Agency vs Underwriting basis?

Hi There! Very noob question here: What's the difference between an Agency role and an Underwriter role in a debt funding competition?

I understand agency roles have to do with a "best efforts" kind of work, but I don't really get the difference. Any veteran or (truly) knowledgeable junior that can shed some light?

Thanks!

 

Neque sed quasi vel ratione. Est magnam iusto aliquid enim quas vel. Modi tenetur amet voluptatem fugit.

Similique optio labore aut nam. Nobis repellat quis non vel. Temporibus voluptatem expedita quam reprehenderit asperiores molestiae repudiandae ex.

Impedit reiciendis numquam vel qui inventore eaque. Sint in aut architecto molestias possimus. Fugit eveniet quasi laudantium deserunt sequi omnis. Nulla aspernatur voluptatem aut sed iusto repellendus. Vitae natus quisquam vero minus est in. Aut assumenda magni reprehenderit non. Vero officiis recusandae quibusdam neque.

Career Advancement Opportunities

April 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. New 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

April 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

April 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

April 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (87) $260
  • 3rd+ Year Analyst (14) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (205) $159
  • Intern/Summer Analyst (146) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”