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Business & Professional Services Investment Banking: Can You Outsource Yourself?

Back when offshore outsourcing was first making waves, many people started asking the same question: “So, when will they outsource investment banking analysts and associates? How hard could it be to hire someone else to make pitch books?” Many banks outsourced portions of the role (see: “Knowledge Process Outsourcing” roles in India as one example), […]
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Investment Banking in Calgary: Advise on Multi-Billion Dollar Energy Deals and Still Get the Weekends Off?

If you want to work on energy deals, Canada is a good place to start. And within Canada, most of the action is in Calgary – from both the Big 5 Canadian banks and the bulge bracket banks. Sure, energy deals do take place in other locations, but it’s hard to beat Calgary for the […]
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Internet and New Media Investment Banking: Something Old Meets Something New

If you tweet, they will retweet. And if the big banks and the old school sectors are no longer “hot,” bankers will start up dozens of smaller boutiques… …All focused on one of the hottest sectors around: internet and new media. Sure, we’ve covered the TMT sector before, but this sub-sector deserves special treatment because […]
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Space & Satellite Investment Banking: The Best Way to Meet Elon Musk and Get a Free Shuttle to Jupiter?

Space. The final frontier. These are the voyages of the… OK, OK, never mind, back to your cubicle now. You’ll never make it into outer space if you go into a standard investment banking role, but you might come close if you join the space & satellite advisory group. Even if you don’t win free tickets […]
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Food and Beverage Investment Banking: The Best Way to Have Your Cake and Eat It, Too?

There’s one product that fuels investment banking analysts and associates above all else: Red Bull. And, to a lesser extent, takeout ordered from GrubHub Seamless / America To Go. So what could be better than advising the companies that help you survive your job on a daily basis? Nothing, really, which is what makes the […]
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Infrastructure Investment Banking: How to Buy and Sell Airports, Stadiums, and More

From our coverage of public finance (Part One, Part Two), or “municipal securities” as it’s called at some firms, you learned all about issuing bonds and responding to requests for proposals (RFPs). And if DCM and the capital markets are for you, public finance is a great place to be. But if you’re more into […]
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Construction & Engineering Investment Banking: The Best Way to Build a Strong Finance Foundation?

So far in the industrials space, we’ve covered quite a bit about capital goods (ex: aerospace & defense) and transportation (ground transport and maritime transport). But before you begin transporting goods or producing aircraft, you need to build the factory, freeway, or entire city in the first place. And that’s where the construction, technical services, and […]
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Chemicals Investment Banking 101: Walter White Meets Gordon Gekko?

If you want to make more money than you know what to do with, nothing beats becoming a drug dealer and using your knowledge of chemistry to build a crystal meth empire. Sure, you might have to kill a few dozen people on your way to the top, dodge multiple assassins, and take out some […]
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Power & Utilities Investment Banking: The Most Electrifying Group Ever?

So far in this series on natural resources groups, we’ve covered metals and mining, alternative energy/clean technology, and oil and gas… which means there’s only one group left to tackle: power & utilities. When you hear “utilities,” you might think “boring, predictable dividend stocks [that fall in the value category of a zephyr chart]” – […]
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Oil & Gas Investment Banking: More Money Than Big Oil and Big Banking Combined?

If there’s one coverage group that’s even more desirable than metals and mining, it just might be oil & gas investment banking. Not only do you see some of the biggest deals with the world’s largest companies, but you also learn new accounting techniques, valuation methodologies, and maybe even something about petroleum engineering. Everything within […]
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The Industrials Group (Part Three): Maritime Shipping Investment Banking

Last time around, we looked at how you transport capital goods and products on the ground via trucking, railroads, and everything in between. But sometimes oceans, or at least very large lakes and rivers, separate your cargo from its final destination. Barring the ability to walk on water, you’ll have to use maritime shipping to […]
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Transportation & Logistics Investment Banking: The Industrials Group, Part 2

When you hear “industrials,” your first thought might be manufacturing and mechanical equipment. And then there’s aerospace & defense, which is really just another type of… very large mechanical equipment. But after you get done manufacturing all this heavy-duty equipment, you still need to transport it to its final destination – and this is where […]
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Sports Investment Banking: The Best Way to Advise Manchester United *and* the Golden State Warriors?

One of the benefits of working in a media & telecom group in banking is that you also get to work with sports teams and leagues: after all, what media baron would pass on the chance to own a few of their own sports franchises? So you’ll see lots of sports teams and leagues owned […]
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Media & Telecom Investment Banking: The Best Way to Advise Companies In Pursuit of World Domination?

Elliot Carver, the CEO of the fictitious Carver Media Group and the nemesis in the movie Tomorrow Never Dies, once said, “Welcome to the new world order, Mr. Bond. Churchill had his armies; Caesar had his legions; I have my divisions.” And it’s easy to see why he was right: media and telecom is quite […]
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Clean Tech Investment Banking: Work in Finance Without Corrupting Your Soul?

Are you a sellout for reading this blog? Bankers don’t have a great reputation, unless it’s a reputation for models, deals, pitch books, and the occasional memory of blowing their bonuses on one night at a fancy Manhattan night club. But bankers in the clean technology sector are of a different breed – you might […]
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Metals & Mining Investment Banking: Got Divested Gold Mines?

Any solid group should have two things: big deals and lots of them. A colleague of mine once put it more colorfully: “I’m not a big deal. I just close them.” Most bankers would agree that they got into the field to affect great change in a sector through strategic decisions (e.g. mergers and acquisitions) […]
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Technology Investment Banking: Bubbles, Failed IPOs, and Unprofitable Billion-Dollar Companies?

If you want to lose a lot of money very quickly, few sectors can beat technology during a bubble. Not only can you potentially lose your life savings on spectacular failed IPOs, but you might even get lucky and invest in a company with no revenue and no profit that somehow still gets acquired for $1 billion. And […]
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The Financial Sponsors Group: Masters of the Financial Universe, or Humble Servants of PE Firms and Hedge Funds?

While much of the terminology used in finance contradicts itself, there’s a special amount of confusion over four groups in particular: Leveraged Finance, Debt Capital Markets, Financial Institutions, and Financial Sponsors. They all have “Finance” or “Capital” in their titles somewhere, and we’ve covered 3 out of 4 of them before… So today we’re going […]
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Public Finance, Part 2: A Day in the Life, Deals and Modeling, Exit Opportunities and More

Still confused after reading Part 1 of this series on public finance? Don’t worry: you are not alone. When I was speaking with our interviewee the first time around, I got the big picture idea of just how different corporate finance and public finance are… But I also wanted more details of what you do […]
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Healthcare Investment Banking: The Best Place to Check In When Other Bankers are on Their Career Death Beds?

Tony Soprano once said to his shrink after a particularly grueling session: “I came here today to tell you, in all seriousness, that I’m done.” And maybe in this crazy economy you’re also done: you’re going to leave your current finance job to pursue sanity and stability. So you’d better be thinking about healthcare investment […]
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Bridges, Broadband, and Bankrupt State Governments: How to Break Into Public Finance

“Public finance? What is public finance?” I was staring at a reader email from back when I started M&I, and I had no clue what he was asking about. “Finance” was investment banking, private equity, and hedge funds… and maybe a few other areas like equity research and trading, right? Who would want to advise […]
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Real Estate Investment Banking 101: Location, Location, Location

You’ve heard those words plenty of times when it comes to real estate – whether you’re just casually interested or you fully intend to become the next real estate guru. And if you overlook the occasional housing crisis or three, you can see why the real estate market is so essential to all sorts of […]
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Financial Institutions Groups (FIG) 101: Got Book Value?

If you want to be a bit different from all the other bankers out there, financial institutions coverage just might be for you: Valuation is completely different. You need to understand the finer points of accounting and spot small details. No one else outside of FIG understands what’s going on. And hey, you might even […]
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Apparel, Appliances, and Advisory: What You Do in the Consumer Retail Group at an Investment Bank

  Whenever the economy sinks and consumer confidence falls, pundits come out of the forest and start talking about consumer spending and just how much the damage will be. You might think that only matters if you happen to own your own jewelry, appliance, or sporting goods store – or you’re looking for discounts at […]
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Industry Groups vs. Product Groups: Got Exit Opps?

“Yo, M&A is the best, right?” “Why would you ever take an industry group over M&A or Leveraged Finance? Don’t you want to buy entire countries when you move into PE?” “If you’re not modeling you’ll get bottom-tier bonus!” Ah, yes: the industry group vs. product group debate. Just like the debate over cardio vs. […]
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Planes, Trains and Capital Equipment: What You Do In the Industrials Group at an Investment Bank

One question I’ve gotten a lot over the years is what different groups at a bank do. Yes, everyone knows that M&A is supposedly more technical than other areas, but what about other industry and product groups? Some of that has been answered with coverage of ECM and related groups – and today we’re going […]
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