1. Select Financial Services Segments
Investment Banking
Hedge Funds
Private Equity
Venture Capital
Industry Coverage
Product Group
Capital Markets
Sales & Trading
Equity Research
Value, Growth, Blend
Long-only, Long/Short, Short-only
Fundamental, Distressed, Macro, Event-Driven, Trading, Quant
Growth Equity
Large-Cap Fund
Middle Market
Control Equity
Secondaries
Co-Investing
Control Equity
Co-Investing
Front Office
Client Pitching
Valuation / Modeling
Deal Execution
M&A
Leveraged Finance
Equity & Debt Solutions
Investment Analysis
Portfolio Management
Trading
Deal Origination
Valuation
Investment Analysis Modeling
Portfolio Management
Deal Origination
Valuation
Investment Analysis Modeling
Portfolio Management
Middle Office
Portfolio Credit Analysis
Pricing
Counterparty Risk
Ratings
P&L Reporting
Mark to Market
Cash Operations
Settlements
CFO/COO
Cash Management
Marketing
Legal
Cash Management
Legal Entities
Tax Structuring
Investor Reporting
Fund Valuation
Cash Management
Legal Entities
Tax Structuring
Fund Valuation

2. Investment Banking Overview

3. Securities underwriting
Investment Banks serve as intermediaries between providers and users of capital
Chinese Wall
Strategic advisory
Securities underwriting
Sales & Trading
Users of capital
Investment Banking
Providers of Capital
Research
Corporations
Governments
Municipalities
Individuals
Pension Funds
Insurance Companies
Asset Managers
Corporate Treasuries
Sovereign Wealth Funds
Investments banks function as intermediaries between providers and users of capital
For example, in an IPO process, the bank connects the suppliers of capital (new investors) to the company going public
Banks also serve a wide range of clients
Private side
Public side

4. Overview of Investment Banking
Capital Markets
Advisory
Equity capital-raising
Initial public offerings (IPOs)
Follow-on offerings
Equity-linked (convertible)
Debt capital-raising
High-grade or investment grade
High-yield
Syndicated loans
Tax-exempt
Mergers & Acquisitions
Buyside
Sellside
Spin-offs / Splitoffs / Carve-outs
Hostile defense
Hostile takeovers / proxy fights
Joint Ventures
Financial Sponsors / Leveraged Finance
Restructuring
Ratings
Within investment banking, we serve many clients and play many roles
Most investment banking groups are typically structured into product and coverage groups

5. What Does An Investment Banker Do?
Origination
Execution
Client Relationship Management
Ongoing dialogue on financial markets, industry developments, new products
Long-term relationship as advisor to Senior Management and Boards
Idea Generation and Problem Solving
Strategic Alternatives
Capital Raising
Optimizing Capital Structure
Risk Management, Dividend Policy
Assessment Of Opportunities
Financial Analysis
Communication
Management, Board of Directors
Internal Committees
Identify Potential Investors
Negotiation / Structuring Transactions
Due Diligence
Documentation
Within investment banking, we serve many clients and play many roles
Most investment banking groups are typically structured into product and coverage groups

6. Investment Banking Groups
Capital Markets
Industry Coverage
Product
Equity Capital Markets
Debt Capital Markets
Tax-exempt
Leveraged Finance
Securitized Products
Consumer & Retail
Healthcare
Technology
Media & Telecom
Industrials
Natural Resources
Real Estate
M&A
Corporate Finance
Typically 2 years, but starting to change
Ability to stay for a 3rd year / get promoted to Associate / MBA sponsorship
Many different opportunities available – what interests you?
“Markets”
“Technical”

7. Investment Banking Competitive Landscape
Bulge bracket
Middle Market
Boutique
Low
Capabilities
High

8. Life of an Investment Banking Analyst

9. Overview of Investment Banking analyst programs
Two-year program with opportunity for a 3rd year
6-8 week training
Mentorship programs
Networking opportunities
Summer internship program serves as primary feeder to full-time analyst positions
An analyst wears many hats
Essentially, the Analyst (and the Associate for that matter) do anything requested of them by the senior banker
You work on many different projects at the same time and are always busy and learning new things

10. Role of an Investment Banking Analyst
Be a member of a deal team, executing day-to-day activities surrounding live transactions
Perform financial analysis and modeling
Develop and prepare client presentation materials (pitches, roadshows, board materials, etc.)
Coordinate roadshows, and M&A processes
Research and due diligence
An analyst wears many hats
Essentially, the Analyst (and the Associate for that matter) do anything requested of them by the senior banker
You work on many different projects at the same time and are always busy and learning new things

11. Why Investment Banking?
Benefits
Challenges
“Everyday is different”
Exposure to senior management
Steep learning curve
Work with talented and motivated people
Gain a strong background in financial analysis
Help execute exciting, landmark transactions
Networking
Exit opportunities
Long and unpredictable hours
Traveling
Demanding senior bankers
High stress/pressure environment
Within investment banking, we serve many clients and play many roles
Most investment banking groups are typically structured into product and coverage groups

12. Tools of the Trade Banker Skill Set Positives/Drawbacks
Motivated
Team player
Quantitative
Personable
Flexible
Articulate
Aggressive
Deal oriented
Willing to take initiative
Handle stress well
Professionalism
Responsible
Exposure/network
Magnitude/notoriety of deals
Responsibility
Skill and knowledge base development
Compensation
Long hours
Work-life balance
Stressful environment
Intensity
Focus on detail
Little things can mean a lot and poor execution can mask good skills
attention to detail
aesthetics
professionalism
timeliness
Communication is the key to good teamwork and efficiency
understand what expectations are (timing/deliverable), aka underpromise and overdeliver
Analysts generally treat their years as an investment in personal capital
seek out work—be an entrepreneur
vary the people and types of projects to work with/on
maximize client exposure and value add

13. Qualities that Investment Banks Look for in Candidates
No one facet is more important than the rest. A well-rounded candidate who strives to encompass a wide-variety of talents and interests often finds success
A Strong Interest in Finance
take courses that demonstrate your interest in finance
ability to explain: what is investment banking? what does an analyst do? why would you be a strong candidate?
Coursework or Work Experience
that demonstrates comfort with numbers/knowledge of financial statements
that shows comfort in front of people (e.g., sales position, student government)
any work experience that demonstrates drive
A Team Player
team-driven (job/athletic/academic) accomplishments on resume
the objective is to demonstrate that you work well with others
A Record of Success and Achievement
academic GPA, scholarships/honors, test scores
Leadership of student organizations or teams
a high level of athletic accomplishment
community service with a record of achievement

14. General Preparation Network with peers and alumni Internships
Research - Do I want to do Investment Banking? What type of firms?
Make sure your resume is clear, concise and error free
Take advantage of resources available to you (alumni, Feld Career Center, etc.)
Everything is fair game
Practice, practice, practice
Preparation is critical
Learn about the job, yourself, and get your resume in order

15. The Interview
Be prepared: know as much about the bank and position as possible
Know yourself: what motivates you, your strengths and weaknesses and be able to articulate those points
Know EVERYTHING on your resume
Be honest and demonstrate enthusiasm and motivation
Read the Wall Street Journal EVERYDAY and use the Vault Guides
Practice interviewing (mock interviews, preparing answers, etc.)
Ask questions
The interview is your chance to impress the bank and move to the next round
Preparation is critical – you shouldn’t be surprised by any of the questions
Show enthusiasm for job!

16. Resources Vault Career Guides Breaking Into Wall Street
Wall Street Prep
Wall Street Training
DealMaven
The interview is your chance to impress the bank and move to the next round
Preparation is critical – you shouldn’t be surprised by any of the questions
Show enthusiasm for job!

17. Corporate Banking Overview

18. What is Corporate Banking?
Provides Corporate Finance advisory, structured finance, and the extension of capital to corporate clients
Corporate Bankers are coverage officers who are the primary point of customer contact (aka “Relationship Managers”). Corporate bankers are responsible for:
forming trusted advisor relationships with clients
developing integrated financing strategies to satisfy complex client financing needs
providing innovative intellectual and financial capital to clients
Corporate Bankers partner with Investment Banking and product groups such as Capital Markets, Derivatives, and Cash Management/Treasury groups to provide the full spectrum of banking services to clients

19. Corporate Banking
The Corporate Banking product offering is focused on debt and other corporate finance products:
Investment Banking
Corporate Banking
M&A
Equity
Debt
Structured Products
Cash Management /
Treasury
Strategic Advisory
Divestitures
Acquisitions
IPOs
Follow-On Issues
Preferred
Convertibles
Debt Issuance
Acquisition Finance
Bilateral & Syndicated Loans
Derivatives
Commercial Paper
Hybrids/ Convertibles
Receivables Securitization
Asset Based Finance
Project Finance
Synthetic / Leveraged Leases
Commodities / FX
Equity Derivatives
Pensions
Cash management
Securities Services
Trade Finance
Investments
Agency & Trust
Corporate Cards

20. Corporate Banking
For large multi-national corporations, corporate bankers primary contacts in a company are the CFO and Treasurer
Coverage
Product Offering
Board of Directors
Investment
Banker
Strategic and Financial Advisory
CEO
CFO
Corporate
Banker
Capital Structure Management
Treasurer
Assistant Treasurer
Cash Management and other Treasury Products HR
Ops

21. Corporate Banking Role of an Analyst:
Prepare client presentations and marketing materials
Participate in customer calls and client meetings
Perform industry and company research to develop a view on financing transactions
Coordinate due diligence process
Navigate and participate in term sheet negotiation
Analyze the risks associated with a transaction and the implications on relationship returns
Drive dialogue with Credit Risk Management on client credit analytics and recommendations
Evaluate impact of products on company’s future earnings, EPS accretion, and credit ratios
Analysis and dissemination of industry performance and trends

22. Corporate Banking
Although skill sets are similar, the role of a corporate banking analyst slightly differs from an investment banking analyst
Low
Somewhat Low
Medium
Somewhat High
High
Financial Modeling
Credit Analysis
Valuation
Pitching/Presentation
Deal Execution
Client Interaction
Hours in the Office
Investment Banking
Corporate Banking

23. Credit Risk Management Overview

24. What is Credit Risk Management?
Analyzes, monitors, and mitigates credit risk for individual clients by evaluating new transactions and managing a loan portfolio
Participates in deal teams with primary focus on the bank’s credit exposure to the client
Manages credit approval process (including preparation of credit approval memos)
Responsible for approval decision as to whether to lend/commit
Works with Banking (Investment Banking and Corporate Banking) and Product partners on client strategies relating to capital structure
Monitors the aggregate portfolio risk for corporate clients
Completes hedging strategies to mitigate risk from distressed loan exposure

25. (Leveraged Finance and
Credit Risk Management
Group Interaction
Investment Banking
Work together on extending financing on M&A, LBOs
Bridge Loans
Derivatives and other
Traded Products
Corporate Banking
Work together on extending credit for capital structure financings and other banking products
Risk required to approve any credit exposure relating to derivative positions
Credit Risk
Management
Cash Management /
Treasury Products
Loan Capital Markets
(Leveraged Finance and
High Grade)
Risk required to approve any credit exposure relating to cash management positions (ie. Letters of credit, overdrafts, etc.)
Work together on structuring financings and negotiating credit agreements
Legal
Work together on identifying credit risks in credit agreements

26. Credit Risk Management
Role of an Analyst:
Prepares transaction credit approval memos
Focusing on credit quality of the borrower and bank’s commitment
Participates in due diligence process
Prepare financial models projecting cash flows and ability to repay debt
Compose annual and quarterly credit reviews to determine risk ratings of clients
Complete valuations of companies (discounted cash flow analysis, comparables) to determine loan to value
Perform portfolio stress testing to determine potential portfolio losses
Complete periodic industry and sector overviews, primarily focused on industry performance
Design hedging strategies (CDS purchases, asset sales) to mitigate outsized risk