by Brian DeChesare Comments (27)

The Jack Bauer Guide to Investment Banking Success: 11 Reasons Why Watching 24 is Better Preparation Than Financial Modeling Classes

I get a lot of questions on how you can better “prepare” for investment banking once you land an offer, and how you can give yourself an edge once you start.

In the past I’ve suggested going to Thailand and sitting on the beach, but I now have a more formal recommendation:

Go back and re-watch all the old seasons of 24 (You can skip Season 6 – it was bad) and take notes on everything Jack Bauer does.

He could give you quite a few tips about investment banking.

(Warning: Spoilers for all seasons of 24 follow. The following may resemble an Entertainment Weekly article…)

1. Pull All-Nighters Whenever Required (But More Than Once Every 3-4 Years)

Every few years, it seems that Jack has a really, really bad day. Immediate family members die, nukes go off, planes get shot down, and his best friend turns out to be a traitor. And he’s forced to stay up for 24 hours cleaning up the mess as a result.

You’ll encounter the same challenges in investment banking, except you’ll need to pull all-nighters a lot more often than Jack does. Forget about once every 3-4 years – try once every 3-4 days (or weeks, if you’re lucky).

Stock up on the stimulant of your choice and start conditioning yourself right now.

2. Learn How to Defuse Bombs Correctly

Hypothetical scenario: 1 nuclear bomb blows up half your city, with a few undiscovered bombs remaining: what do you do?

Go find them and defuse them, just like Jack would do. Don’t know how to defuse bombs? Just get instructions over the phone and follow them precisely.

In banking, there are always fires to put out and bombs to defuse – and you must remain calm and realize that your survival and your bonus both depend on you defusing everything without causing any nuclear meltdowns.

3. Watch for the FBI Agent with the Brown Shoes

See an FBI agent whose shoe colors don’t match everyone else’s?

Yup, he’s probably a terrorist. And the only way you’ll find him is if you’re more attentive to detail than everyone else there.

If there’s a footnote that doesn’t tie, an i that’s not dotted or a t that’s not crossed, you know what to do.

4. Don’t Hesitate to Invade the Chinese Embassy to Get the Job Done

Let’s say you’re tracking a Mexican drug dealer and you need to become a heroin addict yourself to get him. Or maybe you need to invade the Chinese embassy to get the suspect you need. Or maybe you need to kill your friend to keep a terrorist alive.

How do you proceed?

You do it all, without question.

If you need to get a pitch book to your MD who’s leaving on a red-eye flight in an hour, you get it done, even if you need to speed and take a few off-road shortcuts to get to the airport.

5. Rescue the Secretary of Defense Before the Terrorists Assassinate Him

Let’s say you only have 6 minutes to stop the Secretary of Defense from being assassinated and from having the event broadcast to the world.

So you make it happen, storming into the compound and not taking “no” for an answer until you find him, kill the terrorists, and rescue him.

If it’s 6 PM and you just received word that that 100-page pitch book is needed by 6 AM, you get it done by the deadline and not a minute later – no matter how much Red Bull or yerba mate it takes.

6. Don’t Regret the Decisions That You’ve Made – Because, Sir, You Don’t

Senators in a trial are questioning your use of torture to get information out of suspected terrorists. Do you regret your decision?

“Don’t expect me to regret the decisions that I’ve made. Because the truth is, sir, I don’t.”

This one comes up when senior bankers are going over your work and asking about your analysis – is there ever any reason to say that you’re “not confident” of your numbers?

No, of course not. If you’re correct, you look bad; and if you’re wrong, you look even worse.

You should always be confident, even if you’re not always correct.

7. If You Screw Up and Let the Nuke Go Off, Take Responsibility and Clean Up Your Mess

Despite your best efforts, you couldn’t stop that nuke from blowing up a good portion of LA – so what do you do?

No, don’t cry about it – spend the rest of your day fixing your mess, even going after your father if he’s involved with the conspiracy.

If you make a major mistake and look like a fool in front of your MD, don’t try to hide it – accept it and don’t make the same mistake in the future.

8. Learn Spanish, Russian and Serbian (and Firearms, Explosives, and Resistance to Interrogation)

Don’t take my word for it: In addition to a “high proficiency with firearms, explosives, and resistance to interrogation,” Jack Bauer also knows Spanish, Russian and Serbian.

And I’m sure if he had gotten around to learning yet another language while locked in his jail cell in China, he’d certainly know how to say “Goldman Sachs” in Mandarin.

If you have the time and resources to do so, learning another language could be incredibly helpful. Even if you’re based in the US, if a lot of your clients are international you can immediately make yourself more useful and less likely to be fired if you have such a skill.

9. The President is a Traitor? If That Audio Tape Says So…

Wait, the President and his cronies are behind this plot to steal nerve gas and kill everyone? Your fellow agent is now a traitor?

Never say never. When in doubt, you need to trust the evidence – just like Jack does.

No matter how good that star intern was at spreading those comps or how confident you are of the numbers that someone else came up with, you can only be certain by going back to the evidence and checking it yourself.

10. Is He a Terrorist? No, He’s Just “Alive and Doing Something Dangerous”

Your best friend is back from the dead and helping the terrorists? Really?

You’re not sure, but you do know he’s “alive and doing something dangerous.” And there must be a reason he’s doing what he’s doing.

Never jump to conclusions. Are bonuses really going to be $0 this year? Are you getting laid off tomorrow? Is every bank rescinding their offers? Are those numbers in your LBO model correct?

Prepare for the worst and check everything you do, but don’t take action until you know one way or the other.

11. Always Have Chloe Check Your Work

You’ve just hijacked a passenger plane to get an audio tape that implicates the President in a huge conspiracy. Unfortunately, the President then finds out and decides to shoot you down with an F-18.

Where do you land? Some airstrip you just located?

No, of course not. You have Chloe check it for you and find a free 4,000 ft. strip on an LA highway you can use to land (relatively) safely.

Never trust your own work 100%. Always get a friend to look it over, because he or she is much more likely to see that you set up your sensitivity table incorrectly, or that you forgot to convert Euros to US Dollars.

Rethinking Investment Banking Preparation

So forget about the CFA, that expensive class you were going to take, or even independent study.

Just watch some TV instead.

And take notes on everything Jack Bauer does.

M&I - Brian

About the Author

Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street. In his spare time, he enjoys memorizing obscure Excel functions, editing resumes, obsessing over TV shows, traveling like a drug dealer, and defeating Sauron.

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  1. It seems that you and I have very similar tastes in TV; ‘Breaking Bad’, ‘Mad Men’, and ’24’ are all favourites of mine. Do you watch ‘Downton Abbey’? Have you seen ‘Better Call Saul’ and if yes, what did you think?

    1. Yes I have seen Downton Abbey but didn’t like it too much after the first season. I liked Better Call Saul, but not as much as Breaking Bad. I think Fargo is probably the best show currently on TV, followed by The Americans. And I do like GoT as well, though its quality fell quite a bit in season 5.

  2. Can you rephrase this without the triple negative for clarity? It reads awkwardly.

    “This one comes up when senior bankers are going over your work and asking about your analysis – is there ever any reason to say that you’re “not confident” of your numbers?

    No, of course not. If you’re correct, you look bad; and if you’re wrong, you look even worse.

    You should always be confident, even if you’re not always correct”

  3. Struggling Monkey

    Do you have any advice for analysts and/or associates in the industry who are trying to climb the ranks?

    I for one, don’t see myself as a rain-maker, which is essentially what it’s all about at the higher levels of deal making. I don’t foresee myself being decent at negotiations, influencing people, much less when it comes to originating deals.

    Any tips on the analyst/associate to progress further up the ladder by improving the above-mentioned skills required of senior bankers?

  4. This was one of the greatest entries I ever read about any topic whatsoever.

    I think this applies to every thing in life period more so to being 100% responsible for ones actions, To taking action in life, Confidence in yourself etc.

    Also I’ve been reading articles on this site for weeks. Thanks a lot for the info.

  5. Hi Brian,

    I’ve discovered ypur blog tonight and it’s kept me awake all night. I’ve been in the IB industry for more than 10 years and I agree that most of the things you say are correct at least for the analyst and associate level but the game is really a different one at the end of the day. From my perspective, M&A business ia all about convinsing a buyer to pay more and a seller to accept less but using fancy models and presentations along the process to make them feel better about their decision. This is not technical ability but a blende mixture of communication skills and empathy. After you move along high enough in the chain, the business suddenly becomes lunch and dinner meetings with important people all the time, rather than being stuffed in an office working on your eyeballs out in front of the computer.

    Just my 2 c for anyone interested in IB.


    1. thinkingmonkey

      Is Lyarar’s post a joke?

  6. […] Jack Bauer’s Guide to Investment Banking Success – from the Inquisitor’s blog, despite the title, much of the advice applies to consulting as well (especially #2, 3, 6, 7, and 9) […]

  7. I just found out one of my finals was graded wrong, so my GPA jumped from a 3.4ish to a 3.5. Do you think I could get my resume reconsidered? ( I already applied to a few banks and didn’t get any invitations)

    Also, should I include my high school under education? (I’ve heard differing accounts about this)


    1. You could try but 3.4 to 3.5 is unlikely to make a difference. No on high school.

  8. Classic post! I knew I wasn’t the only one impressed by Jack’s meticulous attention to detail when he spotted those brown shoes.

    1. The minute I saw that scene I thought, “Wow, I’d give Jack an offer on the spot, forget about interviews!”

  9. Sydney Banker

    Sweet article!! Can’t say I’m a 24 fan (the idea lost its novelty after the first season) but… maybe I should start watching it again…

    1. It’s a great distraction from work

  10. As a former Ibanker in Canada, and 24 addict, I have to hand it to you…well done!

    I’d add a #12 – Commandeer vehicles

    Need to follow an FBI agent that’s fleeing from a sceen in a false FBI get-up? No problem, flash your badge and grab the keys from the nearest run-of-the-mill agent.


    Ever had a pitch start at a client’s offices and have to place a call back to the factory to get more pitchbooks (or the right ones)? No problem. Have an analyst get the books, run out into the street and flag down the nearest car or cab. If someone’s inside, no problem, simply flash your corporate credit card (or cash) and pitchbooks and apprehend the backseat to get there in less than 2 minutes. Standing and waiting for a cab is not an option. Ever


    1. Haha that’s a great one, didn’t even think about that angle. Yeah commandeering vehicles is essential.

  11. Awesome post! Well done …

    1. Yeah I was watching the Season 7 premier and felt inspired to write this… off to a good start so far.

  12. Kudos… Jack Bauer would be all over knowing what to do at a fair/presentation. He’d probably even find a bomb to defuse. (Great way to stand out.)

    But seriously, I have a question on 2nd language proficiency. I know Spanish but don’t feel that it’s quite as useful as knowing Mandarin, German, or say French. Is this true when working in The States?

    1. Spanish is helpful but not as much as the other languages you mentioned – definitely still good to mention or point out, but since it’s so common in the US it doesn’t make you stand out as much.

    2. Bauer Fan

      Jack would bring his own bomb, just in case there wasn’t one handy to defuse. :)

      I’ve had the same question about languages, recently, though– Mandarin or Spanish? (if you’re looking at Latin America Spanish is more directly relevant than Mandarin… and I’d assume that most Chinese involved in international business will either speak English or send someone who can. So which would you really use more?)

  13. Networking

    What’s proper way to effectively network during those career fairs/presentations? I feel like it’s very difficult to stand out with everyone crowding around one or two analysts/associates. Do I just have a conversation with some of them and ask for their business card and then later follow up with them?

    1. Think about what Jack Bauer would do.

      1. …except don’t try to interrogate them….

    2. Tell them something interesting … make them remember you … it doesn’t have to be about banking … most bankers don’t care during those events they are just happy to be away from the office so if you can provide something interesting it will help your chances …

    3. Yup just ask personal questions and try not to be too generic with crap about banking/the industry etc…. try to get to know them as people rather than just trying to impress them with your knowledge of banking.

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