Recruitment |
Spring 2026 Recruiting Timeline
Interest MeetingWe will provide an introduction to Bell Tower Capital Management, an overview of Junior Analyst responsibilities, and answer questions regarding the recruiting process.
Please wear business casual attire January 20th 5-6 PM in Nelson Hall Room 1120 |
Admission ExamOne-hour pitch exam administered via email on a publicly-traded company chosen by the Leadership Team. Pitches should demonstrate financial analysis, fundamental business understanding, and valuation techniques.
January 26th and 27th 8-9pm |
Final Round InterviewTop exam performers will be extended
30-minute behavioral and technical interviews conducted by the Managing Director and Director of Equities to test exam understanding and general financial acumen. January 29th and 30th |
Recruitment FAQ
What qualities do you look for in an applicant?
We look for highly motivated self-starters with a passion for learning. The ideal candidate is curious about keeping up with the markets and possesses a basic fundamental understanding of finance concepts.
How can I prepare for the admission exam?
Effectively utilizing the 10k (company's annual report) will be crucial in delivering a successful exam. Familiarize yourself with reading this type of document and knowing where to find relevant company financial data. The Business, Management's Discussion and Analysis (MD&A), and Financial Statements sections will be especially helpful for finding the information you will need for the write-up. We also recommend using S&P Capital IQ (free access provided with an NC State student account) to access company financial metrics and rations.
Make sure to discuss the fundamental characteristics of the business and ask yourself questions to build an argument that supports your valuation thesis. How does the company make money? What is its moat/competitive advantage? What are the unit economics? What is management like and how are they incentivized? What are the industry dynamics? What are the risks?
You should not include technical analysis on the admission exam, but be prepared to provide a qualitative financial analysis of the assigned company. You should also provide a brief valuation section and a specific target price supported by a simple valuation method such as peer multiples.
Your pitch should not be a “book report” summary of the company. Rather, we want to see a clear thesis that reflects your unique argument, or “variant view,” supported by both qualitative and quantitative analysis.
For further practice, we recommend reading value investing posts such as those on ValueInvestorsClub.com, 10thMan Substack, AGB Substack, etc.
Make sure to discuss the fundamental characteristics of the business and ask yourself questions to build an argument that supports your valuation thesis. How does the company make money? What is its moat/competitive advantage? What are the unit economics? What is management like and how are they incentivized? What are the industry dynamics? What are the risks?
You should not include technical analysis on the admission exam, but be prepared to provide a qualitative financial analysis of the assigned company. You should also provide a brief valuation section and a specific target price supported by a simple valuation method such as peer multiples.
Your pitch should not be a “book report” summary of the company. Rather, we want to see a clear thesis that reflects your unique argument, or “variant view,” supported by both qualitative and quantitative analysis.
For further practice, we recommend reading value investing posts such as those on ValueInvestorsClub.com, 10thMan Substack, AGB Substack, etc.
How do I use comparable multiples analysis to determine a target price for a stock?
Comparable multiples analysis estimates a stock’s fair value by comparing it to similar companies (“comps”) in the same industry. First, choose the appropriate valuation multiple, such as P/E or EV/EBITDA, and understand why you’re using it. For example, P/E is commonly used for profitable companies because it focuses on equity value relative to earnings available to shareholders. Next, identify 2-3 comparable peer companies. Calculate their valuation multiples and determine the industry mean multiple. Then, apply that median multiple to your company’s financial metric.
Multiples Valuation Example:
If the company you are analyzing earns $1.00 per share (EPS) and currently trades at a 10x P/E, its current price is $10. If comparable companies trade at 15x and 20x P/E, the industry median multiple is 15x. Applying this to your company:
Target Price = Industry Median P/E × Company EPS
Target Price = 15 × $1.00 = $15
Since the target price ($15) is above the current price ($10), this would suggest the stock may be undervalued, supporting a potential buy.
Comparable multiples analysis should generally be used alongside other valuation methods and qualitative analysis, as differences in growth, risk, and capital structure can affect relative valuations. However, for the purpose of the pitch exam, a target price derived from multiples analysis is sufficient. A DCF model or other valuation approaches are not expected and typically cannot be completed within the hour.
Multiples Valuation Example:
If the company you are analyzing earns $1.00 per share (EPS) and currently trades at a 10x P/E, its current price is $10. If comparable companies trade at 15x and 20x P/E, the industry median multiple is 15x. Applying this to your company:
Target Price = Industry Median P/E × Company EPS
Target Price = 15 × $1.00 = $15
Since the target price ($15) is above the current price ($10), this would suggest the stock may be undervalued, supporting a potential buy.
Comparable multiples analysis should generally be used alongside other valuation methods and qualitative analysis, as differences in growth, risk, and capital structure can affect relative valuations. However, for the purpose of the pitch exam, a target price derived from multiples analysis is sufficient. A DCF model or other valuation approaches are not expected and typically cannot be completed within the hour.
What is a competitive advantage (economic moat)?
A competitive advantage (also called economic moat) is a durable, quantifiable, and verifiable factor that allows a company to sustain superior returns over time. It must be difficult for competitors to replicate, not something vague or easily copied. Qualities such as good customer service or good products without patents are not competitive advantages on their own, because other companies can offer the same things. A useful test is to ask: Could a new company be founded today and copy this advantage? If yes, it is likely not a true moat.
Common sources of competitive advantage include intangible assets, switching costs, network effects, cost advantages, and economies of scale. When identifying a moat, analysts should look for quantitative evidence such as sustained pricing power, high and stable margins, or consistently strong returns on invested capital, rather than relying on qualitative claims alone.
A more detailed discussion on economic moats can be found in VanEck's white paper.
Common sources of competitive advantage include intangible assets, switching costs, network effects, cost advantages, and economies of scale. When identifying a moat, analysts should look for quantitative evidence such as sustained pricing power, high and stable margins, or consistently strong returns on invested capital, rather than relying on qualitative claims alone.
A more detailed discussion on economic moats can be found in VanEck's white paper.
How can I prepare for the final round interview?
Know your exam write-up and be able to articulate your thought process. Be prepared for behavioral and basic technical banking interview questions.
The "400 Question Guide" is a great resource for practicing both behavioral and technical investment banking questions. While many of these questions are beyond the scope of our interview process, it is an excellent tool for students interested in beginning preparation for a career in high finance.
The "400 Question Guide" is a great resource for practicing both behavioral and technical investment banking questions. While many of these questions are beyond the scope of our interview process, it is an excellent tool for students interested in beginning preparation for a career in high finance.
What does a typical week look like? How much of a time commitment is Bell Tower?
Junior analysts will be assigned outside readings and exercises (~1 hour/week) and are required to be at weekly meetings (~1-2 hour/week). Additionally, you will be responsible for working on a team to create and deliver a final capstone equity research project and stock pitch. (time varies).