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  1. #1
    Registered User MiscinHard's Avatar
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    Investment banking brah here - AMA about the profession.

    After seeing a lot of dumb threads/comments here I wanted to take a few moments to answer anybody's questions about what the profession actually is/does. Please keep questions focused on that and not on any macro trends etc.

    Background: just switched into the industry from a closely-related profession, boutique firm, non-NY US city.

    Fire away misc.
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  2. #2
    anonymous
    Guest
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  3. #3
    Registered User NameUnavailable's Avatar
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    Hello I'm 12 and what is investment banking
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    This is actually a two part question.
    A) what's it like to be an investment banker?
    And B) would you be willing to write me a recommendation?
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    Registered User SweatAndTears's Avatar
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    howd u get into the field? connections through internships or what?
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  6. #6
    Registered User ScissorMeSlowly's Avatar
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    No top firm no care.

    Unless it's an energy boutique tho cuz
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  7. #7
    anonymous
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    Yearly salary
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  8. #8
    OhYe SitchNoHomo's Avatar
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    Do you fap at work like they tell you to in the movie Wolf of Wall street
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  9. #9
    ¯\_(ツ)_/¯ Buegie's Avatar
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    If it's not NY it's not banking. Boom
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  10. #10
    Drill Team Dec4y's Avatar
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    Seen a lot of IB suicides lately...does this rustle your jimmies?
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  11. #11
    Registered User MiscinHard's Avatar
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    Originally Posted by Mrlooker View Post
    What do you actually do all day?
    Can vary widely but most of my time is spent on on the following: preparing/editing pitchbooks (documents marketing the bank's services to potential clients; the managing directors use these for their presentations), preparing/editing CIMs (confidential information memorandums - marketing documents that contain all of the information about a company that is provided to a potential acquirer to get them interested in buying a business). That's the bulk of it.

    Originally Posted by NameUnavailable View Post
    Hello I'm 12 and what is investment banking

    Broadly speaking, it's providing services to companies related to mergers and acquisitions or capital raising.

    Originally Posted by supman160 View Post
    This is actually a two part question.
    A) what's it like to be an investment banker?
    And B) would you be willing to write me a recommendation?
    A) I like it so far.
    B) I don't know you brah and a recommendation from me would not do you much good anyway.

    Originally Posted by SweatAndTears View Post
    howd u get into the field? connections through internships or what?
    Networking, primarily.

    Originally Posted by ScissorMeSlowly View Post
    No top firm no care.

    Unless it's an energy boutique tho cuz
    Yes, because energy banking is a great place to be right now...

    Originally Posted by Silverback1996 View Post
    Yearly salary
    Wouldn't be a meaningful figure as a large portion of a banker's compensation is through bonus, not salary. At the senior levels, your bonus is multiples of your base salary.

    Originally Posted by SitchNoHomo View Post
    Do you fap at work like they tell you to in the movie Wolf of Wall street
    No, I'm fairly well-adjusted.

    Originally Posted by Buegie View Post
    If it's not NY it's not banking. Boom
    Sure, maybe you can come up with another term/phrase that describes it like "make the same money, pay half the rent and not work the same hours."

    Originally Posted by Dec4y View Post
    Seen a lot of IB suicides lately...does this rustle your jimmies?
    Not at all.
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  12. #12
    Banned BrocepCurls's Avatar
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    what does an investment bank do?


    how unfulfilling is your job?
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  13. #13
    Quality Poster Skarm's Avatar
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    What degree and uni?
    What does a typical day look like?
    How did you get your job?
    What was your take home salary last year?
    How do you have time to post on the misc if the hours are as intense as everyone says they are?
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  14. #14
    Goodnight sweet prince RapierApe's Avatar
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    Congrats on having a job bro, excited for you. No questions from me.
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  15. #15
    Stoic lobster Discipline27's Avatar
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    What's your equivalent $/hr pay, considering your weekly salary and hours worked.
    Do you have an exit plan?
    Why did you decide to do investment banking?
    Are you pursuing your CFA?

    Do you have any times for hobbies?

    Lotta questions cause I almost went that route.
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  16. #16
    Registered User TungBrah's Avatar
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    What area? Assuming you're in front office?
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  17. #17
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  18. #18
    Registered User MiscinHard's Avatar
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    Originally Posted by BrocepCurls View Post
    what does an investment bank do?


    how unfulfilling is your job?
    See answer above "I'm 12 and what is investment banking."

    Not very.

    Originally Posted by Skarm View Post
    What degree and uni?
    What does a typical day look like?
    How did you get your job?
    How do you have time to post on the misc if the hours are as intense as everyone says they are?
    Finance degree from a small, private, "non-target" school in the northeast. Do not want to get more specific to preserve anonymity.
    Answered above.
    Answered above.
    1) It's a Sunday and I don't have any work; 2) There is a good amount of downtime during the day; 3) My firm has good work/life balance.

    Originally Posted by RapierApe View Post
    Congrats on having a job bro, excited for you. No questions from me.
    Thanks.

    Originally Posted by Discipline27 View Post
    What's your equivalent $/hr pay, considering your weekly salary and hours worked.
    Do you have an exit plan?
    Why did you decide to do investment banking?
    Are you pursuing your CFA?

    Do you have any times for hobbies?

    Lotta questions cause I almost went that route.
    I've never done the calculation since my hours can vary pretty widely. Part of me doesn't want to know.
    Not yet, since I just made the switch. I always thought I wanted to do PE or corp dev and never considered being a career banker, but I really like the firm/people so who knows.
    To eventually get into PE/corp dev and learn more about businesses.
    I am not - that's more geared towards asset management.
    I do. I'm generally have a good amount of free time on weekends.

    Curious - what did you end up going with instead?

    Originally Posted by TungBrah View Post
    What area? Assuming you're in front office?
    Yes. All of the deals I've been staffed on so far are sell-side M&A but I could also be put on restructurings, private placements, and valuations/fairness opinions.

    Originally Posted by Wh1teDyn0mite View Post
    Sell me this pen.
    Sorry brah we already have a buyer lined up unless you want to outbid him. More fees for us.
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  19. #19
    Banned HAL3000's Avatar
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    Are you sitting or moving around for most of the day?
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    Do you know any sociopaths in your field?
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  21. #21
    Registered User DrFeeIGood's Avatar
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    1) How many companies on average do you approach before a business is sold?
    2) what is the average selling price of companies you work with?
    3) what is your firms M&A fee on average?
    4) Advice for a small biz owner selling in the $600-$1.2mm range?
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  22. #22
    Alpha Kilo BootneckBrah's Avatar
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    When are you phaggots planning to drop the world economy into another meatgrinder for personal gain?
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  23. #23
    Registered User MiscinHard's Avatar
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    Originally Posted by HAL3000 View Post
    Are you sitting or moving around for most of the day?
    Sitting.

    Originally Posted by OneFlewOver2 View Post
    Do you know any sociopaths in your field?
    I do not.

    Originally Posted by DrFeeIGood View Post
    1) How many companies on average do you approach before a business is sold?
    2) what is the average selling price of companies you work with?
    3) what is your firms M&A fee on average?
    4) Advice for a small biz owner selling in the $600-$1.2mm range?
    1) Varies widely on the particular company; some are in bigger industries, some have more appeal to a wider variety of buyers, etc. On each deal, and these are all ballpark estimates, we'll go out to maybe 50-60 or so financial buyers and 100-150 strategics. But again it can vary - we're going out to over 500 potential buyers on one of my deals right now.
    2) Again it can vary a lot; I've seen our historical deals range from $25mm to $1 billion (total transaction value). I would say 50mm-300mm of transaction value is where our sweet spot is.
    3) Varies with size and, being a more junior person I'm not as concerned with this, but I believe anywhere from 2.5 to 5% of the purchase price (lower end of that range is for larger deals, clearly). We also have an upfront fee and, for distressed deals, a monthly fee.
    4) What kind of metric is that? Revenue? EBITDA? Regardless, definitely on the small side to engage a bank for the sale but it might be worth digging to find a reputable business broker in your area who would have a good handle on potential buyers and the know-how to run a sale process.

    Otherwise if you want to go it alone, put together a buyers list and reach out directly with the transaction opportunity.

    Originally Posted by BootneckBrah View Post
    When are you phaggots planning to drop the world economy into another meatgrinder for personal gain?
    Never.
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  24. #24
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    Originally Posted by MiscinHard View Post
    After seeing a lot of dumb threads/comments here I wanted to take a few moments to answer anybody's questions about what the profession actually is/does. Please keep questions focused on that and not on any macro trends etc.

    Background: just switched into the industry from a closely-related profession, boutique firm, non-NY US city.

    Fire away misc.


    1. What books would you recommend for one who is interested in that field? I am a novice and don't know anything. Books for beginners and also good books for people who are advanced?


    2. I have a 2.45 GPA and will be graduating in May 2017 from a state school that is not a top school or anything. I guess I'll start out in commercial banking and go from there. Can I get to where you're at?


    3. How are the work hours? Do you feel it is worth it?


    4. Also, I failed macroeconomics and college algebra. what subjects do you need to be good in to be a good investment banker?


    5. Do you have to be extremely proficient in Microsoft Excel? If so, what other programs similar to Excel do you need to be proficient in? What books would you recommend when it comes to Excel ,etc?
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  25. #25
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    always wondered wtf IB'ers actually do

    thought it was just "people give you money, you invest it for them, they make money and you make money off of that"

    used to be like "fuk no jeff" at the idea of banking/finance, but it actually seems pretty interesting srs
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  26. #26
    Kate Mara Crew CEO namechange's Avatar
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    Originally Posted by Ted Nugent View Post
    always wondered wtf IB'ers actually do

    thought it was just "people give you money, you invest it for them, they make money and you make money off of that"
    That isn't investment banking.
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    Originally Posted by UFmark View Post
    That isn't investment banking.
    then wtf is it

    IB is just m&a kind of sh*t then?
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    Originally Posted by Ted Nugent View Post
    always wondered wtf IB'ers actually do

    thought it was just "people give you money, you invest it for them, they make money and you make money off of that"

    used to be like "fuk no jeff" at the idea of banking/finance, but it actually seems pretty interesting srs
    Could be multiple different things depending on your department.

    Could be M&A, could be Debt capital markets/equity capital markets for underwriting debt/equity, equity research, ect.
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    Originally Posted by JtotheIzzo View Post
    1. What books would you recommend for one who is interested in that field? I am a novice and don't know anything. Books for beginners and also good books for people who are advanced?


    2. I have a 2.45 GPA and will be graduating in May 2017 from a state school that is not a top school or anything. I guess I'll start out in commercial banking and go from there. Can I get to where you're at?


    3. How are the work hours? Do you feel it is worth it?


    4. Also, I failed macroeconomics and college algebra. what subjects do you need to be good in to be a good investment banker?


    5. Do you have to be extremely proficient in Microsoft Excel? If so, what other programs similar to Excel do you need to be proficient in? What books would you recommend when it comes to Excel ,etc?
    1. Investment Banking by Rosenbaum & Pearl is great. It's pretty comprehensive and good for all levels.

    2. Yes. Do well at your first job and always be networking. Smaller firms are a lot more unstructured in their recruiting and open to lateral hires from related industries.

    3. Vary widely but definitely worth it. I think I maybe did 60-65 or so this week. Again at a small firm with great culture, the hours are much more reasonable.

    4. No particular subject, just a high attention to detail and work ethic.

    5. Yes, excel and powerpoint. Not particular book recommendations; I've just gotten better through practice/experience. Learn the shortcuts well - the goal with excel is not to use the mouse.

    Originally Posted by naeDBrah View Post
    Congrats. Answer these technical questions:
    1. All else equal, what happens to the IRR in an LBO model if depreciation increases?
    2. What is multiple arbitrage (as it relates to M&A)
    3. Which types of industries lend themselves well to roll-up strategies?
    4. If i centralize purchasing agreements after acquiring a company, which line item on the P&L does it decrease?
    Hah.

    1. It changes.
    2. Buy low, sell high.
    3. Fragmented ones.
    4. Depends how creative your accountant is.

    Originally Posted by Ted Nugent View Post
    always wondered wtf IB'ers actually do

    thought it was just "people give you money, you invest it for them, they make money and you make money off of that"

    used to be like "fuk no jeff" at the idea of banking/finance, but it actually seems pretty interesting srs
    A lot of people think that, which is why I made this thread.
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    Originally Posted by Ted Nugent View Post
    then wtf is it

    IB is just m&a kind of sh*t then?
    That is money management, wealth management, investment management, etc...

    Investment banking is not limited to advisory deals.

    Here -- http://www.investopedia.com/terms/i/...nt-banking.asp
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