Investment Bankers

Employers

There are approximately 4,000 companies in the U.S. investment banking industry. Major banks include Goldman Sachs, Deutsche Bank, Citigroup, Barclays, and UBS. Opportunities are found throughout the United States, but many investment banks are headquartered in New York City. Many large U.S.-headquartered companies have offices worldwide. For example, the investment banking advisory firm Greenhill & Co. has U.S. offices in New York, Chicago, Houston, and San Francisco, and foreign offices in Frankfurt, Hong Kong, London, Madrid, Melbourne, Paris, Singapore, Stockholm, Sydney, and Toronto.

Starting Out

Investment bankers start their careers at the bottom rung in corporate finance as analysts. Analysts are the “grunts” of corporate finance, doing the financial modeling and basic entry-level duties associated with any corporate finance deal. Long work weeks of 80 hours or more are typical. Some analysts eventually are promoted to the position of associate, who manages the work of associates and has more intensive client interaction.

Many investment bankers enter the field after participating in at least one internship or a summer analyst program while in college (ideally in the division where they would like to work full-time). Most of the large investment banks offer such programs. Morgan Stanley, for example, offers internships and apprenticeships for students. Visit https://www.morganstanley.com/people-opportunities/students-graduates for more information. Other programs are offered by:

• Bank of America Merrill Lynch: https://careers.bankofamerica.com/en-us/students
• JPMorgan Chase & Co.: https://careers.jpmorgan.com/US/en/students/programs/investment-banking-summer-associate
• Deloitte: https://www2.deloitte.com/xa/en/pages/careers/articles/deloitte-corporate-finance-llc-associate-program.html

The National Investment Banking Association (NIBA) offers a Conference Internship Program that aims to assist college students nearing graduation in their efforts to land a job in the financial services industry. Interns provide support services at the association’s four quarterly conferences and are introduced to and receive the opportunity to network with the principals and management of NIBA member firms, associate member firms, and the CEO’s of major emerging growth companies. Visit https://nibanet.org/about/internship for more information.

Some investment bankers enter the field after working for accounting, law, or strategy consulting firms that provide services to investment banks.

Investment bankers who are looking to transition to other employers in the industry use the services of recruiters, network with colleagues and former classmates regarding potential job openings, become active on social networking sites such as LinkedIn, and contact firms directly about available opportunities.