Best books on investment banking for a student?
Hey guys,
As the first semester of my sophomore year in college wraps up, I realize things are going to start getting really fast-paced. Summer 2019 recruiting cycle beings in 5-7 months and being a sophomore I will NOT have taken any intermediate accounting, economics, or corporate finance(at any level) courses yet. I have a final round interview for a summer analyst in the finance department at a govt. security contractor/engineering&tech firm next week that I am confident I will be able to bag. It's not PWM or IB but i'm hopeful it will be enough to get me interviews next year.
Which books can I read to be best prepared for technicals and to have a broad understanding of investment banking at all levels? The one I always hear about is Rosenbaum's Investment Banking textbook. However, it seems the version everyone always refers to is from 2009 - are there any 2017 versions or equivalents out there? I'd like to have the BEST resources available, but if the 2009 is better than some 2017 publishing by someone else - let me know.
What I already have:
-M&I 400
-WSO Behavioral Guide
-WSO Technical Guide
-Vault Finance Guide
Thanks!
Rosenbaum & Pearl 2009 is fine, and the best book by a long way in my opinion. It is essentially a book on how the main valuation techniques work and are completed, and how a standard M&A process goes. That hasn't changed materially since 2009. The second edition provides more detail on the M&A process, and includes some helpful info on how to use bloomberg for valuation, but the first edition is absolutely fine to use.
Other than that, if you already have the M&I / WSO / Vault guides you're set. Learn those and you'll be more than sufficiently prepared. If you want to go the extra mile, learn how to build the basic models available on Macabacus from the ground up.
+SB for Macabacus. The interview guides aren't very helpful for actually learning stuff. They're more for cramming before an interview.
Agree with alpha_q resources above and your comment around Rosenbaum. It's probably still the best available, and Macabacus provides more advanced templates.
I secured a SA position at a top BB having not taken a single finance course from a nontarget – all you need is a genuine interest and the right material to study and learn from. Definitely read all of the basic books to better understand how things work (mentioned in the thread) and craft your story, prepare interview questions, technicals, etc.
Book recommendation to prepare for IBD internship (Originally Posted: 03/27/2017)
Hi all, can you please advice me on what book or books to read to get ready for an internship in M&A?
Searching online I found this that is quite cheap compared to average, anybody has read it? It's called "Company and Investment Valuation: How to determine the value of any company or asset" on Amazon
Any advice is highly appreciated!
Thank you!
https://www.wallstreetoasis.com/forums/books-to-read-about-ma-before-st…
There have been a bunch of similar threads recently... read those.
But to answer your question, books have limited value here, because most aren't written by practitioners and/ or are out of date. Your firm will have you do it a different way, and you're better off coming into the internship a clean slate if that makes sense.
The Rosenbaum book on valuation (plenty of free copies online) is the one exception to this.
Also, you'd be better off practicing your Excel / PPT skills, because that will be most useful on the internship and will help you prove early competency -> get more interesting projects -> get the offer -> get better full-time staffings... it snowballs.
Is the Rosenbaum book sufficient as preparation for most job interviews for an internship or similar position? I'm able to borrow for free through my library, so if I can use that and other free online resources, that'd be great.
I already read the Rosembaum, I had it as a text in one of my classes at uni. People told me it's OK, but not exactly the same as what they teach you at the analyst training.
This Company and Investment Valuation looks like was written by people from banking, nobody here has read it??
Book recommendations for a future investment banker? (Originally Posted: 12/08/2016)
Hey guys, I'm finishing up my 1st sem. as a freshman. Any helpful books for IB? I've been looking for some good resources to dive into. Was luckily able to snag BIWS Premium off the internet, but want some good books that would cater to an IB.
Does not have to be area specific, even biographies are great. Need some new good reads.
Love to see everyone's recommendations, cheers!
So a fun first read is Monkey Business, also try the Intelligent Investor( its about value investing, so not directly related to IB, but its still a great book). If you truly want to help yourself, learn modeling in excel. Specifically, accounting, valuation and dcf, maybe throw in some lbo if your feeling lucky. I use Wall Street Prep, but whatever floats your boat. If you study this stuff you will be at a great advantage come junior year recruiting, also start networking with alumni. Have some informational interviews over the phone or some coffee. Try to secure a private wealth or pe/growth equity internship for your freshmen summer. That should set you up for boutique ib sophomore summer. Happy hunting.
Thanks for the recommendations! I have a copy of the intelligent investor right now, but haven't got around to read it. Currently diving into Web of Debt which is an interesting read. Monkey Business I've seen thrown around everywhere so I'll have to get that and check it out definitely.
Now with the internships. Would a firm really take a freshman? By freshman year there's not much financial coverage for a typical student so I feel it's not practical. However, a big plus is that I live in NJ, 1hr30mins from NYC. Traveling to network becomes a little more practical :-)
First do you go to a target or semi target, even if you don't you can still get an internship it will just be a little more difficult. Email as many alumni as you can in the field you want and when you run out of alumni go to just cold emailing people at firms you are interested in. Stick to private wealth management, if you can pull something better by all means do it. Utilize your linkedin account to network and your career center at school. Also, follow the study tips for excel I stated above, and get a copy of Wall Street Oasis's study material or M&I guides which will have everything you need to pass interviews.
Thanks for the recommendation. I will definitely have to read it, especially since you linked me with the PDF to the whole book! Love finding free PDFs of books, it's great.
Bank by David Bledin is another humorous take by the author of the bitter investment banker email. Not bad, it gets a solid B from me.
Accidental Investment Banker is more dry but probably more educational overall. I'd give it a C, maybe C+
If you're into investing, I would recommend You Can Be A Stark Market Genius Too by Joel Greenblatt. Bad title, good book. A-
Total Money Makeover by Dave Ramsey
Young Money - one of the more recent books about IB Liar's Poker When Genius Failed - LTCM Monkey Business Flash Boys
I read these freshmen year summer and I definitely recommend Young Money the most. It's the first book I give to anyone interested in IB.
Young Money was bad, IMO. Too fluffy and not enough content.
Too big to fail - Will give you substantial walking knowledge of wall street banks and their backstories (i.e. why is it Bank of America Merril Lynch, etc.)
Definitely How to Win Friends and Influence people.
I live by this book. Reading it for a second time
why has nobody suggested this yet
https://www.amazon.com/Damn-Feels-Good-Banker-2008-08-05/dp/B01MXJ7A40/…
Barbarians at the Gate is a good read to learn what LBO shops do and how banks function is supporting those deals. Although the industry has changed a lot since then, it gives some insight into what the job actually entails.
Must Read Books - Pre IB SA (Originally Posted: 05/18/2016)
Hey all,
I'm an incoming SA at a BB - have reached that awkward point between the end of the semester and beginning of my internship, and am looking for some book suggestions. Could be finance, econ related or just anything interesting that will help prepare me for my SA position.
Have you read the classics? Liar's Poker, Monkey Business. GSElevator's Straight To Hell is very entertaining. If you want more serious/technical book, try some of Nassim Taleb's works.
48 Laws of Power by Robert Greene
First, would argue that it isn't the awkward point on the calendar, it's one of the best. Make sure to enjoy yourself over the next couple of weeks because you will be worked this summer. That being said, How to Win Friends and Influence People, Rosenbaum's Investment Banking and Barbarians at the Gate are a few I recommend (in that order).
If you are solely concerned about being prepared for your SA - I would highly recommend the following: 1. Get a subscription to Wall-Street Journal and read it everyday. Literally keep WSJ open and read the Business and Markets section periodically throughout the day and familiarize yourself with some deals, market movements, and other interesting news that is going on. This will go a long way when you're with colleagues and they're talking about something interesting that is going on in the markets, and will help you learn the way bankers analyze the news. 2. Rosenbaum & Pearl: There is a pdf guide out there, not too hard to find on Google. But I would recommend placing an order on Amazon, getting the book and skimming through the most important chapters (Comps, DCF's, Excel formatting, M&A modelling) I think the LBO section is less important for the purposes of the summer. The book is a little dry, but explains the concepts pretty thoroughly and will help you relate some of the readings to the work you actually do.
IMO, I don't think there's anything that can really prepare you for the job, only sculpt you and make you sharper. If you have any other questions, feel free to shoot me a PM. Good luck.
what books/websites can I read to learn more about investment banking? (Originally Posted: 01/04/2018)
hello I was wondering if there is any recent or updated books and websites I can read to learn about the type of deals investments banks have done? I also wanted to know if there is a website I can use to learn more about the vocab IB use?
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