareness should be sharpened now.

Wall Street Oasis’ Consulting Review Report

Wall Street Oasis just released their Consulting Reviews Report as of October 2025, this is an organized report on major consulting firms measuring them in terms of interviews, employee satisfaction, growth opportunities, intern offer rates, pay, and more. This is an extremely useful resource for students interested in entering the consulting world as it provides valuable insight into statistics that can aid you in landing that job offer. You can access WSO’s Consulting Review Report here.

Here are some key takeaways from this report:

Student Takeaway: If you’re going after McKinsey or BCG, ramp up your case interview prep, understand their culture deeply, and build stories that reflect both strategic insight and personal impact. Also consider firms that score highly for “best interview experience” or “fairness,” especially if you value mentorship, work-life balance, or culture just as much as prestige. Lastly, use the data to refine your priorities: brands matter, but fit and preparedness matter too. Knowing the landscape gives you a smarter strategy, not just a list of firms.

Definition: Capital structure refers to the mix of debt and equity a company uses to finance its operations and growth. In other words, it’s how a firm decides between borrowing money (debt) and issuing shares (equity) to fund its business. The goal is to find an optimal balance that minimizes the cost of capital while maximizing shareholder value.

Suppose Company A finances its operations with $60 million in equity and $40 million in debt — its capital structure is 60% equity and 40% debt. If the company borrows more to take advantage of low interest rates, it becomes more leveraged, meaning it’s relying more heavily on debt to grow.

Why it matters: A company’s capital structure impacts its financial risk, profitability, and valuation. Too much debt can lead to financial distress during downturns, while too little debt can mean the company isn’t using leverage effectively to grow. Understanding this balance is crucial in fields like investment banking, private equity, and corporate finance, where deal structures hinge on capital mix decisions.

Student takeaway: As a finance student, learn how to analyze debt-to-equity ratios and understand how capital costs shape strategic decisions. When interviewing for finance roles, being able to explain how a company’s capital structure affects its valuation or risk profile shows strong financial insight and real-world awareness.

Mistake: Reaching out without doing research

One of the biggest networking missteps students make is sending generic LinkedIn messages or emails that say something like, “I’d love to learn more about your career path.” While polite, these messages often fall flat because they lack specificity and intent. Professionals—especially in competitive industries like investment banking, consulting, and private equity—receive dozens of outreach messages weekly. The ones that stand out show real preparation and curiosity.

Instead of reaching out cold, take 10–15 minutes to research the person and firm. Find something unique to mention—maybe a recent deal their bank advised on, a whitepaper their firm released, or even their transition from audit to M&A. This level of thoughtfulness not only shows initiative but also gives the professional a reason to respond. Remember: the goal isn’t just to get a reply, it’s to start a genuine, value-based conversation

Student takeaway: Networking isn’t about volume—it’s about intentional connection. Every message should show that you’ve done your homework and have a clear reason for reaching out. Instead of asking vague questions like “What do you do?”, ask targeted ones such as “I saw you worked on cross-border M&A transactions—what skill sets helped you stand out early in your career?” Genuine curiosity and preparation will always open more doors than a copied-and-pasted note ever will.

Our favorite late-night cookie spot was recently acquired by a major private equity firm, Verlinvest Partners. In a major move in the consumer/retail space, Insomnia Cookies was acquired by Verlinvest and Mistral Equity Partners for a total enterprise value of approximately $350 million. The transaction closed on July 17 2024, with the acquirers purchasing the majority stake from Krispy Kreme, who received about $127.4 million upfront and expected an additional ~$45 million upon refinancing of inter-company debt. Krispy Kreme retains a ~34% minority stake.

Founded in 2003 by a then-student at University of Pennsylvania, Insomnia Cookies operates late-night delivery bakeries and has grown to over 250 locations worldwide, delivering cookies, brownies, and ice cream in college towns and urban markets

This deal is a textbook example of how private equity and growth-oriented investment firms are targeting consumer brands with strong niche positioning and digital/omni-channel expansion potential. Insomnia’s late-night delivery model, strong college-town presence, and digital order infrastructure gave it a platform for rapid scale—and the valuation doubling since its previous investment shows how value is being created in sub-segments of retail. For analysts and bankers, it underscores how growth-platform transactions differ from traditional large cap M&A: it’s less about steady cash flows and more about expansion, brand equity, and scalability.

The Top 10 Schools Recruited by PwC

Here are the top ten universities most consistently targeted by PwC for consulting, accounting, and transaction roles:

1. University of Pennsylvania (Wharton)

2. Indiana University-Bloomington (Kelly)

3. University of Michigan (Ross)

4. University of Texas at Austin (McCombs)

5. University of Southern California (Marshall)

6. University of Illinois Urbana-Champaign (Gies)

7. Ohio State University (Fisher)

8. Michigan State University (Broad)

9. University of Notre Dame (Mendoza)

10. Boston College (Carroll)

Success in finance isn’t just about talent—it’s about curiosity, stamina, and the willingness to go deeper. The students who stay up reading deal announcements, model outcomes, ask smart questions, and practice their story every week—those are the ones who build momentum. Talent opens the door. Persistence, discipline, and obsession keep it open.

Reminder: don’t underestimate the power of networking, it might just end up being the difference of getting that interview or not. And at some places, it will be the difference of whether your resume gets thrown in the trash or not.

Invest in yourself.

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My name is Braunsen Bax, I’m a honors finance and accounting student-athlete at North Central College in Naperville, Illinois (45 mins outside of Chicago). I graduated from Walton High School in Marietta Georgia. Outside of the classroom I compete in the throws events for the Track & Field team, 35 time NCAA DIII national champions. I’ve had a love of finance and the business world since my sophomore year of high school and started Campus Capital to share that love with my community and like minded individuals in a similar position, with similar goals. My mission is to help people like me shape their futures to ensure they reach their goals while being up to date and educated in the Finance industry.