投行真相1 | 投行分析师除了做PPT还做啥?(中英双语)

聚透Talenset 2015-11-09

各位小伙伴大家好!上海今天真的好冷呀~你们那里冷吗?


今天开始,我们将陆续推出有关投资银行为主题的系列文章,全面真实逗比深入地剖析投资银行的方方面面。这个系列的文章来自美国知名的投资银行家及投行求职专家Andrew Gutmann的观点整理,亦包括习小小团队的部分观点整理,英文翻译由习小小团队独家完成,供习惯阅读中文的小伙伴参考。


  • 第一部分:有关投资银行、投行的生活方式、投行跳槽机会

  • 第二部分:投行招聘及求职、投行简历及求职信、投行面试一般问题

  • 第三部分:投行行为面试、投行技术面试、投行智力测试


不废话,直接上干货!


I. ABOUT INVESTMENT BANKING

有关投资银

1. What is an investment bank资银行是什么?

While there is no precise definition of an investment bank, generally speaking, an investment bank is an institution that advises and raises money for companies,governments and wealthy individuals. The large investment banks (“bulge bracket”) that most of us are familiar with (e.g. Goldman Sachs, Morgan Stanley, Merrill Lynch, etc.) do many other things besides traditional“investment banking.” For example, they have departments that sell and trade various securities (Sales and Trading/Capital Markets), provide research to institutions and individuals about such securities (Sell-Side Research),manage the investments of institutions (Asset Management), advise and manage the money of wealthy individuals, their families and estates (Private Client Services/Private Banking/Private Wealth Management), trade the bank’s own money(Proprietary Trading), and others.

尽管没有准确的定义,但通常来讲,投资银行是指那些为公司、政府及富有个人进行包括募资及资产配置建议等资本运作的机构。诸如高盛、大摩及美银美林这些我们所熟知的综合性投行也广泛开展传统狭义投行之外的业务,例如,销售及交易证券,提供证券研究报告(卖方研究),资产管理,私人财富管理及配置顾问,交易他们的自由资产等等。

For this series, when we speak about investment banking, we are speaking of the division within the investment bank that specifically advises companies (and occasionally governments) on (1) transactions, such as a merger, acquisition or leveraged buyout, and (2) capital raisings such as an initial public offering (IPOs) or debt issuance.

在这个系列里,我们谈及的投资银行均指狭义的投资银行业务,及为公司(少数情况下政府)提供如下顾问服务:1. 与交易相关的服务,如并购或杠杆收购。2.募资,如首次公开发行IPO

2. What are the different types of groups within an investment bank资银行内部有什么不同的部门?

Broadly speaking, there are two types of groups within a typical investment bank (or investment banking division): product groups and industry groups (alsocalled sector groups or domains). The three most well known product groups are mergers and acquisitions (M&A;),leveraged finance (lev fin) and restructuring. Bankers in product groups have product knowledge and tend to execute transactions (respectively,M&A; transactions, leveraged buyouts (LBO’s) and restructuring transactions/bankruptcies).

一般来讲,投资银行部门内部包含两个不同的组别:产品组和业务组。最广为人知的三个产品组是:并购组(M&A;),杠杆业务组(Lev Fin),及重组组。产品组的员工具备产品相关的知识,通常会执行交易(具体地,并购交易、杠杆收购、以及重组破产交易)

Bankers in industry groups cover specific industries and tend to do more marketing activity (pitching). Industry bankers tend also to have more of the relationships with companies’ senior management than do product bankers (though some senior product bankers have excellent relationships as well). Examples of common industry groups include FIG (Financial Institutions Group), Healthcare, Consumer/Retail, Industrials, Energy and Utilities, Natural Resources, TMT (Telecom, Media and Technology), Gaming and Lodging and Real Estate. Often subgroups exist within the broader group. For example, a Healthcare group may be segregated into biotechnology, medical devices, managed care, pharma, etc. Though not covering a specific industry, one other group that falls under the category of “industry” groups is Financial Sponsors. Bankers in a Financial Sponsors group cover (have relationships with and market their services to) private equity firms.

而行业组的员工因跟踪具体行业因此一般会做更多市场相关的工作(如路演推销等)。行业组的人通常也比产品组的人同公司高管具有更多的联系(尽管一些高级的产品组员工也有很好的业界联系)。一些常见的行业组包括金融组(FIG)、健康医疗、消费零售、工业品、能源、TMT、游戏娱乐以及房地产等。一般较大的行业组内部还包括子行业组。例如健康医疗下面还可能包括生物技术、医药设备、制药等等。另外一个不覆盖具体行业的行业组是金融服务组(Financial Sponsors),一般负责与私募股权公司打交道。

3. What is the typical hierarchy/ladder within an investment bank投行里的等典型来是什么子的?

Just about all investment banks have the same strict hierarchy or ladder of professionals. From junior to senior, the typical hierarchy is (1)Analyst, (2) Associate, (3) Vice President, (4) Senior Vice President/Directorand (5) Managing Director. Some banks deviate from this hierarchy abit, for example having the Senior Vice President and Director be separate positions. Other banks, especially non-U.S. banks, have the samehierarchy but with somewhat different names for each position (Associate Director for Associate, Director for Vice President and Executive Director for SVP). One exception for U.S. banks is that Bear Stearns calls the Senior Vice President/Director position a Managing Director, and calls Managing Directors, Senior Managing Directors. However, regardless of the names,the general job functions of each relative position tend to be consistent bank to bank.

几乎所有投资银行都具备相似的等级或者职业晋升通道。从初级到高级,典型的等级是 1. 分析师 2. 经理 3. 副总裁 4. 高级副总裁/董事 5.管理董事。尽管一些银行在名称叫法上有所区别,但是总体来说,都大同小异,并没有实质差异。

4. What is the general role of the Analyst一个典型分析角色是怎?

Analysts are typically men and women directly out of undergraduate institutions who join an investment bank for a two-year program. Top performing Analysts are often offered the chanceto stay for a third year, and the most successful Analysts can be promoted after three years to the Associate level.

分析师通常来自于刚毕业的大学生。他们在投行里通常被给予两年的机会,如果表现优秀则可以再额外多呆一年,到第三年结束,表现最优秀的一批人将升级为经理。

As Analysts are the bottom rung on the investment banking ladder, they do the bulk of thework. Broadly speaking there are three types of work that Analysts do: presentations, analysis and administrative tasks. Presentation work involves the putting together and writing of various PowerPoint presentations including marketing documents (“Pitches” or “Pitchbooks”) and documents for live transactions (for example, a presentation to management or the Board of Directors). These PowerPoint presentations get printedin color and are bound with professional looking covers for meetings with clients and prospective clients.

分析师作为投行层级的最底层,自然也承担了最多的工作量。一般分析师负责的工作包括:展示、分析以及杂活。展示类工作就是画PPT啦,反正就是各种PPT,包括宣传公司的路演材料,也包括一些交易所需的展示文稿。

The second main task of an analyst is analytical work. Pretty much anything done in Excel is considered “analytical work.” Examples include entering historic company data from public documents, analyzing such data for valuation purposes and projecting a company’s financial statements (“modeling”). Administrative work, being the third type of task, involves things like scheduling and setting up conference calls and meetings, making travel arrangements and keeping a list of dealteam members up to date. While on live transactions, Analysts often refer to themselves as “glorified admins,” given all of the administrative work for which they are responsible.

第二大类工作是所谓的分析类的工作。几乎Excel里完成的所有工作都可以归为这一类。例如通过搜集公开资料,把数据导入E相册了表格里啦,再例如根据公司历史的财务数据来做财务预测啦(所谓的模型)。

第三类工作是打杂的事情。比如定个出差机票定个会议室,通知项目组成员相关事项等等。所以呢,分析师也爱称自己为发光的小女仆。

5. What is the general role of the Associate理一般又干些?

Associates are typically either folks directly out of top MBA programs or Analysts that have been promoted. Typically, bankers will be at the Associate level for three and a half years before they are promoted to Vice President. Associates are also categorized into class years (i.e. First Years, Second Years and Third Years or say, Class of ’05, ’06 and ’07).

经理一般是从顶级MBA项目毕业的老鲜肉或者分析师晋升而来的。典型的一名经理通常在三年半任期之后才可能被提拔为副总裁(VP),经理也按照不同的工作年限被分为工作一年的,两年的,三年的经理。

First and foremost, the Associate’s role is to check the work of the Analyst. Inreality however, “checking the work” sometimes takes the following form:

Analyst: “I'm finished with the valuation”
Associate: “Is it right?”
Analyst: “I think so”
Associate: “Well, check it again and come back when you are SURE it is right”

首先以及最重要的是,经理的工作是检查核实分析师的工作。实际工作当中,所谓的核查一般是酱紫的:

分析师:估值我完成啦!

经理:都正确咩?

分析师:我觉得是的吧

经理:滚回去再查一遍!知道你确定确定确定它都正确再回来!

In addition to overseeing the Analyst’s work, the Associate will often help write the text for the presentations as well as do much of the modeling work. On live transactions, the Associate, while also playing an administrative role with the Analyst, will likely have significant ongoing interaction with the client and with the opposing investment bank (i.e. the buyer’s advisor if the Associate is on a sell-side deal).

除了核查分析师的工作,经理们也要写PPT,同时做大量的Excel工作。在正在进行的交易当中,除了和分析师一样做些杂活,他们将持续地与客户以及对手方的投行进行大量的沟通(小分析师是不具备这个功能の)

6. What is the general role of the Vice President (VP)裁的角色是?

The primary role of the Vice President is to be the “project manager,” whether for marketing activities or on a transaction. It is the VP that typically decides the structure (usually the Table of Contents or “TOC”) of the presentation (e.g. a pitchbook). On live engagements, the VP is typically the banker “running the deal.” The VP must manage the client, manage the senior bankers and manage the Analysts and Associates that are actually doing the work. It is often at the VP level that bankers begin to form valuable relationships with clients. Depending on the individual and also the bank, some VPs will start to play a role in client development and marketing.

VP的主要角色就是当项目经理啦,或者是在一场市场活动当中,或者在一个交易里。通常PPT的结构也是由VP来决定,例如Pitchbook的结构。在进行的交易当中,通常也是VP来负责运作整个交易,他们要管理客户以及实际干活的经历和分析师。通常都只有到了这个层级,投行工作的人才能有机会和客户形成有意义的客户关系。取决于不同的银行,一些VP开始在拓展客户方面发挥作用。

7. What is the general role of the Director/Senior Vice President (SVP)那高裁/董事又是什么鬼?

Depending on the person (and sometimes the bank), the Director or SVP may either act more like a Managing Director (play a high level client development role) or more like the VP (play a project manager role). Sometimes, the Director/SVP’srole will depend also on the specific situation and/or other dealteam members. Ultimately, for Director/SVPs to be promoted to Managing Director, they will have to demonstrate that they can form client relationships and have the ability to market and to bring in new business.

取决于公司及个人,SVP或者扮演项目经理(VP)的角色多一些,或者扮演开发客户(MD)的角色多一些。有时也取决于具体的项目情况以及其他项目组成员的情况。不管怎样,在晋升到管理董事(MD)之前,SVP需要证明自己可以为公司招揽新的客户(越来越像销售了)。

8. What is the general role of the Managing Director管理董事干?

As the senior level banker, the role of the Managing Director (“MD”) is mostly one of client development. The MD will likely be the one with the senior level company relationships (CEO, CFO, headof Corporate Development) and is typically responsible for spearheading marketing efforts. On a live transaction, the MD often plays only a minor role, getting involved when difficulties arise in the deal and during high level negotiations.

一句话:拉皮条揽客的!MD通常只负责和客户的高级管理人员(CEO.CFO之类)把酒言欢,顺便推销下自己的公司。在进行的交易当中,MD几乎不参与实际工作,仅在交易出现困难或者涉及较高层面的谈判时才现身。

9. Whatis a bulge bracket bank and who are they大型合投行有?

The term “bulge bracket” generally refers to the large investment banks that cover most or all industries and offer most or all of the various types of investment banking services. While there is no official list of bulge bracket banks, most people would consider the following banks to be bulge bracket:


Bank of America Merrill Lynch
Barclays
Citigroup
Credit Suisse
Deutsche Bank
Goldman Sachs
JP Morgan
Morgan Stanley
UBS


综合投行通常指那些覆盖多数行业和投行业务的大型投资银行,一般包括如上这些。


10. What is a boutique bank精品投行又是什么,有哪些?

Pretty much all banks that are not considered“bulge bracket” are referred to as being boutiques. Boutiques, while ranging in size from a few professionals to hundreds or even thousands of professionals, can generally be categorized into three types: (1) those that specialize in one or more products, (2) those that specialize in one or more industries and (3) those that specialize in small or mid-sized deals and small or mid-sized clients (generally less than $500 million).

基本上所有不是综合投行的都算是精品投行啦!员工可能从几个到几千个不等。一般分为三类:1.专注某一种产品或者交易的。2.专注某一行业的。3.专注中小规模交易或者客户的。

There are boutiques that specialize in any numberof the products that bulge bracket banks offer. Boutiques known for M&A;, for example, often compete with the bulge bracket banks for M&A; transactions. A few examples include Lazard, Greenhill, Evercore and Gleacher. Other boutiques offer many different products but specialize in one or more industries. Such boutiques often compete with the bulge bracket banks on the basis of their industry knowledge and expertise. A few examples include Cowen & Co. (healthcare), Allen & Co. (media) and Thomas Weisel Partners (technology). The third type of boutique, those that offer many products and cover many industries but compete only for “middle market” or smaller deals include Jefferies & Co., Piper Jaffray, Raymond James and Robert W. Baird. Many of these middle market boutiques are regionally focused. Some boutiques, including several of the M&A; focused banks, are considered to be as (or even more) prestigious as the bulge bracket banks.

一些精品投行擅长某类产品类型。例如,以擅长并购M&A;出名的就有LazardGreenhillEvercoreGleacher。他们在这一类产品上和综合投行竞争。另外一些精品投行则可能拥有多种产品线,但是具备某些行业的专注优势,以期行业知识为基础与综合投行竞争。如Cowen&Co.;(医疗),Allen&Co;(媒体)等等。第三精品投行则同时提供多种产品也覆盖多个行业,但仅在中小规模的交易和客户上和综合投行竞争。例如,Piper Jaffray Raymond James等等。一些精品投行在业界的地位和声誉和大型综合投行相差无几甚至更高。

Coming SoonBanking Life Style (Are the hours really as bad as I’ve heard they are?)

下期话题:投资银行的工作及生活方式(投行真的一天工作16个小时且没有周末吗?)


***本文不欢迎任何转载,谢谢配合***



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