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

Mergers and Inquisitions

At the junior levels , entry-level professionals in both fields spend a lot of time in Excel working on models, valuations, and documents such as equity research reports and investment banking pitch books. 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

Valuations are high, the returns depend on future growth, and deals are for primary capital , i.e., new cash the business needs. 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.

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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.” Big 4 or independent valuation firm internships. You should also start learning the technical side (accounting, valuation, and basic M&A and LBO concepts) and begin networking with alumni.

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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?