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1、RossCareerServicesInvestmentBanking,SalesandTradingCareerPath:andPrivateBanking–MBAVersionIntroductionRossCareerServices(RCS)createdtheCareerPathseriestoassiststudentswiththecareersearchprocess.EachCareerPathhandoutexaminesacommonbusinessfunctionalareainwhichStephen
2、M.RossSchoolofBusinessgraduatespursuejobseachyear.ThefirstfourstepsofRCS’srecommendedcareersearchprocessaredetailedforeachspecificbusinessfield.InvestmentBankingOverviewTheprimaryfocusofthisguideistofamiliarizeyouwiththeinvestmentbankingcareersearch.Muchoftheinforma
3、tionalsoappliestothoseinterestedinresearchandsales&tradingcareers,althoughtherearemanyaspectsofsalesandtradingthatarenotcoveredhere.SomeoftheinformationpresentedhasbeenpulledfromAComprehensiveGuidetotheInvestmentBankingJobSearchwrittenbyJosephHyde,BBA1996.Thecomplet
4、etextwrittenbyHydecanbefoundattheendofthishandout,andgivesadditionalinformationonthefunctionofinvestmentbanks.Thebusinessofmostlargeinvestmentbankscangenerallybedividedintotwocategories:InvestmentBanking(sometimesreferredtoasCorporateFinance)andSales&Trading.Investm
5、entBankingdivisionsareinvolvedindebtandequitycapitalraising,financialadvisoryservices(includingmergersandacquisitions)andoccasionallymerchantbankingactivities,whileSales&Tradingdivisionsengageintheresearch,brokerageanddistributionofsecurities.Inmanytransactions,both
6、arerequired,forexample,whileInvestmentBankingmayconvinceacorporationtousetheinvestmentbanktounderwritetheirbonds,itisSales&Tradingwhoactuallyfindsinvestorsforthesebonds.Investmentbanksgenerallyworkwithfourclientgroups:corporations,municipalities(governments,hospital
7、s,universities,etc.),financialinstitutions(insurancecompanies,moneymanagers,venturecapitalandLBOfirms,banks,etc.),andwealthyindividuals.Thesubprimemortgagecrisisof2008,coupledwithextremelyhighandriskyleverageratiosemployedatsomeinvestmentbanks(suchasLehmanBrothers),
8、putanendtotheindependentinvestmentbankingmodel,atleastasfarasbulgebracketinvestmentbankswent.Theseinvestmentbankseithermergedwithorwerepur
