Agenda

I. Investment Banks What do they do?

II. How are they structured?

III. What is the job description? IV. How can I prepare?

The Investment Bank

A broad term for providers of
Underwriting, selling and trading securities Advisory (M&A, Restructuring, etc.) Asset Management Research

Typically two types

Bulge Bracket: GS, MS, JPM Boutique: Evercore, Greenhill, Lazard

Structure
Sales and Trading
Clients Investment Banking Division Investors

Research

Chinese Wall

Job Description
IBD Pitch Financial Modeling Due Diligence Deal Execution Research Financial Modeling Writing Reports Setting Investor Expectations Sales and Trading Sales Relationship with the clients (mutual fund, hedge fund etc.) Trading Execution with markets

How to Prepare
Regardless of position, you should know the following;
Accounting / Corporate Finance
Relationship between IS, BS & CF CAPM / WACC FCF

Valuation Methodology
LBO, DCF Comparables

M&A Process
Rationale Accretion / Dilution Cash vs. Stock

Capital Markets
Global Indices Investment themes / ideas Current events have an opinion

Questions?

finance@iese.net