Investment Banking Career Path: A Guide for Fisher College of Business Undergraduates, Exercises of Business

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INVESTMENT BANKING

Fisher College of Business

Undergraduate Career Path

• Investment banking is the business of raising capital for

companies and advising them on financing and merger

alternatives.

• Investment banks may be categorized as boutique,

middle-market, or bulge bracket depending on the size of

the firm or the deal size they target.

• Examples:
• Boutique: Evercore, Moelis, Lazard
• Middle-market: William Blair, Houlihan Lokey, KeyBanc
• Bulge: Goldman Sachs, JPMorgan, Citi Group

Vault Career Guide to Investment Banking

What is Investment Banking?

Typical Divisions by Category

Boutique Middle-Market Bulge Bracket

M&A Advisory M&A Advisory M&A Advisory

Capital Markets Capital Markets

Industry Groups Industry Groups

Sales & Trading

Equity Research

• Have a deep understanding of finance and

accounting

• Are detail-oriented
• Possess strong Excel and PowerPoint skills
• Maintain the ability to balance multiple projects

and priorities at once

• Are hard-working and have the capability to

work long hours

• Exhibit strong communication and client skills

Investment Bankers (usually) …

Internship opportunities in the field of investment banking are very limited. Most firms hire candidates with past internship experience and a record of success in a particular academic field of study or industry. Many banks target Ivy League schools for potential candidates so it's important to have unique experiences that help you stand out.

Investment banking summer analysts typically are placed within an industry or product group and work on various projects over the summer including pitches , equity offerings , debt issuances , or live M&A transactions.

Sample Internship Opportunities

Companies: Goldman Sachs KeyBanc William Blair Citi Group JPMorgan Deutsche Bank UBS Morgan Stanley

Locations: New York City Chicago Los Angeles San Francisco Boston Cleveland

Sample Employers & Locations

Opening/Industry/Fit:

**1. Tell me about yourself.

2. Why did you choose Ohio State?
3. Why did you choose your major?
4. Why do you want to pursue investment banking?
5. Why are you interested in XYZ Bank?**

Behavioral:

**1. Of your past experiences, what will help you as an analyst?

2. Tell me about a time you failed.
3. Tell me about a time you worked on a team that lacked direction.**

Technical:

**1. What are the main financial statements and how are they connected?

2. How does depreciation expense affect all three statements?
3. What are the three main valuation methodologies?
4. Walk me through a discounted cash flow (DCF) model.
5. Pitch me a stock.**

Sample Interview Questions

Fisher College of Business

Average Consulting Salaries (2018-2019)

Full-time $82,353/year

Investment Banking Salaries

Buckeye Capital Investors

Buckeye Capital Investors (BCI) is an organization for those with a keen interest in a career in finance. BCI takes in students with a demonstrated interest in the financial markets and then educates new members on technical and fundamental analysis, valuation, and portfolio management. The organization is modeled after a typical investment bank, with a hierarchy and division along industry groups. BCI holds weekly stock pitches and sponsors students in attending national and regional competitions. BCI also maintains a $10 million paper portfolio in competition with the school-sponsored SIM program and endowment fund.

Student Organizations

Fisher Futures A program designed to help high-ability finance/accounting majors prepare for an internship search in investment banking. The program takes place during the 2 nd^ semester of sophomore year.

Academic Programs