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Pitch Books contain general information and include a wide variety of selling points, such as an overview of the investment bank, including details of its specific capabilities in research, corporate finance, and sales & trading, and usually provides updates on industry/market and recommendations on the optimal capital structure strategy for the company.

General Pitch Book: Created by the bankers and used to guide introductions and presentations during a sales pitch.

Investment Banking Job Hierarchy: Analysts → Associates → Vice Presidents (VPs) → Directors → Managing Directors (MDs).

Financial Restructuring: provide advisory services including recommending the sale of assets (corporate divestitures), potential bolt-on acquisitions and merger opportunities, or even working with M&A bankers to sell the company entirely.

Investment banks make money by securing underwriting fees (% of the capital raised) from the public offerings. These securities can come in the form of equity (IPO, secondary equity issuance) or debt (high-grade debt, high yield bonds, government securities, etc).

Underwriting: an arrangement whereby investment bankers raise investment capital from investors on behalf of corporations and governments who issue public securities (“public offering”).

Here are examples of some of the different functions a banker will perform, as well as some other important basics to know about the job:

Thus, for example, a company will approach an investment bank when it needs to raise capital or when it needs advice in negotiating and structuring an acquisition of another company. Investment banking is the business of raising capital for companies and providing advising services on financing and merger activities. Q: What exactly do investment bankers do? As an advisor, an investment bank counsels companies on such corporate actions as mergers, acquisitions, spinoffs, and restructurings. It facilitates this through debt and equity offerings. As an intermediary, it connects companies that need capital with investors who have capital to spend. The investment bank performs two basic, critical functions: acting as an intermediary for capital raising, and as an advisor on M&A transactions and other major corporate actions. Good luck! General “Why Investment Banking?” Questions Q: What is investment banking? It is your job to make each answer your own, something that is not only believable, but fits your personality. If you fully prepare for each of these questions, you will have very few surprises in your interviewing process. At the same time, we have provided a solid framework for how successful potential investment bankers have approached these questions. Trust us: we are drawing on a wealth of experience in the investment banking recruiting process on both sides of the table. We encourage you to incorporate every thought that we’ve given into the responses to these questions that you might otherwise give. In each case, we have provided a sample reply, or notes on what you should think about in formulating your reply. Listed in this chapter are a wide range of questions you should be prepared to face in investment banking interviews.