2
Investment Banking Guide
Law ExamsLaw exams typically have a more structured format compared to business exams, often requiring students to demonstrate knowledge of legal statutes, case law, and
their ability to apply legal reasoning. Common types of law exams include:Essay/Problem-Based Questions: In law exams, students are often given hypothetical scenarios
(problem questions) and are asked to analyze the legal issues involved. These require students to apply specific legal principles and statutes to the facts presented in the
scenario.Multiple C
INTRODUCTION & ACKNOWLEDGEMENT
Are you considering a career in investment banking? This guide will help you learn
about the industry, develop an understanding of the recruitment process, and provide
you with a plethora of resources for effective interview preparation.
Filled with guidance and advice for successful investment banking recruiting, this
guidebook will help you:
Comprehend the investment banking industry
Understand how to navigate the recruitment process
Develop a strategy for behavioral and technical interview preparation
Obtain practical insights on the power and influence of networking
Explore numerous resources to facilitate self-learning
This project would not have been possible without the time and support of Vanderbilt
student Ashlyn Dong. Thank you for your significant efforts on this guide.
DISCLAIMER: This guide is intended for informational/educational purposes only.
Please use the references and hyperlinked citations to access articles and up-to-date
information. If you have any questions, please reach out directly to
, 3
Law ExamsLaw exams typically have a more structured format compared to business exams, often requiring students to demonstrate knowledge of legal statutes, case law, and their
ability to apply legal reasoning. Common types of law exams include:Essay/Problem-Based Questions: In law exams, students are often given hypothetical scenarios (problem
questions) and are asked to analyze the legal issues involved. These require students to apply specific legal principles and statutes to the facts presented in the scenario.Multiple C
Table of Contents
1 Introduction ................................................................................................................. 4
2 Investment Banking in a Nutshell ............................................................................. 4
2.1 What is Investment Banking ..................................................................................... 4
2.2 Core Activities at Investment Banks......................................................................... 4
2.3 Investment Banking Group Structure ....................................................................... 5
2.4 Different Types of Investment Banks ....................................................................... 6
2.5 Major Players ............................................................................................................. 7
2.6 Investment Banking Hierarchy & Deal Team Structure ........................................... 8
2.7 Compensation & Hours ............................................................................................. 8
2.8 Internship Structures ................................................................................................. 9
2.9 Common Tasks for Analysts ..................................................................................... 9
3. Recruiting Components .......................................................................................... 11
3.1 The Recruiting Schedule ......................................................................................... 11
3.2 Core Recruiting Process ......................................................................................... 12
3.3 Non-Core Recruiting Process ................................................................................. 13
3.4 Key Resources ......................................................................................................... 17
Best Internet Resources Overall ............................................................................................. 19
4 Conferences | Rotational Programs ........................................................................ 19
5. Alternative Options.................................................................................................. 20
6. Appendix .................................................................................................................. 20
6.1 Overview of Career Opportunities........................................................................... 20
6.2 Hierarchy (In-depth) ................................................................................................. 24
6.3 More Resources ....................................................................................................... 24
6.4 Difference between Investment Banking and Commercial Banking ..................... 24
6.5 Investment Banking Analyst Program .................................................................... 25
6.6 Cold Email Templates .............................................................................................. 25
6.7 Phone Interview Cheat Sheet .................................................................................. 25
6.8 Off-Cycle Recruiting ................................................................................................ 27
References ................................................................................................................... 27
, 4
1 Introduction
Law ExamsLaw exams typically have a more structured format compared to business exams, often requiring students to demonstrate knowledge of legal statutes, case law, and their
ability to apply legal reasoning. Common types of law exams include:Essay/Problem-Based Questions: In law exams, students are often given hypothetical scenarios (problem
questions) and are asked to analyze the legal issues involved. These require students to apply specific legal principles and statutes to the facts presented in the scenario.Multiple C
This is a one-stop-shop guide that covers the ins-and-outs of the Investment Banking
recruiting process. Read it through once to get familiar with the entire process, then feel
free to keep it as a reference.
2 Investment Banking in a Nutshell
2.1 What is Investment Banking
Street of Walls (2019) explains that, investment banks perform two basic, critical functions. First,
investment banks act as intermediaries between those entities that demand capital (e.g.
corporations) and those that supply it (e.g. investors). This process is mainly facilitated through
debt and equity offerings by companies. Second, investment banks advise corporations on
mergers, acquisitions, restructurings, and other major corporate actions. While the majority of
investment banks perform these two functions, it is important to know which products and services
each bank specializes in (Street of Walls, 2019).
2.2 Core Activities at Investment Banks
Corporate Finance Institute (2020) describes how an investment bank is comprised of four main
areas: investment banking division (IBD), sales and trading (S&T), Equity Research, and Asset
Management.
Large global banks will typically offer all three services, whereas smaller banks usually focus more
on the investment banking division side covering advisory and mergers and acquisitions
(Questrom School of Business, 2019).
1. Corporate Finance (this function is most commonly referred to as “Investment Banking”):
Assist corporations in raising capital through debt and equity capital markets, and provide
advisory services on mergers and acquisitions (M&A) and other corporate transactions
(Street of Walls, 2013).
Investment Banking Guide
Law ExamsLaw exams typically have a more structured format compared to business exams, often requiring students to demonstrate knowledge of legal statutes, case law, and
their ability to apply legal reasoning. Common types of law exams include:Essay/Problem-Based Questions: In law exams, students are often given hypothetical scenarios
(problem questions) and are asked to analyze the legal issues involved. These require students to apply specific legal principles and statutes to the facts presented in the
scenario.Multiple C
INTRODUCTION & ACKNOWLEDGEMENT
Are you considering a career in investment banking? This guide will help you learn
about the industry, develop an understanding of the recruitment process, and provide
you with a plethora of resources for effective interview preparation.
Filled with guidance and advice for successful investment banking recruiting, this
guidebook will help you:
Comprehend the investment banking industry
Understand how to navigate the recruitment process
Develop a strategy for behavioral and technical interview preparation
Obtain practical insights on the power and influence of networking
Explore numerous resources to facilitate self-learning
This project would not have been possible without the time and support of Vanderbilt
student Ashlyn Dong. Thank you for your significant efforts on this guide.
DISCLAIMER: This guide is intended for informational/educational purposes only.
Please use the references and hyperlinked citations to access articles and up-to-date
information. If you have any questions, please reach out directly to
, 3
Law ExamsLaw exams typically have a more structured format compared to business exams, often requiring students to demonstrate knowledge of legal statutes, case law, and their
ability to apply legal reasoning. Common types of law exams include:Essay/Problem-Based Questions: In law exams, students are often given hypothetical scenarios (problem
questions) and are asked to analyze the legal issues involved. These require students to apply specific legal principles and statutes to the facts presented in the scenario.Multiple C
Table of Contents
1 Introduction ................................................................................................................. 4
2 Investment Banking in a Nutshell ............................................................................. 4
2.1 What is Investment Banking ..................................................................................... 4
2.2 Core Activities at Investment Banks......................................................................... 4
2.3 Investment Banking Group Structure ....................................................................... 5
2.4 Different Types of Investment Banks ....................................................................... 6
2.5 Major Players ............................................................................................................. 7
2.6 Investment Banking Hierarchy & Deal Team Structure ........................................... 8
2.7 Compensation & Hours ............................................................................................. 8
2.8 Internship Structures ................................................................................................. 9
2.9 Common Tasks for Analysts ..................................................................................... 9
3. Recruiting Components .......................................................................................... 11
3.1 The Recruiting Schedule ......................................................................................... 11
3.2 Core Recruiting Process ......................................................................................... 12
3.3 Non-Core Recruiting Process ................................................................................. 13
3.4 Key Resources ......................................................................................................... 17
Best Internet Resources Overall ............................................................................................. 19
4 Conferences | Rotational Programs ........................................................................ 19
5. Alternative Options.................................................................................................. 20
6. Appendix .................................................................................................................. 20
6.1 Overview of Career Opportunities........................................................................... 20
6.2 Hierarchy (In-depth) ................................................................................................. 24
6.3 More Resources ....................................................................................................... 24
6.4 Difference between Investment Banking and Commercial Banking ..................... 24
6.5 Investment Banking Analyst Program .................................................................... 25
6.6 Cold Email Templates .............................................................................................. 25
6.7 Phone Interview Cheat Sheet .................................................................................. 25
6.8 Off-Cycle Recruiting ................................................................................................ 27
References ................................................................................................................... 27
, 4
1 Introduction
Law ExamsLaw exams typically have a more structured format compared to business exams, often requiring students to demonstrate knowledge of legal statutes, case law, and their
ability to apply legal reasoning. Common types of law exams include:Essay/Problem-Based Questions: In law exams, students are often given hypothetical scenarios (problem
questions) and are asked to analyze the legal issues involved. These require students to apply specific legal principles and statutes to the facts presented in the scenario.Multiple C
This is a one-stop-shop guide that covers the ins-and-outs of the Investment Banking
recruiting process. Read it through once to get familiar with the entire process, then feel
free to keep it as a reference.
2 Investment Banking in a Nutshell
2.1 What is Investment Banking
Street of Walls (2019) explains that, investment banks perform two basic, critical functions. First,
investment banks act as intermediaries between those entities that demand capital (e.g.
corporations) and those that supply it (e.g. investors). This process is mainly facilitated through
debt and equity offerings by companies. Second, investment banks advise corporations on
mergers, acquisitions, restructurings, and other major corporate actions. While the majority of
investment banks perform these two functions, it is important to know which products and services
each bank specializes in (Street of Walls, 2019).
2.2 Core Activities at Investment Banks
Corporate Finance Institute (2020) describes how an investment bank is comprised of four main
areas: investment banking division (IBD), sales and trading (S&T), Equity Research, and Asset
Management.
Large global banks will typically offer all three services, whereas smaller banks usually focus more
on the investment banking division side covering advisory and mergers and acquisitions
(Questrom School of Business, 2019).
1. Corporate Finance (this function is most commonly referred to as “Investment Banking”):
Assist corporations in raising capital through debt and equity capital markets, and provide
advisory services on mergers and acquisitions (M&A) and other corporate transactions
(Street of Walls, 2013).
