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Kison Patel is the founder and CEO of Chicago-based Diligence Management Software, which uses Agile principles to innovate and modernize the financial industry. As a former M&A consultant with more than a decade of experience, Keeson evolved after seeing firsthand some deep, industry-wide structural problems and inefficiencies.
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The investment banking role is one of the most demanding professions in the wider financial sector.
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Big investment banks have a steady streak that most firms can only aspire to – giving their employees a tantalizing mix of intellectual prowess and prestige.
But investment banking is not limited to Wall Street. There are now thousands of investment banks across the United States.
In this article, we will look at some specific advantages, disadvantages and what to expect from a career in investment banking.
Investment banking is an advisory-oriented division of a bank involved in large financial transactions, typically involving companies, organizations, investment funds and governments.
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Initially, this involves having investment bankers value the company, which determines its opening price on the public index of its choice, as well as taking care of all compliance matters.
From there, investors arrange IPO road presentations for investors and put together sales documents for listed companies to present to these investors.
Finally, before the IPO itself, investors often (but not always) write an agreement to ensure that the opening price reaches a certain level.
The largest source of income for investment banks, and the one for which they are best known, is through the advisory services they provide for mergers and acquisitions.
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Almost every M&A deal involves at least one investment bank, and the biggest ones often involve different groups.
When companies and governments want to issue debt – usually in the form of fixed debt structures such as corporate and government bonds, respectively – they turn to investment banks to spread the debt in the market and help set their terms. Debt (interest, term, etc.)
Investment bankers typically use high-quality research as a Trojan horse (ie as an excuse for high-value work) to indicate where opportunities may lie in the market for the employing party, be it a company, foundation or government.
Although it is undoubtedly a challenging and exciting career, the pay is usually the reason most people choose a career.
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The number of candidates applying for investment banking roles each year indicates that the profession has the highest number of applicants.
In 2021, when Goldman Sachs last disclosed job application data, it received 19,000 applications for 440 jobs in its European graduate program and 100,000 applications for 2,900 global internships.
As a result, you are looking at just under 100 shows for each role. The recruitment rate here is around 1-2%.
By this rough measure, a career in investment banking is considered the best career around. It is also for certain personality traits (see section below).
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An investment banker’s salary can be unusually attractive. But the industry is also known for employee burnout and disengagement due to poor work-life balance.
According to Careerexplorer, bankers rate their career satisfaction at 2.7 out of 5 stars, which puts them in the top 9% of their careers.
“What I like most is that I can help guide some of the discussions around risk. When we start thinking about a new business or business opportunity, I help shape how we view risk and help us structure our thinking to get us in the right place . I have to ask a lot of questions and come up with the right questions to look at, which makes this part exciting.” (link).
“You walk across the floor and hear people speaking Japanese, Korean, Cantonese, Mandarin and English. “There are many different cultures represented here.”
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The best part, Michel added, is that colleagues are empathetic, no matter what language they speak
“The idea that I could be the CEO for five to six years is really exciting. It wouldn’t surprise me if in 20 years I’m still working at Chase. I found a lot of things I didn’t even know I was looking for in a company both career and group. “The amount of work I’ve been able to contribute and how it’s impacted our customers and our business still amazes me six years later.” (link). What are the roles?
When you advise clients, you need experts in the field. That’s where investment analysts come in – often specializing in one or more industries.
These analysts become subject matter experts (for example in oil and gas, or telecommunications and media) who help put together sales documents and advise clients in these industries throughout the process.
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This partner is primarily a bridge between the investment analysis team and senior members of the investment bank.
Sometimes, they are clients, but most of it involves being a senior leader in the work that investment analysts do – reviewing sales documents and quotes, making sure everything looks good enough to present to a client (or, first, seniors). Banker … see below).
These individuals – sometimes colloquially known as “rainmakers” – promote investment bank sales and closings.
Investment banks spend a lot of money to make sure they get the best senior bankers in the industry – usually those with large client contact lists and experience closing deals.
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The size of the deal, even at the lower end of the market – taking just a few percentage points – means that investment banks are making huge sums of money, much of which is generously shared among bankers.
Regardless of the size of the investment bank, units fall into one of four categories. In ascending order of responsibility, these include analyst, vice president, assistant director, and manager.
Inevitably, salaries for these positions vary from bank to bank, and the higher the profile of the investment banker, the higher the salary.
There is a technical limit here, and it is difficult not only to see how quickly it adds up, but also how to calculate the exact numbers.
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You could be enjoying six figures within a year or two. From there, it depends on your bargaining power.
The first two are mainly the jobs of junior investment bankers (analysts), and the further you advance in your career in investment banking, the more time you spend selling and negotiating.
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It also helps with good business sense. Blue investment banks often use group interview techniques where they look at how you interact with other people and understand your point of view.
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For example, they can propose several investments and decide which of the group to send to the investment committee.
Their HR director just sits and watches what happens while they argue their point of view with people they just met a few minutes ago.
Investment banking does not have a specific career path, but investment bankers tend to have quantitative degrees.
Increasingly, this means that engineering and physics graduates are finding their way into the profession, but for the most part they are being recruited from traditional fields such as economics, finance, business and management.
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Of course, there is no harm in being from a prestigious school (in fact, it is a distinct advantage), but it is not an absolute necessity.
“Personality” isn’t usually a topic you’d expect to find in an industry career guide, but few would argue that it doesn’t deserve a place in an investment banking career guide.
The demands of the profession – as stated above – are very taxing and it is simply not a profession for everyone.
In short, investment banks are always looking for ambitious, high performers under intense pressure.
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Fortunately, this is changing, and not before long. Arguably, women already occupy top positions at top investment banks, with Sunny Harford as president of UBS Asset Management.
There is still a long way to go, of course, but it is another manifestation of the macho personality that is so prevalent in traditional investment banking that it still lingers in some corners of the industry.
The best proof of what you need for a career in investment banking is experience in investment banking.
That’s why blue-chip investment banks offer (paid) internships to screen candidates who want to join their ranks.
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