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February 22, 2018 No Comments Author: Andy Jones

How to Get a Job at an Investment Bank

Note: This article is for more junior people without previous investment banking experience. I may write a follow-up article for senior bankers looking to change firms.

For every available investment banking position, there are literally thousands of interested applicants. I have been fortunate enough to have worked as an investment banker at a bulge bracket firm, in the middle market and as an information provider to the industry through www.PrivateEquityInfo.com.

Upon completing business school, I had my share of investment banking interviews – Goldman Sachs, Deutche Bank, Bear Stearns and others. While I had multiple rounds of interviews with Goldman Sachs, they ultimately did not make me an offer. I did, however, receive and accept an offer from Bear Stearns, at the London office. While at Bear Stearns, I also participated in business school recruiting events for the firm. Because of these experiences, I have formed some views on how to increase your chances of landing a job at an investment bank.

The Right School

By far, the single best way to get your foot in the door is to attend one of the “right” universities, where “right” means one of the top finance schools. In the United States, the schools are (not necessarily in order):

October 09, 2017 No Comments Author: Andy Jones

Smoothing the I-Bank Deal Flow Cycle

One of the challenges of managing a mid-market M&A firm is coping with the sporadic, binary nature of the payoff for your efforts. In an industry where the compensation for a deal is often a large lump sum or nothing at all, it’s critical to manage both the company’s internal cash flow and the work-flow roller coaster for the firm’s team.

Below, I discuss various ways investment banks may smooth their cash flow cycle.

October 02, 2017 No Comments Author: Andy Jones

Interview – Dante Fichera with Independent Investment Bankers

We recently interviewed Dante Fichera, the owner and operator of Independent Investment Bankers Corp. (IIB), a registered broker-dealer and FINRA/SIPC member that supports investment banking professionals engaged in mergers & acquisitions and capital raising activities. As a broker dealer, Dante shared his firm’s strategy to help investment bankers succeed and his thoughts on the overall outlook for M&A.

October 28, 2009 No Comments Author: Andy Jones

Investment Banks – after the Crisis

Bulge-bracket is a term used in corporate finance to describe the largest and often most prestigious investment banks. Although there is no strict metric for this classification, bulge-bracket investment banks typically represent clients with transaction values in excess of $50 million.

[NOTE: www.PrivateEquityInfo.com segregates investment banking firms by the enterprise value of the firms’ typical clients.]

Prior to the 2007-2008 sub prime mortgage crisis, bulge-bracket firms dominated Wall Street. However, many of the largest investment banks were highly leveraged, having borrowed sums of money that were too large relative to their cash or equity capital. This borrowing essentially leverages (amplifies) a firm’s returns (up or down), making the firms particularly vulnerable to market movements. The sub prime crisis therefore had far reaching effects and served as a cleansing of sorts for the financial markets. As the value of mortgage-backed securities in the investment banks’ leveraged portfolios declined, so did the banks’ solvency, which begs the questions: What happened to the Bulge Bracket firms and where are they now?