What is probably the most or least stressful (less commitment/hours) investment banking division at a big banking firm?
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RX engagements are intense as shit and involve working with a ton of different counterparties which multiplies the amount of work product and DD you have to do/submit/discuss. In a busy restructuring environment those guys have probably the most demanding assignments of any group.
Perhaps its a tad nicer not having to worry about cyclical layoffs though.
Um RX doesn’t exactly thrive in bull markets
ECM and DCM groups are calmer, along with Structured Finance and Public Finance
Is public finance IB? We had a lateral from public finance analyst previously and boy was she terrible
From which bank? The analysis can be very technical/hairy at times, and other it’s just a very simple structure anyone could do (level debt service).
Seems to be a barbell outcome for us - We get some kids from a Math/finance background that are very sharp. Other times we get public policy/poly sci kids that don’t get the quantitative nature/banking expectations and are pretty trash. I assume you got one of the latter?
I have absolutely no idea how technical public finance is, all I'm aware of is that it works with municipal bonds, which is a wholesome endeavor though not very exciting
Energy IB
Why is this? Starting in a group soon
Not in energy but I've heard it's similar to Infra modeling in that the models get very hairy and egregious. In addition, my friend who was in an energy group as an analyst would spend his Saturday mornings working on something called a NAV analysis every week? Like I said, I don't know much about it but it seems pretty in the weeds.
I would say m&a tends to be sweaty because even when not in burdensome active deals, they make you crank pitch books constantly.
Chillest has to be sponsors or the cap markets desk.
Hi. What is the role of sponsors? What do you do?
I've been in the industry a while and rotated amongst a few different teams. This is the hardest to easiest (in my opinion)
Hardest: Restructuring, Leveraged Finance and M&A / Industry groups
Average: ECM, DCM
Easiest: Sponsors, it's a joke how easy this division is
I wouldnt say Lev Fin is the hardest group, you basically just do PowerPoint all day up until VP+
Sponsors and niche capital market products (e.g., converts, private capital, etc).
As others have said, it's Sponsors and it's not close. Those dudes chill all day and still get amazing exits, somehow.
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