2020 corporate & investment bank investment banking summer analyst program

Application Deadlines · Investment Banking Summer Analyst · Investment Banking Summer Associate · Equities, Fixed Income, Public Finance and Corporate Support. Vault Best Investment Bank Internships rankings are sourced from our ongoing 2020 Rank 1 Piper Sandler Investment Banking Summer Analyst Program. Your personal and professional growth will be accelerated by working alongside senior bankers who have a vested interest in your development. 2020 corporate & investment bank investment banking summer analyst program

2020 corporate & investment bank investment banking summer analyst program -

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A Day in the Life of an Investment Banker

Investment banking is one of Wall Street's most coveted roles. It is also one of the hardest. It is no surprise that the average day in an investment banker's life is long and stressful. Those who manage to survive the adjustment period often go on to have long and financially rewarding careers.

Investment banking analysts may work up to 100 hours per week at some firms.

The Role of an Investment Banker

Investment banks help companies and governments raise capital by issuing stock or borrowing money. They also act as advisers and go-betweens on mergers and acquisitions.

The capital markets are a fast-paced, high-stakes, and highly regulated environment. Companies in other industries need investment bankers to handle financial deals while they are otherwise occupied.

Who Needs Them

Investment bankers are hired by young companies planning to go public, big companies planning mergers and acquisitions, and established companies that want to raise money for major expansions. The professional bankers are the link between the company and investors.

For example, in 2019, Goldman Sachs handled the purchase of Tableau Software by Salesforce, the sale of Ultimate Software to a private equity consortium, and the sale of Symantec's enterprise business to Broadcom.

Social Skills Wanted

These firms also have trading and sales divisions, but the traditional role of an investment banker involves meeting with clients, preparing offers, running financial projections, and working on pitchbooks, the sales books created to draw in new clients.

What separates investment bankers from most others in the financial industry is the requirement for excellent social skills. Plenty of business students can perform the technical functions of an investment banking associate, but few have the stamina and the social graces to deal effectively with clients. Having the right personality goes a long way.

Key Takeaways

  • Investment bankers meet with clients, prepare offers, run financial projections, and work on pitchbooks, that help generate new clients.
  • The work is lucrative but the days are long and stressful.
  • Superior social skills are required for success in the field.
  • So is stamina.

Morning Routine

A new associate who gets past the initial chaos and jitters of the job settles into a functional routine. The mornings are usually filled with emails, text messages, and office meetings.

The messages can be a nightmare, quite literally. There are stories of analysts at JPMorgan waking up in a panic during the night to check their phones because they run the risk of being fired if they do not respond to every one of them within 15 minutes. The messages may come from clients, co-workers, or senior bankers who want every status report, presentation, and calculation double- and triple-checked.

A Late Start

Fortunately, the workdays start rather late. This is partly because the New York capital markets are not open at 7 a.m., but it is also because most bankers were at the office until midnight the night before.

An associate may have time to shower, eat breakfast, and even work out before heading to the office. Since the vast majority of investment banking jobs are located in cities, many face a long commute.

Morning work is often slower and more methodical than evening work. From about 9:30 a.m. until lunch, associates and analysts work on company analyses and make adjustments requested by senior staff, who have spent the previous evening reviewing the day's work. On slow days, a junior banker may have time to catch up on the news and sports, but there is not much opportunity for social media since most investment banks put up firewalls to block distracting websites.

Afternoons

Unless the day is very busy, lunch is a leisurely 45-minute or hour-long stretch at a local deli or the company cafeteria. These are usually spent with co-workers on the same level. The hierarchy tends to be rigid.

The associates usually return to their desks to find updated models and presentations from their team's analysts. The associates review these documents and make corrections or recommendations before sending them back to the analysts.

This is a stressful process for associates, who desperately want to prove they can contribute to the deal, and analysts, who know what the managing directors or directors need and don't have a ton of time for revisions.

The Live Deal

Afternoon work is focused intently on the active deal. Many investment banking teams are assigned one deal at a time, or the "live deal," and senior bankers are meticulous about details. Initial public offerings (IPOs) and merger and acquisition (M&A) deals involve millions or even billions of dollars, and the firm cannot afford to make mistakes.

$125,000 to $10 million

The range of salaries (including bonuses) an investment banker earns, according to the Corporate Finance Institute. The low end is for a first-year analyst. The high end is for a managing director.

Evening

The second half of the workday is divided into two segments: before and after dinner. Dinner is almost always eaten at the office.

The work before dinner is more scheduled and predictable, and analysts demand that the work of associates be completed by early evening so it can be reviewed again.

On a normal day, the first post-dinner task is reviewing the morning's work. Analysts and senior bankers spent the past several hours going over material and creating "comments," which sometimes require massive revisions to the pitchbook.

Investment banking associates and analysts work with many other professionals such as equity research and sales staff.

The Software Crew

The evenings, however, are closely spent with the desktop publishing crews. Desktop publishing (DTP) in investment banking is a division filled with professionals who know how to use PowerPoint, Photoshop, and other software to communicate dense financial information effectively. Analysts rely heavily on this team to make revisions to pitchbooks and other marketing materials.

The revision-comment-correction cycle might repeat two or three more times before the night ends. Associates and analysts have to think and work quickly to ensure edits are done correctly and on time.

Many banks have company car services set up to take associates and analysts home in the early hours of the morning. Senior bankers may get away by 10 p.m., but junior bankers normally slump home in the early hours of the morning to get a few hours of sleep before doing it all again the next day.

Источник: https://www.investopedia.com/articles/professionals/111715/day-life-investment-banker.asp

Linee di business

Equita è la investment bank indipendente italiana, partner di riferimento per le imprese e gli investitori istituzionali, con oltre 45 anni di esperienza.

Consulenzaindipendente e conoscenza approfondita dei mercati accreditano Equita presso investitori istituzionali nazionali e internazionali, garantendo un posizionamento unico nel mercato italiano, con focus sulle mid & small caps.

Equita svolge le proprie attività attraverso diverse linee di business, altamente sinergiche e supportate da un team di Ricerca riconosciuto come uno dei principali attori nel mercato italiano.

accedi alla research area

68milioni di euro di
ricavi nel 2020

164professionisti
al 31 dicembre 2020

160società coperte
dal Team di Ricerca

1miliardo di euro di
asset in gestione
al 31 dicembre 2020

Recenti Operazioni

VEDI TUTTI

Cliente: B.F.

Data: Novembre 2021

Oggetto dell'incarico: Financial Advisory

Attività svolte: Advisor finanziario di B.F. nell'alleanza strategica con ENI e nell'ingresso di Intesa Sanpaolo nel capitale

Valore dell'operazione: € 60 mln

Cliente: Reno de Medici (RDM)

Data: Novembre 2021

Oggetto dell'incarico: Financial Advisory

Attività svolte: Advisor finanziario del consiglio di amministrazione e dei consiglieri indipendenti di RDM nel processo di OPA di Rimini BidCo

Valore dell'operazione: € 548 mln

Cliente: Racing Force Group

Data: Novembre 2021

Oggetto dell'incarico: IPO

Attività svolte: Sole Global Coordinator, Sole Bookrunner, Euronext Growth Advisor e Specialist

Valore dell'operazione: € 31 mln

Equita

Via Filippo Turati, 9
20121 Milano

Tel: +39 02 6204.1
Fax: +39 02 29001208/1202

info@equita.eu

Источник: https://www.equita.eu/it/index.html

$200,000 paychecks, exit opportunities and proximity to power: Why graduates flock to Wall Street

The New York Stock Exchange (NYSE) stands in lower Manhattan on the first day that traders are allowed back onto the historic floor of the exchange on May 26, 2020 in New York City.
Spencer Platt

We offer opportunities for students in the form of short-term (two-four weeks) summer jobs and longer-term internships, which usually last between three and 12 months, depending on the programme.

General internships

We offer a limited number of internships to university students and recent graduates who wish to acquire an understanding of the Bank’s work or gain experience in their field of studies. Internships normally last between three and five months (six months if requested by universities), and cannot be extended beyond the maximum period. Most are based at our headquarters in Luxembourg.

You will gain:

  • An overview of the EIB's objectives and the challenges arising in achieving them
  • A first professional and personal experience in a dynamic EU body through contacts established in the course of your everyday work
  • Practical knowledge in your field of studies

There are two intakes each year, on 1 February and 1 September. We generally publish opportunities between three and four months prior to the start date.

Eligibility to apply

The General Internship Programme is open only to students or recent graduates, with less than one year of relevant experience (since the last degree), who are nationals of EU Member States and Candidate Countries whose membership negotiations have started (currently: Turkey, Serbia and Montenegro).

You must have a degree or be in the final year of a course at an institute of higher education. Generally, successful candidates will have enrolled on a graduate study programme (be pursuing a master’s degree).

In addition, you must meet the following criteria:

  • demonstrated ability to conduct analytical work, exercise good judgment and work as part of a team
  • proficiency in English and/or French; knowledge of other EU languages would be an advantage

What we offer

We pay a flat-rate monthly allowance to assist with living costs and provide reimbursement of travel expenses (one round trip from/to the point of origin/residence).

What you will contribute

You will be responsible for your accommodation costs.

You will commit to spend a minimum of three and maximum of five months in the programme at our headquarters in Luxembourg.

How to apply

To apply for an internship position, please view our current vacancies and respond to one of the internship opportunities by submitting your application online.

We only accept applications in response to an advertised opportunity – we cannot consider spontaneous applications.

Due to the high number of applicants, we will only contact those identified as suitable for an assignment to discuss their application and availability.

A panel makes the final selection of candidates, and competition is very high. Good luck!

Источник: https://www.eib.org/en/about/jobs/work-with-us/internships/index.htm
Getty Images

When junior bankers at Goldman Sachs complained about what they called "inhumane" working conditions in an internal survey that made waves across the industry this March, one incoming analyst wasn't fazed.

He knew about the industry's reputation for hazing its recruits with 90-hour work weeks. But for him and many others, tough conditions created by a boom in deals combined with a still-raging pandemic haven't dimmed the most obvious allure of Wall Street: money.

The son of South Asian immigrants said he's planned for a Wall Street career since high school after seeing his parents struggle financially. He secured an internship at JPMorgan Chase in New York midway through his time at a prestigious Ivy League and started as a full-time analyst in June.

"I grew up in, not a super-poor family, but at points we were really struggling," he told CNBC. Banking will enable him to repay his massive student loans and support his parents, said the analyst, who asked not to be named discussing his JPMorgan role.

"The most important thing was financial security," he added. "You are willing to put in whatever hours, and at the end of the day it's totally worth it."

Despite the harsh spotlight the Goldman story put on the industry's treatment of young adults, thousands still flock to Wall Street. The industry remains a top destination for high achievers seeking outsized pay and broad career options, according to recruiters, campus advisors and more than a half dozen first-year analysts interviewed by CNBC.

More selective than Harvard

JPMorgan, for instance, received almost 50,000 applications for about 400 internship positions at its investment banking program this year, according to a person with knowledge of the company. (Interns typically return as first-year analysts after they graduate.) The acceptance rate of less than 1% makes JPMorgan's investment bank harder to get into than Harvard or Yale.

That level of interest doesn't seem to be isolated to JPMorgan, which is a juggernaut on Wall Street across advisory and trading businesses.

Goldman Sachs, the world's top mergers advisor, saw a 50% increase in applications for its investment banking analyst program this year compared with 2018, according to a person with knowledge of the bank. While banks don't typically disclose specifics about their programs, making it hard to know how many join Wall Street out of college, it's likely that a few thousand are hired at the top investment banks every year.

Meanwhile, the industry's best-known feeder schools say that demand for finance careers hasn't abated.

At the University of Pennsylvania, for instance, finance has been the top destination for students for the past two decades, according to Barbara Hewitt, executive director of its career services group. The percentage of graduates with full-time jobs choosing Wall Street has stayed at roughly 30% since at least 2015, beating out consulting, technology and health care.

"It's been the largest industry sector that our students at the undergraduate level have gone into for as long as I can remember," Hewitt said. "There's been surprisingly little change."

To be fair, the industry's reputation has ebbed and flowed over the years. Earlier rounds of angst and self-examination were caused by banks' role in the 2008 financial crisis and the 2013 death of London-based intern Moritz Erhardt. The rise of the technology sector over the past decade, as well as the growth in private equity and venture capital firms, have given young achievers other avenues for high-paying, rewarding positions.

Understaffed and overworked

But each time, despite headlines proclaiming that young people have soured on the industry, there is no shortage of volunteers willing to sign their lives away to a bank.

"I don't think investment banking has lost any of its appeal; it's still a phenomenal job in a great industry," David McCormack, an 18-year recruiting veteran, told CNBC. "It's just that you're asking people to work unprecedented levels without the support they would've had pre-pandemic."

Analysts on Goldman's technology advisory team involved in the now-famous survey were caught in a "perfect storm" earlier this year, according to Alan Johnson of New York-based pay consultancy Johnson Associates. Investment banks reined in hiring at the start of the pandemic because they thought the impending recession would limit deals activity, he said.

When deal flow and the IPO market boomed, thanks to the Federal Reserve's response to the pandemic, banks were caught understaffed. The companies resorted to hunting for junior bankers in unusual places including among consulting and accounting firms, offered perks like free Peloton bicycles and raised base salaries.

The motivations of the JPMorgan analyst recalls a phrase from an earlier era on Wall Street, showing that some things never change.

In earlier decades — when investment banks were more likely to be staffed with the well-connected offspring of wealthy families — young, hungry outsiders were known as PSDs. The acronym stands for Poor, Smart, with a Deep desire to become wealthy. That phrase was born at Bear Stearns, the training ground for future industry titans including Citigroup's former CEO Sandy Weill and Goldman Sachs CEO David Solomon.

'Sell my soul'

If anything, rising levels of student debt owed by recent graduates have made them more risk-averse and less likely to gamble on careers that might not pay off financially, according to some of the bankers. More than 40% of U.S. adults who went to college took on debt, while outstanding student loans totaled $1.7 trillion by the end of 2020, according to the Federal Reserve.

"If I have to basically sell my soul to this bank for a few years, I need to be paid for it," said a first-year banker at Citigroup. "There are a million students who are all deserving, but there just aren't enough spots; they would kill for this opportunity."

(CNBC withheld her name and the names of the other junior bankers in this article because their employers prohibit them from speaking to the press.)

Besides starting pay that is higher than virtually every other industry – top analysts at major firms can expect total compensation approaching $200,000 in their first year out of college, according to McCormack – junior bankers often cited "exit opportunities" as a reason for joining a bank.

David McCormack, head of recruitment firm DMC Partners

That is Wall Street-speak for the types of careers that await after a successful stint at investment banking, whether it's in private equity, hedge funds, fintech, consulting or venture capital.

While she considered roles at technology and venture capital firms as well as graduate school, the Citigroup analyst ultimately placed her bet on investment banking because it offers the most exit opportunities, she said.

"It really came down to the fact that I felt strongly that I could pretty much go anywhere after I do two solid years of investment banking," she said. "People make this assumption that if you can survive investment banking at a top firm, you can handle anything."

'The best people'

Another first year, this one at Goldman, reiterated that sentiment. Many of her peers are motivated by the cachet of the firm and the possibilities it opens up, she said.

"It's very simple: Goldman picks the best people," she said. "It's like a boot camp for being the best professional."

Young employees like her join Goldman not necessarily out of an innate interest in finance, she said, but for the security of knowing she will have opportunities at the end of her two-year program. "It's what you can do after Goldman that's a big motivator for people," she said. "It's the launching pad into whatever you want."

Still, others were attracted to banking itself and its proximity to the powerful. Those who make it past the analyst and associate levels can begin doing more substantive work, and managing directors are often tasked with bringing in multi-billion dollar deals, basking in glory when a merger closes.

Glory of the deal

"If you show that you're a really strong player at a younger age, you get more responsibility and more autonomy, and then — boom — you're sourcing your own deals," said a male Citigroup analyst. "Being a trusted advisor to these really powerful, really influential, really intelligent people who put their faith in you to guide them through a process" is tantalizing, he said.

He and others said that while technology jobs like coding also pay well, they often have relatively limited career ceilings compared to banking.

Most of the analysts said they were aware of the industry's reputation for grueling work, an assertion backed up by the University of Pennsylvania's Hewitt: "They know it's going to be a lot of work for a couple of years," she said. "They're pretty open-eyed about that."

In recent years, banks have begun recruiting as early as freshman year, probably due to competition for top students from big tech and other firms. They have also begun leaning on testing and interviewing software platforms to help pull from a broader array of schools as part of the industry's diversity push.

Emma Rasiel, Duke University

Many students prefer the security of knowing where they will land after finishing their expensive educations, according to Emma Rasiel, an economics professor at Duke University who mentors finance students. The two-year analyst program often leads to interest for two- to three-year stints in private equity, she said.

"Especially in investment banking, there's a really clear drawn-out career path," Rasiel said. "My students are saying, 'I won't have to think about finding a job for myself until I'm 27.'"

Demand for investment banking among Duke students has stayed at roughly the same level for most of the past decade, Rasiel said. Further, about 70% of students headed to Wall Street decide to go into banking over trading roles, compared to a 50-50 split before the financial crisis, she said.

No illusions

But being courted by banks so early in their college tenures can lock out other possibilities and contribute to peer pressure to join finance, according to another Goldman analyst.

"I never really heard of banking before, but during freshman year, it's like this whole wave of everyone saying 'banking, banking,'" said the analyst. "I was like 'Wow, that sounds awful. Why would anyone want to work those hours?' But then it's kind of like a herd mentality."

In the aftermath of the Goldman junior bankers' survey, banks declared a renewed push to set boundaries, enrich analyst programs and develop technology to automate the more mundane aspects of the job.

But few junior bankers are under the illusion that the core nature of their jobs will have changed. So long as graduates scramble to join investment banks, the industry has little incentive to fundamentally change a system fueled by overworked 22-year-olds glued to Excel spreadsheets, one of the junior bankers said.

"They want the best people, and they need the best people," she said. "Once those people aren't available anymore, then they'll start to change."

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Источник: https://www.cnbc.com/2021/08/19/why-college-graduates-flock-to-wall-street-jobs.html

Being best-in-class is the promise we make to all of our clients. Our ability to deliver on that promise requires that we attract and hire talented, creative, motivated, team-focused, and leadership-oriented candidates across all of our businesses.  As an employer, we strive to create a culture that is centered around employee growth and career development, mentorship, and sponsorship.

Growth and Opportunity

Unique Culture

Best in Class

Differentiated Capabilities

Life at Evercore

Evercore is one the world’s fastest growing independent investment banking advisory firms. Over the last 10 years, we’ve grown revenues at greater than a 20% compounded rate, established a truly global presence with 28 offices worldwide, and continued to expand our sector coverage and product capabilities.

Our continued success provides opportunities for career progression and mobility within the firm, and some of our most successful senior professionals began their careers at Evercore. Evercore is deeply committed to the ongoing professional development of its employees. In fact, Evercore was recently ranked #2 and #3 respectively, by Vault in its 2019 annual rankings of investment banks for its Formal and Informal Training Programs.

Our widely-praised training framework involves ongoing development at all stages of our employees’ professional careers. While we offer formal training to our employees depending on the nature of their position and seniority, we also believe that the most meaningful aspects of an employee’s development come through informal on-the-job training and ongoing employee engagement, including through extensive mentorship. In addition, all of our employees benefit from a comprehensive evaluation process, designed to provide them with the feedback necessary for all aspects of their professional development.

Our primary distinguishing asset is our talent. We attract, nurture, and retain professionals who deliver the highest quality advice with unrivaled client service. We are defined by a set of core values which drives how we run our business; we hold ourselves to the highest standards of professional integrity.

Our ethos of partnership and teamwork ensures that we learn from each other. We do not function as individuals within a larger machine; rather, our relatively flat structure enables us to exchange ideas, collaborate and work successfully as a unified firm. To that end, we host employee town halls at a firm-wide level, designed to provide employee access to senior leadership and input into organizational initiatives.

From the outset, junior hires work alongside senior bankers on industry-defining deals. Evercore’s hands-on approach makes the Firm a unique and extraordinary place to begin your career. These cultural and employee-focused attributes create a truly unique working environment and have resulted in an exceptionally high retention rate.

Evercore has some of the industry’s most highly respected bankers who bring a wealth of industry and client-relationship experience. Our proven track record, flat organizational structure, and hands-on learning model make our platform very attractive to junior professionals.

We are dedicated to helping our clients achieve superior results through trusted, independent, and innovative advice on matters of strategic significance to boards of directors, management teams, and shareholders. We advise on mergers and acquisitions, strategic shareholder advisory, restructurings, and capital structure. Evercore also advises clients on raising public and private capital, and we deliver equity research and sales as well as agency trading execution. In addition, the Company provides wealth and investment management services to high net worth and institutional investors.

At Evercore, we understand the importance of ensuring our employees are satisfied with their professional experience. We are proud of our #2 overall Vault ranking and top 5 rankings in numerous Vault “Quality of Life” categories, including Firm Leadership, Formal Training and Informal Training, Business Outlook, Satisfaction and Vacation Policies. Evercore encourages employees to give feedback, and incorporates that feedback in its assessment of employee satisfaction and management of Evercore’s operations. For example, we have improved our flexible work arrangement policies in response to recommendations from our employees.

We believe that a crucial component of our employees’ satisfaction is our commitment to promoting a healthy lifestyle. Evercore offers all of its employees the opportunity to participate in EverWELL, our wellness program. EverWELL is designed to 2020 corporate & investment bank investment banking summer analyst program health education and encourage our employees to take a mindful approach to their overall well-being. Through EverWELL’s internal and external partnerships, we offer various resources and seminars related to all aspects of healthy living, including a focus on employees’ health, welfare, nutrition, stress management and financial wellness.

In addition, we offer a range of health and other benefits to our employees. Our benefits plan is designed to provide competitive and comprehensive benefits while maintaining a program that considers individual needs. Among other things, we offer our eligible employees:

  • Paid holidays, vacation days, personal days and sick days;
  • Paid parental leave;
  • Flexible work arrangements;
  • Back-up child care;
  • Paid marriage and bereavement leave;
  • Medical, dental, prescription drug and vision insurance;
  • Life and disability insurance;
  • Retirement benefits; and
  • Commuter benefits, health club 2020 corporate & investment bank investment banking summer analyst program discounts and other corporate benefits.

Finally, we are also proud of our commitment to achieving diversity in the workplace. We have benefitted over the years in employee recruitment from our Diversity Initiatives and partnerships with external diversity organizations. Internally, our Women’s Council has been a valuable resource for creating positive organizational change. We believe that diversity of experience and background improves our organizational culture and social construct. Our commitment to diversity was recognized by Vault, with a #2 ranking in Overall Diversity and Diversity for Women in the last two years’ surveys.

OUR IDEAL CANDIDATES

We recruit bright, mature, motivated individuals who have the drive and flexibility necessary to succeed in a challenging and stimulating environment. We select the brightest students from top universities, including premier liberal arts and business schools.

Key attributes in our selection process include:

  • Exceptional academic record coupled with diverse interests
  • Strong interest in investment banking and global markets
  • Ability to think critically about a range of strategic issues impacting our clients
  • Quantitative and analytical talents combined with effective communication skills
  • Aptitude for teamwork with demonstrated potential for leadership
  • Proven ability to work simultaneously on multiple projects

LEARN MORE AND APPLY

  • Opportunities by Business
    Mergers & AcquisitionsNew York, Houston, Menlo Park, Chicago, Toronto

    Evercore bankers advise clients across industries in domestic and cross-border mergers and acquisitions (M&A) transactions, including, but not limited to, corporate mergers, tender offers, purchase of assets and LBOs.

    RestructuringNew York

    Evercore bankers offer strategic advice and financial restructuring services to companies, creditors, investors, and other stakeholders facing financial distress, including bankruptcy.

    Equity Capital MarketsNew York

    As part of Evercore’s Corporate Advisory business, ECM bankers help businesses raise capital through initial public offerings (IPOs), convertible bonds, and other services involving equity.

    Strategic Shareholder Advisory (Activism)New York

    Evercore’s Strategic Shareholder Advisory team advises clients on matters related to corporate governance, board advisory, M&A, capital allocation, activist and raid defense, in the effort to ward off a hostile takeover. Activists include both those who exercise their shareholder rights to effect change, as well as investors who attempt to gain control of the company and replace management for the benefit of shareholders.

    Private Capital AdvisoryNew York

    Evercore's Private Capital Advisory (PCA) team advises managers of private asset (private equity, private debt, real estate, infrastructure, etc.) seeking to recapitalize or liquidate their assets through a privately negotiated transaction – fund sales, asset refinancing and fund recapitalizaitons. The PCA team typically provides advice encompassing pricing analysis, recommendations on process, structuring alternatives and contract negotiation through the transfer and closing. Clients benefit from the team’s close collaboration with Evercore’s strategic advisory bankers, leveraging their broad and deep sector expertise.

    Private Funds GroupNew York

    Evercore's Private Funds Group (PFG) provides comprehensive, global advisory services on capital raising for select sponsors. Our clients include general partners raising capital for private markets investments including private equity, private debt, and real assets strategies.

    Equities (Evercore ISI)New York

    Evercore ISI is engaged in research, sales and trading for equities securities. Our top-ranked team of research analysts creates and delivers investment research that is accurate, relevant, timely, clear, concise, and helpful to institutional investors navigating a complex investment environment.

  • Summer Internships

    *We have completed 2022 Full Time and Summer Analyst Recruiting for all groups.*
    Our 2023 Summer Opportunities will be live on our website in the Spring of 2022.

    Evercore offers an unparalleled career opportunity for both current MBA students (Associates) and undergraduates (Analysts) interested in working within the financial industry.

    Evercore has been named the #1 Investment Banking Internship for the last 3 years.

    Both Programs:

    • Are 10 weeks including 1 week of Evercore banker-led training in New York City
    • Work directly with a dedicated summer staffer who determines your industry focus and workload based on your interests and capacity
    • Pair you with a senior mentor and buddy in your office
    • Incorporate a number of social events to meet bankers at various levels across the firm
    • Feature ongoing training through qualitative and quantitative modules (for example, Lunch and Learns, Mentor Events, Women’s Networking)

    Generalist Program

    We offer a Generalist Program in New York which provides exposure to a variety of industries. During the internship, Summer Associates and Analysts work closely with senior bankers on several projects, gaining hands-on experience and developing their knowledge base. Summer Associates and Analysts often play a key role with both quantitative and qualitative analyses. The summer generalist experience often provides candidates with very useful context for their decision of industry as they progress toward their potential full-time role.

    Direct Hire Program:

    Evercore provides Summer Associates and Analysts with direct hire opportunities in Chicago, Houston, New York, Menlo Park and Toronto. Recruits interested in specializing in a particular industry group in a specific location for their summer internship should select these groups as their preference. The direct hire options are listed under the program descriptions below.

    Summer Analyst Program

    • Open to college juniors from all majors
    • Must demonstrate knowledge of or interest in finance
    • Our Generalist Program opportunity:
    • Our Direct Hire M&A opportunities are:
      • New York: Restructuring
      • Chicago: Industrials
      • Houston: Energy
      • Menlo Park: Technology or Healthcare
      • Toronto: M&A
    • Our Direct Hire Product Group opportunities are:
      • Equity Capital Markets in New York or Menlo Park
      • Strategic Shareholder Advisory (Activism) in New York
      • Private Funds Group in New York
      • Private Capital Advisory in New York
    • Our Equities Group opportunities are:
      • Evercore ISI in Equity Research, Sales and Trading in New York

    Summer Associate Program

    • Open to 1st year MBA students
    • 3-5 years of work experience before earning an MBA
    • Strong preference to work in the financial industry
    • Our Generalist Program opportunity:
    • Our Direct Hire M&A opportunities are:
      • New York: Restructuring
      • Chicago: Industrials
      • Houston: Energy
      • Menlo Park: Technology
    • Our Equities Group opportunities are:
      • Evercore ISI in Equity Research in New York
  • Full-Time Opportunities

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Key attributes in our selection process include:

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    Evercore bankers advise clients across industries in domestic and cross-border mergers and acquisitions (M&A) transactions, including, but not limited to, corporate mergers, tender offers, purchase of assets and LBOs.

    Private Capital AdvisoryLondon

    Evercore's Private Capital Advisory (PCA) team advises managers of private asset (private equity, private debt, real estate, infrastructure, etc.) seeking to recapitalize or liquidate their assets through a privately negotiated transaction – fund sales, asset refinancing and fund recapitalizaitons. The PCA team typically provides advice encompassing pricing analysis, recommendations on process, structuring alternatives and contract negotiation through the transfer and closing. Clients benefit from the team’s close collaboration with Evercore’s strategic advisory bankers, leveraging their broad and deep sector expertise.

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    Evercore's Private Funds Group (PFG) provides comprehensive, global advisory services on capital raising for select sponsors. Our clients include general partners raising capital for private markets investments including private equity, private debt, and real assets strategies.

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    The team assists clients across the full spectrum of equity capital markets (“ECM”) including IPOs, rights issues / placings, sell-downs, spin-offs / demergers and convertibles / other derivatives.

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    We have discovered 2020 corporate & investment bank investment banking summer analyst program, motivated and professional individuals through previous internship programmes and as a result offers have been extended for full-time positions.

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    The Evercore Europe Womens Forum is an initiative created with the support of Evercore’s European Executive Committee to further develop its female bankers. Key to Evercore’s culture, one of its roles is to contribute to the recruitment and retention of female bankers, as well as welcoming new graduates and interns once they have joined the firm.

    The Forum encourages connections between teams and between international offices in addition to running events such as speaker lunches, providing an opportunity to share experiences and ideas as well as network with other female bankers, external guests and the Women’s Forum senior sponsors.

    Evercore Europe Womens Forum

Evercore constantly seeks talented, team-oriented, experienced executives to join our firm. Throughout our organization, we provide career advancement and leadership opportunities that enable highly-motivated individuals to grow and succeed.

Evercore has earned a reputation as the leading independent investment banking firm by providing exceptional strategic advisory services, execution excellence, and unsurpassed customer service. We have guided many of the industry’s largest, most-complex, and high profile transactions. And our now-global presence makes Evercore an investment banking firm of choice for prominent multinational corporations, financial sponsors, institutions, and wealthy individuals.

Источник: /join-our-team

Linee di business

Equita è la investment bank indipendente italiana, partner di riferimento per le imprese e gli investitori istituzionali, con oltre 45 anni di esperienza.

Consulenzaindipendente e conoscenza approfondita dei mercati accreditano Equita presso investitori istituzionali nazionali e internazionali, garantendo un posizionamento unico nel mercato italiano, con focus sulle mid & small caps.

Equita svolge le proprie attività attraverso diverse linee di business, altamente sinergiche ameri ichinose sex scene da un team di Ricerca riconosciuto come uno dei principali attori nel mercato italiano.

accedi alla research area

68milioni di euro di
ricavi nel 2020

164professionisti
al 31 dicembre 2020

160società coperte
dal Team di Ricerca

1miliardo di euro di
asset in gestione
al 31 dicembre 2020

Recenti Operazioni

VEDI TUTTI

Cliente: B.F.

Data: Novembre 2021

Oggetto dell'incarico: Financial Advisory

Attività svolte: Advisor finanziario di B.F. nell'alleanza strategica con ENI e nell'ingresso di Intesa Sanpaolo nel capitale

Valore dell'operazione: € 60 mln

Cliente: Reno de Medici (RDM)

Data: Novembre 2021

Oggetto dell'incarico: Financial Advisory

Attività svolte: Advisor finanziario del consiglio di amministrazione e dei consiglieri indipendenti di RDM nel processo di OPA di Rimini BidCo

Valore dell'operazione: € 548 mln

Cliente: Racing Force Group

Data: Novembre 2021

Oggetto dell'incarico: IPO

Attività svolte: Sole Global Coordinator, Sole Bookrunner, Euronext Growth Advisor e Specialist

Valore dell'operazione: € 31 mln

Equita

Via Filippo Turati, 9
20121 Milano

Tel: +39 02 6204.1
Fax: +39 02 29001208/1202

info@equita.eu

Источник: https://www.equita.eu/it/index.html

A Day in the Life of an Investment Banker

Investment banking is one of Wall Street's most coveted roles. It is also one of the hardest. It is no surprise that the average day in an investment banker's life is long and stressful. Those who manage to survive the adjustment period often go on to have long and financially rewarding careers.

Investment banking analysts may work up to 100 hours per week at some firms.

The Role of an Investment Banker

Investment banks help companies and governments raise capital by issuing stock or borrowing money. They also act as advisers and go-betweens on mergers and acquisitions.

The capital markets are a fast-paced, high-stakes, and highly regulated environment. Companies in other industries need investment bankers to handle financial deals while they are otherwise occupied.

Who Needs Them

Investment bankers are hired by young companies planning to go public, big companies planning mergers and acquisitions, and established companies that want to raise money for major expansions. The professional bankers are the link between the company and investors.

For example, in 2019, Goldman Sachs handled the purchase of Tableau Software by Salesforce, the sale of Ultimate Software to a private equity consortium, and the sale of Symantec's enterprise business to Broadcom.

Social Skills Wanted

These firms also have trading and sales divisions, but the traditional role of an investment banker involves meeting with clients, preparing offers, running financial projections, and working on pitchbooks, the sales books created to draw in new clients.

What separates investment bankers from most others in the financial industry is the requirement for excellent social skills. Plenty of business students can perform the technical functions of an investment banking associate, but few have the stamina and the social graces to deal effectively with clients. Having the right personality goes a long way.

Key Takeaways

  • Investment bankers meet with clients, prepare offers, run financial projections, and work on pitchbooks, that help generate new clients.
  • The work is lucrative but the days are long and stressful.
  • Superior social skills are required for success in the field.
  • So is stamina.

Morning Routine

A new associate who gets past the initial chaos and jitters of the job settles into a functional routine. The mornings are usually filled with emails, text messages, and office meetings.

The messages can be a nightmare, quite literally. There are stories of analysts at JPMorgan waking up in a panic during the night to check their phones because they run the risk of being fired if they do not respond to every one of them within 15 minutes. The messages may come from clients, co-workers, or senior bankers who want every status report, presentation, and calculation double- and triple-checked.

A Late Start

Fortunately, the workdays start rather late. This is partly because the New York capital markets are not open at 7 a.m., but it is also because most bankers were at the office until midnight the night before.

An associate may have time to shower, eat breakfast, and even work out before heading to the office. Since the vast majority of investment banking jobs are located in cities, many face a long commute.

Morning work is often slower and more methodical than evening work. From about 9:30 a.m. until lunch, associates and analysts work on company analyses and make adjustments requested by senior staff, who have spent the previous evening reviewing the day's work. On slow days, a junior banker may have time to catch up on the news and sports, but there is not much opportunity for social media since most investment banks put up firewalls to block distracting websites.

Afternoons

Unless the day is very busy, lunch is a 2020 corporate & investment bank investment banking summer analyst program 45-minute or hour-long stretch at a local deli or the company cafeteria. These are usually spent with co-workers on the same level. The hierarchy tends to be rigid.

The associates usually return to their desks to find updated models and presentations from their team's analysts. The associates review these documents and make corrections or recommendations before walmart capital one pay my bill them back to the analysts.

This is a stressful process for associates, who desperately want to prove they can contribute to the deal, and analysts, who know what the managing directors or directors need and don't have a ton of time for revisions.

The Live Deal

Afternoon work is focused intently on the active deal. Many investment banking teams are assigned one deal at a time, or the "live deal," and senior bankers are meticulous about details. Initial public offerings (IPOs) and merger and acquisition (M&A) deals involve millions or even billions of dollars, and the firm cannot afford to make mistakes.

$125,000 to $10 million

The range of salaries (including bonuses) an investment banker earns, according to the Corporate Finance Institute. The low end is for a first-year analyst. The high end is for a managing director.

Evening

The second half of the workday is divided into two segments: before and after dinner. Dinner is almost always eaten at the office.

The work before dinner is more scheduled and predictable, and analysts demand that the work of associates be completed by early evening so it can be reviewed again.

On a normal day, the first post-dinner task is reviewing the morning's work. Analysts and senior bankers spent the past several hours going over material and creating "comments," which sometimes require massive revisions to the pitchbook.

Investment banking associates and analysts work with many other professionals such as equity research and sales staff.

The Software Crew

The evenings, however, are closely spent with the desktop publishing crews. Desktop publishing (DTP) in investment banking is a division filled with professionals who know how to use 2020 corporate & investment bank investment banking summer analyst program, Photoshop, and other software to communicate dense 2020 corporate & investment bank investment banking summer analyst program information effectively. Analysts rely heavily on this team to make revisions to pitchbooks and other marketing materials.

The revision-comment-correction cycle might repeat two or three more times before the night ends. Associates and analysts have to think and work quickly to ensure edits are done correctly and on time.

Many banks have company car services set up to take associates and analysts home in the early hours of the morning. Senior bankers may get away by 10 p.m., but junior bankers normally slump home in the early hours of the morning to get a few hours of sleep before doing it all again the next day.

Источник: https://www.investopedia.com/articles/professionals/111715/day-life-investment-banker.asp
Getty Images

When junior bankers at Goldman Sachs complained about what they called "inhumane" working conditions in an internal survey that made waves across the industry this March, one incoming analyst wasn't fazed.

He knew about the industry's reputation for hazing its recruits with 90-hour work weeks. But for him and many others, tough conditions created by a boom in deals combined with a still-raging pandemic haven't dimmed the most obvious allure of Wall Street: money.

The son of South Asian immigrants said he's planned for a Wall Street career since high school after seeing his parents struggle financially. He secured an internship at JPMorgan Chase in New York midway through his time at a prestigious Ivy League and started as a full-time analyst in June.

"I grew up in, not a super-poor family, but at points we were really struggling," he told CNBC. Banking will enable him to repay his massive student loans and support his parents, said the analyst, who asked not to be named discussing his JPMorgan role.

"The most important thing was financial security," he added. "You are willing to put in whatever hours, and at the end of the day it's totally worth it."

Despite the harsh spotlight the Goldman story put on the industry's treatment of young adults, thousands still flock to Wall Street. The industry remains a top destination for high achievers seeking outsized pay and broad career options, according to recruiters, campus advisors and more than a half dozen first-year analysts interviewed by CNBC.

More selective than Harvard

JPMorgan, for instance, received almost 50,000 applications for about 400 internship positions at its investment banking program this year, according to a person with knowledge of the company. (Interns typically return as first-year analysts after they graduate.) The acceptance rate of less than 1% makes JPMorgan's investment bank harder to get into than Harvard or Yale.

That level of interest doesn't seem to be isolated to JPMorgan, which is a juggernaut on Wall Street across advisory and trading businesses.

Goldman Sachs, the world's top mergers advisor, saw a 50% increase in applications for its investment banking analyst program this year compared with 2018, according to a person with knowledge of the bank. While banks don't typically disclose specifics about their programs, making it hard to know how many join Wall Street out of college, it's likely that a few thousand are hired at the top investment banks every year.

Meanwhile, the industry's best-known feeder schools say that demand for finance careers hasn't abated.

At the University of Pennsylvania, for instance, finance has been the top destination for students for the past two decades, according to Barbara Hewitt, executive director of its career services group. The percentage of graduates with full-time jobs choosing Wall Street has stayed at roughly 30% since at least 2015, beating out consulting, technology and health care.

"It's been the largest industry sector that our students at the undergraduate level have gone into for as long as I can remember," Hewitt said. "There's been surprisingly little change."

To be fair, the industry's reputation has ebbed and flowed over the years. Earlier rounds of angst and self-examination were caused by banks' role in the 2008 financial crisis and the 2013 death of London-based intern Moritz Erhardt. The rise of the technology sector over the past decade, as well as the growth in private equity and venture capital firms, have given young achievers other avenues for high-paying, rewarding positions.

Understaffed and overworked

But each time, despite headlines proclaiming that young people have soured on the industry, there is no shortage of volunteers willing to sign their lives away to a bank.

"I don't think investment banking has lost any of its appeal; it's still a phenomenal job in a great industry," David McCormack, an 18-year recruiting veteran, told CNBC. "It's just that you're asking people to work unprecedented levels without the support they would've had pre-pandemic."

Analysts on Goldman's technology advisory team involved in the now-famous survey were caught in a "perfect storm" earlier this year, according to Alan Johnson of New York-based pay consultancy Johnson Associates. Investment banks reined in hiring at the start of the pandemic because they thought the impending recession would limit deals activity, he said.

When deal flow and the IPO market boomed, thanks to the Federal Reserve's response to the pandemic, banks were caught understaffed. The companies resorted to hunting for junior bankers in unusual places including among consulting and accounting firms, offered perks like free Peloton bicycles and raised base salaries.

The motivations of the JPMorgan analyst recalls a phrase from an earlier era on Wall Street, showing that some things never change.

In earlier decades — when investment banks were more likely to be staffed with the well-connected offspring of wealthy families — young, hungry outsiders were known as PSDs. The acronym stands for Poor, Smart, with a Deep desire to become wealthy. That phrase was born at Bear Stearns, the training ground for future industry titans including Citigroup's former CEO Sandy Weill and Goldman Sachs CEO David Solomon.

'Sell my soul'

If anything, rising levels of student debt owed by recent graduates have made them more risk-averse and less likely to gamble on careers that might not pay off financially, according to some of the bankers. More than 40% of U.S. adults who went to college took on debt, while outstanding student loans totaled $1.7 trillion by the end of 2020, according to the Federal Reserve.

"If I have to basically sell my soul to this bank for a few years, I need to be paid for it," said a first-year banker at Citigroup. "There are a million students who are all deserving, but there just aren't enough spots; they would kill for this opportunity."

(CNBC withheld her name and the names of the other junior bankers in this article because their employers prohibit them from speaking to the press.)

Besides starting pay that is higher than virtually every other industry – top analysts at major firms can expect total compensation approaching $200,000 in their first year out of college, according to McCormack – junior bankers often cited "exit opportunities" as a reason for joining a bank.

David McCormack, head of recruitment firm DMC Partners

That is Wall Street-speak for the types of careers that await after a successful stint at investment banking, whether it's in private equity, hedge funds, fintech, consulting or venture capital.

While she considered roles at technology and venture capital firms as well as graduate school, the Citigroup analyst ultimately placed her bet on investment banking because it offers the most exit opportunities, she said.

"It really came down to the fact that I felt strongly that I could pretty much go anywhere after I do two solid years of investment banking," she said. "People make this assumption that if you can survive investment banking at a top firm, you can handle anything."

'The best people'

Another first year, this one at Goldman, reiterated that sentiment. Many of her peers are motivated by the cachet of the firm and the possibilities it opens up, she said.

"It's very simple: Goldman picks the best people," she said. "It's like a boot camp for being the best professional."

Young employees like her join Goldman not necessarily out of an innate interest in finance, she said, but for the security of knowing she will have opportunities at the end of her two-year program. "It's what you can do after Goldman that's a big motivator for people," she said. "It's the launching pad into whatever you want."

Still, others were attracted to banking itself and its proximity to the powerful. Those who make it past the analyst and associate levels can begin doing more substantive work, and managing directors are often tasked with bringing in multi-billion dollar deals, basking in glory when a merger closes.

Glory of the deal

"If you show that you're a really strong player at a younger age, you get more responsibility and more autonomy, and then — boom — you're sourcing your own deals," said a male Citigroup analyst. "Being a trusted advisor to these really powerful, really influential, really intelligent people who put their faith in you to guide them through a process" is tantalizing, he said.

He and others said that while technology jobs like coding also pay well, they often have relatively limited career ceilings compared to banking.

Most of the analysts said they were aware of the industry's reputation for grueling work, an assertion backed up by the University of Pennsylvania's Hewitt: "They know it's going to be a lot of work for a couple of years," she said. "They're pretty open-eyed about that."

In recent years, banks have begun recruiting as early as freshman year, probably due to competition for top students from big tech and other firms. They have also begun 2020 corporate & investment bank investment banking summer analyst program on testing and interviewing software platforms to help pull from a broader array of schools as part of the industry's diversity push.

Emma Rasiel, Duke University

Many students prefer the security of knowing where they will land after finishing their expensive educations, according to Emma Rasiel, an economics professor at Duke University who mentors finance students. The two-year analyst program often leads to interest for two- to three-year stints in private equity, she said.

"Especially in investment banking, there's a really clear drawn-out career path," Rasiel said. "My students are saying, 'I won't have to think about finding a job for myself until I'm 27.'"

Demand for investment banking among Duke students has stayed at roughly the same level for most of the past decade, Rasiel said. Further, about 70% of students headed to Wall Street decide to go into banking over trading roles, compared to a 50-50 split before the financial crisis, she said.

No illusions

But being courted by banks so early in their college tenures can lock out other possibilities and contribute to peer pressure to join finance, according to is organic kombucha good for you Goldman analyst.

"I never really heard of banking before, but during freshman year, it's like this whole wave of everyone saying 'banking, banking,'" said the analyst. "I was like 'Wow, that sounds awful. Why would anyone want to work those hours?' But then it's kind of like a herd mentality."

In the aftermath of the Goldman junior bankers' survey, banks declared a renewed push to set boundaries, enrich analyst programs and develop technology to automate the more mundane aspects of the job.

But few junior bankers are under the illusion that the core nature of their jobs will have changed. So long as graduates scramble to join investment banks, the industry has little incentive to fundamentally change a system fueled by overworked 22-year-olds glued to Excel spreadsheets, one of the junior bankers said.

"They want the best people, and they need the best people," she said. "Once those people aren't available anymore, then they'll start to change."

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Источник: https://www.cnbc.com/2021/08/19/why-college-graduates-flock-to-wall-street-jobs.html

$200,000 paychecks, exit opportunities and proximity to power: Why graduates flock to Wall Street

The New York Stock Exchange (NYSE) stands in lower Manhattan on the first day that traders are allowed back onto the historic floor of the exchange on May 26, 2020 in New York City.
Spencer Platt

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When junior bankers at Goldman Sachs complained about what they called "inhumane" working conditions in an internal survey that made waves across the industry this March, one incoming analyst wasn't fazed.

He knew about the industry's reputation for hazing its recruits with 90-hour work weeks. But for him and many others, tough conditions created by a boom in deals combined with a still-raging pandemic haven't dimmed the most obvious allure of Wall Street: money.

The son of South Asian immigrants said he's planned for a Wall Street career since high school after seeing his parents struggle financially. He secured an internship at JPMorgan Chase in New York midway through his time at a prestigious Ivy League and started as a full-time analyst in June.

"I grew up in, not a super-poor family, but at points we were really struggling," he told CNBC. Banking will enable him to repay his massive student loans and support his parents, said the analyst, who asked not to be named discussing his JPMorgan role.

"The most important thing was financial security," he added. "You are willing to put in whatever hours, and at the end of the day it's totally worth it."

Despite the harsh spotlight the Goldman story put on the industry's treatment of young adults, thousands still flock to Wall Street. The industry remains a top destination for high achievers seeking outsized pay and broad career options, according to recruiters, campus advisors and more than a half dozen first-year analysts interviewed by CNBC.

More selective than Harvard

JPMorgan, for instance, received almost 50,000 applications for about 400 internship positions at its investment banking program this year, according to a person with knowledge of the company. (Interns typically return as first-year analysts after they graduate.) The acceptance rate of less than 1% makes JPMorgan's investment bank harder to get into than Harvard or Yale.

That level of interest doesn't seem to be isolated to JPMorgan, which is a juggernaut on Wall Street across advisory and trading businesses.

Goldman Sachs, the world's top mergers advisor, saw a 50% increase in applications for its investment banking analyst program this year compared with 2018, according to a person with knowledge of the bank. While banks don't typically disclose specifics about their programs, making it hard to know how many join Wall Street out of college, it's likely that a few thousand are hired at the top investment banks every year.

Meanwhile, the industry's best-known feeder schools say that demand for finance careers hasn't abated.

At the University of Pennsylvania, for instance, finance has been the top destination for students for the past two decades, according to Barbara Hewitt, executive director of its career services group. The percentage of graduates with full-time jobs choosing Wall Street has stayed at roughly 30% since at least 2015, beating out consulting, technology and health care.

"It's been the largest industry sector that our students at the undergraduate level have gone into for as long as I can remember," Hewitt said. "There's been surprisingly little change."

To be fair, the industry's reputation has ebbed and flowed over the years. Earlier rounds of angst and self-examination were caused by banks' role in the 2008 financial crisis and the 2013 death of London-based intern Moritz Erhardt. The rise of the technology sector over the past decade, as well as the growth in private equity and venture capital firms, have given young achievers other avenues for high-paying, rewarding positions.

Understaffed and overworked

But each time, despite headlines proclaiming that young people have soured on the industry, there is no shortage of volunteers willing to sign their lives away to a bank.

"I don't think investment banking has lost any of its appeal; it's still a phenomenal job in a great industry," David McCormack, an 18-year recruiting veteran, told CNBC. "It's just that you're asking people to work unprecedented levels without the support they would've had pre-pandemic."

Analysts on Goldman's technology advisory team involved in the now-famous survey were caught in a "perfect storm" earlier this year, according to Alan Johnson of New York-based pay consultancy Johnson Associates. Investment banks reined in hiring at the start of the pandemic because they thought the impending recession would limit deals activity, he said.

When deal flow and the IPO market boomed, thanks to the Federal Reserve's response to the pandemic, banks were caught understaffed. The companies resorted to hunting for junior bankers in unusual places including among consulting and accounting firms, offered perks like free Peloton bicycles and raised base salaries.

The motivations of the JPMorgan analyst recalls a phrase from an earlier era on Wall Street, showing that some things never change.

In earlier decades — when investment banks were more likely to be staffed with the well-connected offspring of wealthy families — young, hungry outsiders were known as PSDs. The acronym stands for Poor, Smart, with a Deep desire to become wealthy. That phrase was born at Bear Stearns, the training ground for future industry titans including Citigroup's former CEO Sandy Weill and Goldman Sachs CEO David Solomon.

'Sell my soul'

If anything, rising levels of student debt owed by recent graduates have made them more risk-averse and less likely to gamble on careers that might not pay off financially, according to some of the bankers. More than 40% of U.S. adults who went to college took on debt, while outstanding student loans totaled $1.7 trillion by the end of 2020, according to the Federal Reserve.

"If I have to basically sell my soul to this bank for a few years, I need to be paid for it," said a first-year banker at Citigroup. "There are a million students who are all deserving, but there just aren't enough spots; they would kill for this opportunity."

(CNBC withheld her name and the names of the other junior bankers in this article because their employers prohibit them from speaking to the press.)

Besides starting pay that is higher than virtually every other industry – top analysts at major firms can expect total compensation approaching $200,000 in their first year out of college, according to McCormack – junior bankers often cited "exit opportunities" as a reason for joining a bank.

David McCormack, head of recruitment firm DMC Partners

That is Wall Street-speak for the types of careers that await after a successful stint at investment banking, whether it's in private equity, hedge funds, fintech, consulting or venture capital.

While she considered roles at technology and venture capital firms as well as graduate school, the Citigroup analyst ultimately placed her bet on investment banking because it offers the most exit opportunities, she said.

"It really came down to the fact that I felt strongly that I could pretty much go anywhere after I do two solid years of investment banking," she said. "People make this assumption that if you can survive investment banking at a top firm, you can handle anything."

'The best people'

Another first year, this one at Goldman, reiterated that sentiment. Many of her peers are motivated by the cachet of the firm and the possibilities it opens up, she said.

"It's very simple: Goldman picks the best people," she said. "It's like a boot camp for being the best professional."

Young employees like her join Goldman not necessarily out of an innate interest in finance, she said, but for the security of knowing she will have opportunities at the end of her two-year program. "It's what you can do after Goldman that's a big motivator for people," she said. "It's the launching pad into whatever you want."

Still, others were attracted to banking itself and its proximity to the powerful. Those who make it past the analyst and associate levels can begin doing more substantive work, and managing directors are often tasked with bringing in multi-billion dollar deals, basking in glory when a merger closes.

Glory of the deal

"If you show that you're a really strong player at a younger age, you get more responsibility and more autonomy, and then — boom — you're sourcing your own deals," said a male Citigroup analyst. "Being a trusted advisor to these really powerful, really influential, really intelligent people who put their faith in you to guide them through a process" is tantalizing, he said.

He and others said that while technology jobs like coding also pay well, they often have relatively limited career ceilings compared to banking.

Most of the analysts said they were aware of the industry's reputation for grueling work, an assertion backed up by the University of Pennsylvania's Hewitt: "They know it's going to be a lot of work for a couple of years," she said. "They're pretty open-eyed about that."

In recent years, banks have begun recruiting as early as freshman year, probably due to competition for top students from big tech and other firms. They have also begun leaning on testing and interviewing software platforms to help pull from a broader array of schools as part of the industry's diversity push.

Emma Rasiel, Duke University

Many students prefer the security of knowing where they will land after finishing their expensive educations, according to Emma Rasiel, an economics professor at Duke University who mentors finance students. The two-year analyst program often leads to interest for two- to three-year stints in private equity, she said.

"Especially in investment banking, there's a really clear drawn-out career path," Rasiel said. "My students are saying, 'I won't have to think about finding a job for myself until I'm 27.'"

Demand for investment banking among Duke students has stayed at roughly the same level for most of the past decade, Rasiel said. Further, about 70% of students headed to Wall Street decide to go into banking over trading roles, compared to a 50-50 split before the financial crisis, she said.

No illusions

But being courted by banks so early in their college tenures can lock out other possibilities and contribute to peer pressure to join finance, according to another Goldman analyst.

"I never really heard of banking before, but during freshman year, it's like this whole wave of everyone saying 'banking, banking,'" said the analyst. "I was like 'Wow, that sounds awful. Why would anyone want to work those hours?' But then it's kind of like a herd mentality."

In the aftermath of the Goldman junior bankers' survey, banks declared a renewed push to set boundaries, enrich analyst programs and develop technology to automate the more mundane aspects of the job.

But few junior bankers are under the illusion that the core nature of their jobs will have changed. So long as graduates scramble to join investment banks, the industry has little incentive to fundamentally change a system fueled by overworked 22-year-olds glued to Excel spreadsheets, one of the junior bankers said.

"They want the best people, and they need the best people," she said. "Once those people aren't available anymore, then they'll start to change."

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Источник: https://www.cnbc.com/2021/08/19/why-college-graduates-flock-to-wall-street-jobs.html

We offer opportunities for students in the form of short-term (two-four weeks) summer jobs and longer-term internships, which usually last between three and 12 months, depending on the programme.

General internships

We offer a limited number of internships to university students and recent graduates who wish to acquire an understanding of the Bank’s work or gain experience in their field of studies. Internships normally last between three and five months (six months if requested by universities), and cannot be extended beyond the maximum period. Most are based at our headquarters in Luxembourg.

You will gain:

  • An overview of the EIB's objectives and the challenges arising in achieving them
  • A first professional and personal experience in a dynamic EU body through contacts established in the course of your everyday work
  • Practical knowledge in your field of studies

There are two intakes each year, on 1 February and 1 September. We generally publish opportunities between three and four months prior to the start date.

Eligibility to apply

The General Internship Programme is open only to students or recent graduates, with less than one year of relevant experience (since the last degree), who are nationals of EU Member States and Candidate Countries whose membership negotiations have started (currently: Turkey, Serbia and Montenegro).

You must have a degree or be in the final year of a course at an institute of higher education. Generally, successful candidates will have enrolled on a graduate study programme (be pursuing a master’s degree).

In addition, you must meet the following criteria:

  • demonstrated ability to conduct analytical work, exercise good judgment and work as part of a team
  • proficiency in English and/or French; knowledge of other EU languages would be an advantage

What we offer

We pay a flat-rate monthly allowance to assist with living costs and provide reimbursement of travel expenses (one round trip from/to the point of origin/residence).

What you will contribute

You will be responsible for your accommodation costs.

You will commit to spend a minimum of three and maximum of five months in the programme at our headquarters in Luxembourg.

How to apply

To apply for an internship position, please view our current vacancies and respond to one of the internship opportunities by submitting your application online.

We only accept applications in response to an advertised opportunity – we cannot consider spontaneous applications.

Due to the high number of applicants, we will only contact those identified as suitable for an assignment to discuss their application and availability.

A panel makes the final selection of candidates, and competition is very high. Good luck!

Источник: https://www.eib.org/en/about/jobs/work-with-us/internships/index.htm

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A Day in the Life of an Investment Banker

Investment banking is one of Wall Street's most coveted roles. It is also one of the hardest. It is no surprise that the average day in an investment banker's life is long and stressful. Those who manage to survive the adjustment period often go on to have long and financially rewarding careers.

Investment banking analysts may work up to 100 hours per week at some firms.

The Role of an Investment Banker

Investment banks help companies and governments raise capital by issuing stock or borrowing money. They also act as advisers and go-betweens on mergers and acquisitions.

The capital markets are a fast-paced, high-stakes, and highly regulated environment. Companies in other industries need investment bankers to handle financial deals while they are otherwise occupied.

Who Needs Them

Investment bankers are hired by young companies planning to go public, big companies planning mergers and acquisitions, and established companies that want to raise money for major expansions. The professional bankers are the link between the company and investors.

For example, in 2019, Goldman Sachs handled the purchase of Tableau Software by Salesforce, the sale of Ultimate Software to a private equity consortium, and the sale of Symantec's enterprise business to Broadcom.

Social Skills Wanted

These firms also have trading and sales divisions, but the traditional role of an investment banker involves meeting with clients, preparing offers, running financial projections, and working on pitchbooks, the sales books created to draw in new clients.

What separates investment bankers from most others in the financial industry is the requirement for excellent social skills. Plenty of business students can perform the technical functions of an investment banking associate, but few have the stamina and the social graces to deal effectively with clients. Having the right personality goes a long way.

Key Takeaways

  • Investment bankers meet with clients, prepare offers, run financial projections, and work on pitchbooks, that help generate new clients.
  • The work is lucrative but the days are long and stressful.
  • Superior social skills are required for success in the field.
  • So is stamina.

Morning Routine

A new associate who gets past the initial chaos and jitters of the job settles into a functional routine. The mornings are usually filled with emails, text messages, and office meetings.

The messages can be a nightmare, quite literally. There are stories of analysts at JPMorgan waking up in a panic during the night to check their phones because they run the risk of being fired if they do not respond to every one of them within 15 minutes. The messages may come from clients, co-workers, or senior bankers who want every status report, presentation, and calculation double- and triple-checked.

A Late Start

Fortunately, the workdays start rather late. This is partly because the New York capital markets are not open at 7 a.m., but it is also because most bankers were at the office until midnight the night before.

An associate may have time to shower, eat breakfast, and even work out before heading to the office. Since the vast majority of investment banking jobs are located in cities, many face a long commute.

Morning work is often slower and more methodical than evening work. From about 9:30 a.m. until lunch, associates and analysts work on company analyses and make adjustments requested by senior staff, who have spent the previous evening reviewing the day's work. On slow days, a junior banker may have time to catch up on the news and sports, but there is not much opportunity for social media since most investment banks put up firewalls to block distracting websites.

Afternoons

Unless the day is very busy, lunch is a leisurely 45-minute or hour-long stretch at a local deli or the company cafeteria. These are usually spent with co-workers on the same level. The hierarchy tends to be rigid.

The associates usually return to their desks to find updated models and presentations from their team's analysts. The associates review these documents and make corrections or recommendations before sending them back to the analysts.

This is a stressful process for associates, who desperately want to prove they can contribute to the deal, and analysts, who know what the managing directors or directors need and don't have a ton of time for revisions.

The Live Deal

Afternoon work is focused intently on the active deal. Many investment banking teams are assigned one deal at a time, or the "live deal," and senior bankers are meticulous about details. Initial public offerings (IPOs) and merger and acquisition (M&A) deals involve millions or even billions of dollars, and the firm cannot afford to make mistakes.

$125,000 to $10 million

The range of salaries (including bonuses) an investment banker earns, according to the Corporate Finance Institute. The low end is for a first-year analyst. The high end is for a managing director.

Evening

The second half of the workday is divided into two segments: before and after dinner. Dinner is almost always eaten at the office.

The work before dinner is more scheduled and predictable, and analysts demand that the work of associates be completed by early evening so it can be reviewed again.

On a normal day, the first post-dinner task is reviewing the morning's work. Analysts and senior bankers spent the past several hours going over material and creating "comments," which sometimes require massive revisions to the pitchbook.

Investment banking associates and analysts work with many other professionals such as equity research and sales staff.

The Software Crew

The evenings, however, are closely spent with the desktop publishing crews. Desktop publishing (DTP) in investment banking is a division filled with professionals who know how to use PowerPoint, Photoshop, and other software to communicate dense financial information effectively. Analysts rely heavily on this team to make revisions to pitchbooks and other marketing materials.

The revision-comment-correction cycle might repeat two or three more times before the night ends. Associates and analysts have to think and work quickly to ensure edits are done correctly and on time.

Many banks have company car services set up to take associates and analysts home in the early hours of the morning. Senior bankers may get away by 10 p.m., but junior bankers normally slump home in the early hours of the morning to get a few hours of sleep before doing it all again the next day.

Источник: https://www.investopedia.com/articles/professionals/111715/day-life-investment-banker.asp

Do you want to generate solutions that make an impact and build long term client relationships? Our investment banking summer analyst program offers you the opportunity to be part of an industry or product focused team that manages capital raising and strategic advisory transactions for our clients around the world.

These industry and product teams include: Consumer & Retail, Natural Resources, Financial Institutions, Financial Sponsors, Real Estate, Gaming & Leisure (REGL), Global Industrials, Healthcare, Mergers & Acquisitions, Technology, Media & Telecom (TMT) and Emerging Growth & Regional Coverage (EGRC).  Our Leveraged Finance business also recruits through the Investment Banking process.

Our Summer Analyst program is designed to offer you a broad and exciting experience of work as a full time Investment Banking analyst.

If you are interested in Leveraged Finance in New York, please apply to the Investment Banking Summer Analyst Program to be considered.

If you are interested in Leveraged Finance in Charlotte, please apply to the Capital Markets Summer Analyst Program to be considered.

As a summer analyst, your key tasks and responsibilities may include:

Источник: https://campus.bankofamerica.com/careers/Global-Investment-Banking-Summer-Analyst-Program-US.html

Responsibilities


You're the brains behind our work.
You're ready to bring your knowledge from the classroom to the boardroom and Citi wants to help you get there. Whether it's honing your skills or building your network, we know that success can't come without growth. Our programs equip you with the knowledge and training you need to play a valuable role on your team and establish a long-term career here. At Citi, we value internal mobility and career growth is not a question of if, but when. Citi's Institutional Clients Group (ICG) is looking for Summer Analysts to join the Investment Banking team in Amsterdam.
The Investment Banking group advises corporate clients who want to raise funds in capital markets and who need strategic support in financial transactions. Initiatives you may be working on with clients include mergers, acquisitions, divestitures, financial restructurings, underwriting, and distributing equity, debt and derivative securities. If none of these terms make sense right now, that's ok! Our internship is designed to help you increase your knowledge, so whatever your degree is in we will give you the training and support you need to excel.
Your time here will look something like this...
* Collect and analyze company information to assist transactions, including conducting industry research, revising and organizing financial data
* Analyze financial data and develop financial models including company valuations, discounted cash flow analysis, financing and comparative analyses
* Create and finalize new business development presentations
* Coordinate tasks with internal and external working teams
* Prepare required internal documentation e.g. control and compliance regulations
We provide you with the knowledge and skills you need to succeed.
We're committed to teaching you the ropes. The ten week Summer Analyst program starts in June and begins with a one week training program in London after which you will return to the team in Amsterdam, where you'll focus on financial analysis and business development. Top-performing Summer Analysts may return to Citi after graduation to work as a full-time Analyst.
We want to hear from you if...
* You are in your penultimate/final year of university or graduated
* Strong academics
* Interest in business
* You are fluent in English
Who we think will be a great fit...
A dedication to learning and a true passion for the business are vital. As industries all over the globe continue to restructure and grow, we are hiring professionals who have a global perspective on the future of banking and want to make an impact on the corporate level. We value diversity and so do you.
We'll also be looking for the following:

* Commitment to personal growth and career development, a strong desire to learn and success in team environments
* Knowledge of the global or domestic business landscape is a plus, but not required
* Strong communication, planning and organizational skills
* Desire to develop a deep understanding of the financial industry
* Unquestioned commitment to integrity and ethical decision-making

Applications will close on the 31st October 2021. We will begin to review applications before the deadline and therefore encourage you to apply as soon as possible.

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  • Join our team
    of 200,000+
    strong diverse employees

  • Socially minded employees volunteering in communities across 90 countries

  • Meaningful career opportunities thanks to a physical presence in over 98 markets

We foster a culture that embraces all individuals and encourages diverse perspectives, where you can make an impact and grow your career. At Citi, we value colleagues that demonstrate high professional standards, a strong sense of integrity and generosity, intellectual curiosity, and rigor. We recognize the importance of owning your career, with the commitment that if you do, we promise to meet you more than half way.

Why Citi?

We’re always on the lookout for great talent. At Citi, learning and self-development is integral to our culture and you can expect to continue to be challenged every day – it’s how we make progress. We take a hands-on learning approach to support your growth and learning.

  • Experience

    You’ll learn everyday by doing client work, analysis and other challenging assignments. Get on-the-job practice and feedback from Citi experts as you hone your skills alongside your peers.

  • Exposure

    You’ll have honest, open interactions with leaders of all levels and focus across our company. From networking events to work shadowing, you will have meaningful conversations and experiences at Citi.

  • Education

    You’ll also have access to our suite of functional courses and eLearning modules to ensure you have the knowledge you need for success. And when you’re ready, we have a whole host of leadership programs and coaching awaiting you.

  • Volunteerism

    You’ll also do more than just be a great partner to our clients. You’ll have the opportunity to give back and make a positive impact where we live and work through volunteerism.

Innovation Through Diversity

Join Our Talent Community

Opportunities for students and graduates change throughout the year. If you’d like to be notified about new opportunities, join our Talent Community by choosing your region and completing the form.

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Источник: https://jobs.citi.com/job/amsterdam/investment-banking-summer-analyst-amsterdam-europe-middle-east-and-africa/287/13383981008

Thematic video

Citi Corporate \u0026 Investment Banking - Day in the Life

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