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
Lmao
Rosenbaum
Hahaha
Surely if you're at a low level in the sector you have the ability to research something as basic as this yourself.
If i've asked in a forum, it's because on google i've found autobiographical or not specific books. Anyway, thanks for the help vik, i'll start by reading that book.
Learn to help yourself. Nobody likes kids who ask everything be handed to them like some entitled brat.
Just asked man. Don't want to waste time reading something "that can't really help me". Time is money, and nobody want waste his time.
The Five Best Books to Become A Successful Investment Banker (Originally Posted: 11/18/2014)
I just voted for my "Favorite Finance Related Book". That made me thinking what are the best five books that can really help finance students like us become better at our jobs. I personally love reading but still sometimes I wonder how great it would be to read only a few, really good books. Obviously the market is overflowing with thousands of great finance books, authored by the best experts we know of but still 'The Best Five' must exist, books that are not only interesting to read but can also help us learn many new things that we won't be learning just from our coursebooks.
So, what are the best five books according to you?
You want to know about the best IB-books or best finance books? Finance does not equal IB.
Anyways, I really loved Too Big To Fail from Andrew Ross Sorkin. It's a real thriller, amazing read.
I really like Financial Modeling and Valuation by Paul Pignataro
Investment Banking - Rosenbaum & Pearl Valuation - McKinsey Monkey Business
Not sure why the McKinsey book gets so much love in this thread, but I didn't find it useful at all. Damodaran's books are way better, might as well start with Applied corporate finance or Investment Valuation
You said it youjustgotlitup. Finance isn't just IB. There's S&T, lending of multiple types, HNW brokerage (PCS), VC, PE, buyside trading, PM and any number of other variations of careers available.
Anyone care to opine on a good book for high yield investing / credit investing more generally, perhaps for someone who is interested in Asset Management in those products?
@BusinessGreek - You may want to check out Martin Whitman's Distressed Investing.
Thanks for the recommendation, @TraderDaily - will check it out
If you're going down the distressed route, might as well get Moyer's "Distressed Debt Analysis".
Investment Banking - Rosenbaum & Pearl and Valuation - McKinsey
Shaun,
For M&A IB the books are:
Investment Banking by Rosenbaum Valuation by McKinsey Middle Market M&A by Marks Investment Banking: M&A Origination, Execution, Financial Modeling & Valuation by IBU
Best, Michael Herlache MBA VP, M&A
Michael,
Do you always sign off with your titles?
Best, Koloniaal PhD MD Associate, SC
Book to enhance understanding of the financial world and IB in specific (Originally Posted: 02/11/2016)
Cheers folks,
I was wondering if you guys could recommend books that would help me enhance my knowledge about finance and Investment Banking! I do already have some knowledge and was recently hired as student assistant in a medium sized Investment Bank.
Thanks!
Do you want books on modeling or just on the finance world in general. I know there is a investment banking book that walks you through a model. Most valuation books are over detailed and don't pertain to half of work that you will be doing.
Just the finance world in general :)
What are you reading for Investment Banking? (Originally Posted: 06/28/2015)
Let's start with me - Investment Banking by Rosenbaum and Pearl
Monkey Business of course
I just finished reading actually and I was gonna ask someone... Has life on IB changed the slightest bit from what it was portrayed in the book?
Thanks,
(Also recommend reading it, superb book)
Has anyone heard/read Paul Pignataro's Leveraged Buyout?
Amazon Link: http://www.amazon.com/Leveraged-Buyouts-Website-Practical-Investment/dp…
Books/websites to read to prepare for a career in investment banking (Originally Posted: 02/03/2014)
Hi all, I am a soph, finance major trying to break into i-banking. I am at a semi-target state school in the mid-atlantic and know that since im not at a target I need to stand out and be ahead of the game. Since I have not learned how to value companies or make financial models in class and wont until next year, I am wondering what I can read that will teach me how to do these so I can have some experience when I start applying for internships for my junior summer (I am most likely going to work at a PWM firm this summer since I have limited connections and no i-banking experience). Any help/suggestions will be greatly appreciated. Thank you.
IDK but I've heard these are good: http://www.wallstreetoasis.com/ http://www.macabacus.com/
http://www.amazon.com/Catching-Wolf-Wall-Street-Incredible/dp/0553385445/ref=sr_1_4?ie=UTF8&qid=1391462542&sr=8-4&keywords=the+wolf+of+wall+street
More technical than some would prefer but a good primer for interviews. Scoops Investment Banking (not the recruiting one but the actual IB, Corp Fin. version). I own both and felt that the recruiting one was a waste of money and a bit dated in terms of information.
http://www.scoopbooks.com/
Thanks for the responses
Best books on Investment Banking? (Originally Posted: 08/07/2015)
I'm trying to get into the industry and get a internship for IB, what are some books you guys would recommend? I already bought "Investment Banking: Valuation, Leveraged Buyouts, Mergers & Acquisitions" so that covers a large portion of the technical stuff I assume. Anything else you guys would recommend for further technical learning or knowledge of the industry in general?
I don't mean to be that guy, but this has been asked countless times. Use the search engine.
Looking for an extensive read on Investment Banking basics. (Originally Posted: 02/17/2012)
Anyone know of any books that teach you the ins and outs of IB basics? Looking for something that goes in to extensive details about the basics of IB for a better understanding of what it is and what's going on.
Are you talking about the financial mechanics or the social aspect? Plenty of books out there to give you a taste.
http://tradingevents.blogspot.com/p/recommended-reads.html
(technical) Rosenbaum & Pearl: Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions
"Extensive details about the basics"? I'm confused
Also interested. Is there anything on the financial mechanics?
Book Suggestions for IB (Originally Posted: 12/12/2011)
.
The Accidental Investment Banker Barbarians at the Gate Liar's Poker
^^ plus monkey business, lewis' boomerang and the big short, storming the magic kingdom
Looking for color?
http://www.amazon.com/Monkeys-Coloring-Dover-Pictorial-Archive/dp/04862…
Liars Poker is a must read
http://www.wallstreetoasis.com/faq-recommended-reading-investment-banki…
Monkey Business if you want to get a sense of what life is like as someone junior in IBD... and laugh a lot.
lewis boomerang is horrible suggestion
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.
Thanks all for the suggestions and thanks to Ragnar for the link.
WSO daily? More like weekly -- too much bs from non-bankers.
I'm certainly not looking to name drop Michael Lewis in an interview, just to get an idea and know the culture and history of the industry. On that note, is Liars Poker relevant at all anymore. Wasn't that book written 20+ years ago? I'll definitely keep up with WSO.
The books modern day relevance is scary. If liars poker was made for today's times, the numbers would be bigger and LBO's would be CDO's
The Accidental Investment Banker 100%
monkey business is a really quick/simple/enjoyable read. The accident investment banker...is really slow imo.
To understand the hierarchy and the inevitable wave of unpleasant discourse sure to envelope you once you start, I recommend "Everybody Poops."
Liar's poker is not really relevant to banking. It revolves around S&T, and bashes on bankers every chance it gets.
It's still a must read. Just like Everybody Poops.
http://www.wallstreetoasis.com/forums/the-goldman-sachs-suggested-readi…
Suggested IB Reading (Originally Posted: 12/20/2007)
I've read The Accidental Investment Banker. I've heard Liars Poker is good (haven't read it yet). Any other (non-text book) recommendations for bankers about to enter their first year? Is Monkey Business a good book to read BEFORE I start my first year? I've heard it scares people away from banking...
Please let me know your thoughts.
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."
Anyone else? I would like to keep this thread going to get some new reading ideas for my x-mas break...
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.
Also, I just finished reading "Bitter Investment Banker Email" for the first time.
Super excited to start ::what am I getting myself into::
Keep the book suggestions coming...the more I read about i-banking before I start, the more prepared I will be for the ups and downs...
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.
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).
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.
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).
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).
why are you guys reading books in preparation for IB? geez... is it really this big a deal to work in IB
Saepe expedita adipisci architecto sapiente omnis voluptatem aut. Quibusdam eos voluptatem vitae magnam nisi et sint optio. Odit dolor beatae incidunt dolor consequatur neque. Distinctio dolor exercitationem cum et saepe consectetur.
Suscipit aut cum odio sit fugit. Rem quae commodi qui sed placeat labore nam iste. Fuga sint quibusdam repudiandae eos aliquid. Qui vero cupiditate dolorem dolores et hic incidunt.
Quos autem et sit aut provident similique iste sit. Maxime quibusdam nemo dolorem non nemo itaque neque. In at autem vel tenetur adipisci aut.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Vero aliquid ullam totam ut. Quaerat quae vero fugit eos voluptatem iusto. Aut ut modi dolore qui placeat. Est sed esse sit ducimus neque adipisci doloremque. Dolorum sunt eum corporis natus dolores quaerat dicta. Aut earum quos tenetur eius.
Sit tempore quis voluptas ipsam. Ad delectus eaque eaque necessitatibus deleniti pariatur. Eum corrupti possimus expedita sit. Tempora eos quis dolor nesciunt quidem eligendi.
Labore enim aliquid consectetur est ut omnis. Ad voluptatem tempore omnis est nam est cumque. Sit aut quia et qui ut fugiat. Minus aspernatur labore nihil incidunt ea. Et autem omnis enim suscipit modi officiis magnam. Id autem molestias excepturi enim.
Beatae ex asperiores ut qui necessitatibus quam quia. Dolores occaecati qui earum magni tempora id. Accusamus et dignissimos error quia labore id et maxime. Perferendis laborum fugit harum architecto. Illo dignissimos deserunt minus aut porro nihil non eaque.
Minima in pariatur et. Fugiat neque autem enim. Quo voluptatem magni omnis qui in alias.
Voluptate non ullam iusto ut temporibus qui ratione officia. Natus aspernatur qui veniam sunt. In eligendi excepturi sint harum. Non omnis est eum voluptatum.
Aut eaque ex officiis error. Accusamus ipsa minima animi sed vero ut et. Alias possimus dolor non nesciunt repellat quibusdam laborum. Eum sed quo molestias deserunt est esse.
Incidunt sit vero officia rerum mollitia ipsum. Reprehenderit vel voluptatem eos et est est. Minus ipsa magni qui rerum aut.
Nobis et cumque voluptates necessitatibus. Et dignissimos rem possimus accusantium non dolor quo. Iusto repudiandae facilis accusamus laudantium exercitationem officiis.
Molestiae accusamus id ducimus consectetur sint eos et qui. Nihil enim maiores sapiente excepturi eos quam quis. Commodi non aliquid et consequatur aspernatur architecto quo. Repellat voluptate totam voluptatem et. Hic laudantium excepturi iste quo quia aliquam voluptatibus. Quia temporibus iste ut quidem consequuntur deleniti mollitia.
Sed velit ut numquam nemo. Et mollitia et atque explicabo rerum modi. Ipsum consectetur nostrum ab et cum vel.
Suscipit quae sunt sunt qui ut atque. Fuga unde repellat qui ducimus impedit aperiam. Ut labore nemo dolorem porro alias dicta. Earum laudantium nulla ipsa explicabo quia suscipit tempora unde.