Hey guys, I'm going to be starting at a middle market bank this July as an associate. I'm doing my best to read up on investment banking and learn as much as I can before I start my job. I've gone through a ton of resources on financial modeling and valuation. I've also taken several Training the Street courses and have gone through the notes multiple times to ensure I understand the material being taught.
While networking, I spoke to a lot of associates working at middle market banks. The majority of engagements they work on are sell side advisory deals. They generally are tasked with getting the CIM started and ready to go for VP approval. Are there any resources out there that can help me become a better CIM writer? My writing skills are not great and I would like to learn how to efficiently put together a CIM and the keypoints I should be touching upon when drafting the document the first time through.
My entire career has been in commercial real estate (public accounting, then private equity, and now loan origination) thus exposure to other industry groups has been weak. I've drafted a lot of presentations and memo's for our real estate deals, but that is a whole different animal when compared to the typical industries out there.
Any help you guys could provide would be greatly appreciated!!
Your bank will undoubtedly have CIMs that it has put together in the past. You can just look at them and get an idea for relevant sections.
Above post is correct. You start with a template from a relevant deal (or even another M&A deal in a different industry if this is unrelated to prior clients). The sections don't deviate much and the content is filled in through due diligence. You will be sitting in on management calls and meetings in order to gather the specifics and details of the company, including how it operates, what its competitive advantages are, etc.
It isn't as difficult as you think and once you read through a few examples, you will get a better understanding of how to go about writing one. The most important thing is to get all of the information you need and ask questions regarding technical pieces or parts of the operating process that you are unclear on.
If I was going to create a curriculum for the sole purpose of teaching someone to write a CIM, it would probably include the following subjects: business writing, beginning and intermediate microsoft office suite (emphasis on word, powerpoint, and excel), and graphic design. People tend to underestimate how much time junior bankers spend working on CIMs, and how little finance knowledge is actually required. Sell-side M&A is essentially a marketing job - your product is your client and the CIM needs to represent your client in the best possible light. This requires eloquent writing, visually appealing presentation, and accurate and concise information.
I could do a whole post on what goes into a CIM (and what actually gets read), but suffice it to say it is not rocket science.
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