{
  "id": 42758,
  "date": "2021-12-02T03:00:00",
  "date_gmt": "2021-12-02T08:00:00",
  "guid": { "rendered": "https:\/\/finance-able.com\/?p=42758" },
  "modified": "2025-12-21T16:51:35",
  "modified_gmt": "2025-12-21T21:51:35",
  "slug": "investment-banking-career-path",
  "status": "publish",
  "type": "post",
  "link": "https:\/\/finance-able.com\/investment-banking-career-path\/",
  "title": {
    "rendered": "Investment Banking Career Path \u2013 Ultimate Guide"
  },
  "content": {
    "rendered": "\n<p style=\"font-size:18.5px\"><strong>Want to learn about the Investment Banking Career Path<\/strong> with <strong>simple<\/strong>, <strong>visual<\/strong>, and <strong>Plain-English explanations<\/strong>? If you\u2019re <strong>exploring Investment Banking<\/strong> as a career option, you <strong>won\u2019t find a more thorough overview<\/strong>. After reading this article, you\u2019ll understand:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>What <a href=\"https:\/\/finance-able.com\/what-is-an-investment-bank\/\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">Investment Banks<\/span><\/a> (and Investment Bankers) do<\/strong>.<\/li>\n\n\n\n<li>The <strong>levels<\/strong> within the Investment Banking <strong>hierarchy<\/strong>.<\/li>\n\n\n\n<li>The two <strong>main entry points<\/strong> in the Investment Banking Career Path.<\/li>\n\n\n\n<li>The Pre-MBA and Post-MBA <strong>recruiting cycles<\/strong>.<\/li>\n\n\n\n<li><strong>Roles and Responsibilities<\/strong> as well as <strong>Compensation<\/strong> at each level in Investment Banking.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-tl-dr\" style=\"font-size:35px\"><strong>TL;DR<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Investment Banks<\/strong> offer <strong>Advisory<\/strong> (M&amp;A and Restructuring) and <strong>Capital Raising<\/strong> (Debt &amp; Equity) services.<\/li>\n\n\n\n<li><strong>Investment Banking professionals work hard<\/strong>. But Investment Banking jobs <strong>open the door<\/strong> to <strong>significant career opportunities<\/strong> (and <strong>attractive pay<\/strong> along the way).<\/li>\n\n\n\n<li>Investment Banking <strong>Analysts <\/strong>and <strong>Associates <\/strong>are <strong>primarily <\/strong>focused on <strong>creating presentations <\/strong>and <strong>financial analyses<\/strong>.<\/li>\n\n\n\n<li><strong>Beyond <\/strong>the <strong>Associate level<\/strong>, <strong>bankers<\/strong> are <strong>focused<\/strong> on <strong>deal execution<\/strong> and <strong>bringing<\/strong> in <strong>new clients<\/strong> to generate fees for the Bank.<\/li>\n\n\n\n<li><strong>Each level<\/strong> in Investment Banking requires a <strong>slightly different skillset<\/strong>.<\/li>\n<\/ul>\n\n\n\n<p style=\"font-size:18.5px\"><strong>For more<\/strong> on the <strong>Career Path<\/strong>, <strong>Recruiting Cycles<\/strong>, <strong>Roles and Responsibilities<\/strong> and <strong>typical Investment Banking salaries<\/strong>, check out the <strong>rest of the article<\/strong>.<\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"yoast-reading-time__wrapper\"><span class=\"yoast-reading-time__icon\"><svg aria-hidden=\"true\" focusable=\"false\" data-icon=\"clock\" width=\"20\" height=\"20\" fill=\"none\" stroke=\"currentColor\" style=\"display:inline-block;vertical-align:-0.1em\" role=\"img\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 24 24\"><path stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-width=\"2\" d=\"M12 8v4l3 3m6-3a9 9 0 11-18 0 9 9 0 0118 0z\"><\/path><\/svg><\/span><span class=\"yoast-reading-time__spacer\" style=\"display:inline-block;width:1em\"><\/span><span class=\"yoast-reading-time__descriptive-text\">Estimated reading time: <\/span><span class=\"yoast-reading-time__reading-time\">21<\/span><span class=\"yoast-reading-time__time-unit\"> minutes<\/span><\/p>\n\n\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-investment-banking-career-path-a-common-source-of-confusion\" style=\"font-size:35px\"><strong>The Investment Banking Career Path\u2026A Common Source of Confusion<\/strong><\/h2>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/the-investment-banking-career-path-responsibilities-and-compensation-1024x576.png\" alt=\"An image showing the Investment Banking Career Path, Responsibilities and Compensation (Salaries)\" class=\"wp-image-43486\" srcset=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/the-investment-banking-career-path-responsibilities-and-compensation-1024x576.png 1024w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/the-investment-banking-career-path-responsibilities-and-compensation-300x169.png 300w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/the-investment-banking-career-path-responsibilities-and-compensation-768x432.png 768w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/the-investment-banking-career-path-responsibilities-and-compensation-400x225.png 400w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/the-investment-banking-career-path-responsibilities-and-compensation-624x351.png 624w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/the-investment-banking-career-path-responsibilities-and-compensation-50x28.png 50w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/the-investment-banking-career-path-responsibilities-and-compensation-100x56.png 100w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/the-investment-banking-career-path-responsibilities-and-compensation.png 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p style=\"font-size:18.5px\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-black-color\"><strong>For many people<\/strong>, the world of <strong>Investment Banking<\/strong> (or &#8216;<strong>IB<\/strong>&#8216;) is incredibly <strong>opaque<\/strong>. As a result, <strong>figuring out<\/strong> how to pursue a <strong>career in Investment Banking<\/strong> is <strong>very difficult<\/strong>.<\/mark><\/p>\n\n\n\n<p style=\"font-size:18.5px\"><strong>For people<\/strong> with <strong><a href=\"https:\/\/finance-able.com\/about-us\/\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">zero personal connections<\/span><\/a><\/strong> (i.e. most people), gaining clarity is <strong>challenging<\/strong>.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">This deep-dive article <strong>will provide<\/strong> a <strong>simple<\/strong>, <strong>illustrated<\/strong>, and <strong>Plain English overview <\/strong>of the <strong>Investment Banking Career Path<\/strong>, <strong>Roles and Responsibilities,<\/strong> and <strong>typical<\/strong> <strong>Investment Banking Salaries<\/strong>.<\/p>\n\n\n\n<p style=\"font-size:18.5px\"><strong>Let\u2019s dive in!<\/strong><\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-do-investment-banks-do\" style=\"font-size:35px\"><strong>What Do Investment Banks Do?<\/strong><\/h2>\n\n\n\n<p style=\"font-size:18.5px\"><strong>Let\u2019s begin<\/strong> our discussion with a <strong>walkthrough<\/strong> of what an <strong><a href=\"https:\/\/finance-able.com\/world-of-finance-4-how-do-investment-banks-operate\/\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">Investment Bank<\/span><\/a> does<\/strong>.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\" id=\"h-the-four-key-divisions-of-an-investment-bank\" style=\"font-size:30px\"><strong>The Four Key Divisions of an Investment Bank<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/the-four-key-divisions-of-an-investment-bank-1024x576.png\" alt=\"An image showing stick figures that represent the four key divisions of an Investment Bank\" class=\"wp-image-42946\" srcset=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/the-four-key-divisions-of-an-investment-bank-1024x576.png 1024w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/the-four-key-divisions-of-an-investment-bank-300x169.png 300w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/the-four-key-divisions-of-an-investment-bank-768x432.png 768w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/the-four-key-divisions-of-an-investment-bank-400x225.png 400w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/the-four-key-divisions-of-an-investment-bank-624x351.png 624w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/the-four-key-divisions-of-an-investment-bank-50x28.png 50w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/the-four-key-divisions-of-an-investment-bank-100x56.png 100w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/the-four-key-divisions-of-an-investment-bank.png 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p style=\"font-size:18.5px\"><strong>Within<\/strong> a typical <strong>Investment Bank<\/strong>, there are <strong>four key divisions<\/strong>:<\/p>\n\n\n\n<ol style=\"list-style-type:1\" class=\"wp-block-list\">\n<li><strong>Investment Banking<\/strong> \u2013 work with clients on <strong>Mergers &amp; Acquisitions<\/strong> (\u2018<strong>M&amp;A<\/strong>\u2019) and <strong>Restructuring<\/strong> advisory as well as <strong>Debt<\/strong> and <strong>Equity<\/strong> capital raises.<\/li>\n\n\n\n<li><strong>Capital Markets<\/strong> \u2013 work with core \u2018Investment Banking\u2019 to <strong>connect clients<\/strong> with <strong>Investors<\/strong> (&#8216;Equity&#8217;) and <strong>Lenders<\/strong> (&#8216;Debt&#8217;).<\/li>\n\n\n\n<li><strong>Sales and Trading <\/strong>\u2013 help<strong> large<\/strong> (\u2018<strong>Institutional<\/strong>\u2019) <strong>Investor<\/strong> clients <strong>execute<\/strong> the <strong>purchase<\/strong> <strong>and sale<\/strong> of <strong>securities<\/strong> (e.g. <strong><a href=\"https:\/\/finance-able.com\/stocks-and-bonds\/\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">Stocks and Bonds<\/span><\/a><\/strong>, Derivatives, etc.).<\/li>\n\n\n\n<li><strong>Research<\/strong> \u2013 <strong>conduct analysis<\/strong> and <strong>provide opinions<\/strong> on the <strong>attractiveness<\/strong> of individual <strong>Stocks<\/strong> (\u2018Equity Research&#8217;) or <strong>Debt<\/strong> (\u2018Credit Research\u2019) securities.<\/li>\n<\/ol>\n\n\n\n<p style=\"font-size:18.5px\"><em><u>Quick Note<\/u>: The <strong>Capital Markets<\/strong> division is <strong>technically<\/strong> within <strong>Investment Banking<\/strong>.<\/em> <em>But, they <strong>perform<\/strong> a <strong>distinct function (as you see above). <\/strong>Further, the <strong>Capital Markets<\/strong> <strong>career path<\/strong> is slightly <strong>different<\/strong>.<\/em> <em>As a result, we <strong>break Capital Markets<\/strong> out as a distinct division.<\/em><\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-the-core-investment-banking-division-operates\" style=\"font-size:26px\"><strong>How the \u2018Core Investment Banking&#8217; Division Operates<\/strong><\/h3>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p style=\"font-size:18.5px\">The <strong>focus of this article<\/strong> is the <strong>career path <\/strong>for the &#8216;<strong>core Investment Banking&#8217; division<\/strong>. You can think of the <strong>Investment Banking division<\/strong> as being <strong>similar<\/strong> to <strong>Real Estate Agents<\/strong>.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">However, <strong>Investment Bankers<\/strong> <strong>assist<\/strong> with the <strong>Buying and Selling<\/strong> of <strong>Businesses (vs Houses)<\/strong>.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">And <strong>Buying and Selling<\/strong> a <strong>multi-billion dollar Business<\/strong> entails significantly <strong>more complexity<\/strong> than a home purchase.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\" id=\"h-the-core-services-of-an-investment-bank\" style=\"font-size:30px\"><strong>The Core Services of an Investment Bank<\/strong><\/h3>\n\n\n\n<div style=\"height:70px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"552\" src=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/the-four-major-services-of-the-core-investment-banking-division-1024x552.png\" alt=\"An image showing the four primary services (M&amp;A, Restructuring, Debt &amp; Equity) for the core Investment Banking division\" class=\"wp-image-42875\" srcset=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/the-four-major-services-of-the-core-investment-banking-division-1024x552.png 1024w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/the-four-major-services-of-the-core-investment-banking-division-300x162.png 300w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/the-four-major-services-of-the-core-investment-banking-division-768x414.png 768w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/the-four-major-services-of-the-core-investment-banking-division-1536x828.png 1536w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/the-four-major-services-of-the-core-investment-banking-division-400x216.png 400w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/the-four-major-services-of-the-core-investment-banking-division-624x336.png 624w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/the-four-major-services-of-the-core-investment-banking-division-50x27.png 50w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/the-four-major-services-of-the-core-investment-banking-division-100x54.png 100w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/the-four-major-services-of-the-core-investment-banking-division.png 1608w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p style=\"font-size:18.5px\">At a <strong>high level<\/strong>, the <strong>Investment Banking Division<\/strong> offers <strong>four core services<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>M&amp;A<\/strong> \u2013 <strong>advise<\/strong> clients on the <strong>sale<\/strong> (\u2018Sell-Side M&amp;A\u2019) and <strong>purchase<\/strong> (\u2018Buy-Side M&amp;A\u2019) of companies.<\/li>\n\n\n\n<li><strong>Restructuring<\/strong> \u2013 help clients <strong>work through<\/strong> periods of <strong>financial distress<\/strong>.<\/li>\n\n\n\n<li><strong>Equity<\/strong> &#8211; <strong>work<\/strong> <strong>with<\/strong> the <strong>Capital Markets<\/strong> division to <strong>raise Investor capital<\/strong> for clients.<\/li>\n\n\n\n<li><strong>Debt<\/strong> \u2013 <strong>work with<\/strong> the <strong>Capital Markets<\/strong> division to <strong>raise Lender capital<\/strong> for clients.<\/li>\n<\/ul>\n\n\n\n<p style=\"font-size:18.5px\">For <strong>each of the services above<\/strong>, Investment Banks <strong>earn<\/strong> a <strong>fee<\/strong>.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">Banks <strong>charge fees<\/strong> <strong>based on a percentage of the sale value<\/strong> of a <strong>Business <\/strong>or the <strong>money raised<\/strong>.<\/p>\n\n\n\n<div style=\"height:70px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-columns containerwidth is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:100%\"><div class=\"kb-row-layout-wrap kb-row-layout-id42758_40c1fa-9e alignnone wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n\n<div class=\"wp-block-kadence-column kadence-column42758_6d1b7a-53 inner-column-1\"><div class=\"kt-inside-inner-col\">\n<h2 class=\"wp-block-heading\" id=\"h-want-to-learn-more-about-finance\" style=\"font-size:35px\"><strong>Want To Learn More About Finance?<\/strong><\/h2>\n\n\n\n<p style=\"font-size:18px\"><strong>Check out all of our (free) deep-dive articles in our<\/strong> <a href=\"https:\/\/finance-able.com\/analyst-starter-kit\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Analyst Starter Kit<\/span><\/strong><\/a>:<\/p>\n\n\n<div class=\" wp-block-kadence-portfoliogrid kb-blocks-portfolio-loop-block alignnone kb-portfolio-loop42758_5604ee-cf kb-portfolio-grid-layout-carousel kt-blocks-carousel \"><div class=\" kb-portfolio-grid-layout-carousel-wrap kt-post-grid-layout-carousel-wrap kt-carousel-arrowstyle-whiteondark kt-carousel-dotstyle-dark splide kb-blocks-portfolio-img-hover-zoomout kb-blocks-portfolio-content-hover-zoomin\" data-columns-xxl=\"3\" data-columns-xl=\"3\" data-columns-md=\"3\" data-columns-sm=\"2\" data-columns-xs=\"1\" data-columns-ss=\"1\" data-slider-center-mode=\"false\" data-slider-type=\"carousel\" data-slider-anim-speed=\"400\" data-slider-scroll=\"1\" data-slider-dots=\"true\" data-slider-arrows=\"true\" data-slider-hover-pause=\"false\" data-slider-auto=\"true\" data-slider-center-mode=\"false\" data-slider-speed=\"7000\" data-show-pause-button=\"false\" data-slider-gap=\"30\" data-slider-gap-tablet=\"30\" data-slider-gap-mobile=\"30\" data-slider-gap-unit=\"px\" data-item-selector=\".kb-portfolio-masonry-item\"><div class=\"kadence-splide-slider-init splide__track\"><ul><li class=\"kb-portfolio-slider-item kb-slide-item\"><div class=\"kb-blocks-portfolio-grid-item\"><div class=\"kb-blocks-portfolio-grid-item-inner-wrap kb-feat-image-align-none\"><div class=\"kadence-portfolio-image\"><div class=\"kadence-portfolio-image-intrisic kt-image-ratio-nocrop\" style=\"padding-bottom:56.25%\"><div class=\"kadence-portfolio-image-inner-intrisic\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/finance-able.com\/wp-content\/uploads\/2023\/03\/unlevered-beta-formula-lightbulb-1024x576.png\" class=\"attachment-large size-large wp-post-image\" alt=\"An image of a lightbulb with the text Unlevered Beta Formula\" srcset=\"https:\/\/finance-able.com\/wp-content\/uploads\/2023\/03\/unlevered-beta-formula-lightbulb-1024x576.png 1024w, https:\/\/finance-able.com\/wp-content\/uploads\/2023\/03\/unlevered-beta-formula-lightbulb-300x169.png 300w, https:\/\/finance-able.com\/wp-content\/uploads\/2023\/03\/unlevered-beta-formula-lightbulb-768x432.png 768w, https:\/\/finance-able.com\/wp-content\/uploads\/2023\/03\/unlevered-beta-formula-lightbulb.png 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/div><\/div><\/div><div class=\"kb-portfolio-grid-item-inner\"><a href=\"https:\/\/finance-able.com\/unlevered-beta-formula\/\" aria-label=\"Unlevered Beta Formula &#8211; Ultimate Guide\" class=\"portfolio-hover-item-link\"><\/a><div class=\"kb-portfolio-overlay-color\"><\/div><div class=\"kb-portfolio-overlay-border\"><\/div><div class=\"kb-portfolio-content-item-inner\"><h3 class=\"entry-title kb-portfolio-loop-title\">Unlevered Beta Formula &#8211; Ultimate Guide<\/h3><\/div><\/div><\/div><\/div><\/li><li class=\"kb-portfolio-slider-item kb-slide-item\"><div class=\"kb-blocks-portfolio-grid-item\"><div class=\"kb-blocks-portfolio-grid-item-inner-wrap kb-feat-image-align-none\"><div class=\"kadence-portfolio-image\"><div class=\"kadence-portfolio-image-intrisic kt-image-ratio-nocrop\" style=\"padding-bottom:56.25%\"><div class=\"kadence-portfolio-image-inner-intrisic\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/finance-able.com\/wp-content\/uploads\/2023\/01\/lightbulb-purchase-price-allocation-1024x576.png\" class=\"attachment-large size-large wp-post-image\" alt=\"A lightbulb and the words Purchase Price Allocation\" srcset=\"https:\/\/finance-able.com\/wp-content\/uploads\/2023\/01\/lightbulb-purchase-price-allocation-1024x576.png 1024w, https:\/\/finance-able.com\/wp-content\/uploads\/2023\/01\/lightbulb-purchase-price-allocation-300x169.png 300w, https:\/\/finance-able.com\/wp-content\/uploads\/2023\/01\/lightbulb-purchase-price-allocation-768x432.png 768w, https:\/\/finance-able.com\/wp-content\/uploads\/2023\/01\/lightbulb-purchase-price-allocation.png 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/div><\/div><\/div><div class=\"kb-portfolio-grid-item-inner\"><a href=\"https:\/\/finance-able.com\/purchase-price-allocation\/\" aria-label=\"Purchase Price Allocation in 4 Steps &#8211; The Ultimate Guide\" class=\"portfolio-hover-item-link\"><\/a><div class=\"kb-portfolio-overlay-color\"><\/div><div class=\"kb-portfolio-overlay-border\"><\/div><div class=\"kb-portfolio-content-item-inner\"><h3 class=\"entry-title kb-portfolio-loop-title\">Purchase Price Allocation in 4 Steps &#8211; The Ultimate Guide<\/h3><\/div><\/div><\/div><\/div><\/li><li class=\"kb-portfolio-slider-item kb-slide-item\"><div class=\"kb-blocks-portfolio-grid-item\"><div class=\"kb-blocks-portfolio-grid-item-inner-wrap kb-feat-image-align-none\"><div class=\"kadence-portfolio-image\"><div class=\"kadence-portfolio-image-intrisic kt-image-ratio-nocrop\" style=\"padding-bottom:45.138888888889%\"><div class=\"kadence-portfolio-image-inner-intrisic\"><img loading=\"lazy\" decoding=\"async\" width=\"720\" height=\"325\" src=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/06\/0-Walk-Me-Through-a-DCF-Definitive-Guide-Cover-1.png\" class=\"attachment-large size-large wp-post-image\" alt=\": A stick figure answering an interview question with the title text &#039;Walk Me Through an LBO&#039; below\" srcset=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/06\/0-Walk-Me-Through-a-DCF-Definitive-Guide-Cover-1.png 720w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/06\/0-Walk-Me-Through-a-DCF-Definitive-Guide-Cover-1-300x135.png 300w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/06\/0-Walk-Me-Through-a-DCF-Definitive-Guide-Cover-1-400x181.png 400w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/06\/0-Walk-Me-Through-a-DCF-Definitive-Guide-Cover-1-624x282.png 624w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/06\/0-Walk-Me-Through-a-DCF-Definitive-Guide-Cover-1-50x23.png 50w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/06\/0-Walk-Me-Through-a-DCF-Definitive-Guide-Cover-1-100x45.png 100w\" sizes=\"auto, (max-width: 720px) 100vw, 720px\" \/><\/div><\/div><\/div><div class=\"kb-portfolio-grid-item-inner\"><a href=\"https:\/\/finance-able.com\/walk-me-through-a-dcf\/\" aria-label=\"Walk Me Through a DCF in 5 Steps &#8211; The Ultimate Guide\" class=\"portfolio-hover-item-link\"><\/a><div class=\"kb-portfolio-overlay-color\"><\/div><div class=\"kb-portfolio-overlay-border\"><\/div><div class=\"kb-portfolio-content-item-inner\"><h3 class=\"entry-title kb-portfolio-loop-title\">Walk Me Through a DCF in 5 Steps &#8211; The Ultimate Guide<\/h3><\/div><\/div><\/div><\/div><\/li><\/ul><\/div><div class=\"clearfix\" style=\"clear:both\"><\/div><\/div><\/div><\/div><\/div>\n\n<\/div><\/div><\/div>\n<\/div>\n\n\n<!-- This site is converting visitors into subscribers and customers with OptinMonster - https:\/\/optinmonster.com :: Campaign Title: IB Career path Obfuscation -->\n<div id=\"om-qannulwlqsgjacmu9irh-holder\"><\/div>\n<script>(function(d,u,ac){var s=d.createElement('script');s.type='text\/javascript';s.src='https:\/\/a.omappapi.com\/app\/js\/api.min.js';s.async=true;s.dataset.user=u;s.dataset.campaign=ac;d.getElementsByTagName('head')[0].appendChild(s);})(document,130718,'qannulwlqsgjacmu9irh');<\/script>\n<!-- \/ OptinMonster -->\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-further-investment-banking-breakdowns\" style=\"font-size:26px\"><strong>Further Investment Banking Breakdowns<\/strong><\/h3>\n\n\n\n<p style=\"font-size:18.5px\"><strong>From this point on<\/strong>, we will <strong>dig into<\/strong> the <strong>Investment Banking career path<\/strong>.<\/p>\n\n\n\n<p style=\"font-size:18.5px\"><strong>It\u2019s worth noting, however, within<\/strong> each <strong>Investment Bank<\/strong>, the <strong>services listed above break <\/strong>into <strong>Industry Coverage<\/strong> (focus on an Industry Sector) and <strong>Product Groups<\/strong> (focus on a particular service like M&amp;A).<\/p>\n\n\n\n<p style=\"font-size:18.5px\">In addition, the <strong>Finance world<\/strong> often <strong>divides Investment Banks<\/strong> into <a href=\"https:\/\/finance-able.com\/what-is-an-investment-bank\/\"><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Bulge Bracket vs. Elite<\/span> <span class=\"has-inline-color has-vivid-cyan-blue-color\">Boutique vs. Middle Market<\/span><\/strong> <\/a>banks.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">For a deeper dive into those details, check out our <strong><a href=\"https:\/\/finance-able.com\/world-of-finance-4-how-do-investment-banks-operate\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">How Investment Banks Operate<\/span><\/a><\/strong> article.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p style=\"font-size:18.5px\"><strong>Now<\/strong> that we\u2019ve <strong>clarified<\/strong> what <strong>Investment Banks do,<\/strong> let\u2019s <strong>look at the day-to-day role<\/strong>.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-does-an-investment-banker-do\" style=\"font-size:26px\"><strong>What does an Investment Banker Do?<\/strong><\/h3>\n\n\n\n<p style=\"font-size:18.5px\">So, we now have a <strong>high-level view o<\/strong>f <strong>what Investment Banks do<\/strong>.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">But <strong>what do what does<\/strong> an <strong>Investment Banker<\/strong> <strong>do each day<\/strong>?<\/p>\n\n\n\n<p style=\"font-size:18.5px\"><strong>What does<\/strong> the <strong>day-to-day routine<\/strong> look like for a <strong>typical Banker<\/strong>?<\/p>\n\n\n\n<p style=\"font-size:18.5px\">The <strong>short story<\/strong> is that your <strong>seniority<\/strong> in the <strong>hierarchy<\/strong> largely <strong>determines<\/strong> your <strong>daily routine<\/strong>.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"510\" src=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/senior-vs-mid-level-vs-junior-investment-banker-roles-and-responsibilities-1024x510.png\" alt=\"An image showing the roles and responsibilities for Senior, Mid-Level, and Junior Investment Bankers\" class=\"wp-image-42877\" srcset=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/senior-vs-mid-level-vs-junior-investment-banker-roles-and-responsibilities-1024x510.png 1024w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/senior-vs-mid-level-vs-junior-investment-banker-roles-and-responsibilities-300x149.png 300w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/senior-vs-mid-level-vs-junior-investment-banker-roles-and-responsibilities-768x382.png 768w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/senior-vs-mid-level-vs-junior-investment-banker-roles-and-responsibilities-400x199.png 400w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/senior-vs-mid-level-vs-junior-investment-banker-roles-and-responsibilities-624x311.png 624w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/senior-vs-mid-level-vs-junior-investment-banker-roles-and-responsibilities-50x25.png 50w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/senior-vs-mid-level-vs-junior-investment-banker-roles-and-responsibilities-100x50.png 100w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/senior-vs-mid-level-vs-junior-investment-banker-roles-and-responsibilities.png 1524w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p style=\"font-size:18.5px\">There are <strong>three major buckets<\/strong> within the <strong>Investment Banking hierarchy<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Senior Bankers<\/strong> \u2013 Managing Directors (\u2018MDs\u2019) and Senior Vice Presidents (\u2018SVPs\u2019) <strong>build<\/strong> and <strong>foster<\/strong> client <strong>relationships<\/strong>.<\/li>\n\n\n\n<li><strong>Mid-Level Bankers<\/strong> \u2013 Vice Presidents (\u2018VPs\u2019) <strong>lead deal execution<\/strong>.<\/li>\n\n\n\n<li><strong>Junior Bankers<\/strong> \u2013 <strong>create<\/strong> supporting <strong>materials<\/strong> and <strong>analyses<\/strong> used to <strong>\u2018Pitch\u2019 clients<\/strong> for new business and for <strong>\u2018Live Deal\u2019 execution<\/strong>.<\/li>\n<\/ul>\n\n\n\n<p style=\"font-size:18.5px\">As you can see above, <strong>what Investment Bankers do <\/strong>in <strong>each<\/strong> <strong>role<\/strong> is <strong>slightly different<\/strong>.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">In the <strong>coming sections<\/strong>, we\u2019ll <strong>dig deeper<\/strong> into the <strong>roles and responsibilities<\/strong> at <strong>each level<\/strong>.<\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-a-typical-investment-banking-career-path\" style=\"font-size:35px\"><strong>A \u2018Typical\u2019 Investment Banking Career Path<\/strong><\/h2>\n\n\n\n<p style=\"font-size:18.5px\">One of the <strong>most common questions<\/strong> at this point is, \u201c<strong><em>What is the &#8216;typical&#8217; Investment Banking career path?<\/em><\/strong>\u201d<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p style=\"font-size:18.5px\">While there <strong>isn\u2019t a typical path<\/strong>, there are <strong>two primary entry points for a job in investment banking<\/strong>: <strong>Pre-MBA<\/strong> and <strong>Post-MBA<\/strong>.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1920\" height=\"1080\" src=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/pre-mba-vs-post-mba-roles-in-investment-banking.gif\" alt=\"A pyramid showing the pre-MBA and post-MBA roles in Investment Banking\" class=\"wp-image-42879\"\/><\/figure>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-land-a-full-time-investment-banking-role\" style=\"font-size:35px\"><strong>How to Land a Full-Time Investment Banking Role<\/strong><\/h2>\n\n\n\n<p style=\"font-size:18.5px\">As we\u2019ll discuss shortly, <strong>pay is very high<\/strong> (i.e. <strong>six-figures or more right out of school<\/strong>) relative to most other jobs. <\/p>\n\n\n\n<p style=\"font-size:18.5px\">And <strong>seven-figures to eight-figures for Senior Investment Bankers<\/strong> (with 10-15 years of experience).<\/p>\n\n\n\n<p style=\"font-size:18.5px\"><strong>Working in<\/strong> <strong>IB<\/strong> <strong>early<\/strong> in your career also <strong>opens doors<\/strong> to a wide <strong>variety<\/strong> of <strong>hard-to-get<\/strong> (<strong>and even higher-paying<\/strong>) job options down the road.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">As a result, <strong>competition<\/strong> for Investment Banking job roles is <strong>incredibly high<\/strong> across the board.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">Whether <strong>pre-MBA<\/strong> or <strong>post-MBA<\/strong>, <strong>incoming Investment Bankers<\/strong> are typically <strong>high achievers<\/strong> with <strong>high GPAs<\/strong>, <strong>high test scores<\/strong>, and a <strong>track record<\/strong> of <strong>repeated success<\/strong> (<strong>in and out of school<\/strong>).<\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-pre-mba-recruiting-cycle\" style=\"font-size:35px\"><strong>The Pre-MBA Recruiting Cycle<\/strong><\/h2>\n\n\n\n<p style=\"font-size:18.5px\"><strong><a href=\"https:\/\/finance-able.com\/what-is-an-investment-bank\/\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">Investment Banks<\/span><\/a> <\/strong>fill most of their <strong>Analyst classes<\/strong> with <strong>former Summer Interns<\/strong>.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">While <strong>it is possible<\/strong> to <strong>land a full-time job<\/strong> at an <strong>Investment Bank<\/strong> <strong>without<\/strong> a <strong>Summer Internship<\/strong> <strong>at that Bank<\/strong>, there are far fewer spots. <\/p>\n\n\n\n<p style=\"font-size:18.5px\">So, the <strong>best bet<\/strong> for <strong>most candidates<\/strong> is to <strong>land<\/strong> an <strong>internship<\/strong>.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">The <strong>\u2018big\u2019 internship<\/strong> to <strong>get <\/strong>in <strong>IB<\/strong> is the <strong>Junior Summer Internship<\/strong>. &nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\" id=\"h-the-pre-mba-junior-internship-recruiting-cycle\"><strong>The Pre-MBA Junior Internship Recruiting Cycle<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1920\" height=\"1080\" src=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/the-pre-mba-investment-banking-recruiting-cycle.gif\" alt=\"An animation showing the pre-mba recruiting cycle for junior year Investment Banking  internships\" class=\"wp-image-42944\"\/><\/figure>\n\n\n\n<p style=\"font-size:18.5px\">While it <strong>might sound a bit crazy<\/strong>, the <strong>recruiting<\/strong> for <strong>Junior Summer<\/strong> internships occurs <strong><span style=\"text-decoration: underline;\"><em>12-18 months before the internship begins<\/em><\/span><\/strong>.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">As a result, <strong>aspiring Analysts<\/strong> should <strong>begin preparing<\/strong> to <strong>recruit<\/strong> in their <strong>sophomore<\/strong> (and <strong>sometimes Freshman<\/strong>) year of College.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-target-vs-non-target-schools\"><strong>&#8216;Target&#8217; vs &#8216;Non-Target&#8217; Schools<\/strong><\/h3>\n\n\n\n<p style=\"font-size:18.5px\"><strong>Investment Banks recruit on-campus <\/strong>for a <strong>select group <\/strong>of schools (or &#8216;<strong>Target Schools<\/strong>&#8216;). <\/p>\n\n\n\n<p style=\"font-size:18.5px\"><strong>Target schools <\/strong>are composed of <strong>top private and public Universities <\/strong>(Harvard, Yale, Stanford, Michigan, UVA, etc.). <\/p>\n\n\n\n<p style=\"font-size:18.5px\"><strong>Schools outside <\/strong>of <strong>this group <\/strong>are referred to as &#8216;<strong>Non-Target<\/strong>&#8216; <strong>schools<\/strong>. <\/p>\n\n\n\n<p style=\"font-size:18.5px\"><strong>Historically<\/strong>, a typical <strong>Analyst class <\/strong>would <strong>only <\/strong>have a <strong>few &#8216;Non-Target&#8217; Analysts<\/strong>. <\/p>\n\n\n\n<p style=\"font-size:18.5px\">In <strong>recent years<\/strong>, however, <strong>Banks <\/strong>have <strong>realized <\/strong>they are <strong>missing out <\/strong>on a <strong>LARGE pool <\/strong>of highly <strong>talented students <\/strong>and are <strong>much more open <\/strong>to &#8216;Non-Target&#8217; Students. <\/p>\n\n\n\n<p style=\"font-size:18.5px\">There are <strong>also organizations dedicated <\/strong>to <strong>helping &#8216;Non-Target&#8217; students land roles in IB <\/strong>like <a href=\"https:\/\/www.accessdistributed.org\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Access Distributed<\/span><\/strong><\/a>. <\/p>\n\n\n\n<p style=\"font-size:18.5px\">So, the <strong>good news <\/strong>is that <strong>you can get in <\/strong>if you are at a <strong>&#8216;Non-Target&#8217; School<\/strong>, but it <strong>just requires <\/strong>a bit <strong>more legwork<\/strong>, largely in the form of <strong>extensive networking<\/strong>.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-post-mba-recruiting-paths\" style=\"font-size:26px\"><strong>Post-MBA Recruiting Paths<\/strong><\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1701\" height=\"681\" src=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/post-mba-recruiting-in-investment-banking.png\" alt=\"Stick figures showing the three ways to enter Investment Banking after an MBA\" class=\"wp-image-42780\" style=\"width:768px;height:308px\" srcset=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/post-mba-recruiting-in-investment-banking.png 1701w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/post-mba-recruiting-in-investment-banking-300x120.png 300w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/post-mba-recruiting-in-investment-banking-1024x410.png 1024w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/post-mba-recruiting-in-investment-banking-768x307.png 768w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/post-mba-recruiting-in-investment-banking-1536x615.png 1536w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/post-mba-recruiting-in-investment-banking-400x160.png 400w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/post-mba-recruiting-in-investment-banking-624x250.png 624w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/post-mba-recruiting-in-investment-banking-50x20.png 50w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/post-mba-recruiting-in-investment-banking-100x40.png 100w\" sizes=\"auto, (max-width: 1701px) 100vw, 1701px\" \/><\/figure>\n<\/div>\n\n\n<p><\/p>\n\n\n\n<p style=\"font-size:18.5px\">There are three ways to get into the upper ranks of the business:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Direct Promote<\/strong> \u2013 top-performing <strong>Analysts<\/strong> <strong>promoted<\/strong> to <strong>Associate<\/strong>.<\/li>\n\n\n\n<li><strong>Top-Tier MBA Graduate<\/strong> \u2013 <strong>students<\/strong> at high-caliber <strong>MBA programs<\/strong>.<\/li>\n\n\n\n<li><strong>Lateral Hire<\/strong> \u2013 <strong>individuals<\/strong> who work at <strong>other Investment Banks<\/strong> or <strong>sometimes<\/strong> <strong>Corporate Finance<\/strong> or <strong>Corporate Development<\/strong> roles.<\/li>\n<\/ul>\n\n\n\n<p style=\"font-size:18.5px\"><strong>While people get into<\/strong> <strong>IB<\/strong> through <strong>all three of the routes discussed above<\/strong>, <strong>MBA graduates<\/strong> make up the <strong>lion\u2019s share<\/strong> of <strong>post-MBA Investment Bankers<\/strong>.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-mba-recruiting-for-investment-banking-is-a-bit-more-structured\" style=\"font-size:22px\"><strong>MBA Recruiting for Investment Banking is a Bit More Structured<\/strong><\/h3>\n\n\n\n<p style=\"font-size:18.5px\"><strong>Similar to Pre-MBA<\/strong> recruiting, <strong>Post-MBA recruiting<\/strong> is very <strong>competitive<\/strong>. But, <strong>recruiting<\/strong> at the <strong>MBA level<\/strong> is a little <strong>more straightforward<\/strong>.<\/p>\n\n\n\n<p style=\"font-size:18.5px\"><strong><a href=\"https:\/\/finance-able.com\/what-is-an-investment-bank\/\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">Investment Banks<\/span><\/a><\/strong> come to the <strong>campuses of top-tier MBA programs<\/strong> to <strong>recruit.<\/strong> This typically occurs<strong> 3-5 months<\/strong> before their <strong>Summer Associate internship<\/strong> (<strong>between<\/strong> the <strong>first and second year<\/strong>) begins. <\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-get-into-investment-banking\" style=\"font-size:35px\"><strong>How to Get Into Investment Banking<\/strong><\/h2>\n\n\n\n<p>Whether <strong>Pre-MBA or Post-MBA<\/strong>, <strong>target or non-target<\/strong>, there are a few<strong> common things you&#8217;ll need to do to get into <span class=\"has-inline-color has-black-color\">Investment Banking<\/span><\/strong>:<\/p>\n\n\n\n<div class=\"schema-how-to wp-block-yoast-how-to-block\"><p class=\"schema-how-to-description\"><strong>How to get into Investment Banking<\/strong><\/p> <ol class=\"schema-how-to-steps\"><li class=\"schema-how-to-step\" id=\"how-to-step-1627843234118\"><strong class=\"schema-how-to-step-name\"><em>Network Extensively<\/em><\/strong> <p class=\"schema-how-to-step-text\">When applications are submitted to an Investment Bank, they are often reviewed internally by small teams of Bankers that lead the charge for individual schools. Most candidates have high GPAs and test scores, so that&#8217;s not usually enough to stand out. Instead, you want the decision-making Bankers to know your name and to advocate for you. <br\/><br\/>You can do this by networking extensively with Alumni (or any connections you can find) at your targeted firms. We recommend you start reaching out to Analysts and Associates at least a few months before core recruiting starts. <br\/><br\/>Extensive networking is <strong><span style=\"text-decoration: underline;\">ESPECIALLY<\/span><\/strong> important for students at non-target schools. And, if you&#8217;re at a non-target school, you aren&#8217;t limited to Alumni of your school. Non-target folks tend to look out for each other. So look for any non-target Alumni at your target firms.  <\/p> <\/li><li class=\"schema-how-to-step\" id=\"how-to-step-1627843257581\"><strong class=\"schema-how-to-step-name\"><em>Create a Pattern of &#8216;Demonstrated Interest&#8217; in Finance<\/em><\/strong> <p class=\"schema-how-to-step-text\">When someone reviews your resume, they are going to look at your background to see if you have a history of pursuing Finance and\/or Banking-related activities. <br\/><br\/>You should aim to join Finance clubs at your school, analyze and personally invest in stocks (even with a free stock simulator like <a href=\"https:\/\/www.stocktrak.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">StockTrak<\/span><\/strong><\/a>), and read as many books about Finance and Investing as possible. <br\/><br\/>If possible, you should also look for school-year and summer internships at small Investment Banks, Private Equity Funds (or <a href=\"https:\/\/www.gsb.stanford.edu\/faculty-research\/centers-initiatives\/ces\/research\/search-funds\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Search Funds<\/span><\/strong><\/a>), or <a href=\"https:\/\/finance-able.com\/what-is-a-hedge-fund\/\"><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Hedge Funds<\/span><\/strong><\/a>. <\/p> <\/li><li class=\"schema-how-to-step\" id=\"how-to-step-1627843284896\"><strong class=\"schema-how-to-step-name\"><em>Prepare Answers for Behavioral Questions<\/em><\/strong> <p class=\"schema-how-to-step-text\">The first major category of Interview Questions you should prepare to tackle is Behavioral questions. <br\/><br\/>Some common questions are:<br\/>-Tell Me About Yourself<br\/>-Why do you want to work in Investment Banking?<br\/>-What are your greatest strengths and weaknesses?<br\/>-Tell me about a time you failed. <br\/><br\/>Aim to come up with 4-6 personal stories that can be re-purposed into answers for all of the above questions. <br\/><br\/>Here&#8217;s a link to some <strong><a href=\"https:\/\/quizlet.com\/544568425\/investment-banking-behavioral-flash-cards\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">common Behavioral Interview Questions<\/span><\/a><\/strong>.<\/p> <\/li><li class=\"schema-how-to-step\" id=\"how-to-step-1627843313390\"><strong class=\"schema-how-to-step-name\"><em>Start Early with your Technical Prep<\/em><\/strong> <p class=\"schema-how-to-step-text\">We can&#8217;t overstate how important it is to <strong><span style=\"text-decoration: underline;\">start preparing early<\/span><\/strong> for Technical Interview Questions. Many candidates wait until the last minute and have trouble with anything beyond regurgitating memorized answers to common questions&#8230;and they often fall short. <br\/><br\/>To give yourself the best chance of succeeding, you need to be able to give the answer but then explain the underlying substance and concepts behind each question. <br\/><br\/>A few common technical questions are: <br\/>&#8211;<a href=\"https:\/\/finance-able.com\/walk-me-through-a-dcf\/\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">Walk Me Through a DCF<\/mark><\/strong><\/a>.<br\/>&#8211;<a href=\"https:\/\/finance-able.com\/walk-me-through-an-lbo\/\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">Walk Me Through an LBO<\/mark><\/strong><\/a>.<br\/>&#8211;<a href=\"https:\/\/youtu.be\/9DHi3Ef9S2k\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">How does $10 of Depreciation flow through the 3 Statements<\/mark><\/strong><\/a>.<br\/>&#8211;<a href=\"https:\/\/finance-able.com\/accretion-dilution\/\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">Does an All-Stock transaction result in Accretion\/Dilution?<\/mark><\/strong><\/a><br\/><br\/>As you progress, you can then tackle more complicated questions like the <a href=\"https:\/\/finance-able.com\/paper-lbo\/\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">Paper LBO<\/mark><\/strong><\/a>.<br\/><br\/>Here&#8217;s a link to some additional <a href=\"https:\/\/quizlet.com\/14120924\/investment-banking-technical-interview-questions-flash-cards\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">common Technical Interview Questions<\/mark><\/strong><\/a>.<\/p> <\/li><\/ol><\/div>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p style=\"font-size:18.5px\">We\u2019ve <strong>outlined how <\/strong>people typically <strong>get into IB<\/strong>. Now, let\u2019s <strong>take<\/strong> a <strong>deeper look<\/strong> at <strong>each role<\/strong> in the <strong>Investment Banking hierarchy<\/strong>.<\/p>\n\n\n\n<p style=\"font-size:18.5px\"><strong>At each step, we\u2019ll also walk through the Investment Banking career path salary progression.<\/strong><\/p>\n\n\n\n<p style=\"font-size:18.5px\"><em>Quick Note: The <strong>compensation levels<\/strong> quoted here are for <strong>top-tier banks<\/strong>. <strong>Compensation<\/strong> is <strong>typically lower<\/strong> for <strong>smaller<\/strong> and\/or <strong>regional banks<\/strong>.<\/em><\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-investment-banking-career-path-analysts\" style=\"font-size:35px\"><strong>Investment Banking Career Path: Analysts<\/strong><\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1920\" height=\"1080\" src=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/investment-banking-analyst-roles-and-responsibilities.gif\" alt=\"An animation showing typical Investment Banking Analyst Roles and Responsibilities\" class=\"wp-image-42769\" style=\"width:768px;height:432px\"\/><\/figure>\n<\/div>\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-do-investment-banking-analysts-do\" style=\"font-size:26px\"><strong>What do Investment Banking Analysts Do?<\/strong><\/h3>\n\n\n\n<p style=\"font-size:18.5px\"><strong>Once<\/strong> a <strong>full-time Analyst<\/strong> is <strong>on the job<\/strong>, they are <strong>typically \u2018staffed\u2019 right away<\/strong> with one (or multiple) assignments.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">These \u2018<strong>staffings<\/strong>\u2019 broadly break into <strong>two categories<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Pitches <\/strong>\u2013 <strong>create<\/strong> a \u2018<strong><a href=\"https:\/\/www.udemy.com\/course\/pitch-book-for-investment-bankers-m\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">Pitch Book<\/span><\/a><\/strong>,\u2019 which is <strong>typically<\/strong> an long <strong>slide deck<\/strong> with a<strong> deal recommendation<\/strong> to present to a <strong>client<\/strong>.<\/li>\n\n\n\n<li><strong>Live Deals<\/strong> \u2013 <strong>once<\/strong> a <strong>client<\/strong> agrees to <strong>work with a bank<\/strong>, they \u2018<strong>engage.\u2019<\/strong> <strong>At that point<\/strong>, the <strong>deal<\/strong> is then \u2018<strong>Live.<\/strong>\u2019<\/li>\n<\/ul>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-analyst-day-to-day-tasks-on-the-job\"><strong>Analyst Day-To-Day Tasks on the Job<\/strong><\/h3>\n\n\n\n<p style=\"font-size:18.5px\">While the <strong>Senior and Mid-Level Investment Bankers<\/strong> <strong>outline<\/strong> the broad strokes, the <strong>Analysts<\/strong> (with oversight from Associates) are \u2018<strong>in the weeds<\/strong>\u2019 and are <strong>typically tasked with<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Creating presentations.<\/li>\n\n\n\n<li>Formulating and maintaining detailed analyses (including <a href=\"https:\/\/www.financialdirector.co.uk\/2019\/11\/06\/what-are-the-different-financial-models\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Financial Models<\/span><\/strong><\/a> for things like <a href=\"https:\/\/finance-able.com\/walk-me-through-a-dcf\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Discounted Cash Flow<\/span><\/strong><\/a> and <a href=\"https:\/\/finance-able.com\/walk-me-through-an-lbo\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Leveraged Buyout<\/span><\/strong><\/a> analyses).<\/li>\n\n\n\n<li>Helping coordinate logistics to execute Live Deals.<\/li>\n<\/ul>\n\n\n\n<p style=\"font-size:18.5px\">This <strong>role<\/strong> is <strong>very intense<\/strong>, with <strong>Analysts<\/strong> often <strong>logging 80-100+ hour weeks<\/strong>. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-why-such-long-hours-you-might-ask\"><em><strong>Why such long hours, you might ask?<\/strong><\/em><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p style=\"font-size:18.5px\"><strong>When<\/strong> your <strong>client<\/strong> is the <strong>CEO of a large company<\/strong>, <strong>often<\/strong> making the <strong>biggest decision<\/strong> of their <strong>career<\/strong> around a <strong><a href=\"https:\/\/www.myaccountingcourse.com\/accounting-dictionary\/merger\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">merger<\/span><\/a><\/strong> or <strong>capital raise<\/strong>, <strong>time is of the essence<\/strong>. <\/p>\n\n\n\n<p style=\"font-size:18.5px\">And you&#8217;re <strong>competing against <\/strong>other <strong>HIGHLY talented bankers across Wall Street <\/strong>for the <strong>CEO&#8217;s business<\/strong>. <\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-why-work-in-such-a-crazy-role\" style=\"font-size:26px\"><strong>Why Work in Such a Crazy Role?<\/strong><\/h3>\n\n\n\n<p style=\"font-size:18.5px\">If you\u2019re asking yourself, <strong>\u2018<em>Why in the world would I want one of these jobs?<\/em>\u2019<\/strong>\u2026it\u2019s a <strong>fair question<\/strong>.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">The <strong>answer<\/strong> comes down to <strong>three primary factors<\/strong>:<\/p>\n\n\n\n<ol style=\"list-style-type:1\" class=\"wp-block-list\">\n<li><strong>Pay<\/strong> \u2013 <strong>analysts<\/strong> at <strong>top-tier banks<\/strong> have historically made <strong>$120,000 &#8211; $170,000 or more per year in<\/strong> their<strong> first year<\/strong>.<strong> Many<\/strong> Investment Banks <strong><a href=\"https:\/\/www.efinancialcareers.com\/news\/2021\/07\/wall-street-investment-banking-salaries-pay-rises\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">recently increased<\/span><\/a><\/strong> their pay by a further <strong>$10,000-15,000<\/strong> per year.<\/li>\n\n\n\n<li><strong>Exit Opportunities<\/strong> \u2013 analysts <strong>typically<\/strong> <strong>transition<\/strong> to <strong><a href=\"https:\/\/youtu.be\/7ZN2XJPwN-Q\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">Private Equity<\/span><\/a><\/strong> or <a href=\"https:\/\/finance-able.com\/what-is-a-hedge-fund\/\"><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Hedge Funds<\/span><\/strong><\/a> <strong>after two years<\/strong>. Those roles <strong>often pay twice <\/strong>what they <strong>make in IB<\/strong> (or more).<\/li>\n\n\n\n<li><strong>Network<\/strong> \u2013 <strong>gain<\/strong> <strong>access<\/strong> to a <strong>network<\/strong> of <strong>50-150+<\/strong> other <strong>high-achieving <\/strong>individuals in their Analyst Class.<\/li>\n<\/ol>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-investment-banking-analyst-exit-opportunities\" style=\"font-size:26px\"><strong>Investment Banking Analyst: Exit Opportunities<\/strong><\/h3>\n\n\n\n<p style=\"font-size:18.5px\">While <strong>all three factors<\/strong> <strong>above<\/strong> are <strong>important<\/strong>, given that <strong>most Analysts<\/strong> only <strong>stay<\/strong> for <strong>two years<\/strong>, the <strong>biggest driver<\/strong> for <strong>many<\/strong> <strong>Analysts <\/strong>is the opportunity for <strong>careers after <a href=\"https:\/\/finance-able.com\/what-is-an-investment-bank\/\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">Investment<\/span><\/a><span class=\"has-inline-color has-vivid-cyan-blue-color\"><a href=\"https:\/\/finance-able.com\/what-is-an-investment-bank\/\"> <\/a><\/span><a href=\"https:\/\/finance-able.com\/what-is-an-investment-bank\/\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">Banking<\/span><\/a> <\/strong>(or <strong>\u2018Exit Opps&#8217;).<\/strong><\/p>\n\n\n\n<p style=\"font-size:18.5px\"><strong>While <\/strong>there are <strong>many post Investment Banking careers<\/strong> to pursue, <strong>below <\/strong>are the <strong>most common<\/strong>:<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\" id=\"h-typical-analyst-exit-options\" style=\"font-size:30px\"><strong>Typical Analyst Exit Options<\/strong><\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1920\" height=\"1080\" src=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/careers-after-investment-banking-analyst-role.png\" alt=\"An image showing the most common careers after the Investment Banking Analyst role\" class=\"wp-image-42768\" style=\"width:768px;height:432px\" srcset=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/careers-after-investment-banking-analyst-role.png 1920w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/careers-after-investment-banking-analyst-role-300x169.png 300w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/careers-after-investment-banking-analyst-role-1024x576.png 1024w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/careers-after-investment-banking-analyst-role-768x432.png 768w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/careers-after-investment-banking-analyst-role-1536x864.png 1536w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/careers-after-investment-banking-analyst-role-400x225.png 400w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/careers-after-investment-banking-analyst-role-624x351.png 624w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/careers-after-investment-banking-analyst-role-50x28.png 50w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/careers-after-investment-banking-analyst-role-100x56.png 100w\" sizes=\"auto, (max-width: 1920px) 100vw, 1920px\" \/><\/figure>\n<\/div>\n\n\n<p style=\"font-size:18.5px\">In short, nearly <strong>all the attractive career doors<\/strong> remain <strong>open <\/strong>for <strong>Analysts<\/strong>.<\/p>\n\n\n\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1920\" height=\"1080\" src=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/investment-banking-opens-career-opportunities.gif\" alt=\"An animation showing a stick figure walking through a door to various career opportunities. \" class=\"wp-image-42776\" style=\"width:768px;height:432px\"\/><\/figure>\n<\/div>\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-investment-banking-career-path-associates\" style=\"font-size:26px\"><strong>Investment Banking Career Path: Associates<\/strong><\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1920\" height=\"1080\" src=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/investment-banking-associate-roles-and-responsibilities.gif\" alt=\"An animation showing typical Investment Banking Associate Roles and Responsibilities\" class=\"wp-image-42770\" style=\"width:768px;height:432px\"\/><\/figure>\n<\/div>\n\n\n<p style=\"font-size:18.5px\"><strong>Associates<\/strong> are the next level <strong>above Analysts<\/strong>.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">As previously mentioned, most <strong>Associates <\/strong>come from <strong>top-tier MBA<\/strong> programs, are <strong>lateral hires,<\/strong> or are <strong>directly promoted<\/strong> from the Analyst role.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-investment-banking-associate-day-to-day-role\" style=\"font-size:26px\"><strong>Investment Banking Associate: Day-To-Day Role<\/strong><\/h3>\n\n\n\n<p style=\"font-size:18.5px\"><strong>Associates<\/strong> <strong>oversee<\/strong> (and <strong>mentor<\/strong>) <strong>Analysts<\/strong> and <strong>work for VPs<\/strong> or <strong>sometimes <\/strong>even <strong>SVPs or MDs<\/strong>.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">While the <strong>Analyst creates<\/strong> the underlying <strong>materials<\/strong>, the <strong>Associate<\/strong> is <strong>responsible<\/strong> for the <strong>quality<\/strong> and <strong>accuracy<\/strong> of the work.<\/p>\n\n\n\n<p style=\"font-size:18.5px\"><strong>Associates <\/strong>at top banks <strong>earn $250-$500K per year<\/strong> in return for their hard work.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-associate-exit-options\" style=\"font-size:26px\"><strong>Associate: Exit Options<\/strong><\/h3>\n\n\n\n<p style=\"font-size:18.5px\"><strong>Associates<\/strong> <strong>don\u2019t have<\/strong> the same <strong>breadth<\/strong> of <strong>post-investment Banking<\/strong> <strong>options<\/strong> as Analysts.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">While <strong>some<\/strong> <strong>Associates<\/strong> find <strong>roles<\/strong> in <strong><a href=\"https:\/\/finance-able.com\/what-is-a-hedge-fund\/\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">Hedge Funds<\/span><\/a><\/strong> and <strong>Private Equity<\/strong>, it is far <strong>more common<\/strong> for Associates to <strong>transition<\/strong> to <strong>Corporate Development<\/strong> or <strong>Corporate Finance<\/strong> roles.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">In addition, <strong>many Associates<\/strong> <strong>stay<\/strong> in <strong>IB<\/strong>.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">After <strong>three<\/strong> to <strong>four years<\/strong>, an <strong>Associate<\/strong> progresses to the role of <strong>Vice President<\/strong>.<\/p>\n\n\n\n<p style=\"font-size:18.5px\"><strong>After<\/strong> <strong>the promotion <\/strong>to <strong>Vice President<\/strong>, <strong>many<\/strong> Investment Bankers become \u2018<strong>Career Bankers<\/strong>.\u2019<\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-investment-banking-career-path-vice-presidents\" style=\"font-size:35px\"><strong>Investment Banking Career Path: Vice Presidents<\/strong><\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1920\" height=\"1080\" src=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/investment-banking-vice-president-roles-and-responsibilities.gif\" alt=\"An animation showing typical Investment Banking Vice President Roles and Responsibilities\" class=\"wp-image-42778\" style=\"width:768px;height:432px\"\/><\/figure>\n<\/div>\n\n\n<p style=\"font-size:18.5px\">The <strong>Vice President (VP) role<\/strong> is about <strong>deal execution<\/strong>.<\/p>\n\n\n\n<p style=\"font-size:18.5px\"><em>Quick Note: At <strong>some Investment Banks<\/strong>, the <strong>Vice President <\/strong>role is called \u2018<strong>Director<\/strong>.\u2019<\/em><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p style=\"font-size:18.5px\"><strong>VPs<\/strong> typically <strong>lead<\/strong> (or \u2018<strong>Quarterback<\/strong>\u2019) the <strong>execution<\/strong> of each deal. Thus, <strong>VPs<\/strong> are the \u2018<strong>buffer<\/strong>\u2019 <strong>between<\/strong> <strong>Senior Bankers<\/strong> and <strong>Junior Bankers<\/strong>.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">They <strong>support<\/strong> the <strong>needs<\/strong> of the <strong>Senior Bankers<\/strong> while <strong>ensuring<\/strong> <strong>team cohesion<\/strong> and <strong>execution<\/strong> with the <strong>Junior Bankers<\/strong>. <\/p>\n\n\n\n<p style=\"font-size:18.5px\">The <strong>VP<\/strong> role is much <strong>more client-facing than <\/strong>the <strong>Associate <\/strong>role. <strong>VPs<\/strong> are often <strong>invited<\/strong> to <strong>client Pitch presentations<\/strong>. <\/p>\n\n\n\n<p style=\"font-size:18.5px\"><strong>Once<\/strong> a <strong>client engages<\/strong>, <strong>VPs<\/strong> <strong>often lead<\/strong> <strong>the charge <\/strong>and <strong>work with the client <\/strong>to <strong>ensure<\/strong> they are <strong>happy<\/strong>.<\/p>\n\n\n\n<p style=\"font-size:18.5px\"><strong>VPs<\/strong> in <a href=\"https:\/\/finance-able.com\/what-is-an-investment-bank\/\"><span class=\"has-inline-color has-vivid-cyan-blue-color\"><strong>Investment Banking<\/strong><\/span><\/a> <strong>earn $400-$700K per year<\/strong> at top Investment Banks.<\/p>\n\n\n\n<p style=\"font-size:18.5px\"><strong>After three to four years<\/strong> in the role, a <strong>Vice President<\/strong> advances to <strong>Senior Vice President<\/strong> (or &#8216;<strong>SVP<\/strong>&#8216;).<\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-investment-banking-career-path-senior-vice-presidents\" style=\"font-size:35px\"><strong>Investment Banking Career Path: Senior Vice Presidents<\/strong><\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1920\" height=\"1080\" src=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/investment-banking-senior-vice-president-roles-and-responsibilities.gif\" alt=\"An animation showing typical Investment Banking Senior Vice President Roles and Responsibilities\" class=\"wp-image-42777\" style=\"width:768px;height:432px\"\/><\/figure>\n<\/div>\n\n\n<p style=\"font-size:18.5px\">The <strong>next level<\/strong> up is <strong>Senior Vice President<\/strong> (called \u2018<strong>Executive Director<\/strong>\u2019 at <strong>some banks<\/strong>).<\/p>\n\n\n\n<p style=\"font-size:18.5px\"><strong>SVPs<\/strong> are <strong>Managing Directors in training<\/strong>.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">They\u2019ve <strong>earned<\/strong> their <strong>stripes<\/strong> as <strong>deal execution pros<\/strong>. But, at this point, they <strong>need to prove<\/strong> that they can <strong>bring in new business<\/strong>.<\/p>\n\n\n\n<p style=\"font-size:18.5px\"><strong>Most SVPs<\/strong> play a <strong>hybrid<\/strong> role. For example, <strong>SVPs support deal execution<\/strong> for MDs and also <strong>work to bring in new business<\/strong> (often in underserved sub-sectors).<\/p>\n\n\n\n<p style=\"font-size:18.5px\"><strong>Senior Vice Presidents<\/strong> can <strong>earn $700,000 to $1 million per year<\/strong> at top-tier banks.<\/p>\n\n\n\n<p style=\"font-size:18.5px\"><strong>Unfortunately<\/strong>, <strong>not all SVPs make it<\/strong> to the <strong>next level<\/strong>.<\/p>\n\n\n\n<p style=\"font-size:18.5px\"><strong><u>IF<\/u><\/strong> an <strong>SVP<\/strong> is <strong>promoted to Managing Director<\/strong>, the promotion <strong>typically occurs <\/strong>within <strong>2-3 years<\/strong>.<\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-investment-banking-career-path-managing-director\" style=\"font-size:35px\"><strong>Investment Banking Career Path: Managing Director<\/strong><\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1920\" height=\"1080\" src=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/investment-banking-managing-director-roles-and-responsibilities.gif\" alt=\"An animation showing typical Investment Banking Managing Director Roles and Responsibilities\" class=\"wp-image-42775\" style=\"width:768px;height:432px\"\/><\/figure>\n<\/div>\n\n\n<p style=\"font-size:18.5px\"><strong>Managing Director<\/strong> (&#8216;<strong>MD<\/strong>&#8216;) is the <strong>top role<\/strong> in the <strong>world of IB<\/strong>.<\/p>\n\n\n\n<p style=\"font-size:18.5px\"><strong>MDs<\/strong> <strong>bring in the deals<\/strong> that <strong>generate fees<\/strong> for the <strong><a href=\"https:\/\/finance-able.com\/what-is-an-investment-bank\/\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">Investment Bank<\/span><\/a><\/strong>. <\/p>\n\n\n\n<p style=\"font-size:18.5px\"><strong>MDs aspire<\/strong> to become &#8216;<strong>trusted advisors<\/strong>&#8216; to <strong>their clients<\/strong> to create a <strong>recurring stream<\/strong> of <strong>business<\/strong>.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">While the <strong>job<\/strong> is <strong>still highly analytical<\/strong>, <strong>MDs<\/strong> need <strong>additional skills<\/strong>. &nbsp;<\/p>\n\n\n\n<p style=\"font-size:18.5px\">They <strong>have to be good<\/strong> with <strong>people<\/strong> <strong><u>AND<\/u><\/strong> <strong>numbers<\/strong>.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1920\" height=\"1080\" src=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/investment-banking-managing-director-key-success-factors.png\" alt=\"An image showing the key success factors needed to succeed as a Managing Director in Investment Banking\" class=\"wp-image-42774\" style=\"width:768px;height:432px\" srcset=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/investment-banking-managing-director-key-success-factors.png 1920w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/investment-banking-managing-director-key-success-factors-300x169.png 300w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/investment-banking-managing-director-key-success-factors-1024x576.png 1024w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/investment-banking-managing-director-key-success-factors-768x432.png 768w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/investment-banking-managing-director-key-success-factors-1536x864.png 1536w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/investment-banking-managing-director-key-success-factors-400x225.png 400w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/investment-banking-managing-director-key-success-factors-624x351.png 624w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/investment-banking-managing-director-key-success-factors-50x28.png 50w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/investment-banking-managing-director-key-success-factors-100x56.png 100w\" sizes=\"auto, (max-width: 1920px) 100vw, 1920px\" \/><\/figure>\n<\/div>\n\n\n<p style=\"font-size:18.5px\"><strong>In return <\/strong>for <strong>making it to the<\/strong> <strong>top<\/strong>, <strong>Managing Directors<\/strong> typically <strong>earn over $1 million per year<\/strong>.<\/p>\n\n\n\n<p style=\"font-size:18.5px\"><strong>Superstar MD\u2019s<\/strong> (or \u2018<strong>Rainmakers<\/strong>\u2019) can earn <strong>over $10 million per year or more<\/strong>.<\/p>\n\n\n\n<p style=\"font-size:18.5px\"><strong>If you\u2019ve made<\/strong> it <strong>this far<\/strong> into the article, you\u2019re <strong>probably wondering<\/strong>, \u2018<strong>What do I need to succeed in this career field?<\/strong>\u2019<\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-can-i-succeed-in-investment-banking\" style=\"font-size:35px\"><strong>How Can I Succeed in Investment Banking?<\/strong><\/h2>\n\n\n\n<p style=\"font-size:18.5px\">There is <strong>no<\/strong> <strong>single formula<\/strong> for <strong>success<\/strong>. But, there are <strong>common threads<\/strong> across <strong>most successful candidates<\/strong> for <strong>IB jobs<\/strong>.<\/p>\n\n\n\n<p style=\"font-size:18.5px\"><strong>Below<\/strong> is a <strong>brief<\/strong> <strong>list<\/strong> of the <strong>key<\/strong> <strong>success factors<\/strong>:<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\" id=\"h-success-factors-for-junior-investment-bankers\" style=\"font-size:26px\"><strong>Success Factors for Junior Investment Bankers<\/strong><\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1280\" height=\"720\" src=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/junior-investment-banker-success-factors.png\" alt=\"a list of the critical factors that make a junior investment banker successful\" class=\"wp-image-42779\" style=\"width:768px;height:432px\" srcset=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/junior-investment-banker-success-factors.png 1280w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/junior-investment-banker-success-factors-300x169.png 300w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/junior-investment-banker-success-factors-1024x576.png 1024w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/junior-investment-banker-success-factors-768x432.png 768w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/junior-investment-banker-success-factors-400x225.png 400w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/junior-investment-banker-success-factors-624x351.png 624w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/junior-investment-banker-success-factors-50x28.png 50w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/junior-investment-banker-success-factors-100x56.png 100w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\" \/><\/figure>\n<\/div>\n\n\n<p style=\"font-size:18.5px\"><strong>If you <\/strong>are <strong>still reading<\/strong> at this point, then <strong>perhaps<\/strong> a <strong>career<\/strong> in <strong><a href=\"https:\/\/finance-able.com\/what-is-an-investment-bank\/\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">Investment Banking<\/span><\/a> is for you<\/strong>.<\/p>\n\n\n\n<p style=\"font-size:18.5px\"><strong>IB<\/strong> is a <strong>demanding career<\/strong> <strong>path<\/strong> to pursue. However, the <strong>rewards<\/strong> can be <strong>significant<\/strong> if you\u2019re willing to <strong>work<\/strong> <strong>through<\/strong> the <strong>challenges<\/strong>.<\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-should-i-pursue-a-career-in-investment-banking\" style=\"font-size:35px\"><strong>Should I Pursue a Career in Investment Banking?<\/strong><\/h2>\n\n\n\n<p style=\"font-size:18.5px\"><strong>In the end<\/strong>, the <strong>core question<\/strong> should be <strong>whether<\/strong> or <strong>not<\/strong> Investment Banking is a <strong>good career path<\/strong> for <strong><u>you<\/u><\/strong>.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">The <strong>answer<\/strong> largely <strong>comes down<\/strong> to <strong>weighing<\/strong> the <strong>Pros<\/strong> and <strong>Cons<\/strong> <strong>below<\/strong>:<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\" id=\"h-the-pros-and-cons-of-the-investment-banking-career-path\" style=\"font-size:26px\"><strong>The Pros and Cons of the Investment Banking Career Path<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/pros-and-cons-of-investment-banking-1024x576.png\" alt=\"A list of the primary pros and cons of working the Investment Banking Career Path\" class=\"wp-image-42878\" srcset=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/pros-and-cons-of-investment-banking-1024x576.png 1024w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/pros-and-cons-of-investment-banking-300x169.png 300w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/pros-and-cons-of-investment-banking-768x432.png 768w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/pros-and-cons-of-investment-banking-400x225.png 400w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/pros-and-cons-of-investment-banking-624x351.png 624w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/pros-and-cons-of-investment-banking-50x28.png 50w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/pros-and-cons-of-investment-banking-100x56.png 100w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/pros-and-cons-of-investment-banking.png 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p style=\"font-size:18.5px\"><strong>If the Pros<\/strong> above <strong>outweigh the Cons<\/strong>, <strong>keep digging <\/strong>to <strong>learn more<\/strong> about this field.<\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-wrap-up-investment-banking-career-path\" style=\"font-size:35px\"><strong>Wrap-Up: Investment Banking Career Path<\/strong><\/h2>\n\n\n\n<p style=\"font-size:18.5px\"><\/p>\n\n\n\n<p style=\"font-size:18.5px\">Now, let&#8217;s <strong>quickly recap <\/strong>the <strong>key points <\/strong>here. <\/p>\n\n\n\n<p style=\"font-size:18.5px\">The <strong>Investment Banking Career Path <\/strong>is <strong>a tough <\/strong>(<strong>but rewarding<\/strong>) <strong>career field <\/strong>that requires different skills at each level.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1920\" height=\"1080\" src=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/07\/investment-banking-career-path-recap.gif\" alt=\"An animated recap of the investment banking career path titles, responsibilities, and salary.\" class=\"wp-image-42773\" style=\"width:768px;height:432px\"\/><\/figure>\n<\/div>\n\n\n<p><\/p>\n\n\n\n<p style=\"font-size:18.5px\"><strong>To learn more<\/strong> about <strong>Investment Banking<\/strong>, <strong>check out<\/strong> our <strong>Animated Explainer<\/strong> <strong>videos below<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/youtu.be\/VhU1dSDC0TQ\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"has-inline-color has-vivid-cyan-blue-color\"><strong>How Investment Banks Fit into the World of Finance<\/strong><\/span><\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/youtu.be\/JjjAizGCEFQ\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">To Learn More About How Investment Banks Operate<\/span><\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p style=\"font-size:18.5px\"><strong>If you have any comments or questions, please let us know below!<\/strong><\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-investment-banking-career-path-animated-explainer-video\" style=\"font-size:35px\"><strong>Investment Banking Career Path: Animated Explainer Video<\/strong><\/h2>\n\n\n\n<p style=\"font-size:18.5px\"><strong>If you enjoyed this article<\/strong>, definitely <strong>check out<\/strong> our full animated explainer video on the <a href=\"https:\/\/youtu.be\/Ws_5F48CZlI\"><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Investment Banking Career Path<\/span><\/strong><\/a>.<\/p>\n\n\n\n<p class=\"has-text-align-center\" style=\"font-size:25px\">Find more videos just like this on our <strong><a href=\"https:\/\/www.youtube.com\/c\/FinanceableTraining\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">YouTube Channel<\/span><\/a><\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-related-links\" style=\"font-size:35px\"><strong>Related Links<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-yoast-seo-related-links yoast-seo-related-links\">\n<li><strong><a href=\"https:\/\/finance-able.com\/walk-me-through-a-dcf\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">Walk Me Through a DCF in 5 Steps \u2013 The Ultimate Guide (2021)<\/span><\/a><\/strong><\/li>\n\n\n\n<li><strong><a href=\"https:\/\/finance-able.com\/walk-me-through-an-lbo\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">Walk Me Through an LBO in 6 Steps \u2013 The Ultimate Guide (2021)<\/span><\/a><\/strong><\/li>\n\n\n\n<li><strong><a href=\"https:\/\/finance-able.com\/world-of-finance-4-how-do-investment-banks-operate\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">What Is An Investment Bank?<\/span><\/a><\/strong><\/li>\n<\/ul>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-about-the-author\" style=\"font-size:35px\"><strong>About the Author<\/strong><\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignleft size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"500\" height=\"500\" src=\"https:\/\/finance-able.com\/wp-content\/uploads\/2020\/12\/MK-Photo.jpg\" alt=\"Picture of Mike Kimpel, Founder of Finance|able\" class=\"wp-image-26350\" style=\"width:266px;height:266px\" srcset=\"https:\/\/finance-able.com\/wp-content\/uploads\/2020\/12\/MK-Photo.jpg 500w, https:\/\/finance-able.com\/wp-content\/uploads\/2020\/12\/MK-Photo-300x300.jpg 300w, https:\/\/finance-able.com\/wp-content\/uploads\/2020\/12\/MK-Photo-100x100.jpg 100w, https:\/\/finance-able.com\/wp-content\/uploads\/2020\/12\/MK-Photo-150x150.jpg 150w, https:\/\/finance-able.com\/wp-content\/uploads\/2020\/12\/MK-Photo-50x50.jpg 50w\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" \/><\/figure>\n<\/div>\n\n\n<p style=\"font-size:17px\"><a href=\"https:\/\/finance-able.com\/about\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Mike Kimpel<\/span><\/strong><\/a> is the <strong>Founder and CEO<\/strong> of <strong>Finance|able<\/strong>, a next-generation Finance Career Training platform. Mike has worked in <strong><a href=\"https:\/\/finance-able.com\/what-is-an-investment-bank\/\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">Investment Banking<\/span><\/a><\/strong>, Private Equity, Hedge Fund, and Mutual Fund roles during his career.<\/p>\n\n\n\n<p style=\"font-size:17px\">He is an <strong>Adjunct Professor<\/strong> in <strong>Columbia Business School&#8217;s <a href=\"https:\/\/www8.gsb.columbia.edu\/valueinvesting\/coursesfaculty\/valueinvestingprogram\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">Value Investing Program<\/span><\/a><\/strong> and leads the Finance track at <a href=\"https:\/\/www.accessdistributed.org\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"has-inline-color has-vivid-cyan-blue-color\"><strong>Access Distributed<\/strong><\/span><\/a>, a non-profit that creates access to top-tier Finance jobs for students at non-target schools from underrepresented backgrounds.<\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-aiming-for-investment-banking-private-equity-or-investment-management\" style=\"font-size:35px\"><strong>Aiming for Investment Banking, Private Equity, or Investment Management?<\/strong><\/h2>\n\n\n\n<p style=\"font-size:18.5px\">We have created the <strong>ultimate free resource<\/strong> for <strong>aspiring Finance Analysts<\/strong> with our <a href=\"https:\/\/finance-able.com\/analyst-starter-kit\/\"><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Finance Analyst Starter Kit<\/span><\/strong><\/a>.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>We have <strong>Free, Plain English articles<\/strong> and <strong><a href=\"https:\/\/www.youtube.com\/playlist?list=PLJ2yVq7yYUT8u1j4SaSdk1tr-3dd62EuV\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">Animated Explainer Videos<\/span><\/a><\/strong> on:\n<ul class=\"wp-block-list\">\n<li><strong>Who<\/strong> the <strong>core players<\/strong> (e.g. <strong><a href=\"https:\/\/finance-able.com\/world-of-finance-4-how-do-investment-banks-operate\/\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">Investment Banks<\/span><\/a><\/strong> and <strong><a href=\"https:\/\/finance-able.com\/venture-capital-vs-growth-equity-private-equity\/\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">Private Equity<\/span><\/a><\/strong>) are in the <strong>Finance world<\/strong> and <strong>how they operate<\/strong>.<\/li>\n\n\n\n<li><strong>Core mental frameworks<\/strong> for learning <strong>Valuation<\/strong> and <strong>Returns Analysis<\/strong>.<\/li>\n\n\n\n<li>Reviews of <strong>common trouble topics<\/strong> like <a href=\"https:\/\/finance-able.com\/enterprise-value-vs-equity-value-in-plain-english\/\"><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Enterprise Value vs Equity Value<\/span><\/strong><\/a> based on our <strong>experience training thousands of students<\/strong>.<\/li>\n\n\n\n<li>Detailed <strong>walkthroughs<\/strong> of <strong>common Interview Questions<\/strong> like <a href=\"https:\/\/finance-able.com\/walk-me-through-a-dcf\/\"><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Walk Me Through a DCF<\/span><\/strong><\/a>.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-frequently-asked-questions\" style=\"font-size:35px\"><strong>Frequently Asked Questions<\/strong><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1626950268569\"><strong class=\"schema-faq-question\"><strong><em>Why choose Investment Banking?<\/em><\/strong><\/strong> <p class=\"schema-faq-answer\"><strong>Investment Banking<\/strong> is a <strong>challenging career<\/strong>, but offers the ability to <strong>open doors<\/strong> to a <strong>wide variety<\/strong> of <strong>attractive career options<\/strong> (post-banking) <strong>while making six figures<\/strong> or more <strong>directly out of school<\/strong>.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1626950336770\"><strong class=\"schema-faq-question\"><strong><em>How much are Investment Bankers paid?<\/em><\/strong><\/strong> <p class=\"schema-faq-answer\"><strong>Investment Bankers<\/strong> at top banks <strong>typically earn<\/strong> <strong>over $100,000 per year<\/strong> (some as high as $200,000) <strong>directly after University<\/strong>. <strong>MBA graduates<\/strong> typically earn <strong>over $250,000 per year<\/strong> straight out of school. The <strong>top-level Bankers<\/strong> (i.e. Managing Directors) can <strong>earn over $1 million per year<\/strong>, and <strong>superstar bankers can make $10 million or more<\/strong>.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1626950436407\"><strong class=\"schema-faq-question\"><strong><em>How do I start a career in Investment Banking?<\/em><\/strong><\/strong> <p class=\"schema-faq-answer\">If you are an <strong>undergraduate<\/strong> at a core (i.e. \u2018<strong>Target<\/strong>\u2019) <strong>school<\/strong> or a <strong>top-tier MBA program<\/strong>, then <strong>Investment Banks<\/strong> will <strong>come to your<\/strong> <strong>campus<\/strong> to recruit.<br\/><br\/>If you are <strong>not at<\/strong> a \u2018<strong>Target<\/strong>\u2019 <strong>school<\/strong>, you <strong>can still ABSOLUTELY break-in<\/strong>, but you\u2019ll need <strong>to do<\/strong> more <strong>leg work<\/strong>. This will mean <strong>a lot of networking<\/strong> with your <strong>school\u2019s alumni<\/strong> or <strong>any contacts<\/strong> you have in the <strong>Investment Banking world<\/strong>.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1626950480490\"><strong class=\"schema-faq-question\"><strong><em>What is the career path for Investment Banking?<\/em><\/strong><\/strong> <p class=\"schema-faq-answer\">The <strong>entry-level position<\/strong> in <strong>Investment Banking<\/strong> is the <strong>Analyst role<\/strong>. The next level up is <strong>Associate, <\/strong>which most people join <strong>from an MBA program<\/strong>. Beyond that, <strong>Investment Bankers<\/strong> are <strong>promoted<\/strong> to <strong>Vice President<\/strong> (or <strong>Director<\/strong>), <strong>Senior Vice President<\/strong> (or <strong>Executive Director<\/strong>), and finally the <strong>top role<\/strong> of <strong>Managing Director<\/strong>.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1626950528554\"><strong class=\"schema-faq-question\"><strong><em>Is Investment Banking a good career path?<\/em><\/strong><\/strong> <p class=\"schema-faq-answer\"><strong>Investment Banking<\/strong> can be an <strong>incredibly rewarding career option <\/strong>to turbocharge your <strong>early career progression<\/strong>. But, it\u2019s a <strong>tough job<\/strong> with <strong>80-100+ hour work weeks<\/strong> in the <strong>early years<\/strong> and the requirement to be <strong>on call 24\/7 for your clients<\/strong> <strong>when you get to the top<\/strong>.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1626950559156\"><strong class=\"schema-faq-question\"><strong><em>What is the best major for Investment Banking?<\/em><\/strong><\/strong> <p class=\"schema-faq-answer\">While it\u2019s <strong>certainly easier<\/strong> to <strong>start in Investment Banking<\/strong> with a <strong>Finance<\/strong> or <strong>Accounting major<\/strong>, the <strong>job<\/strong> <strong>doesn\u2019t require math<\/strong> <strong>beyond basic algebra<\/strong>.<br\/><br\/>As a result, <strong>Investment Banking Analyst classes<\/strong> contain a <strong>wide variety<\/strong> of <strong>majors<\/strong> from <strong>Liberal Arts<\/strong> to <strong>Engineering<\/strong>.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1626968358490\"><strong class=\"schema-faq-question\"><em>How to become an Investment Banker? 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    "rendered": "<p>Want to learn about the Investment Banking Career Path with simple, visual, and Plain-English explanations? If you\u2019re exploring Investment Banking as a career option, you won\u2019t find a more thorough overview. After reading this article, you\u2019ll understand: TL;DR For more on the Career Path, Recruiting Cycles, Roles and Responsibilities and typical Investment Banking salaries, check&#8230;<\/p>\n",
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Most candidates have high GPAs and test scores, so that's not usually enough to stand out. Instead, you want the decision-making Bankers to know your name and to advocate for you. You can do this by networking extensively with Alumni (or any connections you can find) at your targeted firms. We recommend you start reaching out to Analysts and Associates at least a few months before core recruiting starts. Extensive networking is ESPECIALLY important for students at non-target schools. And, if you're at a non-target school, you aren't limited to Alumni of your school. Non-target folks tend to look out for each other. 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                  "text": "When applications are submitted to an Investment Bank, they are often reviewed internally by small teams of Bankers that lead the charge for individual schools. Most candidates have high GPAs and test scores, so that's not usually enough to stand out. Instead, you want the decision-making Bankers to know your name and to advocate for you. You can do this by networking extensively with Alumni (or any connections you can find) at your targeted firms. We recommend you start reaching out to Analysts and Associates at least a few months before core recruiting starts. Extensive networking is ESPECIALLY important for students at non-target schools. And, if you're at a non-target school, you aren't limited to Alumni of your school. Non-target folks tend to look out for each other. So look for any non-target Alumni at your target firms."
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                  "text": "When someone reviews your resume, they are going to look at your background to see if you have a history of pursuing Finance and\/or Banking-related activities. You should aim to join Finance clubs at your school, analyze and personally invest in stocks (even with a free stock simulator like StockTrak), and read as many books about Finance and Investing as possible. If possible, you should also look for school-year and summer internships at small Investment Banks, Private Equity Funds (or Search Funds), or Hedge Funds."
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                  "text": "The first major category of Interview Questions you should prepare to tackle is Behavioral questions. Some common questions are:-Tell Me About Yourself-Why do you want to work in Investment Banking?-What are your greatest strengths and weaknesses?-Tell me about a time you failed. Aim to come up with 4-6 personal stories that can be re-purposed into answers for all of the above questions. Here's a link to some common Behavioral Interview Questions."
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                  "text": "We can't overstate how important it is to start preparing early for Technical Interview Questions. Many candidates wait until the last minute and have trouble with anything beyond regurgitating memorized answers to common questions...and they often fall short. To give yourself the best chance of succeeding, you need to be able to give the answer but then explain the underlying substance and concepts behind each question. A few common technical questions are: -Walk Me Through a DCF.-Walk Me Through an LBO.-How does $10 of Depreciation flow through the 3 Statements.-Does an All-Stock transaction result in Accretion\/Dilution?As you progress, you can then tackle more complicated questions like the Paper LBO.Here's a link to some additional common Technical Interview Questions."
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