What's the difference between sponsor vs. underwriter vs bookrunner vs lead manager

What's the difference between sponsor vs. underwriter vs bookrunner vs lead manager vs left-lead manager ?

6,091 WSO Academy Investment Banking Session Reviews: 4.82/5

Class of '24 Oct 2026 Cohort

5.00/5

Investment Banking 7 Stories Review

“Andre's strong background makes him a very motivating mentor for candidates. He is intellectual and kind, and he used our time efficiently. His feedback was clear, honest and realistic, which I value a lot. He does not just tell people what they want to hear; he pushes them to succeed. He helped me structure my 7 stories and made the whole process much easier. Without Andre, I would not have gotten my 7 stories right. I will definitely work with him again, and I am looking forward to our next meeting.”

Class of '29 Oct 2026 Cohort

5.00/5

Investment Banking LinkedIn Review

“Johnathan was really good at checking out my Linkedin and making surfing there were not many issues with it. He seemed to know his stuff very well and he was curious about all the posts that I had liked and he had different tactics to make sure that my linkedin could stand out from the rest and make it very competitive for my 2028 internship. The only criteria I had was minimal and it was that he was a few minutes late but that is not a big deal, I know he is a busy guy but overall he was great.”

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What's the difference between sponsor vs. underwriter vs bookrunner vs lead manager

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