I am very interested in entering the investment banking field, and would like to know the different types of positions available.
What are the different job positions in investment banking?
Posted by admin on April 11th, 2010
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Investment banking is just that… investment banking. There are different groups within IB, but not really different positions (unless you’re talking about hierarchy, which is dictated strictly be seniority). Each group will give you a different concentration. You can enter either in a industry/coverage group (sometimes referred to as "relationship bankers") or you can enter in a product group.
Coverage groups focus on a specific industry, such as healthcare, consumer and retail, technology, telecom, financial institutions, real estate, media, etc. They handle a lot of the deal pitches and maintain relationships with the clients. The work is more soft.
Product groups focus on certain financial products; the popular ones are mergers & acquisitions and leveraged finance (although dead in the current market). As the name implies, M&A handles the modeling and valuation when a company wants to acquire another. Levfin deals with LBO modeling, certain debt underwriting, etc. Product groups are more technical and quantitative in nature.
For reference, S&T (sales and trading), research, investment management operations, etc. are not considered investment banking, in case you were referring to these positions in your initial question.