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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. bulgebracket research team to startup PE firm).
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. Among the elite boutiques , Evercore has the strongest presence in Singapore, and Rothschild also works on many deals, mostly in the middle-market space.
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.
Investment Banking Experience at BulgeBracket or Top Domestic Banks – As with PE anywhere, you need a few years of IB experience to be competitive in most cases. Working at the bulgebrackets or elite boutiques is better for international funds, while IB experience at the top Chinese banks (CICC, CITIC, Huatai, Haitong, etc.)
This startup claims that its service can boost Analyst productivity by 30% and generate millions in extra fees for the average bank, and it plans to sell it to boutique banks for $2,000 per month. They plan to target these smaller and mid-sized banks because they’re easier to reach and they have fewer resources for pitch book creation.
The first few years are very tough because you start from nothing – but if you build a decent book, the job gets easier since you’ll have consistent revenue from long-term clients. 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.
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. And for boutique banks , find firms that advise on deals worth less than $100 million.
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 ).
Example Valuations, Pitch Books, Fairness Opinions, and Investor Presentations This list was extremely difficult to compile due to the lack of company-level deals in the sector, but I’ve done my best: Solar Sunergy Renewables – SPAC / IPO (Cohen and Houlihan Capital) Investor Presentation Fairness Opinion (pg.
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