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Investment Banking (Bulge Bracket) Investment Banking (Bulge Investment Banking (Middle Sales & Trading Research Banking Corporate Finance (Fortune Investment Management Investment Advisory/ Wealth Government/Non- Management Consulting Bracket) Market) 500) Management Profit/Other Representative Firms Goldman Sachs, JP Morgan, Harris Williams, Wells Bulge Bracket + ABN, Bulge Bracket + Most Sales Bank of America, JP Morgan GE, Altria, CapitalOne, BNY Mellon, Dreyfus, Bulge Bracket, Many Federal, State, Local Bain, McKinsey, Boston Morgan Stanley, Citi, Fargo, Cowen, Stifel DKW, BMO, CIBC, Mizuho, & Trading, Boutiques Chase, Citibank, Wells IBM, Proctor & Gamble, Edward Jones, Fidelity, Commercial Banks, Government; Consulting Group, Booz Deutsche Bank, Credit Nicolaus, Jefferies, Houlihan SocGen, Nomura, some Fargo, HSBC, US Bancorp, Johnson & Johnson, Franklin Templeton, Insurance Companies, SEC, FBI, IRS, FannieMae, Allen Hamilton, Mercer, Suisse, Bank of Lokey, BB&T, William Commercial Banks, Others PNC, BNY Mellon, Microsoft, United Hartford, Janus, Legg Independents SallieMae; Deloitte, Monitor, America/Merrill Lynch, Blair, RW Baird, SunTrust, BB&T, Citizens, Technologies, PepsiCo, Mason, MFS, New York Non-Profits Accenture, UBS, Barclays, Lazard, RBS, Oppenheimer, Thomas KeyBank, M&T, Regions Caterpillar, Honeywell, etc. Life, Northern Trust, Boutiques BNP Wiesel, Raymond James, Bank, other smaller banks PIMCO, Prudential, T. Rowe Morgan Joseph, Evercore, Price, Vanguard, Wellington, Greenhill, Moelis, multiple large insurance companies others Competition for Job 4 4 4 3 3 2 3 2 2 4 Core skills needed Self-starter, intelligent Self-starter, intelligent Intelligent, personable, Intellectually curious, Intelligent, good Intelligent, good Intellectually curious, Self-starter, organized, Analytical, team player Intellectually curious, (evidenced by good GPA), (evidenced by good GPA), organized, multi-tasker, organized, good writing communication skills, hard communication skills, hard organized, good writing persistent, good presentation analytical, organized, good quick learner, personable, quick learner, personable, passionate about the markets skills worker, organized, worker, organized, skills, good presentation skills, personable writing skills, good good communication skills, good communication skills, personable/comfortable personable skills presentation skills, quick hard worker, organized, hard worker, organized, presenting to large groups learner, problem solver thick skin thick skin Important Skills PowerPoint, Modeling/Excel PowerPoint, Modeling/Excel Modeling, knowledge of PowerPoint, Modeling/Excel Fundamental Analysis Accounting, Fundamental PowerPoint, Modeling/Excel Knowledge of markets, Accounting, Fundamental PowerPoint, Quantitative (Valuation), Writing, (Valuation), Writing, markets, (Valuation), Writing, (Ratios), Accounting, Excel, Analysis, PowerPoint (Valuation), Writing, Fundamental Analysis, Analysis, PowerPoint Analysis, Writing, Statistics, Accounting Accounting Accounting, Fundamental PowerPoint, Accounting, Fundamental Writing Economics Analysis (Ratios) Analysis (Ratios) Hours 0 0 1 1 2 2 1 2 3 1 Pay 4 4 2 - 4 2 2 2 2 1-4 1 4 Entrepreneurial 1 1 2 1 3 1 1 4 1 1 Typical Time Commitment 2-3 yrs 2-3 yrs None None None None None None None 2-3 yrs Sub-Specialties Debt, Equity, M&A, Industry M&A, Debt, Equity, Industry Debt, Equity, Commodities, Industry Specialization Business Banking, Middle Accounting, Financial Debt, Equities, Retail Brokerage, Wealth Multiple Typically Generalist early on Groups Groups Currencies, Derivatives, Market, Large Corporate, Planning & Analysis, Commodities, Currencies, Advisor, followed by Industry Focus Proprietary Trading Retail Banking Program Financial Industry Specialization, Fund Management of Funds Benefits Experience, Pay, NYC Experience/Exposure, Pay, Experience, Pay Ability to hone analytical Training Program (1 yr), Management Training Ability to hone analytical Ability to hone sales skills, Job Security, Hours, Warm Experience, Pay, Exposure, Geographic flexibility skills, Exposure, Experience Advancement, Exposure, Job Program (Rotations), skills, Exposure, Experience, Exposure, Entrepreneurial Fuzzy Altruistic Feeling Sharpen Analytical skills Security Experience, International Geographic Dispersion Exposure, Job Security Drawbacks Hours, Culture, Cyclical, Hours, Culture, Cyclical Specialized, exit Specialized Regional/Domestic Focus Beauracratic Provincial Eat what you kill Beauracratic Hours, limited promotion NYC opportunities opportunities Typical Career Path(s) Post- IB Associate, Private Equity, IB Associate, Private Equity, Promotion, Hedge Fund, Promotion, Investment Promotion, Corporate Promotion, General Promotion, Hedge Funds, Promotion Promotion Private Equity, Investment Employment Corporate Development, Corporate Development, Investment Management, Management, Hedge Fund, Finance, Specialty lending Management, Corporate Endowments, Banking, Hedge Funds, Specialized Lending, Peace Specialized lending, Peace Corporate Finance, Development Corporate Development, Corps/Motorcycle Corps/Motorcycle Corporate Development Promotion, Entrepreneurship Maintenance, etc. Maintenance, etc. Trends Increasing regulation, bad Increasing regulation, Increasing regulation, Lower priority for Increasing regulation, Increasing reporting Increasing regulation and Increasing regulation, As regulation and oversight Cyclical press, downward pressure on stricter lending environment, downward pressure on banks/some banks increased focus on requirements, offshoring, reporting requirements Internet brokerage increases, so do bonuses downward pressure on bonuses completely eliminated creditworthiness of Foreign growth opportunities in the bonuses research groups customers, consolidation government sector. .
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