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based bulgebrackets (GS, MS, JPM, Citi, and BofA) are the strongest international banks, and Avendus, Kotak, JM Financial, ICICI, and Axis are the strongest domestic firms. Among the bulgebrackets, the U.S.-based based firms (GS, MS, Citi, JPM, and BofA) tend to perform best. or Europe and recruiting there.
In nothing short of a baptism of fire, he took his first steps into trading in January 2007 in the build-up to the global financial crisis. Given the liquidity landscape can often be more sparse or difficult to navigate, the use of local brokers alongside the bulgebrackets is something Willis thinks is essential to minimise market footprint.
For example, they might ask you how to use a DCF, what bond yields are, or the trade-offs of debt vs. equity – but but they won’t ask you to build a DCF model or calculate Unlevered Free Cash Flow. As with the job itself, the theme is breadth over depth.
At the junior levels , entry-level professionals in both fields spend a lot of time in Excel working on models, valuations, and documents such as equity research reports and investment banking pitch books. bulgebracket research team to startup PE firm).
We’ll return to this point later, but in finance, it’s more common to do a pre-MBA internship at a small VC/PE firm or boutique bank rather than a bulgebracket bank. For example, if you’re targeting PE internships, don’t spend 10 hours building a hyper-advanced LBO model with PIK Interest , bolt-on acquisitions , and a dividend recap.
So you can see how this growth and momentum just starts to really build over time.” This has created an ongoing opportunity for mid-tier prime brokers, particularly those with broad asset class and geographical capabilities comparable to those of the bulgebracket banks. They need a financing platform to support all of that.
The work might not be for you , even if you’re good at it – for example, maybe you find deals far more interesting than building a client book or managing their portfolios. The average compensation in investment banking is higher (yes, top wealth managers can earn millions per year with great hours, but we’re talking averages ).
The basic difference is that the international bulgebracket banks tend to be stronger in M&A advisory and weaker in equity and debt capital markets. These banks focus on the capital markets, so you should target the bulgebrackets if you want to work on M&A deals. you might be at the office until 5 AM.
For example, if a renewable developer wanted to raise debt to build a new offshore wind farm as a separate entity, it would fall under Project Finance. Debt deals also happen, but many are in a Project Finance context, meaning they’re outside the purview of the renewables IB team.
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