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What should I read if I am interested in investment banking?

Welcome to the Wall Street Oasis Recommended Reading list for Investment Banking. Please e-mail [email protected] if you think we should add in additional publications to our Recommended Reading. If you are interested, please also feel free to click here for a brief explanation of the 2008 financial crisis.


Easy Reads Technical Reads Career Jump-Start
Monkey Business Investment Banking Technical Interview Guide
Accidental Investment Banker Applied M&A Behavioral Interview Guide
Cold Steel Mergers & Acquisitions A Look Behind the Wall
Damn it Feels Good... Internship Guide



Easy Reads

Monkey Business: Swinging Through the Wall Street Jungle
by John Rolfe & Peter Troob

This is a great read for any prospective Wall Street analyst or associate (and for you VPs and MDs that want to remember the good ol' days). It goes in-depth into the highs and lows of an entry-level career on the Street.
Gekko21 (WSO Certified User):

Ok, maybe you guys are all really young. But the question should be who HASN'T read Liar's Poker and Monkey Business and why they haven't. Of all the finance books, the above two just mentioned are the MOST read along with Barbarians at the Gate.

mkballer (WSO User):

Just finished reading Monkey Business: Swinging Through the Wall Street Jungle. I thought it was well written and surprisingly funny. My favorite part was when Rolfe had an epiphany after he beat off at his desk at 3AM during an all nighter. I actually lol'd when I read that. He figured ibanking perhaps wasn't the best career path for him.

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The Accidental Investment Banker: Inside the Decade that Transformed Wall Street
by Jonathan Knee

Author Knee, who spent over a decade at Goldman Sachs and Morgan Stanley, describes life as an investment banker. He gives a great, detailed look at what life is like as an investment banker, and more specifically, how the deal process works.
Sheryl Katz (Amazon Review):

If you are looking for a rollicking but superficial account of the investment banking world, along the lines of Liar's Poker, this is not the book. If you are looking for a deep historical analysis of the growth of investment banking, along the lines of something written by Ron Chernow, this is not the book. But as a thoughtful insiders account with good historical perspective, this is an excellent book.

Rolf Dobelli (getAbstract.com):

If you want to understand how Wall Street works - and sometimes doesn't work - getAbstract recommends this informative, insightful and witty book.

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Cold Steel: The Multi-Billion Dollar Battle for a Global Industry
by Tim Bouquet

This exciting read details the hostile takeover of Arcelor by Indian industrialist Lakshmi Mittal. If you're looking for a glimpse into the world of mergers and acquisitions, this is a must-read. You won't be able to put it down!
HSdaydreamer (WSO User):

Can't get over how much I liked it and thought it should get some special attention. It's like a journal of the whole deal process for the Arcelor-Mittal merger. Talks about the strategies used by the takeover defense, Mittal's team etc. etc. the governments side of the story and the politics involved etc. etc. Reads like a fast paced thriller. It'll be hard to put down and won't bore you. Anyone interested in M&A should get it. Even if you aren't, I think you'll still like it.

Charles Pargeter (Amazon Review):

I know nothing about - and indeed have very little interest in - the world of billionaires and global takeovers, but I found COLD STEEL a mesmerising read.

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Damn it Feels Good to be a Banker: And Other Baller Things You Only Get to Say If You Work On Wall Street
by Leveraged Sellout

For three years Leveraged Sellout regaled us with tails of a life on Wall Street for young investment bankers. No quarter was given to Goldman, Morgan, Bank of America, or, especially, Piper Jaffray. As the book itself says, this story "captures the true essence of being in high finance."
InTheFlesh (WSO Blog Review):

In between his elitism-dripping chapters are quizzes and sections including hilarious comments from the website, just to make sure the humble reader is aware of what a terrific service is being rendered just by reading this little tome. If anyone has ever worked with someone like Logan, I’m sure this book’s humor will hit right home. You can even take home a few interesting and valid points if you have the mental detector necessary to find them. [Read More...]

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Technical Reads

Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions
by Joshua Rosenbaum and Joshua Pearl

This is possibly the best book covering the technical aspects of investment banking. Whereas many textbooks focus on theory, you can be sure this covers practical application as it was written by Rosenbaum (managing director for UBS) and Pearl (director for UBS), with a foreword by Perella (Chairman and CEO of Perella Weinberg).
Thomas Lee (Founder, Thomas H. Lee Capital):

Investment Banking provides a highly practical and relevant guide to the valuation analysis at the core of investment banking, private equity, and corporate finance. Mastery of these essential skills is fundamental for any role in transaction-related finance. This book will become a fixture on every finance professional's bookshelf.

David Rubenstein (Founder, The Carlyle Group):

This book will surely become an indispensable guide to the art of buyout and M&A valuation, for the experienced investment practitioner as well as for the non-professional seeking to learn the mysteries of valuation.

idragmazda (WSO User):

I give it a 10/10. Features all of the common valuation methods and their application and also a review of the M&A process. It also includes templates (completed and non-completed) for valuation methods.

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Applied Mergers & Acquisitions
by Robert Bruner

A Wiley Finance textbook, Applied Mergers & Acquisitions comprehensively covers (surprise!) M&A. Perella does another foreword for this textbook, which covers many M&A ideas and their application. Check out the CD version for some extra instruction!
Joseph Perella (excerpt from Foreword):

A well written and comprehensive journey into M&A...an essential reference for any M&A practitioner...this isn’t just a book about great thoughts and process, but rather how to turn insight into deals, and deals into lasting value.

Robert S. Harris (Dean of Darden GSBA):

Bob Bruner’s book combines the best of academic thinking and business practice on one of the most fascinating and challenging topics in all of business. The area of mergers and acquisitions stretches executives and scholars to consider the whole realm of management practice–from strategy, to finance, to law, to negotiations, to integration planning, to human behavior.

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Mergers & Acquisitions: An Insider's Guide to the Purchase and Sale of Middle Market Business Interests
by Dennis Roberts

This textbook is written by the Chairman and Senior Managing Director of The McLean Group, a middle-market investment bank. Mr. Roberts gives an applied look at mergers and acquisitions in the market where the most deals are done.
Timothy Kruse (Amazon Review):

Have you ever found a book so helpful to your professional development that you found yourself saying: 'Stop reading only at your own peril!' This book is such a book. Although I have lots to manage with my current buy and sell side engagements, I feel like I really owe it to my clients and myself to finish this book before I take another significant action on their or my own behalf.

KJ Odonnell (Amazon Review):

The vast majority of M&A activity is in the Middle Market, where enterprises are highly idiosyncratic. So, any author who hopes to illuminate this topic in any meaningful way faces several challenges. Dennis Roberts overcomes them all to produce a volume that owners of enterprises will find as useful and accessible as his professional peers.

Buy Now

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Career Jump-Start

Technical Interview Guide
by Wall Street Oasis

This 80+ page guide, produced by WSO and written for WSO's users, is a compilation of the most common technical questions encountered in Wall Street interviews.
WSO User banker88:

Just got the new technical guide. By far much better than vault. Very detailed (80+ pages) with charts, graphs, etc. I'll be reading this at least once this summer in prepping for fall interviews.

Goldman Sachs S&T VP:

The new Wall Street Oasis Technical Guide provides questions and easy to understand answers for all the questions I typically ask when interviewing a candidate. The additional questions expand the guide, and the new charts are an added bonus for easily remembering the crucial concepts. If a student really knows all the questions in this guide, they are sure to nail the technical section of their interview.

Buy Now

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Behavioral Interview Guide
by Wall Street Oasis

This 56 page guide, produced by WSO and written for WSO's users, is a compilation of over 100+ of the most common behavioral / fit questions encountered in Wall Street interviews with detailed advice and examples.
Credit Suisse M&A Analyst:

All I can say is I wish I had the Wall Street Oasis Behavioral Guide before I went into my banking interviews. I was well prepared for some of the fit questions that came my way, but others challenged me. With the extensive number of questions in this guide and the sample answers, I would have felt prepared to handle almost anything.

MIT Sloan MBA Student:

I didn't read Wall Street Oasis Technical and Behavioral Interview guides until after my first year in my MBA program, and frankly they contained everything I had spent the last year learning to get a job on the Street. I highly recommend them to anyone preparing for an interview, finance or other. It's a heck of a lot cheaper than an MBA (not to mention faster and more to the point).

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A Look Behind the Wall - An Overview of Six Wall Street Career Paths
by Wall Street Oasis

WallStreetOasis.com has collaborated with its most knowledgeable users to provide one of the most detailed, entertaining and insightful publications to hit Wall Street in years.
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Internship Guide
by Wall Street Oasis
This is a complete guide to getting through your summer internship in finance or consulting. Whether you’re wondering what to wear, how to do your work, or how to manage your money, this 30-page guide has it all. Following this guide will make getting through the summer as painless as possible, so that you can have the exciting, rewarding experience you deserve.
Buy Now

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