<p>Securities salespeople have clients. they have to kiss behinds of the fund managers, etc. they sell to. Some of these fund managers are the rudest jackasses I've ever come in contact with. They also have to kiss behinds of the traders in their own firms so those people will allocate their clients securities in preference to the clients of other salespeople. and so they can come up with the best ideas for their clients. So in other words, these people need to be aggressive, like real eastate agents sort of, but have outstanding interpersonal skills. They have to be able to entertain clients outside of the office, take them on golf junkets, etc.</p>
<p>Traders do not have clients. They could care less about taking some moron out to dinner. They think they are the market. They commit capital, They are a big deal. Meanwhile they all seem to have played basketball at Dartmouth, etc., and they haven't read a book in 3 years. They need huge egos, be good poker players. Be able to calmly sell a position that loses millions. Con your fellow traders across the street. Make money for the firm. Or goodbye. You need to be quick-witted, analytically quick. tremendous poker skills and tremendous nerve. On the other hand you need no interpersonal skills whatsoever.</p>
<p>Investment bankers have clients. They have to do even more wining and dining than the salepeople, because there are more potential clients out there.
Their clients, CEOs and corporate finance types, tend to be better mannered than the fund people in my experience. Though no less ruthless, ultimately. </p>
<p>They also have to manage transactions, including working groups of lawyers, etc. They too need to be quick-witted, verbally as well as analytically. They need excellent interpersonal skills. They also need exceptional writing skills, moreso than in securities sales. They travel more and have much longer hours. They have to be highly creative in order to come up with winning strategies and financing plans for their clients and win business. They also need excellent presentation skills. They need to make their revenue goals of business to the firm or they are out. Ultimately, they are salesmen.</p>
<p>There is more of a management aspect to IB, IMO; marshalling the resources of the firm, and outside professionals such as lawyers, to best meet the needs of your clents.</p>
<p>Investment bankers work on transactions, and submit proposals, all of which have deadlines. There is constant deadline pressure in IB. Consequently, long, tension-filled hours.</p>