Investment Banking
Recruiting for Investment Banking or Sales and Trading?
Class of 2026 IB Resources
Live Technical Interview Prep & Discuss Recruiting Strategies with peer IB Fellows and/or alumni.
If you’re a sophomore looking to win your junior-year investment banking internship, identifying and monitoring the firms you want to apply for can be tedious and time-consuming. That’s why Adventis has done the heavy lifting for you and triangulated a list of the top U.S. investment banking firms.
The list of firms includes bulge bracket, middle market, and independent boutique firms, as well as some of the larger regional and niche firms.
(Feb 2, 2024)
Here is a list of the firms that are specifically recruiting BC undergraduates for summer analyst opportunities. These firms will be participating in the Wall Street Networking Event on February 2, 2024. More information can be found on Handshake.
How Banks are Structured
Investment Banking Explained
Guide to Investment Banking
Alumni Videos
Career paths
Information technology
Accounting
Responsibilities can include
Security pricing
Model development
Monitor risk
Skills
Data analysis
SASS, R, SPSS and Excel VBA
C and C++ a plus
Understanding of math concepts such as Monte Carlo Stimulation and Stochastic Process
Preparation
Math and coding background
Quantitative experience in industry
Involvement in finance projects courses
Career paths
Corporate finance
Private wealth management
Responsibilities can include
Profit and loss calculations
Directly support and interact with Front Office
Skills
Financial calculations
Teamwork
Preparation
Involvement in finance projects courses
Obtain finance certifications such as CFA or FRM
Learn one or two commonly used programming languages
Career paths
Investment banking
Global capital markets
Markets (sales & trading)
Equity research
Responsibilities can include
Interact with clients
Generate revenue
Skills
Excellent interpersonal and teamwork skills
Building models in Excel
Assess company strategy
Preparation
In-depth knowledge of a specific industry, like chemistry, environment, public policy, etc.
Industry experience, even if not in finance
Are the hours really that bad?
Here are a few articles, but it's not pretty
NY Times (requires an account, which can be created through BC Libraries)
Sell Side vs. Buy Side
- Buy-Side – is the side of the financial market that buys and invests large portions of securities for the purpose of money or fund management.
- Sell-Side – is the other side of the financial market, which deals with the creation, promotion, and selling of traded securities to the public.
Coverage/Industry vs. Product
So if you’re in the M&A group, you’ll always work on acquisitions of other companies across all industries and you’ll build so many merger models that you may get Excel burned into your retina.
Investment Banking Industry GroupsWith industry groups, by contrast, you work within one industry but on many different types of deals – equity, debt, M&A, and so on.
Examples include:
- Healthcare
- Natural Resources (Oil & Gas, Mining, and Power & Utilities)
- Technology, Media & Telecommunications (TMT)
- Financial Institutions Group (FIG)
- Industrials
- Real Estate Investment Banking
The All Important Networking Process
Simply applying online by submitting a resume to an investment bank, which receives thousands of resumes each recruiting cycle, is not enough. You must have a stellar resume, maintain a high GPA, and talk with multiple alumni at each of the firms you are serious about.
Sales & Trading
Many sales workers and traders work on the “sell side,” which refers to Wall Street investment banks that sell stocks, bonds, and other securities to the “buy side.” The buy side refers to the investment management firms, pension funds, hedge funds, and trusts that buy stocks, bonds, and other securities from the “sell side.” Outside the investment banking industry, traders work for hedge funds, brokerage firms, commercial banks, insurance companies, asset management firms, and mutual fund companies. (see financial institutions page) The increasing popularity of automated trading has changed the required skill set and educational background for traders. As an alternative to an MBA, employers are seeking traders with degrees in financial engineering, quantitative finance, software development, and related fields. Sales professionals need at least a bachelor’s degree in business, marketing, sales, quantitative finance, finance, accounting, or economics from a top-tier college. See Vault guide to Sales & Trading for more details. BC login required.
How does Commercial Banking differ from Investment Banking ?
Though commercial banks and investment banks are both critical financial institutions in a modern economy, they perform very different functions and require different kinds of employees. Commercial banks are what most people think of when they hear the term "bank." Commercial banks accept deposits, make loans, safeguard assets, and work with many different types of clients, including the general public and businesses. Investment banks, on the other hand, provide services to large corporations and institutional investors. source investopedia
For More information check out the Vault Guide to Commercial Banking here (BC login required)
Common Banking Terms
AnalystJob title given to graduates when they join an investment bank. Newcomers will usually be analysts for two to three years.AssetGeneral term for anything with monetary valueBandwidth/ CapacityYour availability to take on more workBearA pessimist who expects the value of a product or market to fallBeauty contestWhen several investment banks are competing for businessBlue chipA large, well-established company with a good earnings record. Considered a safe bet by investors.Blue-sky thinkingManagement speak for creative thinkingBondA piece of corporate debt, normally traded publicly on the financial marketsBulge-bracketThe big, integrated investment banks that have a global presence and handle a large volume of business. They tend to offer the most opportunities for graduates. Compare this to “boutique” firms.BullAn optimist who expects the value of a product or market to riseBulletWhen a loan is paid off with one lump sum instead of installmentsCapitalGeneral term for cashFirewallAn imaginary barrier between some departments of an investment bank, such as corporate advisory and traders, to prevent conflicts of interest and potential insider tradingClose of business/ end of playManagement speak for either before the client leaves their office or before you go homeCore competenciesThe basic skills and abilities investment banks look for, such as teamwork, communication, and organizationCounterpartyFinancial institution representing the opposite side in a financial dealDebtAny finance raised through borrowingDerivativeA tradable financial contract relating to an underlying asset that could be used to invest in that asset and make gains from it without having to own it directly, or by those who buy and sell the asset to protect themselves against price fluctuationsDue diligenceThorough background research into a client or dealEquitiesShares in a listed company. Equity is finance raised from investors in exchange for a share in the business.ExternalitiesSocial consequences of financial transactions and economic activity that are either positive (benefits) or negative (costs)Fire drillAn emergency situation where you need to finish work to a tight deadline for a clientFTSE 100The Financial Times Stock Exchange index of the listed companies with the biggest market value. Revised every three months.GearingThe ratio of a company’s debt to its equity capital -- “highly geared” means a large amount of debt. See also “leverage.”HedgeBalancing your investments in order to limit your exposure to riskInvestment gradeA rating that is assigned to a bond or loan that indicates there is a low risk of the borrower failing to repay lenders on timeLeverageUsing debt to finance a transaction or deal. A highly leveraged company is one which has taken on a large amount of debt. See also “gearing.”LiquidityHow easy it is to convert an asset into cashProprietary dealWhen a bank makes a deal with its own capital to make a profitSecuritiesAn umbrella term for financial products including bonds and sharesTombstoneAn ornament awarded to celebrate the completion of a transaction or deal.