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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. If you do IB, you can get into deal-based roles ( private equity , corporate development , venture capital , etc.),
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.
Additionally, multi-manager hedge funds have continued to win the lion’s share of the new capital coming into the industry as they have been rewarded for their ability to mitigate risk while still delivering positive alpha to their investors. That’s why the money’s with them and they will probably attract even more capital.
They’re newer in terms of access to capital but less developed in terms of how feasible it is to get into them. 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. Willis is one of the longer serving members of the trading team in London.
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.
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. If you’re targeting an informal venture capital internship , private equity internship , or search fund internship , focus on smaller, local firms.
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. If you focus on the capital markets , you’ll still see some of these names (e.g., If you have a bad day (client emergency, deal blow-up, last-minute pitch book, etc.),
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. There are also quite a few boutique banks in the space, including Marathon Capital, Onpeak Capital, CRC-IB, Finergreen, Virentis, Ocean Park, Global Power Partners, and Rubicon Capital.
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