Must read to understand investment banking

Need the best books to read to understand, from zero to everything, all about investments banking.
I don't want to read autobiographical books, i want to read tetchnical books that teach me how investments banking works, and how to become a leader in this sector.
I'm at low level in that sector, so i'd appreciated if you can tell me books from the base to the top.
Thank you for the help

 

"Extensive details about the basics"? I'm confused

"After you work on Wall Street it’s a choice, would you rather work at McDonalds or on the sell-side? I would choose McDonalds over the sell-side.” - David Tepper
 

while they are entertaining reads, I actually think liar's poker/monkey business are awful information sources. Save them until you have an offer, kids will get dinged, or at least have a much worse first round interview if they are dumb enough to mention them. In the meantime, you'll do much better talking with the former bankers in b-school and perhaps alums.

 
monkeyc:
while they are entertaining reads, I actually think liar's poker/Monkey Business are awful information sources. Save them until you have an offer, kids will get dinged, or at least have a much worse first round interview if they are dumb enough to mention them. In the meantime, you'll do much better talking with the former bankers in b-school and perhaps alums.

He's looking to get info on what the industry is like, not to mention during interviews. Given that you're not naive enough to believe everything they say is100% accurate of what banking is like, I think Liar's poker and monkey business are perfect sources. Albeit, a lot of things have changed since those two books were written. Monkey business is very entertaining and an easy read.

Other than books, you should visit WSO daily.

 

I'm kind of going through the same thing, trying to get ready for B-School (to get into IB).

Monkey Business is ok, the writing style and dual narrators kind of bothered me, but at least it went quickly (took me about 1/5th the time to read that as the Accidental Investment Banker, which I read just before it). Personally, my reaction wasn't being scared away, but saying to myself, "these guys are whiny tools, no wonder they didn't last in banking." There's a newish book called Bank that covers a lot of the same ground as Monkey Business that I liked much better. It's written by the guy that wrote the "Bitter Investment Banker Email" that was floating around the internet a while back. Fiction, but gives you pretty much the same perspective on unreasonable VPs/MDs, long hours, soul crushing work, etc.

Haven't read Liar's Poker yet, but it's next on my list.


"When I get sad, I stop being sad and be awesome instead."

 

Less commonly referenced than Liar's Poker/Monkey Business/Accidental Investment Banker but also very good.

http://www.amazon.com/Wall-Street-Meat-Grubman-Quattrone/dp/0972783210

It's more about equity research in the late 90s and all the crookedness going on than horror stories from banking, but gives you a lot of insight into how and why IBD is the way it is currently.

Also may be useful for those of you trying to break in from different fields since the author was an engineer prior to going into finance.

 
  1. Barbarians at the Gate An in-depth look at the RJR-Nabisco LBO in the 1980's. Awesome read, but a bit on the long side.

  2. Traders, Guns and Money Narrates the rise of derivatives in the United States and around the globe through some hilarious anecdotes (in the style of Liar's Poker). This book appeals more to trader-types but it is particularly valuable to corpfin-types because it spends a lot of time discussing CDOs and SIVs (which are good things to understand right now).

  3. Common Stock, Uncommon Profits This is one of Warren Buffett's favorites and THE growth investing bible. Very neat insight into the role of corporate management as well as the reasons for pursuing financing.

  4. Bank This is a new book about a fictitious M&A analyst's miserable time as a first year. A bit overdone and overstereotyped but valuable because the stereotypes do quite accurately (80%) match those you will encounter in banking (e.g. "the star" analyst).

  5. The Econonomist's Guide to Wall Street Published by The Economist Group (as in the magazine). Very good overview of Wall Street history, the defining legislation (e.g. Gramm-Leach-Bliley), and the major players.

 

There was a question exactly like this less than two weeks ago. I'm surprised you've gotten this many responses thus far.

Anyway - to be productive - Monkey business is a must read because you'll be able to relate to the authors whenever you perform similar tasks. Also, it's a legit insiders opinion of two guys from targets who went to one of the most prestiguous banks on the street at the time. Just know that their experience is a little extreme and the book is totally cynical for banking. Still a must read though.

Liar's poker is all about trading, doesn't apply at all to banking in today's world (still a great book - makes you wish you were trading back in the 80's).

 

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