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

Mergers and Inquisitions

in a field like biology or biomechanical engineering, you could be a strong candidate for biotech equity research groups. For example, in IB interviews, youll have to know about accounting, valuation/DCF analysis, merger models, and LBO models plus the usual fit/behavioral questions , your resume walkthrough , and a few recent deals.

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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. That said, you are still highly unlikely to win growth equity offers from something like engineering at a tech company or brand advertising.

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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.” Yes, you can read guides , take courses , and watch YouTube videos , but you should also spend a few hours building simple DCF models or 3-statement models to learn the key concepts.

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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?