Remove Bulge Bracket Remove DCF Remove Trading
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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. You might have a shot at sales & trading if you’ve had experience with relevant products, such as FX hedges for international clients, but even that is a stretch.

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Capital Markets vs. Investment Banking: Deals, Careers, Recruiting, Exits, and Offer Decisions

Mergers and Inquisitions

Many firms put capital markets groups within “Investment Banking,” but some include it within Sales & Trading or “Global Markets.” You’ll also have to spend time learning/reviewing the technical questions, as the day-to-day work in ECM and DCM is far removed from subjects like Equity Value vs. Enterprise Value or a DCF model.

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Sovereign Wealth Funds: The Full Guide to the Industry, Recruiting, Careers, and Exits

Mergers and Inquisitions

Trade Surpluses – Some countries, like Singapore, are not rich in commodities but serve as trade hubs and generate significant revenue from these activities. You won’t have time to build a simple DCF model or do more than look at multiples and qualitative descriptions, so you must think and act quickly based on limited information.

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

Mergers and Inquisitions

Traditionally, banks gave away equity research reports for free to incentivize large clients to trade with the bank. Therefore, equity research generated revenue indirectly via trading commissions , but it was still considered a front-office role due to the compensation, interaction with managers and investors, and exit opportunities.