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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.
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.
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. I have covered finance careers for ~20 years, and I can think of exactly one person who has made this move directly.
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. With the longer-term internships, you’ll help the full-timers with industry research, sourcing deals/ideas, building pitch books , or evaluating due diligence.
Finally, many renewable energy debt deals take place within Project Finance teams at banks – but Project Finance and corporatefinance are very different ! The bottom line is that you must pay close attention to your group’s deal flow rather than assuming all teams operate similarly.
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