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Investment Banking Demystified

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Investment Banking Demystified BANKING AT MICHIGAN: Investment Banking Demystified Decoding the Investment Banking recruitment process www.bankingatmichigan.org M I C H G A N B A N K I G T BANKING AT MICHIGAN Website 1 Agenda ● What is investment banking (IB)? ● What are the different types of IBs? ● Why start a career in IB? ● What does an IB analyst do on the job? ● What is the recruitment process like? ● What does Banking at Michigan (BAM) do and how can the club help me? ● How can I get more involved with BAM? M I C H G A N B A N K I G T BANKING AT MICHIGAN Website 2 TEAM M I C H G A N B A N K I G T BANKING AT MICHIGAN Website 3 Our Team ● Directors ○ Rishi Prasad (Investment Banking @ Goldman Sachs) ○ Matthew Balsei (Investment Banking @ Goldman Sachs) ○ Deven Bhatt (Investment Banking @ Morgan Stanley) ○ Ethan Tuckman (Investment Banking @ Rothschild & Co.) ○ Ally Gillman (Investment Banking @ Jefferies) ● Vice Presidents (Juniors) M I C H G A N ○ Will Tso ○ Ryan Haggerty ● Analysts (Freshman & Sophomores, past Juniors) ○ 8 in our first cohort (looking to expand to 15-20+ this semester) B A N K I G T BANKING AT MICHIGAN Website 4 INVESTMENT BANKING OVERVIEW M I C H G A N B A N K I G T BANKING AT MICHIGAN Website 5 What are Investment Banks? ● Trusted advisors and financiers to a diverse client base ● Investments banks provide advisory services (e.g. Mergers & Acquisitions or Restructuring) ● Investment banks help clients raise capital (through debt or equity) M I C H G A N B A N K I G T BANKING AT MICHIGAN Website 6 What are Investment Banks? ● Investment banks are typically split into Product and Coverage groups ● Products ○ M&A ○ Leveraged Finance (LevFin)/Restructuring ○ Equity Capital Markets/Debt Capital Markets ○ Corporate Derivatives ○ Raid Defense / Shareholder Activism M I C H G A N ● Coverage ○ TMT (Technology, Media & Telecom) ○ FIG (Financial Institutions) ○ Consumer Retail & Healthcare ○ Natural Resources B A N K I G T BANKING AT MICHIGAN Website 7 Investment Banks BULGE BRACKET MIDDLE MARKET M I C H G A N BOUTIQUE/INDEPENDENT ADVISORY B A N K I G T BANKING AT MICHIGAN Website 8 Investment Banks INDUSTRY SPECIFIC REGIONAL M I C H G A N B A N K I G T BANKING AT MICHIGAN Website 9 Why start a career in Investment Banking? ● High responsibility and steep learning curve ● Financial modeling and valuation ● Work in a fast paced, collaborative environment ● Mix of quantitative, legal, and strategic thinking ● Exciting and diverse exit opportunities ● Competitive compensation ○ Standard: $85K base, $10K signing, 40-100+% bonus ($120-160K all-in compensation) ○ These figures are historically higher among the more prominent boutique investment M I C H G A N banks (e.g. Evercore, Centerview, Moelis) B A N K I G T BANKING AT MICHIGAN Website 10 Why start a career in Investment Banking? ● However, you need to find the right reason for you ● Maybe you want to pursue a... ○ Long-term career in investment banking ○ Long-term career in finance, but not necessarily investment banking ○ Career in… ■ Private Equity (TPG, KKR, GTCR) ■ Venture Capital (Insight Venture Partners, Sequoia) ■ Hedge Fund (Citadel, Bridgewater, Two Sigma) M I C H G A N ■ Corporate Finance (Microsoft, Disney, Salesforce, Sports) ■ Technology / Startups (Google, Uber, Slack) ● Or maybe you have no idea (broad exposure that translates to other industries) B A N K I G T BANKING AT MICHIGAN Website 11 Why start a career in Investment Banking? “Don’t be the monkey who reaches the top of the tree only to realize it’s the wrong tree.” Ross BBA Job Report: ~20% IB & 14% Consulting. This means that ⅔ of Ross pursue other career paths. TL;DR—it is okay not to pursue investment banking as a career. M I C H G A N B A N K I G T BANKING AT MICHIGAN Website 12 What does an Investment Banking analyst do? ● 4 major workstreams ○ Research ■ Bloomberg Terminal, Reuters, Equity Research Reports ○ Due Diligence ■ Ex. Manage communications between buyer and sellers in a Acquisition ○ Pitch Decks (Powerpoint) ■ Large portion of your time will be spent creating decks ○ Financial Modeling & Analysis (Excel) M I C H G A N ■ Great technical experience once you gain trust as an intern / analyst ● ~60 to 100+ hour work weeks (variable by Bank / Industry / Group Culture) B A N K I G T BANKING AT MICHIGAN Website 13 BREAKING INTO INVESTMENT BANKING M I C H G A N B A N K I G T BANKING AT MICHIGAN Website 14 Four Phases of Recruitment ● Research ○ Understand what investment banking is, cultural differences between firms, and the types of transactions firms facilitate ● Networking ○ Have conversations with bankers from firms that are recruiting ■ Follow up / cold email bankers after initial introduction at corporate presentation ○ Opportunity for you to learn about the firm and for them to get to know you ● Preparation (Winter Break sophomore year is a good time to start looking at this) M I C H G A N ○ Review and master BIWS and other technical interview guides ○ Prepare for behavioral questions regarding experiences, leadership, etc ● Interviews B A N K I G T BANKING AT MICHIGAN Website 15 Timeline Has been more volatile/unpredictable as of late ● January through April of sophomore year ○ On-campus presentations & networking sessions ○ Some firms may begin on-campus interviews as early as March ● Summer ○ Accelerated processes often start near latter half of Winter semester, carry into beginning weeks of summer ○ “Standard” timeline interviews begin latter half of the summer (June-August) M I C H G A N ● Fall of Junior Year ○ Firms may continue recruitment based on whether or not they were able to fill up their class over the summer ○ On-campus interviews through CDO B A N K I G T BANKING AT MICHIGAN Website 16 General Advice ● Freshmen ○ Enjoy your first year on campus and do not stress about recruitment ○ Work hard in your classes and shoot to maintain a GPA above 3.7/4.0 ○ Get involved on campus ■ Balance social and professional / career focused clubs and organizations ■ “Active” vs. “passive” involvement in organizations ● Sophomores ○ If banks are coming to campus to recruit, attend their corporate presentations M I C H G A N ■ This will help get your foot in the door and meet the people you will begin networking with ■ Realize that they want to recruit you ○ Begin to network / have conversations with bankers that came on campus ○ Tailor your resume, story, and general preparation for interviews B A N K I G T BANKING AT MICHIGAN Website 17 Misconceptions about Recruitment ● It will not hurt you if you do not have... ○ Membership in a business fraternity, consulting club, investment club or investment banking club ■ Though these networks can help, don’t worry if you are not a part of them ○ Prior internship experience in a finance-related role or company ○ Finance / Economics major ● You do want to have a... ○ Positive attitude (perhaps most important) M I C H G A N ○ Solid understanding of and demonstrated interest in investment banking ○ Strong work-ethic, leadership, teamwork and communication ■ Shown through various experiences (e.g. curriculum, extracurricular, work) B A N K I G T BANKING AT MICHIGAN Website 18 BANKING AT MICHIGAN M I C H G A N B A N K I G T BANKING AT MICHIGAN Website 19 Banking at Michigan Banking at Michigan is a student-led project at the University of Michigan aimed at providing education, guidance and resources to any student interested in investment banking. Our mission is to help students navigate the recruitment process while making it more accessible and inclusive. M I C H G A N B A N K I G T BANKING AT MICHIGAN Website 20 BAM Structure ● Directors ○ Upperclassmen who have successfully navigated the recruitment process ○ From a variety of firms across the street (bulge bracket, middle market, boutique) ● Vice Presidents ○ Juniors ● Analysts (application based) M I C H G A N ○ Freshman, sophomore and junior students ● General Members (no application) ○ Access to all resources and events B A N K I G T BANKING AT MICHIGAN Website 21 What We Do MENTOR RESOURCES PRESENT ● Each analyst is paired ● Publish original ● Lead presentations on with an senior mentor content to the the technical finance ● Analysts are provided BAM Medium blog topics and guided through a (10,000+ views) ● Host educational structured syllabus ● Create recruitment town-hall and panel with “checkpoints” to resources for the events help them navigate the Michigan community M I C H G A N recruiting process ● Share external ● Seniors hold periodic, resources and decks open office hours (e.g. BIWS, WSO) B A N K I G T BANKING AT MICHIGAN Website 22 Analyst Program Project Descriptions ● Bi-weekly cohort meetings ● In addition to 1x a month blog post, analysts prepare and present slide decks to fellow teammates on assigned topics such as: ○ Accounting fundamentals ○ EV / Equity Value ○ DCF / Valuation ● Decks are published to BAM website and sent out M I C H G A N B A N K I G T BANKING AT MICHIGAN Website 23 Application Process ● Apply at bankingatmichigan.org (undergraduates only) ○ Deadline: by Midnight on September 30 ● Single, final round interview the following week / weekend ● You do need ○ Humility ○ Curiosity to learn ○ Excitement about helping others M I C H G A N ● You do not need ○ Any certain major or background ○ Past experience in finance ○ Already committed to a career in investment banking B A N K I G T BANKING AT MICHIGAN Website 24 General Members Please note: not everyone wants to or has the time to make the commitment to the analyst program, and the majority of the benefit that BAM has to offer can be obtained through the general membership program.
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