Introduction To Investment Banking - Career Guides #002

CAREERGUIDES.
IO INVESTMENT BANKING CAREER GUIDE: #002
Introduction to
Investment
Banking
STUDENTS | GRADUATES | PROFESSIONALS

A comprehensive 100-page introduction into the
world of investment banking careers.
Introduction to Investment Banking
Contents
05 Introduction
06 Product Groups vs Industry Groups
08 Product Groups
19 Industry Groups
33 Salaries
34 Bonuses
35 Benefits
36 Progression
37 Titles and Responsibilities
39 A Day in the Life: Analyst to Managing Director
49 Positives
50 Negatives
51 Challenges
53 Qualifications
Contents
55 Breaking In
56 Exit Opportunities
58 Interview Q&A's
61 Top 20 Bulge Bracket Investment Banks
64 Top 10 Boutique Investment Banks
67 Commercial Awareness
69 CV / Résumé
71 Powerful Bullets
72 Results-Driven
74 Cover Letter
76 The 3 "Why's"
77 Networking
79 Clients
85 Technology and Automation

Contents
87 Diversity, Equity and Inclusion
89 Regulation and Compliance
90 Conclusion
92 Disclaimer
93 Glossary
95 Further Learning
96 Useful Resources
97 Useful Links
98 You Made It!

Introduction
Investment banking is a highly specialised field within finance that involves
providing a range of services to clients, such as corporations, governments, and
other organisations.
The primary role of investment bankers is to assist clients in raising capital and
managing risk. This can include advising on financial transactions such as mergers
and acquisitions (M&A), initial public offerings (IPOs), debt and equity offerings, and
other financial restructuring activities.
Investment bankers must have a deep understanding of financial markets and

financial instruments. They must also be able to analyse complex financial data
and communicate their findings to clients in a clear and concise manner.
Investment bankers work in teams and must be able to collaborate effectively with
colleagues from different departments, such as operations, accounting, research,
and legal.
The field of investment banking is highly competitive, and success in this industry
often requires a high level of commitment, hard work, and dedication. Investment
bankers must be able to handle high-pressure situations and work long hours.
The rewards for success can be significant, however, including high salaries,
bonuses, and opportunities for career advancement.
In addition to the potential financial rewards, investment banking can also be

intellectually stimulating and offers a steep learning curve.
Investment bankers are often called upon to analyse complex financial data and
provide creative solutions to clients' financial challenges. The work can be highly
challenging, but also highly rewarding, as investment bankers are often able to
make a real impact on their clients' businesses and the broader economy.
Overall, investment banking is a highly specialised field that offers a challenging

and rewarding career for those with a strong interest in finance and a passion for
working in a fast-paced, high-pressure environment.
While the industry is competitive and demanding, the potential rewards for
success can be significant, both financially and intellectually.
WWW.CAREERGUIDES.IO 5
Industry
Groups vs
Product
Groups
Within investment banking, there are typically two main
divisions: industry groups and product groups.
Both groups play a critical role in the deal-making

process, but they focus on different aspects of the
transaction.
Industry groups, as the name suggests, are organised by

industry sectors, such as healthcare, technology, or
consumer retail. These groups have specialised
knowledge of the trends, challenges, and opportunities
within their respective industries. They work closely with
clients in their sector to develop customised solutions for
their specific needs.
Industry groups also provide strategic advice on mergers

and acquisitions, capital raising, and other transactions
within their sectors.
Product groups, on the other hand, are organised by the type of financial product
or service being offered, such as debt capital markets, equity capital markets, and
mergers and acquisitions.
These groups have expertise in structuring and executing complex financial

transactions. They work with clients across industries to provide financing, advise
on capital structure, and execute M&A deals.
Both industry groups and product groups have their own
unique advantages and challenges.
Industry groups allow bankers to develop deep expertise

in a specific sector, which can be valuable in building
long-term relationships with clients.
Product groups, on the other hand, allow bankers to

develop a broad range of skills and to work on a variety of
different transactions.
Ultimately, the decision to join an industry group or a

product group will depend on your personal interests,
career goals, and skillset.
Some investment banks offer rotational programs that

allow analysts and associates to work in both types of
groups, which can provide valuable exposure and
experience.
Product
Groups
Capital markets, mergers and acquisitions, leveraged
finance, debt capital markets, equity capital markets, and
restructuring and special situations are all specialised
areas within investment banking.
Here's a closer look at each of these areas:
Capital Markets: Capital markets professionals are

responsible for raising capital for clients through the
issuance of debt or equity securities. They work with
underwriters to structure and price securities offerings.
They also help clients with investor relations and provide
advice on capital structure and financing alternatives.
Mergers and Acquisitions (M&A): M&A professionals

advise clients on buying or selling companies. They
conduct due diligence, prepare valuations, and negotiate
deals. M&A bankers work closely with clients to
understand their strategic goals and help them identify
potential acquisition targets or buyers.
Leveraged Finance: Leveraged Finance is a type of

investment banking service that involves raising capital for
companies that have a significant amount of debt or are
looking to take on additional debt to finance growth or
strategic initiatives.
In leveraged finance, investment bankers work with companies to structure and

arrange financing packages that typically involve a combination of debt and equity,
with a focus on maximising the leverage ratio of the company.
Debt Capital Markets: Debt capital markets professionals are responsible for
raising debt capital for clients through the issuance of bonds or other debt
securities. They work with clients to structure debt offerings and help them access
debt markets at the lowest possible cost.
Equity Capital Markets: Equity capital markets
professionals are responsible for raising equity capital for
clients through the issuance of stock or other equity
securities. They help clients raise equity capital through
IPOs, follow-on offerings, and private placements.
Restructuring and Special Situations: Restructuring and

special situations professionals advise clients on
distressed debt and other special situations, such as
bankruptcy or restructuring. They work with clients to find
solutions to financial difficulties and negotiate with
creditors. These bankers often have a background in
distressed debt or bankruptcy law.
Overall, investment banking is a complex and dynamic

industry that requires specialised knowledge and
expertise in a variety of areas.
The different areas of investment banking require different

skill sets, but all require a deep understanding of finance
and the ability to work effectively in a fast-paced, high-
pressure environment.
Capital
Markets
Capital markets professionals play a crucial role in helping
companies raise capital, and they work with a wide range
of clients, including corporations, governments, and other
organisations.
In addition to the issuance of debt or equity securities,

they may also help clients with other financing
arrangements, such as project finance, asset-backed
financing, and securitisation.
The capital markets industry is highly regulated, and

capital markets professionals need to be familiar with
securities laws and regulations to ensure that their clients
comply with them.
They also need to stay up to date on market trends and

conditions to advise clients on the best financing options.
In addition to helping clients raise capital, capital markets

professionals may also provide advice on mergers and
acquisitions, divestitures, and other corporate
transactions.
Capital markets professionals also help clients manage their existing debt and
equity securities, including refinancing or restructuring existing debt, issuing new
debt or equity securities to fund growth or acquisitions, and managing stock
repurchase programs.
Last but not least, they work closely with other teams within investment banks,
such as sales and trading, to facilitate the trading of securities in the secondary
market.
Capital markets professionals play a critical role in helping companies raise capital
and manage their financial obligations, making them essential to the functioning of
the global economy.
Mergers &
Acquisitions
(M&A)
Mergers and Acquisitions (M&A) is a critical area within
investment banking, which involves advising clients on
buying, selling, or merging with other companies.
M&A professionals help clients through the entire

process, from initial strategy development to deal
completion.
In M&A, investment bankers work closely with clients to

understand their strategic goals and objectives, as well as
their industry and competitive landscape.
They then help identify potential acquisition targets or

buyers, conduct due diligence to evaluate the target's
financial and operational health, prepare valuation
models, and develop negotiating strategies.
M&A deals can take different forms, including stock

purchases, asset purchases, mergers, and joint ventures.
Investment bankers play a critical role in advising clients on the most appropriate
deal structure, as well as negotiating the deal terms and conditions.
M&A is a complex and dynamic area of investment banking, requiring a deep

understanding of finance, accounting, legal, and regulatory issues.
M&A professionals need to have strong analytical, communication, and negotiation

skills, as well as the ability to work collaboratively with clients and other advisors.
The success of an M&A deal often depends on the quality of advice and guidance
provided by investment bankers.
Leveraged
Finance
Leveraged finance is a type of financing that involves
borrowing a large amount of money, usually through the
issuance of high-yield debt, to fund the acquisition of a
company or to finance a growth initiative.
In leveraged finance, the borrower (usually a private

equity firm or a company) takes on a significant amount of
debt relative to its equity, hence the term "leveraged."
Investment banks play a critical role in leveraged finance

by underwriting and syndicating the debt, meaning they
help arrange the financing and sell the debt to investors in
the market.
Investment bankers working in leveraged finance must

have a deep understanding of debt markets, credit
analysis, and financial modeling.
One of the key advantages of leveraged finance is that it

allows companies to finance large transactions with a
relatively small amount of equity.
However, it also carries significant risks, as the high levels of debt increase the
company's leverage and decrease its financial flexibility.
As such, leveraged finance transactions require careful structuring and analysis to

ensure that the company can manage the debt and generate sufficient cash flow
to service the interest and principal payments.
Leveraged finance remains an important part of investment banking and is often

used to fund mergers and acquisitions, recapitalisations, and other strategic
transactions.
Debt Capital
Markets (DCM)
Debt capital markets (DCM) is a key area of investment
banking that specialises in raising debt capital for clients.
DCM professionals work with companies, governments,

and other organisations to issue debt securities such as
bonds, notes, and commercial paper.
The goal is to help clients access capital at the lowest

possible cost while balancing the risks and benefits of
different types of debt.
DCM professionals are involved in various stages of the

debt issuance process, starting with the initial planning
and structuring of the debt offering.
They help clients determine the appropriate size and

terms of the issuance, taking into account market
conditions and the company's financial needs and
objectives.
Once the offering is structured, DCM bankers work with

underwriters and other parties to market the debt to
investors.
This involves preparing marketing materials, identifying potential investors, and

participating in roadshows and other events to promote the offering.
They also help clients manage the pricing and timing of the issuance to maximise
investor interest and minimise borrowing costs. After the debt is issued, DCM
professionals work with clients to manage their debt portfolios and provide
ongoing advice and support. This may include refinancing, restructuring, or retiring
debt as market conditions change.
Overall, debt capital markets is an important area of
investment banking that helps clients access the capital
they need to grow and expand their businesses.
DCM professionals play a critical role in structuring and

managing debt offerings, while balancing the risks and
benefits of different types of debt to help clients achieve
their financial goals.
Equity Capital
Markets (ECM)
Equity Capital Markets (ECM) is a group within investment
banks that focuses on raising equity capital for clients
through the issuance of stocks or other equity securities.
The primary function of ECM professionals is to help

clients raise equity capital through various means such as
Initial Public Offerings (IPOs), follow-on offerings, private
placements, and convertible securities.
ECM professionals help companies go public by

structuring the IPO, developing the prospectus, and
marketing the offering to institutional investors and the
general public.
They also advise on the appropriate timing for the

offering, the valuation of the company, and the
appropriate pricing for the shares being offered.
After the IPO, ECM professionals continue to work with

the company to help them navigate the public markets
and maintain investor relations.
In follow-on offerings, ECM professionals work with existing public companies to

issue additional shares of stock to raise additional capital.
This can be done for a variety of reasons such as funding growth initiatives,
acquiring other companies, or reducing debt.
ECM professionals also work on private placements, which are offerings of

securities that are not publicly traded.
These offerings are typically made to a limited number of institutional investors.
Finally, ECM professionals also help clients issue
convertible securities, which are securities that can be
converted into shares of stock at a future date.
Convertible securities are a hybrid between debt and

equity and can be an attractive option for companies that
want to raise capital while minimising the dilution of
existing shareholders.
Overall, the role of ECM professionals is to help

companies raise equity capital in the most efficient and
effective manner possible.
They work closely with clients to understand their

financial needs and strategic objectives and provide
advice on the appropriate equity financing options.
Restructuring
& Special
Situations
Restructuring and special situations bankers work with
companies that are experiencing financial distress or
undergoing a significant change, such as bankruptcy,
reorganisation, or a merger.
Their primary role is to help companies manage their

financial obligations and restructure their debts in order to
avoid default.
This may involve negotiating with creditors, finding ways

to reduce debt, or creating a plan to reorganise the
company's operations.
In addition to advising on restructuring, these bankers also

work on distressed debt transactions, such as loan sales,
debt-for-equity swaps, or distressed asset sales.
They help clients identify opportunities to acquire

distressed assets or debt at a discount and navigate the
complex legal and financial issues involved in these
transactions.
To be successful in this field, restructuring and special situations bankers need to

have a deep understanding of finance, accounting, and legal issues related to
restructuring and distressed debt.
They also need to have strong negotiation skills, be able to work under pressure,
and have a creative problem-solving mindset to help clients find solutions to
complex financial situations.
Summary
Investment banking is a complex and dynamic industry
that requires a deep understanding of finance and the
ability to work effectively in a fast-paced, high-pressure
environment.
Investment bankers are responsible for advising and

assisting clients in a wide range of financial transactions,
including mergers and acquisitions, debt and equity
offerings, and other capital market transactions.
The different areas of investment banking require

specialised knowledge and expertise.
For example, a capital markets banker needs to

understand how to structure and price securities
offerings, while an M&A banker needs to be able to
conduct due diligence and prepare valuations.
An industry coverage banker needs to have a deep

understanding of a specific industry, such as healthcare or
technology, in order to provide specialised advice to
clients.
Regardless of the area of investment banking, all

investment bankers must possess certain skills, such as
strong analytical skills, attention to detail, and the ability
to work effectively under pressure.
Investment banking also requires excellent communication and interpersonal skills,

as investment bankers must work closely with clients, other bankers, and various
stakeholders.
Moreover, investment banking is known for its long hours and demanding work
environment. Investment bankers are often required to work late nights and
weekends, and must be able to handle high levels of stress and pressure.
However, the potential rewards of a career in investment banking, both financially

and intellectually, can be significant, and many professionals find the work to be
both challenging and rewarding. 18
Industry Groups
Investment banking is a broad field that covers a wide range of industries and
sectors. As investment bankers, professionals work closely with clients to raise
capital, facilitate mergers and acquisitions, and provide strategic advice.
Given the diverse needs of clients, investment bankers specialise in various

industries and sectors, including healthcare, technology, energy, consumer and
retail, financial institutions, real estate, and more.
Understanding the characteristics and trends of these sectors is crucial for

investment bankers to develop specialised knowledge and offer valuable insights
and solutions to their clients.
In this way, investment bankers play a critical role in driving growth and innovation
across industries, while also creating significant value for their clients and
stakeholders.
Healthcare: Investment bankers in the healthcare sector work with companies to

help them raise capital, manage M&A transactions, and navigate complex
regulatory issues. With a growing demand for healthcare services, this sector is
expected to see continued growth, especially in areas such as pharmaceuticals,
biotechnology, and medical devices.
Technology: Investment bankers in the technology sector work with companies in

areas such as software, hardware, and e-commerce, helping them raise capital,
execute M&A transactions, and develop strategic plans. With the rapid pace of
technological change, this sector is highly dynamic and presents significant
opportunities for investment bankers.
Energy: Investment bankers in the energy sector work with companies in areas
such as oil and gas, renewable energy, and utilities, helping them raise capital,
manage M&A transactions, and navigate complex regulatory environments. This
sector is highly influenced by global political and economic factors, making it
essential to stay up to date on these trends.
Consumer and Retail: Investment bankers in the consumer and retail sector work
with companies that produce and sell consumer goods, helping them raise capital,
manage M&A transactions, and develop strategic plans. As consumer preferences
and shopping habits continue to evolve, investment bankers in this sector need to
stay current on changing trends.
Financial Institutions: Investment bankers in the financial institutions sector work

with banks, insurance companies, and other financial institutions, helping them
raise capital, manage M&A transactions, and navigate complex regulatory
environments. This sector is highly regulated and influenced by economic and
political factors, requiring investment bankers to stay current on these trends.
Real Estate: Investment bankers in the real estate sector work with companies
involved in real estate development, management, and financing, helping them
raise capital, manage M&A transactions, and develop strategic plans. This sector is
closely tied to economic conditions and influenced by factors such as interest
rates and demographic trends.
Industrials: Investment bankers in the industrials sector work with companies

involved in manufacturing, construction, and engineering, helping them raise
capital, manage M&A transactions, and develop strategic plans.
Media and Entertainment: Investment bankers in the media and entertainment

sector work with companies in areas such as film, television, music, and publishing,
helping them raise capital, manage M&A transactions, and develop strategic plans.
Telecommunications: Investment bankers in the telecommunications sector work

with companies that provide wireless, cable, and other communication services,
helping them raise capital, manage M&A transactions, and navigate complex
regulatory environments.
Transportation and Logistics: Investment bankers in the transportation and

logistics sector work with companies involved in shipping, freight, and
transportation services, helping them raise capital, manage M&A transactions, and
develop strategic plans.
Agriculture and Food: Investment bankers in the agriculture and food sector work
with companies involved in farming, food production, and distribution, helping them
raise capital, manage M&A transactions, and develop strategic plans.
Defence and Aerospace: Investment bankers in the defence and aerospace

sector work with companies involved in defence contracting, aviation, and space
exploration, helping them raise capital, manage M&A transactions, and develop
strategic plans.
Healthcare
The healthcare industry is one of the largest and fastest-
growing sectors globally.
Investment bankers play a critical role in helping

healthcare companies access capital to fund research
and development, commercialise new drugs and
therapies, and expand their operations.
They also provide guidance and support to clients

navigating complex regulatory issues, such as FDA
approval processes, healthcare reform legislation, and
healthcare policy changes.
The healthcare sector encompasses a broad range of

sub-industries, including pharmaceuticals, biotechnology,
medical devices, healthcare services, and healthcare IT.
As the world's population continues to grow and age, the

demand for healthcare services is expected to increase,
driving growth in the industry.
The pharmaceutical industry is a major component of the

healthcare sector and is responsible for developing and
manufacturing drugs for a wide range of diseases and
conditions.
Investment bankers working in this area help pharmaceutical companies raise

capital to fund clinical trials and drug development, as well as advise on mergers
and acquisitions.
Biotechnology is another important sub-sector of healthcare. Biotech companies

are focused on using biological processes to develop new drugs and therapies,
often for diseases that have no known cure.
Investment bankers working in this area help biotech companies access capital to
fund research and development, as well as advise on M&A transactions.
Technology
The technology sector is a fast-growing and dynamic
industry that is constantly changing and evolving.
Investment bankers who specialize in this sector are

responsible for working with companies that are involved
in areas such as software development, hardware
manufacturing, and e-commerce.
They help these companies raise capital, execute M&A

transactions, and develop strategic plans that allow them
to remain competitive in a constantly evolving
marketplace.
Investment bankers in the technology sector need to have

a deep understanding of the industry, including its various
sub-sectors, emerging trends, and evolving regulatory
environment.
They need to be able to identify potential opportunities

for growth and development, and to help their clients
develop strategies that enable them to take advantage of
these opportunities.
This requires a combination of technical expertise,

financial acumen, and strong analytical skills.
The technology sector is known for its high growth potential and the potential for
disruptive innovation, which makes it an attractive area for investment bankers.
In recent years, there has been a surge in demand for technology services and
products, and this trend is expected to continue in the coming years.
As a result, investment bankers who specialise in the technology sector are likely
to see strong demand for their services and may have the opportunity to work on
some of the most exciting and innovative deals in the industry.
Energy
The energy sector is a crucial part of the global economy,
providing the energy that powers homes, businesses, and
transportation.
Investment bankers in the energy sector work with

companies across the entire value chain, including
exploration and production, refining and processing,
transportation and storage, and distribution and
marketing.
The sector has seen significant shifts in recent years due

to concerns about climate change, leading to an
increasing focus on renewable energy sources such as
solar, wind, and hydropower.
Investment bankers in the energy sector are playing a

critical role in helping companies to navigate these shifts,
by advising on strategic investments and helping to raise
capital for new projects.
Given the complex regulatory environment and the

importance of political and economic factors on the
sector, investment bankers in the energy sector need to
stay up to date on trends and developments.
They also need to have a deep understanding of the technical aspects of the
industry, such as exploration and production technologies, refining processes, and
energy storage solutions.
Consumer
and Retail
Investment bankers in the consumer and retail sector
work with a wide range of companies, including retailers,
consumer packaged goods (CPG) companies,
restaurants, and hospitality firms.
They help these companies with a variety of financial

transactions, including debt and equity financing, IPOs,
mergers and acquisitions, and restructuring.
Investment bankers in this sector also provide strategic

advice to companies looking to expand their businesses,
enter new markets, or launch new products.
Consumer and retail investment bankers need to have a

deep understanding of consumer behaviour and
preferences, as well as trends in the industry.
They also need to be aware of the competitive landscape

and regulatory environment.
As the retail industry undergoes significant transformation

due to the rise of e-commerce, investment bankers in this
sector need to stay current on the latest technologies
and business models that are driving this change.
In addition, they need to be attuned to the increasing demand for sustainability and
ethical business practices among consumers, and help their clients navigate these
issues.
Overall, investment bankers in the consumer and retail sector play a critical role in
helping companies succeed in a rapidly evolving industry.
Financial
Institutions
Investment bankers in the financial institutions sector
focus on advising banks, insurance companies, and other
financial institutions on strategic issues, capital raising,
and mergers and acquisitions.
This sector is highly regulated and constantly evolving

due to economic and political factors, making it essential
for investment bankers to stay current on industry trends
and regulations.
Investment bankers in this sector need to have a deep

understanding of financial markets and the regulatory
environment in which financial institutions operate.
They must also have knowledge of financial instruments

such as derivatives and structured finance products.
In addition to traditional investment banking services,

investment bankers in the financial institutions sector may
also work on regulatory compliance issues, risk
management, and capital planning.
This sector is highly competitive, and investment bankers need to be able to build
and maintain relationships with clients and other stakeholders to be successful.
Real Estate
Real estate is a broad sector that encompasses a variety
of companies involved in different aspects of the real
estate industry, including commercial and residential real
estate development, property management, and real
estate investment trusts (REITs).
Investment bankers in this sector often help companies

with fundraising, including debt and equity financing, as
well as with mergers and acquisitions.
Investment bankers in real estate need to stay abreast of

the latest trends in the industry, including changes in
regulations, demographic shifts, and emerging
technologies.
For example, the growing popularity of remote work and

e-commerce has had an impact on the demand for certain
types of commercial real estate, while changes in interest
rates can influence the availability of financing for real
estate development projects.
As such, investment bankers in this sector must be able

to navigate the complexities of real estate finance and
market conditions to help their clients succeed.
Industrials
The industrials sector encompasses a wide range of
businesses involved in the production and distribution of
goods, including manufacturing, construction, and
engineering.
Investment bankers in this sector play a crucial role in

helping these companies navigate complex challenges
such as rising costs, supply chain disruptions, and
changing consumer demands.
They also help companies raise capital through equity or

debt offerings, structure M&A deals, and develop
strategic plans for growth and expansion.
The sector is influenced by economic factors such as

GDP growth and interest rates, as well as industry-
specific factors such as government regulations and
technological advances.
Investment bankers in the industrials sector need to stay

abreast of these trends to provide their clients with the
best possible advice and support.
Media and
Entertainment
Investment bankers in the media and entertainment sector
work with companies involved in producing and
distributing content across various mediums, such as film,
television, music, and publishing.
They help these companies raise capital, structure M&A

transactions, and develop strategic plans to stay
competitive in the rapidly evolving media landscape.
As new technologies and distribution models emerge,

investment bankers in this sector must stay up to date on
changing consumer preferences and the evolving
business models of media companies.
The sector also faces unique regulatory challenges, such

as intellectual property rights and content distribution
regulations, that require specialised expertise.
With the growing demand for content across various

platforms and devices, the media and entertainment
sector is expected to see continued growth, presenting
significant opportunities for investment bankers.
Telecommuni-
cations
Telecommunications is a highly competitive and rapidly
evolving industry, with constant advancements in
technology and changes in consumer behaviour.
Investment bankers in this sector need to have a deep

understanding of the industry's trends and regulatory
environment.
They work with companies to help them raise capital

through public offerings or private placements, as well as
to facilitate mergers, acquisitions, and divestitures.
Investment bankers also help telecommunications

companies develop strategic plans to expand their
offerings or enter new markets.
The industry is heavily influenced by government

regulations, so investment bankers need to have a keen
understanding of the regulatory environment and how it
affects their clients.
Transport and
Logistics
The transportation and logistics sector is a critical part of
the global economy, and investment bankers in this
sector play a vital role in helping companies navigate the
complexities of the industry.
This sector includes companies involved in shipping

goods by air, land, and sea, as well as companies
involved in freight and transportation services.
Investment bankers in this sector work closely with clients

to identify opportunities for growth, such as expanding
into new markets, investing in new technologies, or
pursuing strategic acquisitions.
They also help clients to raise capital through IPOs, debt

offerings, and other financial instruments.
The transportation and logistics sector is highly influenced

by global economic trends, including changes in trade
policies, fluctuations in commodity prices, and shifts in
consumer behaviour.
As such, investment bankers in this sector need to stay current on these trends
and be prepared to provide clients with timely and relevant advice on how to
navigate them.
Agriculture
and Food
Investment bankers in the agriculture and food sector
work with companies involved in various aspects of the
food industry, including farming, food production,
processing, packaging, and distribution.
This sector is a critical part of the global economy, with

increasing demand for food due to population growth and
changing diets.
Investment bankers in this sector help clients with raising

capital, including debt and equity financing, to support
growth and expansion plans.
They also work on mergers and acquisitions, helping

companies buy or sell businesses to achieve strategic
objectives.
In addition, investment bankers in the agriculture and food

sector provide advice on strategic planning, helping
companies develop long-term plans to stay competitive in
a constantly changing marketplace.
This sector is influenced by various factors, such as weather patterns, supply and
demand for commodities, and government policies.
Investment bankers need to stay up-to-date on these trends and have a deep
understanding of the industry to provide effective advice and guidance to their
clients.
Defence and
Aerospace
Investment bankers in the defence and aerospace sector
work with companies involved in a wide range of activities,
including military contracting, aviation, space exploration,
and advanced technologies.
This sector is highly regulated and influenced by

government policies and global events, making it
essential for investment bankers to stay current on these
trends.
Investment bankers in this sector may work with

companies to help them raise capital for new projects or
initiatives, such as developing new military technologies
or launching a new satellite.
They may also help companies navigate complex M&A

transactions, including mergers between aerospace and
defence contractors or the acquisition of companies with
unique technologies or capabilities.
Additionally, investment bankers in the defence and

aerospace sector may assist with strategic planning and
business development, helping companies identify new
markets, products, or services to pursue.
Given the highly competitive and complex nature of this sector, investment
bankers need to have a strong understanding of the industry and the unique
challenges and opportunities it presents.
Salaries
Salaries in investment banking can be extremely high, but they can also vary widely
depending on a number of factors. One of the most significant factors affecting
compensation is the investment bank itself. Salaries at the top investment banks
tend to be higher than those at smaller or lesser-known firms.
Another factor that can influence compensation is the location of the job.
Investment banking jobs in major financial centres like New York, London, and Hong
Kong tend to pay higher salaries than those in smaller markets.
The individual's experience and qualifications also play a significant role in

determining salary. As a general rule, more experienced investment bankers tend
to earn higher salaries. Additionally, investment bankers with advanced degrees or
professional certifications such as an MBA or CFA may command higher salaries
than those without.
Furthermore, bonuses are a significant portion of an investment banker's

compensation. Performance-based bonuses can range from a few thousand
dollars to millions of dollars. The amount of the bonus is often tied to the success
of the individual banker, as well as the overall success of the bank.
In summary, salaries in investment banking can be extremely high, but they are
influenced by a variety of factors including the firm, the location, and the
individual's experience and qualifications. Bonuses are also a significant portion of
an investment banker's compensation, and can vary widely based on individual
performance and overall bank success.
Here are some rough estimates of what you might expect to earn in different
investment banking roles:
Analyst: $85,000 - $100,000

Associate: $120,000 - $250,000
Vice President: $250,000 - $500,000
Director: $400,000 - $1,000,000
Managing Director: $1,000,000+
In addition to base salaries, investment bankers often receive bonuses that can be
a significant portion of their compensation. Bonuses can range from a few
thousand dollars to millions of dollars, depending on the individual's performance
and the success of the bank.
33
Bonuses
Investment banking bonuses are typically calculated based on a percentage of the
individual's base salary and can vary widely depending on several factors, such as
the performance of the bank, the performance of the individual, and the level of
seniority of the individual.
For example, an analyst might receive a bonus of 50-100% of their base salary,
while a managing director might receive a bonus of 200-300% of their base salary
or more.
Bonuses are usually paid out annually, but they can also be paid out quarterly or
semi-annually.
They are typically determined by a combination of individual performance and the

overall performance of the bank. Factors such as revenue generated, successful
deal closings, client satisfaction, and teamwork are often taken into consideration
when determining bonuses.
Bonuses can be a significant portion of an investment banker's compensation, and

can make up more than half of their total annual income.
However, bonuses are not guaranteed and can be highly variable from year to
year, depending on market conditions and the individual's performance.
Therefore, investment bankers must consistently work hard and perform well in
order to earn high bonuses and advance in their careers.
Benefits
In addition to high salaries and bonuses, investment bankers may receive a wide
range of benefits that can add to their overall compensation package. Some of the
most common benefits include:
Health and dental insurance: Investment banks typically offer health and dental
insurance plans to their employees, which can help cover the cost of medical and
dental expenses. These plans may be partially or fully paid for by the bank,
depending on the level of coverage.
Retirement plans: Many investment banks offer retirement plans, such as 401(k) or
pension plans, which can help employees save for retirement. These plans may
include employer contributions or matching, which can significantly increase the
value of the employee's retirement savings.
Paid vacation time and holidays: Investment banks typically offer paid vacation
time and holidays to their employees, which can vary depending on the level of
seniority and the length of time with the bank.
Life insurance and disability coverage: Some investment banks may offer life
insurance and disability coverage to their employees, which can provide financial
protection in the event of an unexpected illness or injury.
Stock options or other equity incentives: Investment banks may offer stock
options or other equity incentives as part of their compensation package. These
incentives can provide employees with an ownership stake in the company and the
potential for future financial rewards.
Overall, the benefits offered by investment banks can significantly increase an

employee's overall compensation package, making the job even more financially
rewarding.
Progression
Progression in investment banking is highly structured and often follows a set
timeline.
Most analysts spend two to three years in the role before moving up to become
associates.
Associates typically spend three to four years in the role before being considered
for promotion to vice president.
Vice presidents can spend anywhere from three to eight years in the role before
being promoted to director, and directors can spend several years in the role
before being promoted to managing director.
The promotion process is highly competitive, and bankers are typically evaluated
on their performance, leadership skills, and ability to bring in new business.
They may also be evaluated on their ability to mentor and train junior bankers.
To advance in their careers, investment bankers must demonstrate a strong work

ethic, a deep understanding of finance, and excellent communication and
interpersonal skills.
They must be able to manage complex projects and work well under pressure.
Many investment bankers work long hours and weekends, and the job can be
highly stressful.
While progression in investment banking can be slow, the rewards can be

significant. Investment bankers who reach the upper ranks of the industry can earn
millions of dollars in salary and bonuses, and have the opportunity to work on
some of the largest and most complex financial transactions in the world.
Titles and
Responsibilities
01 02
Analyst Associate
Analysts are the entry-level Associates are more experienced
employees in investment banking. than analysts and can often have an
MBA or other advanced degree.
They typically have a Bachelor's
degree and are responsible for They work closely with senior
conducting research and analysis to bankers to execute transactions and
support investment banking develop new business.
transactions.
Associates have more client-facing
This includes creating financial responsibilities and often lead
models, preparing pitch-books, and teams of analysts.
conducting due diligence.
They are also responsible for
Analysts work long hours and are managing projects and client
often required to work on multiple relationships.
projects simultaneously.
Associates typically stay in this role
Most analysts stay in this role for 2- for 3-4 years before being
3 years before moving up to promoted to Vice President.
become associates.
03 04
Vice President Director
Vice presidents are senior members Directors are responsible for
of the investment banking team who managing a team of bankers and
manage transactions and client overseeing multiple transactions.
relationships.
They work closely with senior
They work with associates and management to develop and
analysts to execute deals and implement strategies for the bank.
develop new business.
Directors are also responsible for
VPs are also responsible for managing client relationships and
managing the day-to-day operations developing new business.
of the investment banking team.
They typically have 8-10 years of
They typically have 5-7 years of experience in investment banking
experience in investment banking before being promoted to this role.
before being promoted to this role.
05
Managing Director
Managing directors are the most senior members of the investment banking team.
They are responsible for managing the bank's overall strategy and for overseeing a
team of directors and other bankers.
MDs are also responsible for managing relationships with key clients and
developing new business opportunities.
They typically have 10-15 years of experience in investment banking before being
promoted to this role.
A Day in the Life:
Analyst
A day in the life of an investment banking analyst can be long and challenging, but
also exciting and rewarding.
Analysts typically work long hours, including nights and weekends, to meet tight
deadlines and support their team's efforts on multiple projects.
Here is a breakdown of what a typical day might look like for an investment banking
analyst:
7:00am - 8:00am: Analysts usually start their day by checking their email and
calendar to see what meetings or deadlines they have for the day. They may also
review news and market updates to stay current on relevant industry trends.
8:00am - 9:00am: Morning meetings are common in investment banking, so

analysts often attend team meetings or conference calls to discuss project status,
strategy, and deliverables. They may also meet with senior bankers to receive
feedback or guidance on their work.
9:00am - 12:00pm: This is a busy time for analysts, as they typically work on
project-related tasks such as financial modeling, research, and analysis. They may
also prepare pitch-books or other presentations to support the team's business
development efforts.
12:00pm - 1:00pm: Lunchtime is usually brief, and many analysts eat at their desks
while working on their projects or catching up on emails.
1:00pm - 5:00pm: Afternoons are often spent attending client meetings,

conducting due diligence, or working on other project-related tasks. Analysts may
also participate in internal training sessions or attend networking events.
5:00pm - 7:00pm: This is a common time for conference calls or meetings with
international clients, so analysts may need to stay late to participate in these calls.
They may also work on finalising presentations or completing last-minute tasks
before leaving the office.
7:00pm - 9:00pm: Analysts may continue working from home, reviewing work from
the day or preparing for upcoming meetings or presentations. They may also use
this time to attend networking events or participate in social activities with their
team.
9:00pm - 10:00pm: Many analysts try to take some time for self-care or personal
activities, such as exercise, hobbies, or spending time with friends and family.
10:00pm - 11:00pm: Before heading to bed, analysts may review their calendar and
to-do list for the next day to prepare for the upcoming workload.
Overall, the life of an investment banking analyst can be fast-paced, intense, and
challenging, but also highly rewarding and exciting.
The role requires strong analytical skills, attention to detail, and the ability to work
effectively in a team environment under pressure.
A Day in the Life:
Associate
A day in the life of an investment banking associate can vary depending on the
firm, team, and specific projects they are working on.
Generally, associates have more responsibility than analysts and work more
closely with clients, senior bankers, and other team members.
Here is a possible outline of a typical day in the life of an investment banking

associate:
8:00am - 9:00am: Arrive at the office, check emails and calendar, and prioritize
tasks for the day.
9:00am - 10:00am: Participate in a team meeting to discuss the status of ongoing

projects, review upcoming deadlines, and assign tasks to team members.
10:00am - 12:00pm: Work on a pitchbook presentation for a potential client. The

associate is responsible for creating financial models, conducting market
research, and drafting sections of the presentation. They may also coordinate with
other team members, such as analysts, to ensure all necessary information is
included.
12:00pm - 1:00pm: Take a quick lunch break or grab a bite to eat at their desk
while continuing to work.
1:00pm - 3:00pm: Meet with a client to discuss the progress of an ongoing project
or pitch a new idea. The associate may participate in client calls, prepare materials
for meetings, and help to coordinate follow-up actions.
3:00pm - 5:00pm: Continue to work on ongoing projects or assist senior bankers

with business development activities. This may include attending networking
events, conducting market research, or preparing materials for upcoming meetings
or presentations.
5:00pm - 6:00pm: Wrap up any urgent tasks, update their manager on progress,
and plan for the next day's activities.
41
6:00pm - 7:00pm: Attend team-building activities or social events with colleagues,
such as happy hours or dinners.
7:00pm - 8:00pm: Wrap up any remaining work, respond to emails, and prepare for
the next day's meetings and deadlines.
Overall, investment banking associates work long hours and are expected to be
highly skilled in financial analysis, project management, and client relations.
They are an essential part of the investment banking team, helping to drive the
success of the firm and the satisfaction of its clients.
A Day in the Life:
Vice President
Here's an example of a typical day in the life of an investment banking Vice
President (VP):
7:00am - 8:00am: The day usually starts early for a VP, who may arrive at the
office and check emails or review market news and trends.
8:00am - 10:00am: A VP may have meetings with senior management to discuss

the progress of ongoing projects, review financial models and presentations, and
strategise about new business opportunities.
10:00am - 12:00pm: The VP may have conference calls with clients or investors to
provide updates on projects, discuss potential deals, or answer questions about
the market.
12:00pm - 1:00pm: Lunchtime may be a chance to grab a quick bite or meet with
colleagues or clients.
1:00pm - 4:00pm: The afternoon may be filled with additional meetings, calls, or
work sessions to finalise pitch-books, review financial analyses, and coordinate
with team members on project timelines.
4:00pm - 6:00pm: A VP may attend networking events, business dinners, or other

social activities to cultivate relationships with clients or potential investors.
6:00pm - 8:00pm: In the evening, the VP may continue working on projects or

attend team meetings to review progress and discuss next steps.
8:00pm - 10:00pm: Finally, the VP may wrap up any outstanding work or prepare
for the next day's activities before heading home for some well-deserved rest.
Of course, the exact schedule can vary greatly depending on the individual, the
firm, and the specific projects at hand.
But generally, investment banking is a demanding and fast-paced industry that

requires a strong work ethic and the ability to multitask effectively throughout the
day. 43
As a senior member of the investment banking team, a vice president's (VP) day is
typically a mix of managing client relationships, leading transaction execution, and
overseeing the work of more junior team members. Here's a breakdown of some of
the specific tasks a VP might be expected to carry out throughout the day:
Reviewing and responding to emails: The day typically starts with checking and
responding to emails, which may include requests from clients, updates from the
team on various projects, and correspondence from other departments within the
bank.
Attending meetings: VPs are often required to attend multiple meetings

throughout the day. This could include meetings with clients to discuss potential
deals or ongoing transactions, meetings with other teams within the bank to
coordinate on projects, and meetings with more junior team members to review
progress and provide guidance.
Managing client relationships: A key part of a VP's role is managing client

relationships. This involves staying in regular contact with clients, understanding
their needs and concerns, and providing advice and guidance on potential
transactions.
Leading transaction execution: VPs are responsible for leading the execution of
transactions, which may involve working with more junior team members to create
financial models, preparing presentations and pitch-books, and liaising with legal
and other departments to ensure transactions run smoothly.
Providing guidance and mentorship: VPs are also responsible for overseeing the
work of more junior team members, providing guidance and mentorship as needed
to help them develop their skills and progress in their careers.
Analysing market trends: VPs need to stay on top of market trends and economic
developments that could impact potential transactions or client relationships. This
may involve reading industry publications, attending conferences or networking
events, and conducting research on specific industries or companies.
Working on strategy and business development: As a senior member of the

team, VPs are also involved in developing the bank's overall strategy and
identifying new business opportunities. This could include analysing potential
markets, identifying potential clients, and exploring new service offerings.
Overall, a VP's day is typically busy and varied, involving a mix of client-facing work,
transaction execution, team management, and strategic planning. It requires strong
communication skills, the ability to multitask effectively, and a deep understanding
of financial markets and investment banking best practices.
A Day in the Life:
Director
A day in the life of an investment banking director typically involves a mix of client
meetings, team management, and deal execution. Directors are responsible for
overseeing multiple transactions and managing a team of bankers, so their days
can be quite busy and fast-paced.
Here's a rough outline of what a day in the life of an investment banking director
might look like:
8:30am: The day starts with checking emails and catching up on news related to
the current deals and industries the director is covering. The director may also
have a call or meeting with senior management to discuss strategic initiatives for
the bank.
9:30am: The director may have a meeting with a client to discuss the progress of a
current deal or to pitch new business. They will present financial analysis and
valuation models and answer questions about the deal structure and potential risks
and opportunities.
11:00am: The director returns to the office and checks in with their team of
bankers, including associates and vice presidents, to discuss the status of ongoing
deals and to provide guidance and support. They may also hold a team meeting to
discuss the priorities for the day and to assign tasks.
12:30pm: The director takes a quick lunch break, usually at their desk or in a
nearby restaurant. Investment bankers often work through lunch to maximise their
productivity.
1:00pm: After lunch, the director may work on financial models and other analyses
for ongoing deals, reviewing the work of their team to ensure accuracy and
completeness. They may also review pitch-books and other marketing materials
for new deals.
3:00pm: The director may attend a meeting with other members of the bank's
senior management team to discuss the bank's overall strategy and to provide
updates on current deals and potential new business.
45
4:30pm: The director returns to the office and checks in with their team again,
answering questions and providing guidance as needed. They may also review and
approve presentations and other materials for client meetings.
6:00pm: The director may have a dinner meeting with a client or potential client,
continuing to build relationships and discuss potential deals.
8:00pm: The director returns to the office to catch up on emails and complete any
remaining tasks for the day. They may also prepare for meetings and calls
scheduled for the next day.
9:00pm: The director heads home, but they may continue working remotely,
answering emails and reviewing documents into the night.
As with other roles in investment banking, the hours can be long and
unpredictable, and directors are expected to be available for their clients and team
members around the clock.
However, directors also have more flexibility and autonomy in their schedules
compared to junior bankers, and they are typically better compensated for their
time and expertise.
A Day in the Life:
Managing Director
A managing director in investment banking typically has a varied and high-pressure
role, with responsibilities that range from managing the bank's overall strategy to
overseeing a team of directors and other bankers.
Here is an example of what a typical day might look like for a managing director in
investment banking:
6:00am: The day starts early with a review of emails and market updates, including
news on any deals that the managing director is currently working on.
7:00am: The managing director may have an early morning call or meeting with a
client to discuss a potential deal or transaction. This could involve negotiating
terms, discussing financing options, or providing strategic advice.
9:00am: After returning to the office, the managing director may meet with their
team of directors to discuss progress on current deals, review financial models,
and assign tasks.
10:00am: The managing director may have a conference call with the bank's senior
management to discuss the bank's overall strategy, potential acquisitions or
partnerships, and market trends.
12:00pm: Lunchtime meetings are common for managing directors, and may
involve networking with potential clients, meeting with current clients, or attending
industry events.
2:00pm: The managing director may spend the afternoon in meetings with
directors, analysts, and associates to review presentations and financial models
for upcoming deals, and to provide guidance and feedback.
5:00pm: As the day winds down, the managing director may have a final call or
meeting with clients to discuss progress on a deal or to provide updates on the
market. They may also review the day's work and plan for the next day's tasks.
6:00pm+: Although the managing director's official workday may end at 5:00pm, it
is not uncommon for them to continue working into the evening and on weekends
to manage deal flow, review work, and respond to client requests.
Positives
There are many positives to a career in investment banking, including:
01 02
High salaries and bonuses: Intellectual challenge:
Investment banking can be one of Investment banking requires strong
the most lucrative fields in finance, analytical skills and an ability to think
with the potential for six- and seven- creatively to solve complex
figure salaries and bonuses. problems. The work can be
intellectually stimulating and
rewarding.
03 04
Prestige: Networking:
Investment banking is often seen as Investment banking provides
one of the most prestigious careers opportunities to build relationships
in finance, and can open doors to with clients and other professionals
other opportunities and industries. in the industry, which can be
valuable throughout a career.
05
Fast-paced environment:
Investment banking is known for its
fast-paced, high-pressure
environment, which can be exciting
and energizing for those who thrive
in that kind of environment.
Negatives
Investment banking also comes with its fair share of negatives, including:
01 02
Long hours: High pressure:
Investment bankers often work long Investment banking can be
hours, including weekends and extremely high pressure, with tight
holidays, which can be challenging deadlines and high stakes
for work-life balance. transactions.
03 04
Limited creativity: High turnover:
Investment banking can sometimes The high pressure and long hours of
feel like a rigid and structured investment banking can lead to high
industry, with limited opportunities turnover rates, with many bankers
for creativity or individual leaving the industry after a few
expression. years.
05
Lack of diversity:
The investment banking industry has
traditionally been dominated by
white men, and there is still a lack of
diversity in the industry today.
Challenges
Investment banking is a challenging industry that requires a combination of skills
and expertise, as well as the ability to stay on top of market trends and economic
conditions. Some of the key challenges that investment bankers may face include:
Building relationships with clients

1.
Investment bankers must be able to build strong relationships with
clients in order to win business and execute transactions.
Managing risk
2.
Investment bankers must be able to identify and manage risk in
complex transactions, and must be able to balance the needs of
clients with the needs of the bank.
Staying up-to-date on market trends

3.
Investment bankers must be able to stay up-to-date on the latest
market trends and developments in order to provide the best advice to
clients.
Working under pressure

4.
Investment bankers must be able to work under tight deadlines and
high-pressure situations, which can be challenging and stressful.
In addition to these challenges, investment bankers also face intense competition
within the industry.
The demand for top talent is high, and investment banks are constantly recruiting
from top universities and business schools.
This means that investment bankers must be able to demonstrate exceptional skills
and achievements in order to stand out and advance their careers.
Another challenge that investment bankers face is maintaining a work-life balance.
Due to the high demands of the job, investment bankers often work long hours and
weekends, which can make it difficult to maintain personal relationships and
outside interests.
Additionally, the high stress and pressure of the job can take a toll on mental and
physical health if not properly managed.
Finally, investment bankers also face regulatory and compliance challenges.
Investment banks are subject to strict regulations and oversight, and bankers must
ensure that they comply with all relevant laws and regulations.
This can add an additional layer of complexity to transactions and require

investment bankers to stay up-to-date on a constantly evolving regulatory
landscape.
Qualifications
The qualifications required for a career in investment banking can vary depending
on the firm and the specific role, but here are some general guidelines:
Education: Most investment banks require a bachelor's degree from a top-tier

university, and many prefer candidates with a degree in finance, economics, or a
related field.
Experience: Many investment banks prefer candidates with some prior experience
in finance, such as internships or entry-level positions at other financial institutions.
Skills: Investment bankers must have strong analytical skills, attention to detail,
and the ability to work well under pressure. They must also have excellent
communication and interpersonal skills, as well as a strong work ethic.
In addition to the general guidelines mentioned, here are some more specific
qualifications and skills that may be required or preferred for different roles in
investment banking:
Analyst: Most investment banks hire analysts straight out of college, so relevant
coursework and internships can be key to landing a job. Strong quantitative and
modeling skills are essential, as well as proficiency in Microsoft Excel and
PowerPoint. Some banks may also prefer candidates with programming skills or
experience with financial databases.
Associate: Associates typically have two to four years of experience in finance,

and may have an MBA or other advanced degree. They should have strong project
management skills, and the ability to work with a high degree of autonomy.
Associates should also have strong interpersonal skills and the ability to mentor
and manage junior staff.
Vice President: Vice presidents typically have at least five years of experience in
investment banking or a related field. They should have a strong track record of
executing deals and managing client relationships, as well as the ability to lead and
mentor junior staff. VP candidates should also have excellent presentation and
communication skills.
Director: Directors typically have at least 8-10 years of experience in investment
banking or a related field, and may have an MBA or other advanced degree. They
should have a proven track record of generating new business and managing
complex transactions. Directors should also have excellent leadership skills, and
the ability to develop and implement strategic initiatives.
Managing Director: Managing directors typically have 15 or more years of

experience in investment banking or a related field, and may have an MBA or other
advanced degree. They should have a proven track record of managing large
teams and driving business growth. MDs should also have excellent
communication skills and the ability to manage relationships with key clients and
stakeholders.
Breaking In
Breaking into investment banking can be a challenging process, especially for
those with little to no background or experience in the world of finance. Some
strategies for breaking into investment banking include:
Build a strong academic record:

1.
Investment banks tend to recruit from top-tier universities and business
schools. Therefore, it is crucial to have a strong academic record.
Make sure to take relevant courses, such as finance, accounting,
economics, and mathematics. Maintain a high GPA and participate in
extracurricular activities that showcase your leadership, teamwork, and
analytical skills.
Gain relevant experience:

2.
Investment banks value candidates who have prior experience in the
financial industry. Participating in internships, co-op programs, or entry-
level positions at other financial institutions can help you gain relevant
experience and develop the skills needed for a career in investment
banking. Consider working in related fields such as private equity,
hedge funds, or consulting to gain relevant skills.
Network:
3.
Networking is crucial for getting your foot in the door in investment
banking. Attend industry events, join finance-related clubs, and reach
out to alumni and other professionals in the industry. Building
relationships with people who work in the industry can help you learn
about opportunities, get referrals, and gain insights into the industry.
Prepare for interviews:

4.
Investment banking interviews are known for being rigorous and
challenging. Therefore, it is essential to prepare thoroughly. Practice
your technical skills, such as financial modeling and valuation, and
prepare for case studies. Be able to articulate your interest in the
industry and your motivation for pursuing a career in investment
banking. 55
Exit Opportunities
Private equity
1.
Private equity firms are interested in investment bankers who possess
experience in financial analysis, due diligence, and deal-making skills.
In a private equity firm, investment bankers can work as associates,

principals, or partners, where they are responsible for evaluating
potential investment opportunities, analysing financial statements, and
negotiating deals.
Private equity firms provide an opportunity to work with companies on a

more long-term basis and can lead to a successful career path.
Hedge funds
2.
Hedge funds employ investment bankers for their analytical skills and
market knowledge.
Investment bankers working for hedge funds are responsible for

generating investment ideas, analysing financial statements, and
monitoring market trends.
A career in hedge funds can be quite lucrative, as many hedge funds

offer significant bonuses and profit sharing arrangements.
Corporate Finance
3.
Many investment bankers choose to move on to corporate finance
roles, where they use their financial skills and knowledge to help
companies manage their finances and execute transactions.
In a corporate finance role, investment bankers can work in areas such

as treasury, accounting, and strategic planning.
The work can be challenging, but it also provides an opportunity to gain

a deeper understanding of how businesses operate.
Entrepreneurship
4.
Investment bankers who have experience working with startups and
raising capital can be well-suited for entrepreneurship.
The experience of working with companies from various industries can

provide investment bankers with valuable insights into the challenges
and opportunities that different businesses face.
These insights can be invaluable when starting a business of their own.
Venture Capital
4.
Investment banking can be a good path for those interested in
transitioning into venture capital. One potential exit opportunity is to join
a venture capital firm as an associate or analyst.
In this role, you would be responsible for identifying potential

investment opportunities, conducting due diligence on companies, and
working with portfolio companies to help them grow and succeed.
Overall, while investment banking can be a challenging career, it provides

numerous exit opportunities that allow individuals to apply their skills and
experience in a variety of ways.
Interview Q&A's
Investment banking interviews can be challenging, especially for highly competitive
positions at top firms. These interviews typically involve a combination of technical
questions related to finance and investing, as well as behavioural questions that
assess a candidate's skills and experience.
It's important for candidates to come prepared with a strong understanding of

finance and investment concepts, as well as the ability to communicate their
experience and skills effectively.
However, with proper preparation and practice, candidates can increase their
chances of success in investment banking interviews.
Why do you want to work in investment banking?

This is a common interview question, and it's important to have a thoughtful and
well-reasoned answer that demonstrates your interest in the industry and your
understanding of what the job entails.
Walk me through a DCF analysis.

This is a technical question that tests your knowledge of financial modeling. Be sure
to practice your modeling skills and be able to explain the process step-by-step.
What are the key drivers of a company's valuation?

This is another technical question that tests your understanding of financial analysis.
Be prepared to discuss the key drivers of a company's revenue, expenses, and
profitability.
What are your long-term career goals?

This question tests your ambition and your ability to think strategically about your
career. Be honest about your goals, but also be sure to explain how they align with
the firm's goals and values.
How do you manage your time and prioritise tasks?
This question tests your ability to work under pressure and manage multiple
projects at once. Be sure to have specific examples of times when you
successfully managed your time and prioritised tasks effectively.
Walk me through a recent deal you worked on?

This question tests your experience in investment banking and your ability to
communicate complex information in a clear and concise manner. Be sure to
prepare a detailed description of a deal you worked on, including your role in the
transaction, the challenges you faced, and the outcome.
How do you stay up-to-date on market trends?

This question tests your knowledge of the industry and your ability to research and
analyse information. Be prepared to discuss the sources you use to stay informed
about the latest market trends and developments.
How do you handle difficult clients or colleagues?

This question tests your interpersonal skills and your ability to handle challenging
situations. Be prepared to discuss specific examples of times when you
successfully managed difficult relationships or resolved conflicts.
Why should we hire you over other candidates?

This question tests your ability to sell yourself and your skills to the interviewer. Be
sure to highlight your unique strengths and experiences that make you a strong
candidate for the position.
What do you see as the biggest challenge facing the

investment banking industry in the next few years?
This question tests your knowledge of the industry and your ability to think critically
about current and future trends. Be prepared to discuss your perspective on the
industry's biggest challenges and potential solutions.
What do you know about our firm?
This question tests your research skills and your ability to tailor your answers to the
specific firm you are interviewing with. Be sure to do your research on the firm and
have a solid understanding of its history, culture, and recent deals.
What do you think is the biggest risk facing the

industry right now?
This question tests your industry knowledge and your ability to think critically about
current events. Be sure to have a well-informed opinion and be able to articulate
your reasoning.
What are your strengths and weaknesses?

This is a common question in many interviews, but it is especially important in
investment banking, where teamwork and collaboration are essential. Be honest
about your weaknesses, but also be sure to highlight your strengths and how they
align with the job requirements.
How do you handle stress and long working hours?

This question tests your ability to work in a high-pressure environment. Be sure
to have specific examples of times when you successfully managed stress and
long working hours, and be able to explain the strategies you used to cope.
To answer these questions effectively, candidates should be prepared to provide

specific examples of their experiences, as well as examples of any results or data
that prove the final outcome or end result was a success.
After all, investment banking is a results driven industry and backing up your
responses with examples and results will ensure you stand out to the person
interviewing you.
Top 20 Bulge
Bracket
Investment Banks
Investment banking is a highly competitive industry that plays a vital role in the
global economy. The largest investment banks in the world provide a wide range
of services, including underwriting and distributing securities, advising clients on
mergers and acquisitions, and managing wealth and assets. These banks have
extensive global networks and employ thousands of professionals in various roles,
from analysts to managing directors.
Here are the top 20 largest investment banks in the world, ranked by revenue,
according to the 2021 Global Investment Banking Review by Coalition.
J.P. Morgan
1.
JPMorgan is a global financial institution that provides a wide range of
services, including investment banking, asset management, and private
banking. It is headquartered in New York City.
Goldman Sachs
2.
Goldman Sachs is a global investment banking firm that provides
services to corporations, financial institutions, governments, and high-
net-worth individuals. It is headquartered in New York City.
Bank of America Merrill Lynch

3.
Bank of America is a multinational financial services corporation that
provides a range of services, including investment banking, wealth
management, and consumer banking. It is headquartered in Charlotte,
North Carolina.
Morgan Stanley
4.
Morgan Stanley is a global financial services firm that provides
investment banking, wealth management, and institutional securities
services. It is headquartered in New York City. 61
Citigroup
5.
Citigroup is a global financial services company that provides
investment banking, commercial banking, and wealth management
services. It is headquartered in New York City.
Credit Suisse (Acquired by UBS in 2023)

6.
Credit Suisse is a global financial services company that provides
investment banking, wealth management, and asset management
services. It is headquartered in Zurich, Switzerland.
Barclays
7.
Barclays is a multinational investment bank that provides corporate and
investment banking, wealth management, and retail banking services. It
is headquartered in London, UK.
Deutsche Bank
8.
Deutsche Bank is a global financial services company that provides
investment banking, corporate banking, and wealth management
services. It is headquartered in Frankfurt, Germany.
UBS
9.
UBS is a Swiss multinational investment bank that provides wealth
management, investment banking, and asset management services. It
is headquartered in Zurich, Switzerland.
HSBC
10.
HSBC is a multinational banking and financial services company that
provides investment banking, commercial banking, and wealth
management services. It is headquartered in London, UK.
Wells Fargo
11.
Wells Fargo is a multinational financial services company that provides
commercial banking, investment banking, and wealth management
services. It is headquartered in San Francisco, California.
Societe Generale
12.
Societe Generale is a French multinational investment bank that
provides corporate and investment banking, asset management, and
62
private banking services. It is headquartered in Paris, France.
BNP Paribas
13.
BNP Paribas is a French multinational bank that provides investment
banking, corporate banking, and wealth management services. It is
headquartered in Paris, France.
Macquarie Group
14.
Macquarie Group is an Australian multinational investment bank that
provides financial services to corporations, governments, and
individuals. It is headquartered in Sydney, Australia.
Mizuho Financial Group

15
Mizuho Financial Group is a Japanese multinational banking and financial
services company that provides investment banking, commercial
banking, and asset management services. It is headquartered in Tokyo.
Mitsubishi UFJ Financial Group

16.
Mitsubishi UFJ Financial Group is a Japanese multinational financial
services company that provides investment banking, commercial
banking, and asset management services. It is headquartered in Tokyo.
Nomura
17.
Nomura Holdings is a Japanese multinational financial services
company that provides investment banking, asset management, and
retail banking services. It is headquartered in Tokyo, Japan.
Natixis
18.
Natixis is a French multinational financial services company that
provides investment banking, corporate banking, and asset
management services. It is headquartered in Paris, France.
Royal Bank of Canada (RBC)

19.
RBC is a Canadian financial services company that provides a wide
range of services, including commercial and investment banking,
wealth management, and insurance.
Jefferies
20.
Jefferies is a US-based investment bank that provides a range of
financial services, including advisory, capital markets, and asset
63
management.
Top 10 Boutique
Investment Banks
Boutique investment banks are small to mid-sized financial institutions that offer
specialised services to clients. They often focus on a specific industry or niche and
provide tailored advice and solutions to their clients. Despite their smaller size,
boutique investment banks can be highly effective in providing expert guidance and
execution on complex transactions.
Boutique investment banks typically focus on providing advisory services for

mergers and acquisitions, restructuring, and other strategic transactions. They
tend to work with smaller companies or on smaller deals than the larger
investment banks. However, they often have more specialised expertise in certain
industries or types of transactions, and can provide more personalised attention to
clients.
Here are the top 10 boutique investment banks based on the 2021 Global
Investment Banking Review by Coalition.
Evercore
1.
Founded in 1995, Evercore is a global independent investment banking
advisory firm that provides advice on mergers, acquisitions,
divestitures, restructuring, and other strategic transactions. The firm is
headquartered in New York and has offices in North America, Europe,
South America, and Asia. In addition to its advisory services, Evercore
also manages private equity and real estate investment funds.
Moelis & Company

2.
Founded in 2007, Moelis & Company is a global independent
investment bank that provides financial advisory services to
corporations, governments, and institutional investors. The firm's
services include mergers and acquisitions, capital raising, and
restructuring. Moelis & Company is headquartered in New York and has
offices in North America, Europe, the Middle East, Asia, and Australia.
Rothschild & Co.
3.
Founded in 1809, Rothschild & Co is a global investment banking firm
that provides mergers and acquisitions, restructuring, and strategic
advisory services to corporations, governments, and individuals. The
firm is headquartered in Paris and has offices in North America, Europe,
Asia, and the Middle East.
Lazard
4.
Founded in 1848, Lazard is a global investment banking firm that
provides financial advisory services to corporations, governments, and
individuals. The firm's services include mergers and acquisitions,
restructuring, and capital raising. Lazard is headquartered in New York
and has offices in North America, Europe, Asia, and Australia.
Houlihan Lokey
5.
Founded in 1972, Houlihan Lokey is a global investment banking firm
that provides mergers and acquisitions, capital markets, restructuring,
and valuation services to corporations, governments, and institutions.
The firm is headquartered in Los Angeles and has offices in North
America, Europe, Asia, and Australia.
PJT Partners
6.
Founded in 2015, PJT Partners is a global investment banking firm that
provides strategic and financial advice to corporations, financial
sponsors, and governments. The firm's services include mergers and
acquisitions, restructuring, and capital raising. PJT Partners is
and Asia.
Greenhill & Co.

7.
Founded in 1996, Greenhill & Co. is a global independent investment
bank that provides financial advisory services to corporations,
governments, and institutions. The firm's services include mergers and
acquisitions, restructuring, and capital raising. Greenhill & Co. is
Asia, and Australia.
Centerview Partners
8.
Founded in 2006, Centerview Partners is a global investment banking
firm that provides financial advisory services to corporations,
governments, and financial sponsors. The firm's services include
mergers and acquisitions, restructuring, and capital raising. Centerview
Partners is headquartered in New York and has offices in North
America, Europe, and Asia.
Perella Weinberg Partners

9.
Founded in 2006, Perella Weinberg Partners is a global independent
investment banking firm that provides financial advisory services to
corporations, governments, and institutions. The firm's services include
mergers and acquisitions, restructuring, and capital raising. Perella
Weinberg Partners is headquartered in New York and has offices in
North America, Europe, Asia, and Australia.
Allen & Company

10.
Founded in 1922, Allen & Company is a boutique investment banking
firm that provides financial advisory services to corporations,
governments, and individuals. The firm's services include mergers and
acquisitions, restructuring, and capital raising. Allen & Company is
headquartered in New York and has offices in North America and
Europe. The firm is known for its work in the media and entertainment
industries.
Commercial
Awareness
To be a successful investment banker, commercial awareness is an essential skill
to have. Having a deep understanding of the markets and the industries you are
working with allows you to provide valuable insights and recommendations to
clients. Commercial awareness involves staying up-to-date on current events,
understanding your clients and their competitors, attending industry events, and
asking questions. By developing commercial awareness, investment bankers can
better anticipate market movements and provide strategic advice that helps their
clients achieve their goals.
Stay up-to-date on current events

1.
Investment bankers need to have a comprehensive understanding of
the financial markets and broader economic trends. This means
keeping up-to-date with the latest financial news, including major
geopolitical events, policy decisions, and corporate developments. A
few reputable sources to follow include the Financial Times,
Bloomberg, and The Wall Street Journal. Social media platforms like
Twitter and LinkedIn can also be valuable resources for real-time
updates.
Understand your clients

2.
Investment bankers work closely with clients to understand their
business objectives and help them achieve their goals. As such, it is
essential to develop a deep understanding of your clients' businesses,
their competitors, and the industry in which they operate. This requires
regular research and analysis of industry reports, company filings, and
market trends. It's also important to develop relationships with key
stakeholders at client companies to gain insight into their strategic
vision.
Attend industry events
3.
Industry events such as conferences, seminars, and trade shows are
great opportunities to network and gain knowledge about trends and
developments in the industry. Investment bankers should prioritise
attending industry events and conferences to stay informed about new
technologies, emerging markets, and other key topics. Additionally,
investment bankers can build valuable relationships with other industry
professionals and potential clients at these events.
Ask questions
4.
Being curious and asking questions is an essential part of developing
commercial awareness. Investment bankers should be willing to ask
questions, both internally and externally, to gain a deeper
understanding of the market and the companies they work with. This
means asking clients about their strategic objectives, speaking with
colleagues about market trends, and seeking out mentorship and
guidance from more experienced professionals in the industry. By
being proactive and curious, investment bankers can develop a more
comprehensive understanding of the markets and their clients, which
can help them be more effective in their roles.
Utilise industry resources

5.
There are many resources available to investment bankers to stay up-
to-date on industry news and trends. These include financial
publications like the Wall Street Journal and Bloomberg, as well as
research reports from industry analysts.
Network with industry professionals

6.
Networking with other professionals in the industry can be a great way
to gain insights into different markets, industries, and companies.
Attend industry events and conferences, join professional
organisations, and connect with other professionals on LinkedIn.
Understand regulatory requirements

7.
Understand regulatory requirements: Investment banking is a highly
regulated industry, and it is important to stay up-to-date on regulatory
changes and requirements. Understanding these regulations and how
they impact the industry can help you develop a deeper understanding
of the broader economic and business context. 68
CV / Résumé
Crafting a strong CV is an essential step in the job application process for
investment banking positions. One key tip is to tailor your CV to the job you are
applying for.
This means highlighting the skills and experiences that are most relevant to the
specific role, such as financial modeling, deal execution, or client management.
Another important tip is to emphasise your achievements in previous roles, using

bullet points and concrete examples to demonstrate your impact and results.
It's important to keep your CV concise, typically no more than one page for
students and no more than two pages for junior professionals, and to use a clean
and professional format that is easy to read and scan quickly.
Consider including relevant coursework on your CV if you are a recent graduate, as

this can demonstrate your knowledge of key finance and accounting concepts.
Overall, a strong CV can help you stand out to potential employers and increase
your chances of landing an investment banking offer.
Tailor your CV to the job

1.
Investment banking roles can vary significantly in terms of the specific
skills and experience required. Therefore, it's important to tailor your
CV to the job you're applying for. Review the job description and
identify the key requirements, then highlight relevant experience and
skills in your CV. This could include any previous internships,
coursework, or extracurricular activities that demonstrate your
knowledge of finance and accounting.
Emphasise your achievements
2.
Investment banking recruiters are looking for candidates who can
demonstrate strong quantitative skills and a track record of achieving
results. Use bullet points to highlight specific achievements in previous
roles, such as completing a complex financial analysis project or
exceeding sales targets. Wherever possible, use data and numbers to
quantify your achievements and demonstrate your impact.
Keep it concise
3.
Investment banking recruiters typically receive a large volume of
applications, so it's important to keep your CV concise and easy to
read. Your CV should be no more than two pages long, and you should
use a clear and easy-to-read font. Use bullet points and short
paragraphs to break up dense blocks of text, and avoid using jargon or
overly technical language.
Use a professional format

4.
Your CV is your first opportunity to make a good impression on
investment banking recruiters, so it's important to use a professional-
looking format. Use a clean, modern layout with plenty of white space,
and use clear headings and bullet points to make your CV easy to read.
Avoid using too many different fonts or colours, and use a consistent
format throughout.
Include relevant coursework

5.
If you're a recent graduate or have limited work experience, including
relevant coursework on your CV can demonstrate your knowledge of
finance and accounting. This could include coursework in financial
modeling, accounting, or corporate finance. Be sure to highlight any
projects or assignments that demonstrate your skills and knowledge in
these areas.
Powerful Bullets
Using powerful bullet points that begin with action verbs is a great way to make
your CV more impactful and engaging.
Here are some examples of action verbs that can be used to start bullet points in
an investment banking CV:
Generated: Generated $X in revenue by leading a team of analysts in the

successful execution of a merger and acquisition transaction.
Analysed: Analysed financial data to develop a comprehensive valuation model for

a client's IPO, resulting in a successful offering that raised $X.
Managed: Managed due diligence process and identified key risks in a potential
investment, resulting in a more informed investment decision and avoiding potential
losses.
Conducted: Conducted market research and developed a pitch-book to secure a

$X financing deal for a client.
Led: Led the creation of financial models for multiple high-profile M&A transactions,
resulting in successful deals with a combined value of $X.
Initiated: Initiated and developed relationships with new clients, resulting in $X in

new business.
Mentored: Mentored and trained a team of analysts, resulting in improved

performance and increased efficiency in project execution.
Collaborated: Collaborated with cross-functional teams to ensure successful

project execution and delivery within tight deadlines.
Conducted: Conducted extensive industry research and analysis to identify

potential investment opportunities, resulting in a successful investment that
generated a return of $X.
Developed: Developed and implemented strategies to improve the efficiency of

the investment banking team, resulting in a X% increase in productivity.
Results-Driven
Using results-focused bullet points is an effective way to showcase your
accomplishments and demonstrate the impact you had in previous roles.
Here are some tips for creating results-focused bullet points:
Start with an action verb: Begin each bullet point with a strong action verb that
describes the specific task or accomplishment.
Quantify your results: Whenever possible, use numbers to quantify your

accomplishments. For example, instead of saying "improved sales," say "increased
sales by 20%."
Focus on outcomes: Emphasise the outcomes and benefits of your

accomplishments, such as increased revenue, cost savings, or improved
efficiency.
Tailor your bullet points to the job description: Look at the job description for the
role you're applying to and tailor your bullet points to highlight the skills and
experience that are most relevant.
Here are some examples of results-focused bullet points for an investment

banking resume:
Conducted financial modeling and analysis, resulting in the successful

completion of $XX million IPO for a technology company.
Assisted in the execution of $XX billion merger between two major

pharmaceutical companies, including the preparation of presentation materials
and financial analysis.
Led due diligence efforts for a $XX million leveraged buyout of a consumer
goods company, resulting in successful acquisition and integration.
Developed and maintained financial models for a $XX billion private equity fund,
including investment tracking, performance analysis, and reporting to LPs.
Collaborated with senior bankers to secure $XX million in financing for a
renewable energy project, including developing marketing materials and
coordinating with investors.
Conducted market research and analysis for a $XX million acquisition of a

healthcare technology company, resulting in successful deal execution.
Worked on a team to execute a $XX million secondary public offering for a

biotech company, including the preparation of SEC filings and marketing
materials.
Prepared pitch materials for potential clients, resulting in successful

engagements and new business for the investment banking team.
Assisted in the due diligence process for a $XX million debt restructuring for a
large hospitality company, resulting in successful negotiations and
restructuring.
Provided ongoing financial analysis and support to a portfolio of private equity

clients, resulting in successful investments and strong returns for investors.
Cover Letter
Your cover letter is a crucial part of your application for an investment banking job.
It's your chance to make a strong first impression and explain why you're the best
fit for the role.
Here are some tips for writing a strong cover letter:
Research the company

1.
Before you start writing your cover letter, research the investment
bank, specifically the role you're applying to.
Look at their website, social media channels, and any news articles
about the company. This will help you understand their values, goals,
and the type of clients they work with.
Explain why you're a good fit for the role

2.
Use your cover letter to explain why you are a good fit for the specific
role you are applying for.
Highlight your relevant experience and skills, and provide specific

examples of how they could benefit the firm.
Show your enthusiasm

3.
Use your cover letter to demonstrate your passion for finance and
investment, and your excitement about the opportunity to work for the
firm.
Talk about why you are interested in the industry, and why you want to
work for this particular firm.
Keep it professional
4.
While it's important to showcase your personality, it's also important to
keep your cover letter professional.
Avoid using slang or overly casual language, and make sure your letter
is well-structured and easy to read.
Edit and proofread

5.
Make sure to edit and proofread your cover letter carefully before
submitting it, to ensure it's free of errors and typos.
A simple hack is to print it out and read through it with a pen. You'll be
more likely to spot any mistakes or errors this way.
Keep it concise
6.
Your cover letter should be no more than one page long, and should be
easy to read and scan quickly.
A good rule of thumb is to ensure it's between 50% and 80% of one
page. Not less, not more.
The 3 "Why's"
The "Why the company? Why the division? Why you?" approach is a popular
method of structuring a cover letter for investment banking roles.
It involves answering three key questions:
Why the company?

1.
Explain why you are interested in working for the specific company you
are applying to.
This could include a particular aspect of the company's culture, values,

or mission statement that resonates with you, or a specific project or
initiative that the company is currently undertaking that you find
interesting.
Why the division?

2.
Explain why you are interested in working in the specific division or
team that you are applying to.
This could include a particular area of the investment banking industry

that you find fascinating, or a specific skill set or area of expertise that
you have that you believe would be a good fit for the division.
Why you?
3.
Explain why you are the right candidate for the role.
This could include your relevant education and work experience, any
relevant certifications or qualifications, and your skills and attributes
that make you a strong candidate for the role.
Be sure to provide specific examples of how your skills and experience

align with the requirements of the role.
By addressing these three questions in your cover letter, you can demonstrate your
understanding of the company and the role you are applying for, and highlight why
you are the best candidate for the job.
Networking
Networking is an important part of breaking into the investment banking industry, as
it can help candidates make valuable connections and learn more about the
industry.
Some tips for effective networking in asset management include:
Attend industry events

1.
Attending industry events provides an opportunity to meet industry
professionals and gain insights into industry trends, best practices, and
developments.
It's essential to prepare for these events by researching the attendees,

developing a list of potential contacts to meet, and preparing an
elevator pitch that highlights your skills and interests.
Follow up with the people you meet after the event to keep the
connection going.
Join industry organisations

2.
Joining industry organisations can provide access to valuable resources
such as job postings, educational resources, and networking
opportunities.
It's essential to get involved in the organisation by attending events,

participating in discussions, and volunteering for committees or
projects.
Use your personal network

3.
Don't underestimate the power of your personal network.
Reach out to friends, family, and acquaintances who may have

connections or experience in the industry.
They may be able to provide valuable introductions or advice.

Leverage social media
4.
LinkedIn is a valuable tool for networking in investment banking.
It provides an opportunity to connect with industry professionals and

join relevant groups and communities.
It's essential to optimise your LinkedIn profile by highlighting your skills,

education, and work experience.
Engage with others in the industry by commenting on posts, sharing

relevant content, and reaching out to potential contacts.
Reach out to alumni

5.
Reaching out to alumni from your college or university who work in
investment banking can provide valuable networking opportunities.
It's essential to research alumni who work in the industry, prepare a

personalised message that highlights your shared background, and ask
for an informational interview or mentorship.
Keep the connection going by sending updates on your progress and

expressing gratitude for their time and advice.
Volunteer or intern
6.
Volunteering or interning at an investment bank can provide valuable
hands-on experience and networking opportunities.
Even if the position is unpaid, it can be a valuable investment in your

future career.
Remember, effective networking is about building genuine connections with people

and showing a genuine interest in the industry.
Be authentic and respectful in your interactions, and always follow up with a thank-
you note or email after any networking event or conversation.
Clients
Investment bankers need to work with a diverse set of clients, ranging from large
corporations to government entities and financial institutions. Building strong
relationships with clients is critical to success in this field.
Here are some tips for understanding and working with clients:
Understand their goals: Investment bankers need to work closely with clients to
understand their goals, objectives, and needs. This requires taking the time to ask
questions, listen carefully, and analyse the situation from the client's perspective.
By understanding what the client wants to achieve, investment bankers can tailor
their advice and recommendations accordingly.
Build trust: Trust is critical in any business relationship, and this is especially true in
investment banking. Clients need to know that they can trust their investment
bankers to act in their best interests and provide sound advice. To build trust,
investment bankers need to be transparent and honest in their communications,
and avoid any conflicts of interest.
Communicate effectively: Investment bankers need to be able to explain complex

financial concepts and ideas in a clear and understandable way. This requires
strong communication skills, both verbal and written. Investment bankers also need
to keep their clients informed throughout the transaction process, providing regular
updates and answering any questions or concerns that may arise.
Be responsive: Investment bankers need to be responsive to their clients' needs

and concerns, and be willing to go the extra mile to ensure their satisfaction. This
may mean working long hours, responding to calls or emails outside of normal
business hours, or traveling to meet with clients in person. By demonstrating a
willingness to be responsive, investment bankers can build strong relationships
with their clients that can last for years.
Corporations
Investment bankers work with corporations to help them
achieve their financial goals, whether that's raising capital,
acquiring another company, or restructuring their
operations.
To work effectively with corporations, investment bankers

need to have a deep understanding of their industry, as
well as the company's unique strengths, weaknesses, and
opportunities.
This requires a combination of research and analysis, as

well as regular communication with the company's
management team.
In addition to helping corporations with specific

transactions, investment bankers also provide ongoing
strategic advice and guidance.
This may involve helping the company identify new growth

opportunities, manage risk, or navigate regulatory and
compliance issues.
By developing strong relationships with their corporate

clients, investment bankers can become trusted advisors
and partners, helping companies achieve long-term
success.
Governments
Investment bankers also work with governments on a
wide range of financial issues, including debt
management, privatisation, and infrastructure projects.
Governments often have complex financial needs and

challenges, and investment bankers must be able to
provide creative solutions that balance the needs of
various stakeholders.
Working with governments also requires a deep

understanding of the political and regulatory environment,
as well as an ability to navigate complex legal and
financial structures.
Investment bankers must be able to communicate

effectively with government officials at all levels, and
develop strong relationships that can withstand changes
in political leadership.
Financial
Institutions
Investment bankers work with a wide range of financial
institutions, including banks, insurance companies, and
asset management firms.
These clients often have complex financial needs, such

as raising capital, managing risk, and expanding their
operations.
To work effectively with financial institutions, investment

bankers must have a deep understanding of the
regulatory environment, as well as the unique challenges
facing each institution.
They must also be able to provide creative solutions that

balance the needs of various stakeholders, including
investors, customers, and regulators.
In addition to transactional work, investment bankers also

provide ongoing strategic advice and guidance to financial
institutions.
This may involve helping the institution identify new growth opportunities, manage
risk, or navigate regulatory and compliance issues.
By developing strong relationships with their financial institution clients, investment

bankers can become trusted advisors and partners, helping these institutions
achieve long-term success.
Entrepreneurs
Entrepreneurs can also be a valuable client for investment
bankers, especially for boutique firms that specialise in
working with startups and small businesses.
Investment bankers can offer valuable advice to

entrepreneurs on various aspects of their business,
including fundraising, mergers and acquisitions, and exit
strategies.
One of the main areas where investment bankers can help

entrepreneurs is in fundraising.
Starting and growing a business requires capital, and

investment bankers can help entrepreneurs raise the
money they need to get their business off the ground or
take it to the next level.
This can involve connecting entrepreneurs with venture

capitalists or angel investors, or helping them prepare for
an initial public offering (IPO) or other types of financing.
In addition to fundraising, investment bankers can also

help entrepreneurs with mergers and acquisitions (M&A).
For startups and small businesses, M&A can be an important growth strategy, as it
allows them to acquire new technologies, expand into new markets, or achieve
economies of scale.
Investment bankers can help entrepreneurs identify potential acquisition targets,

conduct due diligence, negotiate the deal, and raise the necessary capital to
finance the acquisition.
Summary
Overall, working with a wide range of clients is a critical
part of an investment banker's job.
Investment bankers must be able to develop deep

relationships with their clients, and become trusted
advisors and partners in achieving long-term success.
This requires strong analytical skills, excellent

communication and interpersonal skills, and a deep
understanding of the client's business, industry, and
goals.
Investment bankers must also be able to work under tight

deadlines and manage multiple priorities, while always
putting the client's interests first.
Technology and
Automation
The investment banking industry has been utilising technology and automation to
streamline operations and improve efficiency.
One major area where technology is being utilised is in data analytics and
processing.
Investment banks are using machine learning and artificial intelligence algorithms to
analyse large amounts of data and identify trends, patterns, and insights.
This helps banks make more informed investment decisions and provides clients
with better advice.
Another area where technology is being used is in the trading process. Automated
trading algorithms can execute trades faster and more efficiently than human
traders, and can also react to market changes more quickly.
This has led to the rise of algorithmic trading and the use of robo-advisors in wealth
management.
Investment banks are also using technology to improve communication and

collaboration with clients.
Virtual meeting tools and digital platforms are allowing banks to connect with
clients in real-time, regardless of location.
Additionally, blockchain technology is being explored as a way to streamline and

secure financial transactions.
While the use of technology and automation has led to many benefits in the
investment banking industry, it has also raised concerns about job displacement
and the impact on human decision-making.
As technology continues to advance, investment banks will need to strike a

balance between utilizing technology to improve operations and maintaining the
human element of financial advice and decision-making.
Trading and Markets
1.
Technology has greatly impacted trading and markets in investment
banking. Electronic trading platforms have replaced traditional trading
pits, and high-frequency trading algorithms now account for a
significant portion of market activity. Automation has also enabled the
development of complex financial products that are traded through
these platforms. Additionally, advancements in artificial intelligence and
machine learning have allowed for more accurate prediction of market
trends and risks.
Operations and Back Office

2.
Investment banks have also implemented technology and automation in
their operations and back-office functions. For example, robotic
process automation (RPA) has been used to automate repetitive tasks,
such as data entry and reconciliations, reducing errors and freeing up
employees to focus on higher-value tasks. Investment banks have also
adopted cloud-based technologies to improve data management,
security, and scalability.
Risk Management
3.
Technology has revolutionized risk management in investment banking.
Advanced analytics and machine learning algorithms are used to
assess market and credit risk, and to monitor compliance with
regulatory requirements. Automation has enabled real-time monitoring
of trading activity, and the ability to quickly detect and respond to
anomalies or potential breaches.
Client-Facing Activities
4.
Technology has also impacted client-facing activities in investment
banking. Digital platforms have made it easier to access information
and interact with clients remotely, reducing the need for in-person
meetings. Investment banks have also developed mobile applications
that provide clients with real-time market information, investment
advice, and other services. Additionally, investment banks have
leveraged data analytics to gain insights into clients' behavior and
preferences, and to develop personalized investment strategies.
Diversity, Equity
and Inclusion
The investment banking industry is beginning to recognise the importance of
diversity, equity, and inclusion (DEI) in the workplace. To ensure a fair and inclusive
environment, investment banks are taking various steps to promote DEI.
Investment banks are focusing on creating an environment where diversity is

valued and respected, and employees from different backgrounds and
experiences feel included and supported.
Investment banks are striving to increase the representation of underrepresented

groups in the industry, including women, people of colour, and individuals from
diverse socio-economic backgrounds.
One way investment banks are working to promote DEI is by placing a greater
emphasis on recruiting and retaining diverse candidates. Investment banks
recognise that recruiting and retaining a diverse workforce is critical to their
success, as diverse teams bring a range of perspectives and experiences that can
lead to more innovative solutions.
Investment banks are also creating a more inclusive culture that supports diversity,
where employees can feel comfortable being themselves and contributing to the
company's success.
In addition to recruiting and retaining diverse candidates, investment banks are

providing training and education on DEI issues, both to employees and clients.
Investment banks recognise that understanding DEI issues is critical to creating a
fair and inclusive workplace and to building relationships with clients.
Investment banks are also working to increase the diversity of their suppliers and
vendors, and to support diverse-owned businesses. This effort is known as
supplier diversity and aims to promote greater economic opportunities for
underrepresented groups.
Finally, investment banks are engaging with the broader community to promote DEI
and to support initiatives that promote equity and inclusion. Investment banks
recognise that their actions and influence extend beyond their own organisation,
and that they have a responsibility to promote equity and inclusion in the broader
community.
Investment bankers who are committed to DEI and who can help their clients
navigate these issues are likely to be valued by both employers and clients. By
promoting DEI in the workplace and in the broader community, investment banks
can create a more fair and inclusive industry that benefits everyone.
Regulation and
Compliance
Regulation and compliance are important issues in investment banking, as firms
must comply with a variety of laws and regulations governing the industry. Some of
the key laws and regulations that investment banks must comply with include:
Dodd-Frank Act
1.
The Dodd-Frank Act, passed in the wake of the 2008 financial crisis,
introduced a range of reforms aimed at promoting financial stability and
protecting consumers.
Securities and Exchange Commission (SEC)

2.
The SEC is responsible for enforcing securities laws and regulating the
securities industry. Financial Industry Regulatory Authority (FINRA):
FINRA is a self-regulatory organisation that oversees the activities of
broker-dealers in the United States.
Financial Industry Regulatory Authority

3. (FINRA)
FINRA is a self-regulatory organization that oversees the activities of
broker-dealers in the United States.
Basel III
4.
Basel III is a set of global regulatory standards aimed at strengthening
banks' capital and liquidity positions.
Conclusion
We hope that this guide has provided you with a comprehensive overview of the
industry and the various roles within it, as well as the qualifications and skills
needed to succeed.
We encourage you to continue learning about investment banking and to take

advantage of the many resources available to help you develop your skills and
advance your career.
In conclusion, investment banking is a highly competitive field, and breaking into

the industry can be challenging. However, with dedication and effort, it is possible
to land a rewarding and lucrative career in this exciting and dynamic industry.
Aspiring investment bankers need to have a combination of skills, experience, and
networking to increase their chances of success.
One important factor is having a strong understanding of the various roles, sectors,
and trends in the industry. This knowledge can help individuals decide which area
they want to specialise in and can also help them identify the skills and experience
that investment banks value in their candidates.
By doing research and networking with professionals in the industry, aspiring

investment bankers can gain valuable insights into the field and make informed
decisions about their career path.
Another crucial aspect of breaking into the investment banking industry is

developing the skills and experience that employers value. Investment banks
typically look for candidates with a strong academic background, excellent
analytical skills, and the ability to work well under pressure.
Furthermore, experience in finance, accounting, or related fields can be highly

beneficial (though ultimately are not necessary). Internships and other forms of
work experience can also help individuals gain exposure to the industry and
develop relevant skills.
Building relationships with professionals in the industry can provide valuable

guidance and mentorship, as well as potential job opportunities. Attend industry
events, join professional organisations, and take advantage of alumni networks to
meet and connect with investment banking professionals.
While investment banking is a demanding field that requires a significant
commitment of time and energy, it can be highly rewarding and fulfilling for those
who are passionate about finance and willing to put in the work.
Aspiring investment bankers should be prepared to work long hours, sometimes

under tight deadlines and high-pressure situations.
However, for those who thrive in this type of environment, investment banking can
offer exciting opportunities for professional growth and financial success.
Lastly, if you are interested in pursuing a career in investment banking, it is

important to be persistent and patient.
Breaking into the industry can be challenging, but with hard work, determination,
and a commitment to continuous learning and growth, you can achieve success.
Remember to network, stay up-to-date on industry trends and developments, and

seek out opportunities for professional development and growth.
And most importantly, remember that the investment banking industry is built on
trust and integrity, so always prioritise honesty and transparency in your work.
Disclaimer
It is important to note that this guide is intended to provide general information
about investment banking careers, and should not be construed as professional
advice.
Investment banking is a complex industry with many different career paths and
investment strategies, and individual circumstances may vary.
The information provided in this guide is subject to change and may not be
accurate or complete.
The investment banking industry is constantly evolving, with new regulations,

technologies, and strategies emerging all the time.
Readers should always seek out the most up-to-date information and stay abreast
of industry trends in order to make informed decisions about their career.
Furthermore, while this guide provides general information about investment

banking careers, it cannot take into account an individual's unique circumstances or
goals.
It is important to conduct thorough research and consult with a professional

advisor before making any decisions regarding a career in investment banking.
A professional advisor can provide personalised guidance based on an individual's

specific situation and goals.
In summary, while this guide can provide a helpful starting point for those
interested in pursuing a career in investment banking, it is important to conduct
further research, stay up-to-date on industry trends, and seek the advice of a
professional advisor before making any decisions.
Glossary
Acquisition: The process of one company buying another company.
Bond: A fixed income security where an investor loans money to an entity for a
fixed interest rate and period.
Capital: The money used to fund a company's operations or investment activities.
Corporate finance: The division of a financial institution that works with

corporations to raise capital and manage investments.
Derivative: A financial contract that derives its value from an underlying asset.
Due diligence: The process of investigating a company or investment opportunity

to evaluate its financial health and potential risks.
Equity: Ownership in a company or asset, represented by shares of stock.
Financial modeling: The process of creating a mathematical representation of a

company's financial performance.
Hedge fund: An investment fund that uses a variety of strategies to generate

returns for investors.
Initial mandate: A contract signed between a client and an investment bank to

initiate an advisory or underwriting service.
Investment bank: A financial institution that assists corporations and governments

in raising capital through underwriting and advisory services.
IPO: Initial public offering, the first sale of stock by a company to the public.
Leveraged buyout: The purchase of a company using a significant amount of debt

financing.
Mergers and acquisitions: The process of combining two or more companies

through a merger or acquisition.
Pitch-book: A presentation or document created by investment bankers to pitch
potential clients.
Private equity: Capital invested in companies that are not publicly traded, usually
with the aim of acquiring a controlling stake.
Public company: A company whose shares are publicly traded on a stock

exchange.
Restructuring: The process of reorganizing a company's operations, management,

or finances to improve its performance or profitability.
Roadshow: A series of meetings between investment bankers and potential

investors to market a company’s securities.
Securities: Financial instruments that can be traded, such as stocks, bonds, and
options.
Sell-side: The part of an investment bank that deals with selling securities to
clients.
Shareholder: A person or entity that owns shares of stock in a company.
Syndicate: A group of investment banks that work together to underwrite and sell
securities.
Trading: The buying and selling of securities with the aim of making a profit.
Underwriting: The process of guaranteeing the sale of securities by purchasing

them from the issuing company.
Valuation: The process of determining the value of an asset, company, or

investment opportunity.
Venture capital: Capital invested in startups or early-stage companies with high

growth potential.
Wall Street: A metonym for the financial district in New York City, home to many
investment banks and other financial institutions.
Yield: The return on an investment, usually expressed as a percentage of the

amount invested.
Further Learning
If you are interested in learning more about investment banking, there are a wide
variety of resources available. Some of the key resources include:
01 02
Books Professional
organisations
"The Investment Banking Handbook"
by J. Peter Williamson and David H. The Association for Corporate
Pyle Growth
"Investment Banking Explained: An The National Investment Banking

Insider's Guide to the Industry" by Association.
Michel Fleuriet
The International Association of
"Liar's Poker" by Michael Lewis Mergers and Acquisitions
Professionals (IAMAP)
03
The Securities Industry and Financial
Markets Association (SIFMA)
The M&A Leadership Council

Conferences and events
04
There are a number of conferences
and events for investment bankers,
including The Global Investment
Banking Networking Conference,
The Annual Investment Banking
Online courses
Conference, The Mergers and
The Investment Banking Institute
Acquisitions Conference and The
offers a range of courses on
Financial Services Forum.
investment banking topics, including
financial modeling, valuation, and
M&A.
Useful Resources
There are many resources available to help candidates prepare for a career in
investment banking, including:
Vault
1.
Vault is a comprehensive resource that provides career advice,
rankings of top investment banks, and company reviews, among other
resources. It is a great starting point for those looking to learn more
about the industry and to get an idea of which investment banks may
be the best fit for them.
Wall Street Oasis

2.
Wall Street Oasis is an online community for finance professionals that
provides access to forums, job listings, and other career resources. It
can be a valuable tool for networking and learning from others in the
field.
LinkedIn
3.
LinkedIn is an essential resource for networking and job searching in
the investment banking industry. It allows users to connect with other
professionals in their field, to showcase their skills and experience, and
to search for job openings. Many investment banks use LinkedIn to find
and recruit new talent, making it a critical tool for those looking to
break into the industry.
In addition to these resources, there are many other industry publications,

websites, and forums that can provide valuable information and networking
opportunities for candidates interested in a career in investment banking. It's
important for candidates to stay informed on industry developments and to
continue learning and building their skills and knowledge throughout their careers.
Useful Links
This list of additional resources may be useful as you explore investment banking:
Investment Banking Institute: https://www.ibtraining.com/
Association for Corporate Growth: https://www.acg.org/
National Investment Banking Association:

https://www.nationalinvestmentbankingassociation.com/
Vault: https://www.vault.com/
Wall Street Oasis: https://www.wallstreetoasis.com/
CFA Institute: https://www.cfainstitute.org/
Financial Industry Regulatory Authority (FINRA): https://www.finra.org/
Mergers & Acquisitions (M&A) Advisor: https://www.maadvisor.com/
Dealogic: https://www.dealogic.com/
PitchBook: https://pitchbook.com/
Thomson Reuters: https://www.thomsonreuters.com/
Mergermarket: https://www.mergermarket.com/
Bloomberg: https://www.bloomberg.com/
S&P Global Market Intelligence: https://www.spglobal.com/marketintelligence/
Investment Banking Association of America: https://www.ibaa.org/
Chartered Alternative Investment Analyst (CAIA) Association: https://caia.org/
Financial Women's Association (FWA): https://fwa.org/
Note: All URLs are subject to change over time.

97
You Made It!
Thank you for dedicating your time to reading this career guide on sales & trading
careers.
We sincerely hope that it has provided you with valuable insights and helped you
gain a better understanding of this dynamic industry.
If you found this guide helpful, we have many more career guides available on our
website (and lots in the pipeline) covering a wide range of industries.
Our website, www.careerguides.io, is a comprehensive platform for all of our

guides, as well as additional articles and resources.
We encourage you to visit our website regularly and stay up-to-date on the latest
career trends in order to continue your career growth and development.
Sign up to our newsletter (via our website) to never miss an update. By subscribing,
you'll receive snippets of the latest guides and career resources delivered straight
to your inbox. You'll also be able to vote on which future career guides we create
and publish.
You can also follow us on LinkedIn and Instagram (tag us!) to stay connected and
receive updates on new guides and resources.
Once again, we thank you for reading this guide and look forward to providing you
with more career resources in the future.
For more information and resources, please visit our website at

www.careerguides.io.
Your positive feedback makes us smile, whilst your constructive criticism enables
us to improve our platform. Both are extremely welcome.
Please email any feedback to feedback@careerguides.io.
Which Guide Will
You Read Next?
Explore more of the best career guides on the internet at www.careerguides.io.
99
Career Guides
The most comprehensive introductory career guides on the internet.
Explore our growing collection of guides and resources at:
www.careerguides.io

Introduction To Investment Banking - Career Guides #002

Uploaded by

Copyright:

Available Formats

Introduction To Investment Banking - Career Guides #002

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Introduction To Investment Banking - Career Guides #002

Uploaded by

Copyright:

Available Formats

CAREERGUIDES.

IO INVESTMENT BANKING CAREER GUIDE: #002

STUDENTS | GRADUATES | PROFESSIONALS

06 Product Groups vs Industry Groups

37 Titles and Responsibilities

39 A Day in the Life: Analyst to Managing Director

61 Top 20 Bulge Bracket Investment Banks

64 Top 10 Boutique Investment Banks

85 Technology and Automation

89 Regulation and Compliance

98 You Made It!

Investment bankers must have a deep understanding of financial markets and

In addition to the potential financial rewards, investment banking can also be

Overall, investment banking is a highly specialised field that offers a challenging

Both groups play a critical role in the deal-making

Industry groups, as the name suggests, are organised by

Industry groups also provide strategic advice on mergers

These groups have expertise in structuring and executing complex financial

Industry groups allow bankers to develop deep expertise

Product groups, on the other hand, allow bankers to

Ultimately, the decision to join an industry group or a

Some investment banks offer rotational programs that

Here's a closer look at each of these areas:

Capital Markets: Capital markets professionals are

Mergers and Acquisitions (M&A): M&A professionals

Leveraged Finance: Leveraged Finance is a type of

In leveraged finance, investment bankers work with companies to structure and

Restructuring and Special Situations: Restructuring and

Overall, investment banking is a complex and dynamic

The different areas of investment banking require different

In addition to the issuance of debt or equity securities,

The capital markets industry is highly regulated, and

They also need to stay up to date on market trends and

In addition to helping clients raise capital, capital markets

M&A professionals help clients through the entire

In M&A, investment bankers work closely with clients to

They then help identify potential acquisition targets or

M&A deals can take different forms, including stock

M&A is a complex and dynamic area of investment banking, requiring a deep

M&A professionals need to have strong analytical, communication, and negotiation

In leveraged finance, the borrower (usually a private

Investment banks play a critical role in leveraged finance

Investment bankers working in leveraged finance must

One of the key advantages of leveraged finance is that it

As such, leveraged finance transactions require careful structuring and analysis to

Leveraged finance remains an important part of investment banking and is often

DCM professionals work with companies, governments,

The goal is to help clients access capital at the lowest

DCM professionals are involved in various stages of the

They help clients determine the appropriate size and

Once the offering is structured, DCM bankers work with

This involves preparing marketing materials, identifying potential investors, and

DCM professionals play a critical role in structuring and

The primary function of ECM professionals is to help

ECM professionals help companies go public by

They also advise on the appropriate timing for the

After the IPO, ECM professionals continue to work with

In follow-on offerings, ECM professionals work with existing public companies to

ECM professionals also work on private placements, which are offerings of