Module 1: IB Recruiting
Recruiting | Behaviorals | Accounting | Enterprise Value / Comparables | DCF | M&A | LBO| Market questions | Brain teasers
It all begins with having a REAL plan for your IB recruitment cycle
Breaking into investment banking (IB) is one of the most competitive career pursuits for students and recent graduates. Success in your IB recruiting cycle comes from equal parts hard work and preparation:
– A deep understanding of the industry structure, banks, and groups
– Know and understand the key recruiting timelines
– Understand the various common pipelines to land your first jr. analyst position or plan your horizontal move
– The absolute essentials of the IB resume, cover letter, and networking
Investment Banking 101
This is a nice opening anticdote – rework into a sales copy. [You’d be surprised at the number of people who don’t know what Investment Banking is about….]
In this Lesson:
- What is Investment Banking
- What is M&A & How does it Work (From Deal to Auction, Rounds 1-3, CIM, LOI’s, IOI, SPA’s)
- IPO’s – (Research, Valuations, Modeling, Due Diligence, Roadshow Decks, Prospectus’)
- Debt Raising – Bonds (interest, terms, and decks) and Loans (Due diligence, Corporate Banking Groups, & syndication)
What you need to Know to break into Investment Banking
Whether you’re aiming for a top-tier bulge bracket firm or an elite boutique, understanding the recruiting process is essential to getting your foot in the door.
In this Lesson:
- Why most important part of recruiting is technical questions
- IB is Accounting, Enterprise Value Comparables, DCF, LBO, and M&A
- How do the large banks differ than the smaller banks?
- How important are behaviourals? The “Tell me about yourself.” & using the CAR framework.
- Stock Pitch, Market Overview, & Sector Allocation Questions
- Understanding the Quantitative vs Qualitative breakdown (Accounting, Enterprise Value, DCF, M&A, LBO)
Recruiting Timelines
Whether you’re aiming for a top-tier bulge bracket bank or an elite boutique advisory firm, one thing is certain: timing is everything. In investment banking, recruiting cycles are aggressive and structured—and missing a deadline can mean missing your shot entirely. Undergraduates often need to begin preparing 18–24 months ahead, MBA candidates move within a tighter window during their first year, and lateral opportunities emerge unpredictably throughout the year. From accelerated interview tracks to standard Superday formats, the process varies widely by level—but the key to breaking in is understanding exactly when each phase happens and how to best position yourself.
In this Lesson:
- Internships, Summer Associates, Full Time Associates, Lateral Moves
- The Speed of the Recruiting timelines – superdays, interview rounds, offers
- Timing –
- Keeping up with
Bulge Bracket, International, and mid-market Banks
Whether you’re aiming for a globally recognized bulge bracket bank or a regionally focused mid-market firm, understanding the different types of investment banks—and what they’re known for—is essential to choosing the right fit and navigating your career path in finance. Each type of firm offers distinct advantages, from deal exposure to team structure to industry specialization.
In this Lesson:
Types of Investment Banks and Why It Matters
Learn the key differences between Bulge Bracket, Elite Boutique, International, and Mid-Market banks. Your experience as an analyst can vary significantly depending on the firm type.Bulge Bracket Banks
These are the largest global institutions like Goldman Sachs, JPMorgan, and Morgan Stanley. They offer full-service platforms and work on massive, high-profile deals with extensive training and infrastructure.Elite Boutique Banks
Firms like Evercore, Centerview, and Lazard focus exclusively on advisory, especially M&A and restructuring. Teams are smaller, and analysts take on greater responsibility earlier in their careers.International Banks
Non-U.S. firms such as Mizuho, Nomura, and RBC often lead cross-border deals. They typically specialize in facilitating global transactions with strong regional expertise.Mid-Market Banks
Firms like Houlihan Lokey and Harris Williams advise companies valued between $10M and $1B. These banks offer a more entrepreneurial setting with lean teams and sector or geographic focus.How Firm Type Affects Your Role
The size, structure, and focus of a bank directly shape your day-to-day work. It also impacts your deal exposure, mentorship access, and long-term career path.Top Firms to Know by Category
Get familiar with leading firms in each category. Understand what they’re known for and how they align with your personal goals.
Industry Groups and Product Groups
Whether you’re pitching an M&A deal in consumer retail or helping take a tech company public, understanding the roles of industry and product groups is essential to knowing how deals get sourced and executed.
In this Lesson:
Industry Groups vs. Product Groups
Industry groups specialize in sectors like tech, healthcare, or consumer and focus on client relationships and deal sourcing. Product groups focus on specific transaction types (e.g., M&A, ECM, DCM) and handle deal structuring and execution.What Industry Groups Do
They develop deep expertise in specific sectors, track market trends, and build pitchbooks to win business. Industry groups are responsible for sourcing deals and managing client relationships.What Product Groups Do
They specialize in the mechanics of transactions like mergers, IPOs, or bond issuances across all industries. Product groups bring technical expertise in deal structuring and execution.How the Groups Work Together
Industry and product groups collaborate on nearly every major deal—from M&A and IPOs to restructuring and leveraged finance. Industry groups bring the client and sector insight; product groups bring the transaction strategy.Example: M&A Deal in the Consumer Sector
The Consumer group sources the deal, builds an operating model, and leads due diligence. The M&A group models the deal structure, performs valuation analysis, and negotiates key terms.Example: IPO Deal in the Tech Sector
The Tech group frames the growth story, prepares investor materials, and drives valuation work. The ECM group manages roadshow logistics, proposes IPO terms, and handles investor allocations.Why This Structure Matters
Knowing whether you’re joining an industry or product group affects your day-to-day work and long-term skillset. It also helps you position your strengths during interviews and choose a group that fits your interests.
Resume (Coming Soon)
We’ve helped over 1000 students and career switchers break into bulge brackets, elite boutiques, and top middle market firms with proven frameworks, real interview questions, and technical training that replicates the job.
Cover Letter (Coming Soon)
We’ve helped over 1000 students and career switchers break into bulge brackets, elite boutiques, and top middle market firms with proven frameworks, real interview questions, and technical training that replicates the job.
Networking (Coming Soon)
We’ve helped over 1000 students and career switchers break into bulge brackets, elite boutiques, and top middle market firms with proven frameworks, real interview questions, and technical training that replicates the job.
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