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The difference is that IB is more of an explicit sales job , as deals must close for the bank to earn fees. Equity research at the senior levels does require sales skills, but its more about being a conduit than a closer.
The Nature of the Work: Markets, Analysis, Sales, and Interpersonal Skills Wealth management (WM) requires broader knowledge of the financial markets since you may have to advise clients on everything from their portfolio allocations to upcoming tax changes. If you have good sales skills, you could break in with a middling GPA (3.0 – 3.5)
Scaling a company’s sales & marketing by hiring more sales reps. 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.
Many firms put capital markets groups within “Investment Banking,” but some include it within Sales & Trading or “Global Markets.” You’ll also draft sales team memos and registration statements and conduct due diligence if you’re leading the offering. If it’s a 5-person regional boutique , take the BB capital markets offer.
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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