Investment Banking Presentation 投资银行入门.ppt

1、Investment Banking Overview,Agenda,Introductions What is Investment Banking? The Role of an Investment Bank Corporate Finance Sales & Trading Research How do you get in? Networking Resume Interviewing,Introductions,Adam Letson Piper Jaffray Healthcare Investment Banking Minneapolis I

2、na Budnik Piper Jaffray Fixed Income Sales & Trading Minneapolis Dino Bilankov Royal Bank of Canada Equity Capital Markets New York bilanXXX Aaron Nordvik Morgan Stanley Equity Sales & Trading New York ,Investment Banking,The Role of an Investment Bank?,Provide

3、 comprehensive financial advisory and capital raising services Advisory: mergers & acquisitions, restructuring, transaction fairness, divestitures Capital Raising: IPOs, public and private debt and equity issuance, hybrid securities Customers = corporations, financial institutions, governments, etc.

4、,Corporate Structure,Investment Banking,Capital Markets,Research,Industry Groups,Product Groups,Trading,Investment Bank,Sales,Investment Banking,Communications, Media, Financials, Power, Technology, Retail, Healthcare, Industrials, ,Investment Banking,Industry Groups,Product Groups,Mergers & Acquisi

5、tions, Restructuring, Leveraged Finance, ,Primary Locations,New York San Francisco Chicago London Hong Kong Tokyo,Entry Level Careers in Investment Banking,Investment Banking Analyst - entry level position Two or three year program Recruited directly from undergrad High GPA Any major, however, prefe

6、r finance from non-target schools - aka Carlson 70% + of full-time hires come from prior interns,What do Investment Banks Look for?,Record of distinctive academic performance leadership Interest in a career in finance Strong problem-solving skills Ability to work on minimal sleep Strong professional

7、 presence, including self-confidence and maturity Demonstrated initiative Ability to work in a team-based environment,What is the Role of an Analyst?,Financial analysis and modeling Industry research and valuation Construct PowerPoint presentations Coordination of internal and external processes rel

8、ating to a financing or sale Assistance in the preparation of offering memorandum, proposals and other written materials Miscellaneous tasks,Sales & Trading,Sales & Trading,Equity Sales,Portfolio Managers,Traders,Sales Traders,Traders,Sell Side,Buy Side,Research,Sales & Trading,Providing liquidity f

9、or a variety of investors Primary clients: Hedge funds Mutual funds Insurance companies Pension funds Retail clients: Small businesses, your grandma Offering insight, information (selling), and execution services (making a trade) Plays an important role in distributing new securities resulting from

10、deals,Sales vs. Trading,Sales Direct client interaction: the client is your priority You are the intermediary between research and the client Fast-paced, less quantitative, but you will lose credibility immediately if you dont exhibit authority on your product/pitch,Trading Risk management in the ma

11、rket: the bank is your priority You are an expert on risk, market fluctuations and pricing More quantitative, requires fast-paced decision making with absolute minimal margin for error,Equity Desk Examples,Cash Program Single-name options Exotics Swaps International Prop (not legally) ETF Financial

12、Engineering,Fixed Income Desks,High Yield High Grade CDO Government FX Rates Commodity Muni,Other Roles in the Bank,Prime Brokerage: providing lending and leverage to hedge funds Capital Introduction: matching hedge funds with funders Product Management: compiling research into “products” for use by

13、 sales and sales traders Private asset management Electronic trading/trade execution,Securing an I-Banking Job,Sound Good? Heres How.,Meet people Make a great impression (i.e. ask thoughtful questions and dont forget to attach your resume) Apply online, THEN contact the recruiter Make phone calls, s

14、end e-mails, follow-up,You Should Know,If youre a banker, 1 am is not a late night If youre in S&T, youll be logged in at 5:00 am Dont take criticism personally Everything youre asked to do is “part of your job” Set yourself apart: take initiative and be ready to grind (early in, late out),What You

15、Can Expect,Banking Close relationship with Excel: lots of modeling, editing, reviewing and flipping books Detail-oriented, less market facing Hurry up and waitrepeat Industry research Catch on quickly and youll be recognized Dont be afraid to take on meaningful responsibility, but dont spread yourse

16、lf too thinly Work hard, play hard,S & T Have an opinion On-the-spot Excel work and calculations Minimal client interaction, no trading Market facing Actively participating on a desk while learning what you can about other desks Invite the challenges, quizzes, and projects: take initiative to show t

17、hem what you can do Work hard, play hard,Career Path,Banking 2-3 yrs as an analyst Exit opportunities B-school Law school Private equity Hedge funds Non-profits Equity research Consulting Remain in banking (heaven forbid),S & T As long as youre commercial, you can do the job. Then same path as banking Exit opportunities Typically more limited Perceived as lacking the analysis and problem-solving skills of bankers,Resources,Books: Vault Guides, Liars Poker, Monkey Busi