穹顶对投资银行业务的事业指南is使成为可能通过generous支持of以下主办者：（PDF166）(

VaultCareerGuidetoInvestmentBankingismadepossiblethroughthegeneroussupportofthefollowingsponsors:Themedia’swatchingVault!Here’sasamplingofourcoverage.“Forthosehopingtoclimbtheladderofsuccess,[Vault's]insightsarepriceless.”–Moneymagazine“Thebestplaceonthewebtoprepareforajobsearch.”–Fortune“[Vaultguides]makeforexcellentstartingpointsforjobhuntersandshouldbepurchasedbyacademiclibrariesfortheircareersections[and]universitycareercenters.”–LibraryJournal“Thegranddaddyofworkersites.”–U.S.News&WorldReport“Akillerapp.”–NewYorkTimesOneofForbes'33“FavoriteSites”–Forbes“Togettheunvarnishedscoop,checkoutVault.”–SmartMoneyMagazine“Vaulthasawealthofinformationaboutmajoremployersandjob-searchingstrategiesaswellascommentsfromworkersabouttheirexperiencesatspecificcompanies.”–TheWashingtonPost“Akeyreferenceforthosewhowanttoknowwhatittakestogethiredbyalawfirmandwhattoexpectoncetheygetthere.”–NewYorkLawJournal“Vault[provides]theskinnyonworkingconditionsatallkindsofcompaniesfromcurrentandformeremployees.”–USATodayTOMLOTT,DEREKLOOSVELTANDTHESTAFFOFVAULT©2005VaultInc.VAULTCAREERGUIDETOINVESTMENTBANKINGCopyright©2005byVaultInc.Allrightsreserved.Allinformationinthisbookissubjecttochangewithoutnotice.Vaultmakesnoclaimsastotheaccuracyandreliabilityoftheinformationcontainedwithinanddisclaimsallwarranties.Nopartofthisbookmaybereproducedortransmittedinanyformorbyanymeans,electronicormechanical,foranypurpose,withouttheexpresswrittenpermissionofVaultInc.Vault,theVaultlogo,and“TheMostTrustedNameinCareerInformationTM”aretrademarksofVaultInc.Forinformationaboutpermissiontoreproduceselectionsfromthisbook,contactVaultInc.,150West22ndStreet,NewYork,NY10011,[phone].LibraryofCongressCIPDataisavailable.ISBN1-58131-306-3PrintedintheUnitedStatesofAmericaACKNOWLEDGMENTSWeareextremelygratefultoVault’sentirestaffforalltheirhelpintheeditorial,productionandmarketingprocesses.Vaultalsowouldliketoacknowledgethesupportofourinvestors,clients,employees,family,andfriends.Thankyou!VisittheVaultFinanceCareerChannelat–withinsiderfirmprofiles,messageboards,theVaultFinanceJobBoardandmore.ixINTRODUCTION1THEINDUSTRYChapter1:WhatisInvestmentBanking?3ThePlayers..................................................3TheGame...................................................5Chapter2:CommercialBanking,InvestmentBankingandAssetManagement9CommercialBankingvs.InvestmentBanking.......................9Glass-SteagallReform.........................................13TheBuy-Sidevs.theSell-Side..................................15Chapter3:TheEquityMarkets17Bearsvs.Bulls...............................................17StockValuationMeasuresandRatios.............................22ValueStocks,GrowthStocksandMomentumStocks................25Chapter4TheFixedIncomeMarkets27WhatistheBondMarket?......................................27BondMarketIndicators?.......................................27FixedIncomeDefinitions......................................34Chapter5TrendsinI-Banking37Chapter6StockandBondOfferings43InitialPublicOfferings........................................43Follow-OnOfferingsofStock...................................45BondOfferings..............................................47TableofContentsVaultCareerGuidetoInvestmentBankingTableofContentsVisittheVaultFinanceCareerChannelat—withinsiderfirmprofiles,messageboards,theVaultFinanceJobBoardandmore.xiChapter7:M&A,PrivatePlacements,andReorgs49Mergers&Acquisistions.......................................49PrivatePlacements............................................52FinancialRestructurings.......................................53ONTHEJOBChapter8:CorporateFinance57ThePlayers.................................................58TheRoleofthePlayers........................................61TheTypicalWeekinCorporateFinance...........................71FormulasforSuccess..........................................82Chapter9:InstitutionalSalesandTrading85Trading–TheBasics..........................................87ExecutingaTrade............................................93Trading–ThePlayers.........................................99Trading–TheRoutine........................................103InstitutionalSales–TheBasics.................................108InstitutionalSales–ThePlayers................................110PrivateClientServices(PCS)..................................117Chapter10:Research121ThePlayersandtheProduct...................................122ThreeMonthsinResearch.....................................129FormulasforSuccess.........................................134Chapter11:Syndicate:TheGo-Betweens137VaultCareerGuidetoInvestmentBankingTableofContentsVisittheVaultFinanceCareerChannelat—withinsiderfirmprofiles,messageboards,theVaultFinanceJobBoardandmore.xiiiAPPENDIXGlossary...................................................141RecommendedReading.......................................156THEINDUSTRYChapter1:WhatisInvestmentBanking?Chapter2:CommercialBanking,Investme