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S&P Global Acquires With Intelligence

S&P Global announced their acquisition of With Intelligence, a private markets data provider. They will acquire With Intelligence for around $1.8 billion. This will expand S&P Global’s data coverage and abilities across private markets. With Intelligence is known for products like HFM, Fundmap, and Real Deals, which aggregate and analyze data across the alternative investment ecosystem. This deal builds on S&P’s recent push beyond traditional financial data (like credit ratings and market indices) toward more private-market intelligence and tech-enabled analytics. S&P can utilize With Intelligence’s data by applying it to their existing AI-driven data tools (especially after its Kensho acquisition) and assign them to a much broader set of private-market data. This will make their analytics richer, more predictive, and more attractive to institutional clients.

Why it matters: The deal shows how the data, analytics and alternative-asset sectors are becoming central in finance. Firms like S&P are pivoting beyond traditional markets into private markets, analytics, and technology. For students in IB/asset management/PE, it means knowing “data & private markets” is increasingly valuable.

Student takeaway: S&P’s $1.8 billion acquisition of With Intelligence isn’t just a finance headline, it’s a window into the future of the industry. The firms that control and interpret data will shape how deals are sourced, how assets are valued, and how capital is allocated. OpenAI is clearly recruiting top notch talent for Project Mercury as these bankers come from Goldman Sachs, JPMorgan Chase, and Morgan Stanley

Open AI Hires ex-Bankers

last week, Seeking Alpha reported that OpenAI has recruited over 100 former investment bankers to work as part of their Project Mercury to aid in training AI systems to automate the financial modeling process. Apparently, these bankers are getting paid $150 an hour to develop prompts and train AI financial models. Discussion has risen about the AI financial models on whether they will have the ability to replace entry-level financial modeling roles. However, Fortune claims that this move will transform said roles rather than replace them.

Student Takeaway: It’s no mystery that AI has been on the rise for a few years now and that is was only a matter of time until in entered the financial world. However, don’t be afraid of AI replacing IB roles but rather be aware of the possible implications that can come from it. What I’m trying to say is to not to be surprised if big investment banks start to implement AI into their junior-analyst roles within a few years. Stay up-to-date with the constant changes and updates of AI and be prepared to adapt to the possible AI revolution in financial modeling

Definition: A 10-K is an annual report that publicly traded companies must file with the U.S. Securities and Exchange Commission (SEC). It provides a comprehensive overview of a company’s financial performance, operations, risks, and management discussion for the fiscal year.

Unlike the glossy, investor-friendly annual report, the 10-K is formal, detailed, and legally required — the real document analysts use when valuing companies or assessing their financial health.

Example:
If you wanted to analyze Apple Inc. (AAPL), you could find its 10-K on the SEC’s EDGAR database. Inside, you’d find:

Why it matters: The 10-K is the foundation of financial analysis. Investment bankers, equity researchers, and consultants all use it to understand revenue drivers, debt levels, and company strategy. It’s also a critical source for DCF modeling and comparable company analysis, making it a must-read for anyone entering finance.

Student takeaway:Get comfortable reading 10-Ks early. Choose a company you like, pull its 10-K from EDGAR, and skim through the MD&A section — that’s where management explains what really happened during the year. Knowing how to interpret this document will set you apart in interviews and give you an edge in any finance internship.

Mistake: Speaking on a topic you are unknowledgeable on

It’s very easy to want to speak on a wide variety of impressive topics when in an interview. But if you’re not careful, speaking on such topics can make the interview go south quickly. Trying to speak confidently about a concept you don’t fully understand (like explaining WACC, LBO modeling, or market trends you’ve only half-read about) can backfire quickly. Interviewers will see through vague or incorrect explanations, which damages credibility far more than admitting you don’t know.

From an interview that I watched over the weekend, if an interviewer sees that you are trying to talk about something that you know nothing about, they will keep pressing you on it until you make a fool of yourself. Some interviewers could even get offended by this. This obviously isn’t the case for every interview, but it’s important to understand the concept and the dangers of trying to sound like someone you’re not.

How do you avoid making a fool of yourself?

Confidence isn’t pretending to know everything — it’s knowing your limits and handling uncertainty with professionalism. Master your core concepts, and when in doubt, focus on your reasoning process. In finance, intellectual honesty always wins over empty confidence.

When it comes to breaking into high finance, many students think networking is a numbers game — the more LinkedIn messages, the better. But in reality, meaningful relationships beat mass outreach every time. The best networkers don’t just ask for advice or referrals; they build real connections rooted in curiosity and authenticity. Instead of firing off 50 identical messages, research each person’s background and ask one thoughtful question about their career path, firm culture, or deal experience. A genuine conversation that lasts 15 minutes can open more doors than 100 cold DMs ever will.

Professionals remember students who listen, follow up, and express gratitude. If you take the time to learn from people, not just “network” with them, they’ll often become long-term advocates for your career and possibly mentors.

Student takeaway: Don’t focus on how many people you talk to, rather focus on how well you connect with them. Think “what do I have in common with this person?” or “how could I find out more about this person?”. Depth beats volume. Treat networking as relationship-building, not résumé-building, and you’ll stand out naturally when recruiting starts.

The Top 10 Schools Hired by McKinsey & Company

1. Harvard University

2. University of Pennsylvania (Wharton)

3. Northwestern University (Kellogg)

4. University of Chicago (Booth)

5. Columbia University

6. Dartmouth College (Tuck)

7. University of Michigan (Ross)

8. Yale University

9. Duke University (Fuqua)

10. MIT (Sloan)

These schools show up repeatedly in McKinsey’s hiring pipelines and for good reason: they tend to have strong consulting-prepped curricula, well-developed student consulting clubs, and alumni networks plugged into McKinsey’s recruiting machine.

However, it’s important to emphasize school is only one piece of the puzzle. As multiple sources note, McKinsey is increasingly focusing on potential over pedigree. That means while being at one of these schools can open doors, your activities—leadership, problem solving, networking, case prep—matter just as much.

The world of high finance is changing, but one thing stays constant: obsession beats talent. Your mastery of technicals, your early hustle, your ability to tell a story—all of these compound over time. The students who commit to consistent improvement, not just the ones who “have natural talent,” are the ones who graduate into deal rooms, client meetings, and leadership roles. Talent opens the door; discipline and narrative carry you through

If you want it bad enough, become obsessed with it.

Invest in yourself.

Welcome to Campus Capital. Every other week, we’ll break down the finance world in 5 minutes or less.
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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 (40 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.