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Equity Research vs. Investment Banking: Careers, Compensation, Exits, and AI/Automation Risk

Mergers and Inquisitions

The more significant equity research vs. investment banking differences relate to recruiting and careers , including points such as the compensation and exit opportunities. But you would not build models for M&A deals, leveraged buyouts, or debt/equity issuances in research or at least, they would be far simpler than the IB versions.

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Investment Banking in Singapore: The Best Gateway to Asia for the Non-Chinese?

Mergers and Inquisitions

The basic difference is that the international bulge bracket 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 bulge brackets if you want to work on M&A deals. As in the U.S.,

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Investment Banking in India: Please Avoid It and Try Again in Another Country

Mergers and Inquisitions

based bulge brackets (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 bulge brackets, the U.S.-based based firms (GS, MS, Citi, JPM, and BofA) tend to perform best. Here’s why it’s a Herculean task.

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Wealth Management vs. Investment Banking: Career Deathmatch

Mergers and Inquisitions

Recruiting in Wealth Management vs. Investment Banking You should know all about IB recruiting from reading this site, but it’s insanely competitive and starts very early. So, you won’t pull all-nighters to finish pitch books , and you won’t be called in over the weekend to make last-minute changes to a model.

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The Full Guide to Pre-MBA Internships: Are They Worth It?

Mergers and Inquisitions

But then recruiting moved up, the MBA process became more structured, and now we have 4-year-olds aiming for “Target Kindergartens” so they can eventually get into investment banking ~15 years in the future. Instead, pick a single company and give yourself 1-2 hours to assess it and build a simple model.

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From Wealth Management to Investment Banking: How to Make the Leap

Mergers and Inquisitions

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 compensation ceiling is lower than in IB or WM, but it’s still quite high (mid-to-upper-six figures), and recruiting is much less competitive than IB.

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Renewable Energy Investment Banking: How to Make Greens by Going Green

Mergers and Inquisitions

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. In the middle market , Jefferies has recruited some of the top bankers in renewable energy M&A and is expected to do well going forward.