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Investment banking roles are among the most sought-after careers in the broader financial field.

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The great investment banks have an enduring legacy that most companies can only aspire to – providing their employees with a compelling combination of brainpower and authority.

But investment banking is not limited to Wall Street. Currently, there are thousands of investment banks of various sizes and niches operating in the United States.

In this article, we look at some of the characteristics of this career, the pros and cons, and what you can expect from a career in investment banking.

Investment banking is an advisory branch of the banking industry that handles large-scale financial transactions, typically involving companies, institutions, investment funds and governments.

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Initially, this involves investment bankers who will do a valuation of the company, which will determine the opening price of the selected public index, as well as resolve all compliance issues.

From there, investment bankers organize IPO roadshows for investors and assemble marketing documents for listed companies to present to these investors.

Finally, prior to the actual quote, investment bankers often (but not always) underwrite the trade to ensure the opening price reaches a certain level.

The biggest source of income for investment bankers, and the one they are most popular for, is the advisory services they provide on mergers and acquisitions.

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Almost all M&A deals involve at least one group of investment bankers, and most involve several different teams.

When companies and governments want to issue debt – usually in the form of fixed debt structures, such as corporate and government bonds, respectively – they turn to investment banks to market the debt, as well as to help them set the terms of the debt. . debt (interest, term, etc.)

Investment bankers typically use high-quality research as a Trojan horse (i.e., as an excuse for higher-value work) to indicate that opportunities may exist in the market for the contracting party, whether it be a company, a fund or a government.

While it is certainly a challenging and exciting career, the reward is often the reason why most people choose a career in this profession.

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The sheer number of applicants applying for investment banking positions each year points to a career that pays more.

In 2021, the last time it released job application figures, Goldman Sachs received 19,000 applications for 440 jobs available in its European graduate program and 100,000 applications for 2,900 global internships.

As a result, you’re looking at just under 100 applications for each role. The rent here is about 1-2%.

By this rough measure, one might assume that a career in investment banking would be one of the best. And this is a certain personality trait (see section below).

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Salaries in investment banking can be extraordinarily attractive. But the industry is also notorious for employee burnout and accidents due to poor work-life balance.

According to the CareerExplorer report, bankers rate their job happiness at 2.7 out of 5 stars, which puts them in the lowest 9% of their careers.

“One thing I really enjoy is being able to help moderate some of the risk discussions. When we start thinking about a new commercial or business opportunity, I help shape the way we think about risk and help structure our thinking to get us to the right place. I spend a lot of time asking the right questions and analyzing them, which is the exciting part.” (link).

“You walk down the track and you hear people speaking Japanese, Korean, Cantonese, Mandarin and English. Many different cultures are represented here.”

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Michelle adds that the best thing is that, no matter what language your colleagues speak, there is a sense that

“The idea that in five or six years I could be CEO is really exciting. It wouldn’t surprise me if 20 years from now I’m still in Chase. I found so many things I didn’t know to look for in a company, career, and team. The growth of what I was able to contribute and how it has impacted our customers and our business, even six years later, still kind of amazes me.” (link) What functions are available?

When advising clients, you need experts in the field. That’s where the investment analyst comes in – often specializing in one or more selected sectors.

These analysts are subject matter experts who help put together marketing documents and advise throughout the process for clients in these industries (eg, oil and gas, telecommunications, and media).

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A specialist is essentially a position that pairs an investment analyst with senior members of the investment banking team.

Sometimes they meet with clients, but most of their job is to lead what investment analysts do – check marketing documents and valuations to make sure everything is right and can be presented to the client (or, in the first place) , for a senior professional). banker… see below).

These individuals – sometimes referred to colloquially as “rainmakers” – are the individuals who close sales and closes for investment banks.

Investment banks spend a lot of money to ensure they have the best senior bankers in the industry – often with extensive client contact lists and extensive experience in closing deals.

Goldman Sachs Salary

The volume of transactions – even those at the lower end of the market – means that investment banks make significant amounts of money by withdrawing just a few percentage points, most of which is generously divided among the bankers.

Regardless of the size of the investment bank, positions fall into one of four categories. In ascending order of responsibility, they are analyst, assistant, vice president, and managing director.

Inevitably, salaries for these positions vary from bank to bank, and the higher the profile of the investment banker, the higher the salary.

There’s a technical limitation here: it’s not hard to see how this scales up so quickly, but it’s also hard to pin down exact numbers.

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It’s safe to say that you’ll comfortably enjoy a six-figure sum within a year or two. From there, it depends on your bargaining power.

The first two are primarily the work of junior investment bankers (analysts), and the further you advance in your investment banking career, the more time you will spend selling and trading.

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It also promotes good business practices. Top tier investment banks often use group interview techniques, where they look at how you interact with other people and how you communicate your opinion.

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For example, they could present several investments and ask the group to decide which one to send to the investment committee.

Your HR managers will simply sit back and watch as interviewers discuss your case with people they met just a few minutes ago.

There is no specific career path for investment banking, but investment bankers prefer a plethora of degrees.

Increasingly, this means that engineering and physics graduates find their way into the profession, but most often they are recruited from the traditional areas of economics, finance, business and management.

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Of course, being from a prestigious school doesn’t hurt (in fact, it’s a distinct advantage), but it’s not absolutely necessary.

‘Personality’ is not a subheading you would normally expect to find in a careers guide, but few would argue that it doesn’t deserve a place in an investment banking careers guide.

The demands of the career – mentioned above – are so demanding that it simply isn’t a career for everyone.

In short, investment banks are often looking for ambitious, high-performing people who are willing to work impossibly long hours under intense pressure.

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Fortunately, that is changing, and not prematurely. For example, women already hold top positions at most top investment banks, with Suni Harford as president of UBS Asset Management.

Of course, there is still a long way to go, and this is yet another indication of the traditionally male chauvinistic personality prevalent in investment banking, which still persists in some sectors of the industry.

The best proof that you have what it takes for a career in investment banking is investment banking experience.

That’s why top-tier investment banks offer (exhausting) internships to check work for those looking to join their ranks.

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