what are all the divisions of investment banking, and can you write a little bit about what people do in each division? Thanks. Do all divisions require long hours of work?quisitio
I thought it looked something like this:
~Mergers & Aquisitions
~IPOs
~Equity Capital Markets (I think this might include IPOs)
~Debt financing
~Sales & Trading
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Investing Banking is usually broken up into industry groups and product groups. Industry groups focus on specific industries (healthcare, technology, consumer, etc.) whereas product groups are separated into M&A, restructuring, leveraged finance (the things you listed). Usually the product groups collaborate with the industry groups... and in some cases each industry group does bits and pieces of the work that a product group would normally do (ex: at Goldman each industry group does their own M&A work, no separate M&A product group). The specifics really depend on the bank but for the most part it usually comes down to product groups vs. industry groups. Making a decision between product group vs. industry group depends on whether you want to gain in-depth knowledge of a particular industry or whether you want the breadth of working with a variety of industries but in one particular function. There are a lot of good resources on WSO that go more in detail on this topic too.
Read the mother fucking FAQ or search the fucking site for finance 101 shit.
M&A, LevFin, Industries, Restructuring, ECM, DCM, Pub Finance, Real Estate. Everyone does things a little differently.
They all require long hours. Taking the time to explain what everyone does would just take way too long. As Flake said, that's research you can do on your own.
Divisions within iBanking (Originally Posted: 06/24/2009)
Hey guys,
I'm scheduled to talk to a college recruiter at a BB bank and I want to be able to specify exactly what I'm interested in instead of telling her that I just want work in ibanking.
I know that ibanking is generally divided into industry coverage and product coverage but are there any other divisions I should know about?
Thanks in advance.
I think that you should focus on breaking into banking and not set up boundaries before you've even got a toe in the door. If we were talking about a boutique, however, then I would say you should obviously show an interest in whatever product or industry they focus on.
That said, within the industry and product groups, there are breaks - industry groups are the different fields (consumer and retail, media and telecom, energy and power, etc) vs product groups, which are the different types of products that a bank can pitch and, as such, will cover each industry - although you'll probably be focused on one or two for the bulk of your work as an analyst (includes leverages finance, loan syndication, M&A). Industry groups are very client based, as they are usually the ones pitching clients, whereas product groups (although of course client driven) offer suggestions to the industry group's clients and, ultimately, implement them.
I think you are fine if you know some of the general differences and express an interest in and show enthusiasm towards both - you don't want to give off the impression that you only want to work in one group, especially if your past doesn't lend itself to that (example a bio tech major could sell a strong place in healthcare, but also show his/her interest in the other groups as well to remain flexible).
IBanker www.BankonBanking.com Articles, News, Advice and More Break Into Investment Banking
would the equity capital markets and debt capital markets be considered part of the industry or product group?
They would be product groups, as they function across the different industries and offer bond products and equity raises, etc.
IBanker www.BankonBanking.com Articles, News, Advice and More Break Into Investment Banking
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