• Industry Coverage• Product Group• Capital Markets• Sales & Trading• Equity Research

• Growth Equity• Large-Cap Fund• Middle Market • Control Equity• Secondaries• Co-Investing

• Client Pitching• Valuation / Modeling• Deal Execution

o M&Ao Leveraged

Financeo Equity & Debt

Solutions

• Deal Origination• Valuation• Investment Analysis

Modeling• Portfolio Management

Private EquityInvestment Banking

Front Office

Middle Office

• Portfolio Credit Analysis

• Pricing• Counterparty Risk• Ratings• P&L Reporting• Mark to Market• Cash Operations• Settlements

• Cash Management• Legal Entities• Tax Structuring• Investor Reporting• Fund Valuation

• Value, Growth, Blend• Long-only,

Long/Short, Short-only

• Fundamental, Distressed, Macro, Event-Driven, Trading, Quant

• Investment Analysis• Portfolio Management• Trading

Hedge Funds

• CFO/COO• Cash Management• Marketing• Legal

• Control Equity• Co-Investing

• Deal Origination• Valuation• Investment Analysis

Modeling• Portfolio Management

Venture Capital

• Cash Management• Legal Entities• Tax Structuring• Fund Valuation

Select Financial Services Segments

Investment Banking Overview

• Individuals• Pension Funds• Insurance

Companies• Asset Managers• Corporate

Treasuries• Sovereign Wealth

Funds

• Corporations• Governments• Municipalities

Providers of Capital

Investment Banking

Investment Banks serve as intermediaries between providers and users of capital

Chinese Wall

Sales & Trading

Research

Users of capital

Public sidePrivate side

Strategic advisorySecurities

underwriting

AdvisoryCapital Markets

• Equity capital-raisingo Initial public offerings (IPOs)o Follow-on offeringso Equity-linked (convertible)

• Debt capital-raisingo High-grade or investment gradeo High-yieldo Syndicated loanso Tax-exempt

Overview of Investment Banking

• Mergers & Acquisitionso Buysideo Sellsideo Spin-offs / Splitoffs / Carve-outso Hostile defenseo Hostile takeovers / proxy fightso Joint Ventures

• Financial Sponsors / Leveraged Finance

• Restructuring• Ratings

Execution

• Financial Analysis• Communication

o Management, Board of Directorso Internal Committees

• Identify Potential Investors• Negotiation / Structuring Transactions• Due Diligence• Documentation

Origination

• Client Relationship Management o Ongoing dialogue on financial

markets, industry developments, new products

o Long-term relationship as advisor to Senior Management and Boards

• Idea Generation and Problem Solvingo Strategic Alternativeso Capital Raisingo Optimizing Capital Structureo Risk Management, Dividend

Policy• Assessment Of Opportunities

What Does An Investment Banker Do?

Investment Banking Groups

Product

• M&A• Corporate

Finance

Industry Coverage

• Consumer & Retail

• Healthcare• Technology• Media & Telecom• Industrials• Natural

Resources• Real Estate

Capital Markets

• Equity Capital Markets

• Debt Capital Markets

• Tax-exempt• Leveraged

Finance• Securitized

Products

“Markets” “Technical”

Investment Banking Competitive Landscape

Bulge bracket

Boutique

Middle Market

Low HighCapabilities

Life of an Investment Banking Analyst

• Two-year program with opportunity for a 3rd year• 6-8 week training• Mentorship programs• Networking opportunities• Summer internship program serves as primary feeder to full-time

analyst positions

Overview of Investment Banking analyst programs

• Be a member of a deal team, executing day-to-day activities surrounding live transactions

• Perform financial analysis and modeling• Develop and prepare client presentation materials (pitches,

roadshows, board materials, etc.)• Coordinate roadshows, and M&A processes• Research and due diligence

Role of an Investment Banking Analyst

ChallengesBenefits

• “Everyday is different”• Exposure to senior management• Steep learning curve• Work with talented and motivated

people• Gain a strong background in

financial analysis• Help execute exciting, landmark

transactions• Networking• Exit opportunities

Why Investment Banking?

• Long and unpredictable hours• Traveling• Demanding senior bankers• High stress/pressure environment

Tools of the Trade

Positives/Drawbacks

• Exposure/network• Magnitude/notoriety

of deals• Responsibility• Skill and knowledge

base development• Compensation

• Long hours• Work-life balance• Stressful

environment• Intensity• Focus on detail

Banker Skill Set

• Motivated• Team player• Quantitative• Personable• Flexible• Articulate

• Aggressive• Deal oriented• Willing to take

initiative• Handle stress well• Professionalism• Responsible

• Little things can mean a lot and poor execution can mask good skillso attention to detailo aestheticso professionalismo timeliness

• Communication is the key to good teamwork and efficiencyo understand what expectations are (timing/deliverable), aka underpromise and overdeliver

• Analysts generally treat their years as an investment in personal capitalo seek out work—be an entrepreneuro vary the people and types of projects to work with/ono maximize client exposure and value add

• Coursework or Work Experienceo that demonstrates comfort with numbers/knowledge of

financial statementso that shows comfort in front of people (e.g., sales position,

student government)o any work experience that demonstrates drive

• A Team Playero team-driven (job/athletic/academic) accomplishments on resumeo the objective is to demonstrate that you work well with others

• A Record of Success and Achievemento academic GPA, scholarships/honors, test scores

• Leadership of student organizations or teamso a high level of athletic accomplishmento community service with a record of achievement

• A Strong Interest in Financeo take courses that demonstrate your interest in financeo ability to explain: what is investment banking? what does an

analyst do? why would you be a strong candidate?

Qualities that Investment Banks Look for in Candidates

• No one facet is more important than the rest. A well-rounded candidate who strives to encompass awide-variety of talents and interests often finds success

• Network with peers and alumni• Internships• Research - Do I want to do Investment Banking? What type of

firms?• Make sure your resume is clear, concise and error free

o Take advantage of resources available to you (alumni, Feld Career Center, etc.)

o Everything is fair game• Practice, practice, practice

General Preparation

• Be prepared: know as much about the bank and position as possible• Know yourself: what motivates you, your strengths and weaknesses

and be able to articulate those points• Know EVERYTHING on your resume• Be honest and demonstrate enthusiasm and motivation• Read the Wall Street Journal EVERYDAY and use the Vault Guides• Practice interviewing (mock interviews, preparing answers, etc.)• Ask questions

The Interview

• Vault Career Guides• Breaking Into Wall Street• Wall Street Prep• Wall Street Training• DealMaven• Wall Street Training

Resources

Corporate Banking Overview

• Provides Corporate Finance advisory, structured finance, and the extension of capital to corporate clients

• Corporate Bankers are coverage officers who are the primary point of customer contact (aka “Relationship Managers”). Corporate bankers are responsible for: o forming trusted advisor relationships with clients o developing integrated financing strategies to satisfy complex client

financing needso providing innovative intellectual and financial capital to clients

• Corporate Bankers partner with Investment Banking and product groups such as Capital Markets, Derivatives, and Cash Management/Treasury groups to provide the full spectrum of banking services to clients

What is Corporate Banking?

Corporate Banking

M&A Equity Debt

InvestmentBanking

CorporateBanking

• Strategic Advisory

• Divestitures• Acquisitions

• IPOs• Follow-On

Issues• Preferred• Convertible

s

• Receivables Securitization

• Asset Based Finance

• Project Finance• Synthetic /

Leveraged Leases

• Commodities / FX

• Equity Derivatives

• Pensions

Cash Management / Treasury

StructuredProducts

• Debt Issuance

• Acquisition Finance

• Bilateral & Syndicated Loans

• Derivatives• Commercial

Paper• Hybrids/

Convertibles

• Cash management

• Securities Services

• Trade Finance• Investments• Agency &

Trust• Corporate

Cards

• The Corporate Banking product offering is focused on debt and other corporate finance products:

• For large multi-national corporations, corporate bankers primary contacts in a company are the CFO and Treasurer

Corporate Banking

Board of Directors

CEO

CFO

Treasurer

Assistant Treasurer

HR Ops

Investment Banker

Corporate Banker

Strategic and Financial Advisory

Capital Structure Management

Cash Management and other Treasury Products

Coverage Product Offering

Corporate Banking

• Role of an Analyst: o Prepare client presentations and marketing materialso Participate in customer calls and client meetings o Perform industry and company research to develop a view on financing

transactionso Coordinate due diligence processo Navigate and participate in term sheet negotiationo Analyze the risks associated with a transaction and the implications on

relationship returnso Drive dialogue with Credit Risk Management on client credit analytics and

recommendationso Evaluate impact of products on company’s future earnings, EPS accretion, and

credit ratioso Analysis and dissemination of industry performance and trends

Corporate Banking

Investment Banking Corporate Banking

Low Somewhat Low Medium Somewhat High High

Financial Modeling

Credit Analysis

Valuation

Pitching/Presentation

Deal Execution

Client Interaction

Hours in the Office

• Although skill sets are similar, the role of a corporate banking analyst slightly differs from an investment banking analyst

Credit Risk Management Overview

What is Credit Risk Management?

• Analyzes, monitors, and mitigates credit risk for individual clients by evaluating new transactions and managing a loan portfolio

• Participates in deal teams with primary focus on the bank’s credit exposure to the client

• Manages credit approval process (including preparation of credit approval memos)

• Responsible for approval decision as to whether to lend/commit• Works with Banking (Investment Banking and Corporate Banking)

and Product partners on client strategies relating to capital structure• Monitors the aggregate portfolio risk for corporate clients• Completes hedging strategies to mitigate risk from distressed loan

exposure

Credit Risk Management

• Group Interaction

Credit Risk Management

• Work together on identifying credit risks in credit agreements

Legal

• Work together on structuring financings and negotiating credit agreements

Loan Capital Markets(Leveraged Finance and

High Grade)• Risk required to approve any credit exposure relating to cash management positions (ie. Letters of credit, overdrafts, etc.)

Cash Management / Treasury Products

• Risk required to approve any credit exposure relating to derivative positions

Derivatives and other Traded Products

• Work together on extending financing on M&A, LBOs

• Bridge Loans

Investment Banking

• Work together on extending credit for capital structure financings and other banking products

Corporate Banking

Credit Risk Management

• Role of an Analyst: o Prepares transaction credit approval memos

Focusing on credit quality of the borrower and bank’s commitment Participates in due diligence process

o Prepare financial models projecting cash flows and ability to repay debto Compose annual and quarterly credit reviews to determine risk ratings of clientso Complete valuations of companies (discounted cash flow analysis, comparables)

to determine loan to valueo Perform portfolio stress testing to determine potential portfolio losseso Complete periodic industry and sector overviews, primarily focused on industry

performanceo Design hedging strategies (CDS purchases, asset sales) to mitigate outsized risk