<p>Intro to Investment Banking
Hey everyone. A lot of people on these forums, including myself, are pretty new to Investment Banking and other areas of finance, and would like to learn more about it. So everyone who wants information can get some from the websites outlined below, and if anyone else has other useful sites please add them to this thread. I've spent a lot of time gathering resources together and I hope these become of use to people and help them get the information they require.</p>
<p>A very good place to start:
Investment</a> banking - Wikipedia, the free encyclopedia</p>
<p>Progressing Further:
Here (College Confidential's Investment Banking forum) of course
Inside</a> Investment Banking | Get Into Investment Banking
Finance</a> jobs UK: find financial recruitment opportunities with eFinancialCareers
Careers-in-Investment-Banking.com:</a> Your Guide to Investment Banking Jobs
<a href="http://www.ca.courses-careers.com/banking.htm%5B/url%5D">http://www.ca.courses-careers.com/banking.htm</a>
<a href="http://www.prospects.ac.uk/cms/ShowP...owgrp&grpno=J7%5B/url%5D">http://www.prospects.ac.uk/cms/ShowP...owgrp&grpno=J7</a> (Corp. Finance and Operations)
Welcome</a> to WetFeet
Vault</a> | Job Search, Career Information, Company Profiles
Financial</a> Markets & Business News - Here Is The City - The Financial Markets Guide</p>
<p>Hope this helps guys ..</p>
<p>Warning: The sites posted contain content which I am not responsible for. If any false information is provided, then I am sorry. Please also note some sites have different perspectives.</p>
<p>Types Of Roles Within An Investment Bank:</p>
<p>All roles fit into three categories; front office, middle office, back office.</p>
<p>Front office is generally described as a revenue generating role. There are two main areas within front office: Investment Banking and Markets. Investment Banking is basically advisory on mergers, acquisitions and fund raising. Markets is then split into further divisions; sales, trading, some research and also structuring.</p>
<p>Middle office roles generally comprise of risk management positions. This can be seen as more cost cutting roles, as middle office positions involve analysing and evaluating the risk taken by front office employees. This can be done by setting limits on the amount of money available to trade with, for example.</p>
<p>Back office roles are mainly operation roles and include the technology division. Operations employees are used to make any transfers, and generally ensuring there are no errors in hat is being performed.</p>
<p>What is the Bulge Bracket?</p>
<p>Bulge Bracket is the term used to describe banks who the largest in terms of size and in terms of profitability. These are generally known as Goldman Sachs, Morgan Stanley, J.P. Morgan and Merrill Lynch. However, there are other banks which are bigger in certain locations such as UBS and Deutsche Bank in Europe and Citigroup in the U.S.</p>
<p>What A-levels Do I Need?</p>
<p>Specific A-Level subjects are generally not that important as long as you do well in them. Maths should almost definitely be taken. Alongside Maths, good choices would be Economics, Physics, Further Maths. An essay-based subject and/or a language would also compliment these choices. Minimum grades required to enter Banking are on the up, and as it stands ABB/AAB is the minimum required.</p>
<p>Which Degree Do I Need To Study?</p>
<p>Investment Banking, as it is known in everyday language today, comprises of many different roles and positions. Some require a great amount of technical knowledge, where as some might require a great ability to work under extreme pressure. Due to different natures of the business, it is possible to enter Banking with a variety of degrees. Examples from this very forum include Economics, Politics and even Geography. Corporate Finance and Sales roles tend to be filled by graduates from all kinds of degrees including Arts, where as the majority of Trading and Quant positions are taken by people who have completed degrees with a substantial Mathematical element in them. These degrees usually include Economics, Mathematics, Physics, Chemistry, Engineering, and Accounting & Finance.</p>
<p>Which University Do I Need To Go To?</p>
<p>This is up to much debate, but to be fair, there is a general trend followed by all Investment Banks. Oxbridge students are very much sought after by Banks, regardless of which subject you are studying; Maths, English, French & Philosophy or Land Economy. On par with Oxbridge are students from the London School of Economics and Political Science (LSE). LSE offers much less choice in terms of degrees available, and they are pretty much all related to Banking. LSE is considered to be a breeding ground for bankers, and coupled with the fact it is in London, it is perfect for Banking. After Oxbridge and LSE;</p>
<p>Imperial College
Warwick/UCL
Nottingham/Bristol/CASS/ICMA
Kings College
Durham/York/Bath</p>
<p>However, after Oxbridge/LSE, the degree you do does start to become more relevant. For example, theoretically, it will easier for someone with a Geography degree from Oxford to get into Banking than someone with a Geography degree from York.</p>
<p>Please note that this doesnt mean that if you do Mathematics at Oxford you are certain to get a position in Banking. 90% of positions tend to be filled across banks by people with a certain degree from a certain university, and these are these the ones I have listed, but this is not to say a Economics degree from Queen Mary is not going to get you in if you are up to it.</p>
<p>What Opportunities Are There?</p>
<p>Opportunities can begin from your GCSE days if you know the right people. For example, if you do have an uncle who is a MD at Barclays Capital, try and get him to get you any experience he can. Anything that shows initiative from a young age will only work in your favour. Not only this, but you can begin to start building up your network.</p>
<p>Formal opportunities begin for A-Level students where a number of banks run programmes in partnership with the Windsor Fellowship. This can range from the I have a dream programme at Deutsche Bank which is four weeks long, to the Merril Lynch Atlantic Fellowship programme which is two weeks long, but has activities in both London and New York.</p>
<p>First year spring/easter programmes have also become popular. These are usually ranging from a week to two weeks long and can be done in a number of divisions. Big name banks such as Goldman Sachs and Morgan Stanley take part in these schemes. Some programmes also let you bypass the application stage for penultimate year internships, which is always a bonus!</p>
<p>Second year (or penultimate year) summer internships are the most popular and most competitive pre-graduate programmes. They let you gain some hands-on experience in the realm of finance, and allow you to find out if banking is for you or not. Internships can be done in most divisions in an Investment Bank. This allows you to apply to as many Investment Banks as you like, and even allows you to apply for perhaps, equities trading at one and fixed income derivatives at another.</p>
<p>Graduate Programmes are, in a sense, perhaps the most important programmes. These are again highly competitive but allow you to put your foot in the door in terms of your career. It is important that you research Banks and the divisions you apply to, as a wrong choice here, though might not be the end of the world, would be pretty dreadful. Graduate positions are often part filled up by the previous internship take, which again underlines the importance of internships.</p>
<p>What are the hours like?</p>
<p>Ill start off with; the hours in banking arent great. Apparently, a bank once started their graduate programme with, You have sold your soul to the devil. Still want to be in banking?
Corporate Financiers have the worst luck in the sense that they literally have to be working an incredible amount of hours, anything up to 100+ hours a week. Sales and trading roles have more sociable hours. They tend to work during market opening hours and plus a couple more to catch up on whats happening across the world in markets and prepare for the next day; this is usually in the 12 hours mark.</p>
<p>What Else Can I Do To Enhance My Application?</p>
<p>Extra-curricular activities are often used to distinguish the better candidates as they have demonstrated initiative and motivation to take part in activities other than just studies. Young Enterprise is always a good one to have to portray your entrepreneurial skills which enable the employer to see you can make key decisions, have the ability to think on your feet and most importantly, can make money. A step further is starting your own business which shows tremendous character and also ticks boxes to some key skills which are common to both starting and running a business and investment banking.</p>
<p>Any clubs/societies that you feel should be mentioned (not drinking ones, for example ) should also be included in your application. They can represent a different variety of things, and if you were the founder/president/chairman of a society then this definitely should be mentioned.</p>
<p>Please note this is only an introduction to Banking, and the real work has to be done by yourself. Banking is not for the faint-hearted or for people with a limited amount of enthusiasm and energy; you have to be motivated and committed. I hope this comes to use for some people, as recently the forum is getting too packed with people asking if X degree is suitable, or if Y university is going to get me a trading role at UBS. Also, continue to point people to this thread if they ask questions like this, but by all means use this thread to ask any further questions you have. It is better to have one thread asking the same question, than 50. Any wrong information, then please feel free to correct.</p>
<p>Good Luck All.</p>