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Sometimes, it’s easy to forget that this site started off all the way back in 2007 being 100% about investment banking.

But the article count doesn’t lie: a large plurality of articles and coverage on M&I is still related to good ol’ investment banking, despite financial crises, economic downturns, and the vilification of bankers now deeply embedded in mainstream culture.

Since there are hundreds of articles on investment banking, we’ve broken it down by the 3 major categories – recruiting, on the job, and groups and regions – and then divided each one of those into sub-categories (and sometimes, sub-categories within sub-categories).

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Investment Banking Spring Weeks: The Full Guide

If you go by most online discussions, investment banking spring weeks in the U.K. are as essential as oxygen or high grades if you want to work at a large bank. Unfortunately, there’s a lot of “group think” here, driven by endless forum threads and student groups over-hyping and over-marketing the concept. Banks are also […]
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2024 Investment Banker Salary and Bonus Report: The Ugly, the Ugly, and the Ugly

You could say that investment banker salaries and bonuses have been “disappointing” for the past few years. The issue isn’t so much that they’re bad by historical standards, but that they rose sharply due to inflated deal activity in 2020 – 2021 and then fell just as sharply. I’ll provide commentary on all this, including […]
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How to Get an Investment Banking Internship

If you want to know how to get an investment banking internship, it’s simple: Start very, very early and have a great “Plan B” if something goes wrong. The IB internship recruiting timeline is now so insane that even mainstream news sources like the Wall Street Journal are writing about it (“The Race Is On […]
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Bulge Bracket Banks: 2024 Edition

I never expected to revisit the topic of bulge bracket banks so quickly because the full list changes slowly, and we updated it a few years ago. But the events of 2023, including the UBS acquisition of Credit Suisse and the rise of firms like Wells Fargo, Jefferies, and RBC, have shaken up the traditional […]
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The CFA for Investment Banking: Do the New Changes Make It Worthwhile?

I’ve now been writing about finance careers for almost 20 years, and the topic of the CFA for investment banking never seems to die. I first criticized the CFA in a 2009 article, which generated a lot of angry comments. Not much has changed since then. People online still argue about the merits of the […]
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Capital Markets vs. Investment Banking: Deals, Careers, Recruiting, Exits, and Offer Decisions

Even though we’ve covered industry groups vs. product groups and teams such as M&A, ECM, DCM, and Leveraged Finance, we continue to get questions about capital markets vs. investment banking. The questions usually go like this: Are capital markets teams (ECM, DCM, and LevFin) “real” investment banking? Do you work or get paid less in […]
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No Return Offer from an Investment Banking Internship: What to Do

Almost nothing is worse than recruiting for investment banking internships, winning an offer, preparing, completing the internship, and then not getting a return offer. After putting in all that time and effort, you feel like you’re back at square one. Unfortunately, it’s also quite common: in some years, over 50% of interns fail to get […]
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Public Service Announcement: Please Stop Using ChatGPT for Email

Normally on this site, I write about a mix of careers, sectors within finance, financial modeling topics, and current events. This week, though, I am posting a public service announcement. Please stop using ChatGPT for email – or learn to use it correctly so you don’t write horrible emails that sink your career. Over the […]
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Investment Banking League Tables: Neutral Arbiter of Bank Rankings or Marketing Manipulation?

If you want to find investment banking league tables, it’s easy: Google the term and add a specific region, industry, or year you’re interested in: “Investment banking league tables us healthcare [20XX]” For faster results, use Image Search to scan the results and find relevant-looking tables. Plenty of mainstream sites and services like the Financial […]
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Investment Banking in Dubai: The New York of the Middle East?

Investment banking in Dubai stands out for attracting remarkable hype on social media. You’ll find influencers on Instagram, TikTok, LinkedIn, and other sites constantly praising Dubai and claiming it’s the best place to work or start a business. It’s almost like the city has its own PR department and never-ending marketing campaign. If you’re interested […]
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Investment Banking in Singapore: The Best Gateway to Asia for the Non-Chinese?

I’ve found that two main groups care about investment banking in Singapore: Students who are from Southeast Asia and are considering whether they want to work in Singapore, NY, London, or other places. People who want to work in Asia but have no chance of winning an offer in Hong Kong and see Singapore as […]
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Metals & Mining Investment Banking: The Full Guide to Ground Zero for the Energy Transition

Metals & mining investment banking used to be a “sleepy” group. Many people viewed the sector as a short, poorly dressed cousin of oil & gas, but concentrated in places like Canada and Australia. The two industries have a lot in common, but in the current cycle, different forces are driving mining – such as […]
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The Full Guide to Investment Banking Assessment Centers

Over time, investment banking recruiting has become more impersonal with developments like HireVue interviews, online tests, and recruiters conducting the initial screens. People often complain about how it’s impossible to make a “good first impression” in a pre-recorded video or when speaking to a hapless recruiter. Ironically, though, the most personal part of the recruiting […]
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The Buy-Side vs Sell-Side: Useful Categories in the Finance Industry, or Marketing Hype?

The buy-side vs sell-side distinction/debate is interesting because it happens on the internet and in real life. With other topics – such as “target schools” or “elite boutiques” – few people use the terms in-person. In fact, it would be quite weird if you spoke one of these terms aloud in an interview. But everyone […]
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Investment Banking in Australia: Impossible Barriers to Entry, or the Best Place for a Long-Term Finance Career?

When it comes to investment banking in Australia, it’s easy to find complaints online. These complaints center on a few aspects of the banking industry there: Recruiting – People often claim that it’s much more difficult to win interviews and job offers, that nepotism is widespread, and that there aren’t many “side doors” into finance. […]
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Investment Banking Target Schools: Lists by Region and What to Do If You’re Not at One

One topic that I’ve never fully explained on this site is the investment banking target school. There are countless references to “target schools” in the articles and interviews, and we assume everyone understands the term. But that’s not always the case, and it gets confusing because target schools differ by region (U.S. vs. Europe vs. […]
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Investment Banking in Hong Kong: The Financial Center of the Future World Order?

The first thing to understand about investment banking in Hong Kong is that it’s unlikely you’ll ever be able to work in investment banking in Hong Kong. In the 1990s and 2000s, bankers from other regions could transfer to HK or start their first jobs there without a strong connection to the region or Asian […]
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Investment Banking in London: Equally Attractive Alternative to New York?

In addition to Prime Ministers that serve for only 44 days and questionable weather/food, the United Kingdom is also known as a global hub for investment banking. Many would argue that investment banking in London is second only to New York in terms of compensation, exit opportunities, deal flow, and “prestige.” Banks in London advise […]
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Investment Banking in Canada: Promising Career Launchpad, or Wintry Wasteland to Avoid?

We covered investment banking in Canada a long time ago on this site, but things have changed over time – and the original article was light on details and numbers. Although there are some advantages to IB in Canada, it’s almost always better to start a finance career in the U.S. or U.K. I can […]
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How to Write a Finance Internship Resume with No Work Experience

There has always been a catch-22 with most finance jobs: to gain the right experience, you need the right experience first. If you want an investment banking internship, you need a previous investment banking internship, usually at a smaller firm. If you want a sales & trading internship, you need previous trading experience. And as […]
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Investment Banking Weekend Trips: Pathway to Interviews, or an Outdated Recruiting Strategy?

A long time ago, the investment banking weekend trip was a rite of passage. You would schedule a few days in a major financial center, such as New York, London, or Hong Kong, and you’d aim to meet a dozen or two bankers in that short period. Ideally, you would have spoken with these bankers […]
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Oil & Gas Investment Banking: The First Victim of the ESG Cult?

With the possible exception of FIG, oil & gas investment banking generates the highest number of panicked emails and questions. Historically, these panicked questions were usually variations of: “Will I get pigeonholed? I don’t want to be stuck in oil & gas forever. How do I move around? Help!” That’s still a concern now, but […]
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The Post-Internship Shuffle: How to Switch Banks, Groups, or Locations

As investment banking internships wind down each year, interns everywhere wake up and mysteriously come up with a similar idea: “I want to switch banks for my full-time role! Or at least switch groups. Or maybe switch locations.” Unfortunately, switching banks, groups, or locations after your internship is much easier said than done. In most […]
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SPAC vs IPO: Performance, Excel Model Differences, Trade-Offs, and Retail Investors

About a year and a half ago, I published an article and video about SPACs (Special Purpose Acquisition Vehicles) that attracted a fair amount of controversy. Now that the market has had a major correction and we’ve seen many SPAC deals play out, I wanted to look back and see if my views have changed. […]
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Investment Banking in New York vs. Chicago vs. San Francisco vs. Los Angeles: How to Pick Your Poison

I published an article on this topic of investment banking in New York vs. Chicago vs. San Francisco vs. Los Angeles vs. Houston vs. other cities a long time ago – but a fair amount has changed since then: Remote / hybrid work means that some of the advantages and disadvantages of different cities are […]
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The Front Office, Middle Office, and Back Office: How Banks Organize Their Dungeons

The debate about the front office, middle office, and back office in the finance industry is one of the sillier and more exhausting ones. If you look online, you’ll find many threads, articles, and blog posts saying that back office (BO) and middle office (MO) jobs are “the worst” and that if you end up […]
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Power & Utilities Investment Banking: How to Turn Yourself into an Electrified ESG Warrior

The power & utilities investment banking team has a reputation for being “boring.” Traditionally, the sector was viewed as a defensive play for investors who wanted stable dividends and no drama. That is still true for the average company in the industry: it is more defensive than something like technology or financial institutions. But over […]
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Age and Investment Banking: When Is It Too Late to Break Into the Industry, and What Should You Do If You’re “Too Old”?

There are few topics as heated as age and investment banking. But unlike other controversial topics – crypto, the CFA, or social media censorship – this one rarely generates long-running online arguments. Instead, it mostly produces comments such as: “Am I too old? Do I have any chance if I’m above the age of X? […]
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No Investment Banking Summer Internship Offers: What to Do

A long time ago, it didn’t matter that much if you applied for summer internships at the large banks but failed to win a single offer. It hurt, but it wasn’t necessarily a disaster because full-time recruiting still existed, and it was more feasible to win full-time offers without a previous internship. Recruiting also moved […]
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The Consumer Retail Investment Banking Group: King of the Generalists?

Ask anyone joining a large bank which group they’re most interested in, and consumer retail investment banking is a likely answer. It’s a great place for anyone who wants to work with well-known companies and brands, gain general valuation/modeling experience, and keep their exit options open. The benefits of the group are almost like the […]
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Investment Banking Information Sessions: A Way to Stand Out as a Human in a Virtual World, or a Complete Waste of Time?

Some people like to complain about networking in general, but if there’s a specific part of networking that almost everyone likes to complain about, it’s investment banking information sessions. In these sessions, employers such as large banks visit university and business school campuses to present their firms and let students speak with bankers. There’s a […]
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The Off-Cycle Investment Banking Internship: The Best Side Door into the Industry?

As investment banking recruitment has moved up earlier – especially in the U.S. – many students “miss” the process or start too late to have a good chance. And in other regions, timing differences for degrees and gap years mean that not everyone can complete internships in the traditional time frame. Finally, work experience expectations […]
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Public Finance Investment Banking: Pathway to Politics, or Bottom-Tier Bonus Bullpen?

One of the more controversial industry groups is public finance investment banking. The controversy starts with the name: Is public finance “really” investment banking? Can you compare M&A advisory on multi-billion-dollar corporate deals to underwriting municipal bond issuances from state and local governments? You could argue this either way, but the short answer is yes, […]
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The Financial Sponsors Group: Masters of the Financial Universe, or Exit Opportunity Mirage?

If you want to work in a team that almost no one agrees on, the Financial Sponsors Group (FSG) in investment banking is the perfect fit. According to some, you do almost no modeling or technical work in this group, and it’s one of the easier jobs in IB, similar equity or debt capital markets. […]
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Investment Banking Fitness: How to Stay in Shape While Working 105 Hours per Week

If you’ve been reading this site for a long time, you probably thought that I’d never return to the topic of investment banking fitness. After all, what’s different? Is there anything to say beyond the original article? Does the human body even change much in a ~10-year period? The human body has not changed much, […]
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The Investment Banking Superday Interview: How to Conquer the Final Step of the Recruiting Process

There’s a lot of information online about the Superday interview in investment banking, but much of it is incomplete or out of date: Many articles don’t reflect how the entire recruiting process has become more automated due to HireVues, Pymetrics, and other online assessments. Since these earlier steps are impersonal, the Superday has become more […]
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The Financial Institutions Group (FIG): Specialization Superhighway or Dreary Dungeon?

Depending on the person, the Financial Institutions Group (FIG) could be the most technically challenging and interesting group to work in or a bottomless dungeon with lava-dwelling crocodiles that eat children all day. These views differ dramatically because the merits of the group depend on your goals going into investment banking. If your lifelong ambition […]
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TMT Investment Banking: Technology, Media and Telecom Industry Group Overview

If there’s one thing that everyone has learned – or had reinforced – since early 2020, it’s that propaganda works. It doesn’t matter whether a claim is true, false, or somewhere in between; if enough governments and media outlets repeat it over and over, people will assume it’s true. And if you want a front-row […]
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Mexico Investment Banking: Recruiting, Careers, Salaries, Exit Opportunities, and More

A long time ago, we used to get questions about living and working in different countries. If the economy wasn’t so great in the U.S. or Europe, maybe it made sense to go to an emerging market and find work there. But ever since the pandemic began, these types of “How do I work in […]
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Cold Calling Investment Banks: When to Do It, and How to Succeed

A few years ago, I was drawn into a Twitter fight. A South African investment banker was tweeting about how a university student had interrupted him by cold calling to ask about internships in the middle of the day – while he was handling a client emergency. Another student on Twitter then saw this banker’s […]
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Structured Finance: The Most Interesting Deals at a Bank, or the Pathway to the Pigeonhole?

Structured Finance might be the rare sector of finance that has become less controversial over time. Right after the 2008 financial crisis, everyone wanted to blame the big banks for everything. And many focused their wrath on the securitization practices that gave us toxic subprime mortgages and a housing market crash. More than a decade […]
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How to Cold Email for an Internship: Investment Banking Cold Email Templates and Guide

If you want to learn how to cold email for an internship, you’ll have to answer a key question first: is it even worthwhile to try? If you poke around online, you’ll see many negative comments from people who have emailed dozens of professionals and gotten poor results. Negative outcomes are certainly possible, but if […]
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Real Estate Investment Banking: The Best Way to Make Yourself Indispensable?

Talk to anyone looking to move into investment banking, and they’ll have one big, overriding fear. No, not the hours, the psychological and physical abuse, or the extreme difficulty of breaking in. They’ll be worried about the exit opportunities – specifically, working in a group that doesn’t offer many. This explains why many prospective bankers […]
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The Investment Banking Informational Interview: The Full Guide

If you put together a “top 10” list of events that cause panic, confusion, and last-minute questions, the investment banking informational interview might be near the top of that list. It’s one of the main strategies in investment banking networking, and done well, the informational interview can significantly improve your chances of winning internship and […]
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Investment Banking Hours: Will You Really Work 105 Hours per Week at Goldman Sachs?

I never thought I would write about investment banking hours yet again. We’ve covered this topic multiple times in the past, including in the articles on IB Analysts, Associates, VPs, MDs, and so on. But every few years, a new controversy goes viral on social media, and the world at large says, “Wait, do you […]
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The Great SPAC Scam: Why SPACs Are a Great Deal for Celebrity Sponsors, But Not Companies or Normal Investors

If I asked you what Shaquille O’Neal, Gary Cohn, Bill Ackman, Paul Ryan, Colin Kaepernick, A-Rod, Ciara, and Chamath all had in common, you might have said, “They’re rich and famous!” Or you might have said that you agree or disagree with their political views. But as of last year, there’s a new answer to […]
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Management Consulting vs Investment Banking: The Eternal Battle

I’m going to start this article with a confession: I don’t particularly care about the management consulting vs investment banking debate. I’m so far removed from it (I haven’t set foot in an office in over a decade) that it feels like ancient history at this point. But that also gives me an advantage because […]
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Merchant Banking: The Most Overlooked Group in Finance?

Ask the average undergrad or MBA student at a top school where they want to work, and frequent answers will be “investment banking” and “private equity” – but merchant banking rarely comes up. And that’s odd because merchant banking (MB) is a combination of those two other industries. It’s fair to say that MB is […]
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Investment Banking in Europe and Asia: London vs. Frankfurt vs. Hong Kong

We’ve covered investment banking recruitment in different regions in previous articles, but there’s one problem with that topic: things change over time. For example, I wrote many regional articles on this site pre-Brexit, pre-pandemic, and pre-“political tensions in Hong Kong.” While those events do not directly affect interview questions, they do affect the recruiting process […]
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The IPO Process – and Why Companies Are Increasingly Bypassing It

A few decades ago, the initial public offering, or IPO process, was seen as the end goal for startups and high-growth private companies. Before a company “goes public,” it is private, which means that it has a small number of shareholders and that its shares cannot be bought or sold on public stock exchanges such […]
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Analyst to Associate: Should You Stay in Investment Banking and Grind Your Way Up?

In a status-crazed world, few things inspire as much status comparison, fear, and insecurity as the direct promotion from Analyst to Associate in investment banking. If you were to accept this type of promotion, some would call it a “failure,” assuming that you could not win a private equity or hedge fund job offer. Others […]
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Technology Investment Banking: Take Over the World with Zero Earnings and Negative Cash Flows?

Study enough history, and you’ll soon realize that not all companies exist to make a profit. Many exist to change social behavior, or to create an “empire” for their government/military backers (e.g., the East India Company). Technology investment banking often serves companies in one of these categories. Many tech companies are not necessarily aiming for […]
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Law School to Investment Banking: How to Trade One Dungeon for a Shinier, More Exciting Dungeon

If you’re wondering about the “law school to investment banking” transition, you’re probably in one of the following categories: You got into a top law school but realized you hated it when classes began. You got into law school, did well, graduated, but then realized you hated your legal job. You’re about to graduate from […]
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Enterprise Value vs Equity Value: The Complete Guide

Yes, you read the title of this article correctly: we’re covering Enterprise Value vs Equity Value yet again. I wrote a tutorial on them a few years ago, but I’m publishing an updated version today for a few reasons: I didn’t get everything exactly right last time – The basics were fine, but from answering […]
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Healthcare Investment Banking: The Best Group to Check Into When Human Civilization is Collapsing?

Along with an uptick in questions about restructuring investment banking and distressed private equity, we’ve also seen more interest in healthcare investment banking lately. It makes sense: when there’s a recession, pandemic, or market crash, everyone wants to run to the “safe group.” The only problem is that healthcare has not been so “recession-resistant” this […]
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Restructuring Investment Banking: The Perfect Panacea for Plagues, Pandemics, and Pandemonium?

Whenever there’s a recession, downturn, or market crash, everyone in finance gets the same idea: Break into Restructuring or distressed investing! I wouldn’t be shocked if search traffic for terms like “restructuring investment banking” doubles or triples in these times. It’s not entirely irrational: Restructuring and distressed groups are the best places to be in […]
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M&A Investment Banking: The Best Group Ever?

Ask anyone about the “best” group in investment banking, and one name will come up repeatedly: Mergers & Acquisitions (M&A). It’s so mythical that we even used a slight variation for the name of this website. People often argue that M&A investment banking offers “the most intellectually challenging tasks” and “the best exit opportunities.” These […]
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The Full Guide to Lateral Hiring in Investment Banking

When you hear the term “lateral hiring,” your first thought might be: “Aha! A way to break into investment banking from another career – without an expensive MBA program – or a way to trade up to a larger bank and get better exit opportunities.” While those are both possibilities, they are not sure things. […]
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Boutique Investment Banks: The Full Guide

When it comes to boutique investment banks, there’s so much confusion online that I don’t know where to start. But it’s logical to address the most serious problem first – namely, that there are four major categories of “boutique banks,” and they are each quite different: Elite Boutique Banks (EBs) Up-and-Coming Elite Boutiques (UCEBs) Industry-Specific […]
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The HireVue Interview: Full Preparation Guide

The HireVue interview, also known as the “video interview,” is one of the dumbest developments in the finance industry over the past decade. And that’s saying something in an industry known for destructive ideas (see: subprime mortgages). I wasn’t planning to write an article about HireVue interviews because preparation is mostly common sense. But then […]
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Middle Market Investment Banks: Solid Entry Point, or “Plan B”?

When it comes to middle market investment banks, you should take online commentary and discussions with a grain of salt. People online tend to take everything to extremes: Bank X is the best company ever, or Bank Y is the worst firm in human history. But the reality is more complicated, and so are the […]
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The Elite Boutique Investment Banks: The Rising Upstarts That Disrupted the Old Guard?

If you received a job offer at Goldman Sachs or Morgan Stanley, would you be crazy to turn it down? For many years, the answer would have been “yes” – especially if you turned it down to work at a smaller bank. But in the aftermath of the 2008 financial crisis, that began to change. […]
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The Investment Banking Certification: The Most Useless Idea in the World?

Since I began writing about the finance industry over a decade ago, there have been a few constants: The universal obsession with private equity; Anxiety over networking; and Tons of questions about “investment banking certifications.” In theory, certifications seem nice: study for a test, pass it, list it on your resume, and gain a big […]
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The Investment Banking Managing Director: King of the Jungle, or Tragic Hero?

“Then happy low, lie down! / Uneasy lies the head that wears a crown.” (Henry IV, Part 2, Act III, Sc. 1) When you think about the investment banking Managing Director, your first thought may be a gorilla swinging through the jungle, devouring food and crushing the Analyst monkeys. But if you want a more […]
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The Investment Banking Vice President: The Toughest Job at a Bank?

If you’ve ever wondered about the “investment banking vice president (VP)” role, congratulations: so has the rest of the internet. The Vice President’s job is tougher to define than the Analyst and Associate roles. And to make things even more confusing, seemingly everyone at banks has the “Vice President” title (hint: it means a lot […]
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What’s The Best Major For Investment Banking?

Many high-school and university students with an interest in finance naturally ask, “What’s the best college major for investment banking?” The answer to this question has changed over the years, and these changes have made your university major less important and more important at the same time. In theory, you can get into investment banking […]
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The Investment Banking Associate: Senior Banker in Training, or Glorified Spell Checker?

If you’ve ever Googled a term like “investment banking associate”, hoping to discover what banking is like at different levels, you’ve probably come to a sobering conclusion: The vast majority of “day in the life” stories are about Analysts. There’s always been less information about Associates, VPs, Directors, and MDs, and that hasn’t changed much […]
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The Investment Banking Analyst: Job Description, Hours, Salaries and More

Ah, the investment banking analyst. This was the subject of the first article I ever wrote for this site – an article that has continued to generate comments, threats, and snarky reactions ever since. Here’s what an investment banking analyst really does, the pros and cons of the job, what to expect in an average […]
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Private Placement Agent Jobs: Industry Overview and Recruiting

Private placement agent jobs: “investment banking lite,” or a solid career opportunity? There’s a lot of debate over this question, but even discussing it is difficult because “private placement groups” vary so much. For example, are you in a large bank’s private placement group? Or at an independent firm? Do you focus on private placements […]
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Industrials Investment Banking: The Complete Guide

If you’re interested in industrials investment banking, you probably want to “keep your options open”. After all, you’ll work on a wide variety of deals, you won’t get pigeonholed, and you’ll have a broad set of exit opportunities. Better yet, the sector is so diverse that even if one vertical isn’t doing well, you can […]
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The Investment Banking Career Path: The Complete Guide

When it comes to the investment banking career path, there’s a fitting analogy: a fraternity house. Just like a fraternity, investment banking offers a clear hierarchy, certain rituals you must complete, and benefits and added responsibilities at each level. And, as with a fraternity – or the mafia – you may also run into serious […]
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Investment Banking Networking: The Definitive Guide

It’s tough to find a topic that spawns more cynicism, skepticism, and outright hatred on the Internet than investment banking networking. Depending on the source, networking is either the most essential part of the job search… …or a giant waste of time in which students spend countless hours attending information sessions standing around crowded bankers, […]
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Investment Banking Internships: The Ultimate Guide

Wouldn’t it be nice to get a complete guide to investment banking internships in a single article? If you handle it correctly, an investment banking internship will be your gateway into a lucrative career in finance. And if you handle it poorly, an investment banking internship will be like your last life in a video game […]
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How To Get Into Investment Banking

So, you want to know how to get into investment banking… …despite the fact that: It’s a much less “prestigious” field than it used to be; It no longer pays a huge premium to other career options, such as engineering jobs at big tech companies; and The recruiting process is now hyper-accelerated and crazy. It’s […]
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Investment Banking Pitch Books: Design, Examples & Templates

Bankers like to complain about almost everything, but near the top of the complaint list is “investment banking pitch books.” Some Analysts claim that you’ll devote all your waking hours to creating these documents, while others say they’re time-consuming but not that terrible to create. Some senior bankers swear by pitch book presentations, claiming that […]
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Investment Banking Interview Questions and Answers: The Definitive Guide

If you ever Google “investment banking interview questions”, you could easily find yourself depressed. There are endless books, articles and message board threads where people complain about unfair investment banking interviews, and horror stories about “bad cop” interviewers. At first glance, it might seem like the interview preparation process for investment banking is next to […]
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The Definitive Guide to Corporate Banking

When you hear the words “corporate banking,” you might immediately think of loans. Or, you might be confused about what “corporate banking” means and how it’s different from commercial banking and investment banking. In either case, your thinking would be justified. The corporate banking division at a bank does advise on loan issuances, but the […]
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The Definitive Guide to Leveraged Finance (LevFin)

The Leveraged Finance or “LevFin” group is not a big deal; they just happen to close big deals. And as a result, the Internet seems to be in love with this team. It’s not just because of those big deals, though; there’s also the perception that Leveraged Finance is one of the best groups for […]
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How to Overcome a Low GPA in Investment Banking Interviews

What’s the single most difficult weakness to overcome in an interview? You might think of a long list: Lack of work experience, lack of finance knowledge, a non-target school, or the inability to work 80+ hours per week consistently. But I’d say the most challenging one is a low GPA. For any other weakness, you […]
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Debt Capital Markets (DCM): The Definitive Guide

If someone tells you, “I work in Debt Capital Markets (DCM)”, you might immediately think: Bond. Investment-grade bond. Or, you might not think of anything at all, since there’s much less information about the debt markets than there is about the equity markets. Everyone can recall famous IPOs of technology companies, but hardly anyone outside […]
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Investment Banking: Vancouver Edition

If you work in finance in Canada, do you have to be in Toronto? It’s like asking whether you need to be in New York in the U.S.: No, but you’ll probably have to go there at some point, especially if you want to reach the top ranks. But there are advantages to regional offices. […]
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Equity Capital Markets (ECM): The Definitive Guide

If you hear the words “Equity Capital Markets (ECM)”, you might immediately think of initial public offerings (IPOs) and companies raising billions of dollars in huge stock-market debuts. But there’s a lot more to the group than breaking records and making headlines in the process. Like other capital markets teams at banks, ECM groups can […]
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Investment Banking in Latin America: Never-Ending Internships or Never-Ending Bonuses?

Should you go straight to the source? In other words, if you cover emerging markets such as Latin America or Africa, is it better to be based in those regions, or to work in the nearest financial center, such as New York or London? You might think it pays to be local, but that’s not […]
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How to Move from Accounting to Investment Banking and Leave the Audits Behind Forever

Tired of audits? Want to earn more and get more exciting work? Looking forward to spending your time on changing font colors in Excel? Congratulations! You’re well on your way to transitioning from accounting to investment banking. Moving into banking from an accounting background is easier than moving in from engineering, but it’s about the […]
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Energy Investment Banking in Houston: Pathway into Private Equity, or Another Reason to Move to New York?

Just how different are the regional offices and headquarters of a large bank? In some cases, not very. But in others, they’re more like different planets. Houston falls somewhere in between these two extremes. There are similarities to New York, especially if you’re in the natural resources group, but the recruiting process, pool of candidates, […]
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How to Decide on Investment Banking Summer Internship Offers: Who Has a 97.5% Full-Time Offer Conversion Rate?

Yes, it’s that time of year again: You need to make a decision about summer internships. Since recruiting is now hyper-accelerated, the decision-making process is also hyper-accelerated. If you’re fortunate enough to receive multiple offers from banks, you’re in a very good position. But instead of enjoying the moment, you’ll be tempted to go down […]
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How to Break into Investment Banking as an Engineer – If You Enjoy the Punishment

I thought that engineers would stop wanting to move into finance. After all, companies like Google and Facebook now offer higher pay, better hours, and more interesting work than banks. And students at top universities and business schools are increasingly interested in technology rather than finance. But despite all that, some engineers still want to get […]
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Investment Banking Fit Questions: How to Use the Rule of 3 for Quick and Efficient Prep

Does the brute force method work? In other words, if you’re preparing for a test, should you memorize the answers to all the possible questions that might come up? That strategy can work. And if you’ve read about investment banking interviews, many people recommend this strategy for interview preparation as well. They present hundreds or […]
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“Walk Me Through Your Resume” in Investment Banking Interviews: How to Answer

If you have 2 hours before your interview and you haven’t done any preparation, what should you do first? And if you have 3 weeks, 3 months, or 6 months to prepare, what should you do first? My answer is the same in all these scenarios: Perfect your Story. Your “Story” is your response to […]
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Investment Banking in India

Does it ever make sense to accept a back-office role over a front-office one? In 99% of cases, no. But one market where candidates often think otherwise is India. Banks there try to ‘sell’ you on back and middle-office roles by offering higher base salaries and claiming that these roles lead to solid exit opportunities. But […]
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What to Expect at a Startup-Focused Investment Bank in India

If you want to work with tech startups in the finance industry, you might assume that you have to be in venture capital. After all, technology investment banking groups work with larger, more established companies… right? That might be true in developed markets, but in some emerging markets, such as India, investment banks dedicated to […]
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Investment Banking in Brazil

This one is the interview that I could never quite lock down – until now. We’ve managed to cover almost every emerging and frontier market, but my attempts at featuring Brazil kept falling through. But when I sent out an announcement asking for interviews last year, I received over 200 responses, with quite a few […]
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Top Investment Banks: Rankings of Banks by Tier and Category

When it comes to the top investment banks, I’m a huge fan of ranking everything imaginable. From schools to restaurants to investment banks, what’s the point of life unless you’re constantly comparing yourself to others? Just kidding – it’s a massive waste of time. Despite that, it is helpful to know about the different types of banks, […]
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Investment Banking Exit Opportunities: The Myth of the Buy-Side Job

What’s the easiest way to distinguish an American investment banker from a European one? You might point to one of the following: The European banker probably speaks 4-5 languages; the American one knows only English and 5-10 words of Spanish. The European banker is still having nightmares about assessment centers and logical tests, while the […]
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Why Did a Bank Just Rescind Your Job Offer, and What Can You Do About It?

It’s four days before you start your new full-time gig, and you just received a short email from HR: “After further consideration, we have decided not to proceed with an offer of employment at Goldman Stanley, LLC. We regret any inconvenience this may have caused you.” What?!! Yes, that’s right: your offer was just rescinded. You […]
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How to Prepare for Your Investment Banking Summer Internship in Less Than 8 Hours

Do you enjoy procrastinating? I do. My favorite method is binging on TV shows, followed closely by mobile games (Clash Royale!). Sometimes, waiting until the last minute helps you by adding time pressure. But other times, it hurts you because you can’t physically complete your tasks. With summer internships, it’s a bit of both. If […]
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How to Break into Investment Banking as a Former Entrepreneur

Wait, WHAT?!!! Yes, I know what you’re thinking: you could see how liberal arts majors, accountants, consultants, engineers, and male escorts might want to get into finance… …but why would you ever want to go from running your own company to creating pitch books in a dungeon for 80 hours per week? At first glance, […]
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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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Should You Delay Your Graduation to Level-Up Your Internship or Full-Time Job Offer?

As recruiting season finishes up each year, we always get one question over and over. Here’s a random sample from this year’s email volume: “I’ve been meeting some people for coffee according to your Networking Toolkit, and they have been suggesting that I delay my graduation. I am a liberal arts major with a 3.0 […]
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Will Crowdfunding and Marketing Automation Disrupt the Traditional Investment Banking Business Model?

Will investment bankers still exist in 50 years? Ask a Bernie Sanders supporter, and his likely answer would be: “No! They’re all useless. I’ll kill them all myself and then burn Wall Street to the ground!” Back in the real world, though, bankers exist because of fundamental business needs: companies want to raise capital and […]
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What’s in a Confidential Information Memorandum (CIM)?

Do you need strong writing skills to succeed in finance? Not necessarily, but they certainly help. But you definitely need strong reading comprehension skills, or you’ll miss crucial information and make the wrong decisions as a result. Both of these skills intersect in the confidential information memorandum (CIM) that investment banks prepare for clients – […]
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Exit Opportunities as a Post-MBA Investment Banking Associate: Impossible is Nothing?

“Impossible is nothing.” But it might be something when it comes to exit opportunities as an Associate in investment banking. Look at online discussions of this topic, and you’ll see words like “black hole” and “bottomless void” used to describe your options. In reality, though, things are not even close to this abysmal. There is […]
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Latin America M&A and Restructuring: Family-Owned Businesses Meet Sovereign Defaults?

If you want to work in finance and never get bored, there’s a simple solution: go to Latin America. Or at the very least, work in a US-based coverage team for Latin America. You’ll get to deal with stubborn business owners with delusions of grandeur, unreliable information, and even the occasional sovereign default. On the other […]
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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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The Investment Banking Deal Sheet: How to Win Job Offers with a Small Note Card

Is there an accessory that actually helps you win job offers? Could it be a smartphone, a tablet, or a robot in disguise? Or maybe a good pair of socks? Nope. This accessory does exist, but it’s just a normal piece of paper. It’s called a “deal sheet,” and it’s one of the most underutilized strategies for presenting yourself like […]
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Investment Banking in France: The Best Way to Combine Wine Tasting and M&A Advisory?

If you could drink wine while working on a pitch book, would you actually want to work on the pitch book? Maybe, maybe not… but to answer that question, you’d have to work in France and advise on a few vineyard M&A deals. There’s a lot more to the industry than that, but it is […]
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How to Fix Your Broken LinkedIn Profile and Create One That Makes Recruiters Come to You

Have you noticed that most “goals” end in failure? There are a few reasons for that: They tend to be vague (“I want to get in shape!”). They require too much work – no, you can’t work 70-80 hours per week and also spend 20 hours per week on a new hobby. They are based on willpower rather […]
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Investment Banking in Germany: Save More and Get Better Work Experience Than in London… Without Any Crazy Co-Workers?

If you go into investment banking, do you have to deal with crazy people? If you’ve watched any finance-related movies or TV shows, the answer seems to be “probably.” And if you’ve read stories online, in the comments section of this site, or on forums, the answer seems to be “always.” But that’s not true […]
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Oil & Gas Project Finance in Singapore: All the Upside of Asia, with None of the Risk?

A power plant. A toll road. A new oil field that may or may not survive a military coup or a government collapse… …and a bank contemplating which one it should lend to. That’s a good way to describe Project Finance in Asia: lots of opportunity, if you don’t mind the occasional hiccup along the […]
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How to Succeed On the Job in Investment Banking: Are You a STARR or a TWAT?

“That new analyst we just hired will definitely be a STARR.” “But that one from last year is turning out to be a TWAT so far.” I looked at my 2 banker friends in confusion. “Um… what are you talking about? I’m assuming those are acronyms?” They looked at me like I was crazy. I […]
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How to Write the Equity Sales Team Memo: The Best Part of Working in ECM?

If you work in an equity capital markets team, one thing’s for certain: you will know how to raise capital like nobody else can. Writing memos, one might say, will be the ace up your sleeve. The good news is that these “equity sales team memos” are shorter than many of the documents you write […]
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“Great Communication Skills”: Talk Your Way Into Top Bonuses?

How do you win first place? Do you need natural talent? A rigorous training schedule? Does it come down to your drive? Ask any investment banking or corporate strategy professional what it takes to succeed on the job (read: what it takes to earn top tier bonus), and you’ll hear a few themes over and over […]
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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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If a Chief Financial Officer (CFO) and Managing Director (MD) Fight to the Death, Who Comes Out Alive?

Nicolas was a Financial Analyst at General Electric where he explored the world of Corporate Finance. He is now a CFO and Partner Wild is the Game. And he’s here to chat about chief financial officer jobs. The deathmatch. It’s fun to play in first-person shooters, but it’s even more fun in real life. And […]
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What Do You Do When You Interview at an Investment Bank and Never Hear Back?

“It was great meeting you – we’ll get back to you in a few days!” The VP shakes your hand, and you turn around and leave the room. You walk out of the interview on top of the world. After studying technical questions for 143 hours and reciting your story so many times that you […]
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Can You Tell Me About a Recent Deal?

Judging by our email and comment volume over the past few months, there’s one interview question that causes more confusion than everything else combined… Can you tell me about a recent deal?” It seems like a very simple question: after all, you just read up on a deal online and then summarize what you find, […]
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Project Finance Jobs: Leveraged Finance Meets Special Purpose Vehicles and Granular Modeling?

Project Finance might just be the longest-running, most-requested topic that we still haven’t covered even after 5+ years of writing about different types of finance firms. But that ends today. There’s a ton of confusion over what you actually do in Project Finance, how it’s different from private equity / Leveraged Finance / Debt Capital Markets […]
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The Definitive Agreement: Time for Bankers to Cross-Dress as Lawyers?

Lawyers get a lot of hate from bankers and financiers, but one fact often gets ignored amidst all that hate: in many cases, you’ll be pretending to be a lawyer no matter what your actual title is. One of those cases happens when an M&A deal is about to close, and both sides start circulating […]
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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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From Private Equity Internship to Bulge Bracket Investment Banking: How to Cold Email Like a Pro and Win the Offer

  You would think that after many years of covering networking tactics across hundreds of articles, videos, and even a full-fledged course on networking, there would be nothing left to say about it. But you’d be wrong. I was skeptical when our interviewee today contacted me and offered to share the story of how he […]
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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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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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How to Answer the “Why Our Bank?” Question in Investment Banking Interviews, Assessment Centers, and More

You’ve just finished investment banking application #57 for this year’s recruiting season. It’s 3:14 AM, your eyes are glazing over, and you really wish this last bank would just ask for your resume/CV and cover letter and stop there… But they don’t. They have a list of questions for you to answer, somehow believing that […]
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Private vs. Public M&A Deals: Got Divested Assets and a Stepped-Up Tax Basis?

When you start working in investment banking, you need to make a difficult decision that almost everyone overlooks… No, not what types of toys you should buy with your signing bonus. I’m talking about the types of companies you work with – not just the industries they’re in, or whether you work in an industry […]
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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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From the NFL to a Billion-Dollar Portfolio: Can You Throw a Football Far Enough to Become a Managing Director?

It’s no secret that I’m borderline obsessed with football. If you’re across the pond, below the Equator, or “down-under,” I’m not talking about the sport where you dribble around on the pitch; I’m referring to American football. Don’t get me wrong, I try to stay current on the news in La Liga and the Barclays […]
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Investment Banking Competitions: The Best Way to Make Up for Average Grades and No Work Experience?

Nicolas was a Financial Analyst at General Electric where he explored the world of Corporate Finance. He is now a CFO and Partner Wild is the Game. So you’re not feeling very confident about your chances of breaking into finance… You’ve earned decent, but not spectacular grades. You’ve done a few internships but you don’t […]
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Investment Banking from Russia: With Love?

When I was traveling in Europe a few years ago, everyone thought I was either French or Russian. And, of course, I knew neither language so whenever someone attempted to speak to me I stared at them blankly and used hand gestures to explain my ignorance. I have the same reaction when readers ask about […]
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Got Crystal Meth? The Breaking Bad Guide to Success in the World of Finance

If you want to break in and move up the ladder in finance, two of the most important skills will be killing people and selling crystal meth. Dissolving your enemies’ corpses with hydrofluoric acid might be a close #3. And the best place to learn all these skills is not from interview guides or training programs, but from […]
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Busting the Front Office Analyst Myth: Three Unexpected Truths You Need to Move from Admin to Analyst

All finance-minded students and professionals are bred to eat, sleep, and think that the “front office” is the only place to be for their first position. But I’m here to set the record straight – there is no such thing as a “front office analyst.” It’s an oxymoron. Especially when you’re just starting out (like […]
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How to Advise on a Mega M&A Deal in Latin America and Survive in One Piece: A Story from the Inside

You might say that working on deals in emerging markets is a little bit… different. Not only do you value and analyze companies differently, but you have to deal with all sorts of other fun: Possible government coups, hostile takeovers (from the government), and general instability. Complicated ownership structures that make the plot of Inception […]
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Got Resolutions? (That You Can Actually Keep?)

Well, it’s that time of year again. The time of year where New Year’s Eve indiscretions are now just obscure memories for reflection, as hopeful New Year’s resolutions are being scribbled down on napkins and Post-It notes. But too often those promising resolutions suffer a fate similar to that age-old agreement between male and female […]
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Emerging Power or Emerging Bubble? What You Do in the Latin America Coverage Group at an Investment Bank

Investors like growth. And now that they aren’t getting it in developed economies, whether they’re looking at industrials, consumer retail, or other sectors, they’re turning their attention south and east – to the BRIC countries and other emerging markets. We’ve been through what to expect in China and India multiple times, but Brazil hasn’t received […]
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To Leave, or Not to Leave: Is That the Question?

Whether ‘tis nobler in the mind to suffer the countless work hours for models and bottles, Or to take back weekends against an office of czars, And by opposing be without work?  To beg: to borrow? Well, I wouldn’t quite go that far: Hamlet wasn’t exactly talking about ­­­freeing oneself from the world of finance, […]
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Why You Won’t Close a Single Deal in Your First Year of Banking – and What to Do About It

Everyone wants deals. And if you just started working in investment banking – or you’re going to soon – you’ve already done extensive research on how many deals your group does and the probability that you will get into Blackstone based on your expected deal experience. You need deal experience for buy-side interviews, for your […]
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From Big 4 Restructuring to Investment Banking: How to Make the Leap

“Help! I hate my accounting job and want to move into banking, what do I do?” “What group should I transfer to if I want to get into finance?” “My Big 4 salary doesn’t give me enough cash for bottles!” If you’re at a Big 4 firm right now, you’ve had one of the thoughts […]
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Investment Banking Recruiting in Europe: London vs. Frankfurt vs. Milan

While you’ve learned all about recruiting in Europe before in places like the UK, Germany, and Italy, we’ve never done a direct comparison of what to expect in each region. Will you really have to go through assessment centers and similar interviews in each place? Are they only looking for locals or can you break […]
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Bottles and Bottles? How You Really Win Clients and Land Mega-Deals as an Investment Banker

Why does the mainstream media hate Wall Street so much? You can think of dozens of reasons, but one of the biggest is that they don’t understand what bankers really do to earn their fees. They see news of million-dollar bonuses and assume that financiers earn those bonuses by sitting around and playing Monopoly. But […]
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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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Investment Banking Fairness Opinions: Profitable and Prestigious, or Glamorless Gruntwork?

“Morgan Stanley is acting as financial advisor to the buyer and Credit Suisse is acting as financial advisor to the seller, with the fairness opinion provided by Houlihan Lokey.” So we’ve been over this “financial advisor to the buyer and seller” stuff before, but what about that Fairness Opinion bit? You always see sentences like […]
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Investment Banking Tough Interview Questions: How To Answer the “Greatest Weakness” Question

“Katie Couric: What one personal flaw do you think might hinder your ability to be president? Barack Obama: I don’t think there’s… a flaw that would hinder my ability to function as president. I think that all of us have things we need to improve. You know, I said during the primary that my management […]
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How to Dominate Your Industry-Specific Interviews: Real Estate, Energy, FIG, and More

You’ve applied to over 100 banks, networked with 230 bankers, and have been pounding the pavement since August. And now you’ve lined up 10 first round interviews, most of which are for the M&A and generalist pools. But then you notice that you’re also set to interview with a mysterious FIG (Financial Institutions Group) banker, […]
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Investment Banking: Pakistan Edition

OK, I’ll admit it upfront: while this site has featured lots of interviews from readers in “hot” emerging markets such as China and India, I haven’t gotten too many requests for Pakistan. But this is such a good interview and has such specific information that I wanted to publish it anyway. Plus, the interviewee has […]
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How to Make A Career Move from Consulting to Investment Banking

I’m not gonna lie: I haven’t treated consultants very well before – and even though that infamous Leveraged Sellout video is ancient history by now, it still pops into my head whenever I get questions from consultants. But despite that, I still do get lots of questions about how to make a career move from […]
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The Don Draper Guide to Investment Banking

A few years ago some banker friends and I were thinking about creating a TV show. Entourage meets The Office: all the glamor of movie stars and the celebrity lifestyle, but in cubicles rather than Hollywood. But the outside world has never hated Wall Street more, and post-financial crisis there’s no way a drama like […]
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The Investment Banking Cover Letter Template You’ve Been Waiting For

A long time ago I said that we would never post a cover letter template here: “I was tempted to post a Word template, but I don’t want 5,000 daily visitors to copy it and to start using the same exact cover letter.” But hey, we already have resume templates that everyone is using, so […]
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It’s Not Rocket Science: Why You Should Stop Learning Partial Differential Equations If You Want to Break Into Investment Banking

“Hi, I was wondering which class I should take to break into investment banking: Advanced Partial Differential Equations or Quantum Field Theory. Do you think it will ruin my future if I only learn up through Multivariable Calculus?” No, I don’t make this stuff up: I get emails like this all the time. Sometimes they’re […]
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Stuff Investment Bankers Like, Round 3

It’s been awhile, so let’s jump right back into it. Parts 1 and 2 are here – essential reading if you ever plan to go to Buenos Aires or hit “Reply All” in your email client. 15) Unsolicited Advice Working in investment banking, you will age more rapidly than the average person. That’s just what […]
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How to Dominate Your Investment Banking Sell Day

After setting up 114 informational interviews during recruiting season, you made it through alive and got 3 bulge bracket investment banking offers. You picked your top choice, and now you’ve spent the last 5 months in Buenos Aires partying. But then one day you get a letter from your bank: your sell day is coming […]
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Can You Renege On Your Investment Banking Job Offer Without Being Blacklisted for Life?

Interview season is finished. You got 30 first round interviews, made it to 5 Superdays, and came away with an offer at a middle-market bank – which you quickly accepted. But 5 minutes ago, you just received a call from your recruiter at a bulge-bracket bank: “another spot opened up” and they’re extending a summer internship […]
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How to Quit Your Investment Banking Job Without Getting Executed

Midway through every year, a whisper starts growing at investment banks everywhere. “This sucks. I’m gonna quit.” Sometimes it’s so bad that you just want out immediately. Other times, you plan to wait and stealthily make an exit as soon as your bonus hits your bank account. So here’s how you can break out of […]
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Investment Banking Interview Horror Stories

Forget about conquering all those investment banking interview questions and fixing your mistakes. Sometimes it’s fun to sit back and laugh at how badly you failed. Or at least to engage in some schadenfreude. Story #1: Holla Back, Office This one took place when I was interviewing for every single position under the sun: banking, […]
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You Didn’t Get Any Full-Time Investment Banking Offers. Here’s What To Do Next

  If full-time recruiting season is over and you got no investment banking job offers, you should be panicking at least a little. While summer interns who don’t get return offers have a few months to fix the situation, your options are more limited. But that doesn’t mean you have no chance of getting full-time […]
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Stuff Investment Bankers Like, Round 2: Email Forwards That Destroy Careers, Blue Shirts, Headphones, The Track, Markup, The West Wing, and Closing Dinners

Ok, let’s get started with round 2. See round 1 (cocaine, Buenos Aires, and more fun) right here if you missed it before. 8. Email Forwards That Destroy Careers You’ve already seen this story, so I won’t bother repeating the details here. But while everyone else focused on the foolishness of one intern trying to […]
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Copy This Investment Banking Associate Resume Template to Break In As an Associate

I kept getting questions about an investment banking associate resume template, and I figured we should finish up that series of investment banking resume templates and video tutorials – so here it is. In this lesson, you’ll learn how to craft your resume if you’re at the MBA level, if you’ve been working full-time, or […]
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Why Investment Banking? How To ACE This Interview Question Every Time

“I looked at all the articles on your site but nothing told me WHY I want to get into this industry. Can YOU tell me why I want to be an investment banker?” It’s a question you’ll get in EVERY interview. But it’s also a question where 90% of interviewees give terrible answers, no matter […]
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No, You Can’t Have It All: Why Finance Does Not Guarantee You $10 Million and Your Own Beach in Thailand

“Life is either a daring adventure or nothing. Security is mostly a superstition. It does not exist in nature.” – Helen Keller I almost decided not to publish this article. But it needed to be said. This one is long – so grab some yerba mate, take a seat, and close your YouTube window before […]
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Stuff Investment Bankers Don’t Like: The CFA, Your Activities, Your Ph.D., and More

NOTE: This is a really old article. Please see the revised version here and leave a comment on the new version instead. Our views on everything here have changed significantly! I’ve noticed a disturbing trend lately: many readers have the wrong idea of what will help them with investment banking recruiting. Thinking that they need to […]
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Stuff Investment Bankers Like: Trophy Wives, Talking About Cocaine, Pls Do, Buenos Aires, Making Empty Threats, Lying, and Reminiscing

Let’s skip the witty introductions and get right into it. #1 Multiple Trophy Wives For the investment banker, trophy wives are required due to both pride and necessity. Pride: What kind of rich, successful guy only has 1 wife? Come on, even in third world countries polygamy is common place, so why can’t you get […]
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The Ideal Investment Banking Resume Template To Land Interviews & Job Offers

I get a lot of questions about the best investment banking resume/CV template to win interviews and get hired. So in this article, I give you a proven investment banking resume template, plus answers to the most common investment banking resume questions we hear, such as: What should I put on my investment banking resume? […]
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How to Win Friends and Influence People in Investment Banking by Slacking Off and Pretending to Work Hard

Ask senior bankers what quality is most important in Analysts and Associates, and 99% of them will say “A good attitude.” If you’re going to work 100 hours per week, you need to be positive about what you do every day… right? Wrong. All you have to do is give the appearance of a good […]
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Investment Banking: Italy Edition

Continuing our series on finance in different regions of the world, today we go to Italy and hear from a reader who completed an MBA program there and then had an internship this past summer at a local Italian investment bank. We cover a broad set of topics, including how he decided to study in […]
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Sample Farewell Email: How To Go Out In Style

“Friends and colleagues, After two very educational years, the time has come for me to leave Goldman Sachs. Beginning in August, I will be moving on to my next adventure, The Carlyle Group in New York. I have attached my updated contact information below, and look forward to keeping in touch. Warmest regards,” –Breaks In […]
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Becoming Frank Quattrone: Investment Banking Lingo 2.0

“Hahah, oh snap! That is hot. Get this though, the other day, this MD accidentally spills coffee on this analyst’s shirt. MD doesn’t really say anything, just goes on working. The analyst is moping around all day whining about his shirt. So finally, the MD drops $100 bill on the analyst’s desk and goes ‘Quit […]
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Investment Banking Lingo: How To Walk, Talk And Act Like Gordon Gekko

“I have read Monkey Business, Liar’s Poker, and When Genius Failed each 3 times and consider them my collective bible. I know I have the eye for perfection and artistic vision to create truly immaculate pitch books. I am Microsoft Certified in Excel, and I know all the shortcut keys (alt-i then r, that will […]
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What Do Investment Bankers Do?

I’ve seen many answers to the question, “What do investment bankers do?”, but they’ve all been either bad or boring. I can sum up what we do in 2 words and 1 picture: Ari Gold. Investment bankers are agents, just like Ari. We don’t create anything and we don’t buy anything; we just sell things […]
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