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

Mergers and Inquisitions

Equity research recruiting tends to be less structured, though the bulge bracket banks and elite boutiques still run traditional processes that start over a year before summer internships. in a field like biology or biomechanical engineering, you could be a strong candidate for biotech equity research groups.

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Growth Equity: The Child Prodigy of Private Equity and Venture Capital, or an Artifact of Easy Money?

Mergers and Inquisitions

Financial Modeling: Like private equity, 3-statement models are common, as are valuations and DCF models , but LBO models are less common since not all deals use debt. Also, you can get in more easily from a middle-market or boutique bank.

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How to Get an Investment Banking Internship

Mergers and Inquisitions

Think: Engineering, math, statistics, or something with elements of all these, such as “management science” or “operations research.” Internships at regional boutique banks. Smaller firms tend to be a bit slower, so you could find some middle-market and boutique openings, even if the bigger banks are done. Wealth management.

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Metals & Mining Investment Banking: The Full Guide to Ground Zero for the Energy Transition

Mergers and Inquisitions

But it’s not necessarily required, and plenty of undergrads join these groups via internships without detailed knowledge of the engineering side. Valuation , such as the different multiples used for mining companies and the NAV model in place of the DCF (see below). What Do You Do as an Analyst or Associate in the Group?