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The more significant equity research vs. investment banking differences relate to recruiting and careers , including points such as the compensation and exit opportunities. If you do IB, you can get into deal-based roles ( private equity , corporate development , venture capital , etc.),
Capital Markets vs. Investment Banking: Recruiting and Interviews Very little about the recruiting process is different, partially because each bank does it differently. You can expect the same early recruiting timeline in the U.S., And if you have a capital markets offer you’re not sure about, ask away in the comments.
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. Here’s why it’s a Herculean task.
Recruiting in Wealth Management vs. Investment Banking You should know all about IB recruiting from reading this site, but it’s insanely competitive and starts very early. It offers the broadest set of possible exits within the finance industry if you leave early (in your Analyst years). and your odds are not spectacular.
For example, corporate banking would satisfy many of these goals. The compensation ceiling is lower than in IB or WM, but it’s still quite high (mid-to-upper-six figures), and recruiting is much less competitive than IB. I have covered finance careers for ~20 years, and I can think of exactly one person who has made this move directly.
Almost nothing is worse than recruiting for investment banking internships , winning an offer, preparing , completing the internship, and then not getting a return offer. All the large investment banks – bulgebrackets , elite boutiques , and middle-market firms – use internships as a recruiting tool for Analysts and Associates.
But then recruiting moved up, the MBA process became more structured, and now we have 4-year-olds aiming for “Target Kindergartens” so they can eventually get into investment banking ~15 years in the future. There’s a huge variance in individual internships in terms of recruiting effort, pay, and on-the-job tasks.
The IB internship recruiting timeline is now so insane that even mainstream news sources like the Wall Street Journal are writing about it (“ The Race Is On to Hire Interns for 2025. Admittedly, not all banks did this, and many bulgebracket firms will start in the normal time frame of January – March. Corporate banking.
Unfortunately, it’s not quite that simple – due to massive competition, a fairly involved recruiting process, and low conversion rates at many banks. Expectations for technical skills and work experience are lower, but the process is more random than normal internship recruiting and depends on fit, grades, and activities.
First, Credit Suisse is obviously no longer a bulgebracket bank , so I’ll have to update that article. Unfortunately, because of the accelerated timing for internship recruiting , you’re probably not going to find another IB internship that starts in a few months. What Happens Next with UBS and Credit Suisse?
Finally, many renewable energy debt deals take place within Project Finance teams at banks – but Project Finance and corporatefinance are very different ! In the middle market , Jefferies has recruited some of the top bankers in renewable energy M&A and is expected to do well going forward.
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