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Wealth Management vs. Investment Banking: Career Deathmatch

Mergers and Inquisitions

You will very rarely get exposed to the type of financial modeling that bankers complete: 3-statement models , DCF models , M&A models , LBO models , and so on. 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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Metals & Mining Investment Banking: The Full Guide to Ground Zero for the Energy Transition

Mergers and Inquisitions

Valuation , such as the different multiples used for mining companies and the NAV model in place of the DCF (see below). To value it, we build a standard DCF based on production volumes, CapEx to drive capacity, and assumed steel prices: The valuation multiples are also standard (TEV / Revenue, TEV / EBITDA, and P / E).

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

Mergers and Inquisitions

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.