Breaking Into Investment Banking
Breaking Into
Investment Banking
Brought to you by the Undergraduate Investment Society’s FINANCIAL PROFESSIONALS NETWORK
A Comprehensive Introductory Guide, developed to aid the
UCSD student community in making its way into the
Investment Banking Industry
By
Raj S. Rikhy, Project Manager, UIS FPN; VP - Education, UIS Arpan Agrawal, Senior Advisor & Co-Founder, UIS FPN; Analyst, Google Finance Eric Darwin, Senior Advisor & Co-Founder, UIS FPN; Analyst, Lehman Brothers IBD Sebastian Badea, Senior Advisor & Co-Founder, UIS FPN; Associate, Telesoft Venture Partners
Sebastian Badea, Associate, TeleSoft Venture Partners
Sebastian is an Associate at the Venture Capital firm TeleSoft Partners where he focuses on early stage, growth and late stage investments. He also works with existing portfolio companies including LogLogic where he serves on the Board of Directors as a Board Observer, Nexant, a leader in the alternative energy consulting space and LiteScape, a unified communications provider.
Prior to joining TeleSoft, Sebastian worked in the Technology Investment Banking Group at Lehman Brothers, where
he analyzed strategic alternatives, performed financial analysis and managed deal processes on eq-
uity, debt, M&A and leveraged buyout transactions for clients in the semiconductors, software and
media spaces.
While at Lehman, Sebastian advised a range of clients including Avago Technologies ($2.7 LBO by
KKR and SilverLake Partners), Cadence Design Systems, Freescale Semiconductor ($17.6 billion LBO
by BlackStone Group, TPG and Carlyle), Go Daddy, ON Semiconductor and VISA International on a
variety of strategic and financial transactions. Prior to Lehman, Sebastian worked in the Mergers &
Acquisitions group at Shoreline Partners, a middle-market investment bank.
Sebastian graduated with honors from the University of California, San Diego with a BS in Mathematical Economics, and completed a graduate level certificate program in Finance at the same institution.
Breaking Into Investment Banking — Meet the Editors
Page 2
Eric Darwin, Analyst, Lehman Brothers Investment Banking
Eric graduated from the UCSD in 2005 with a BA in Economics and Political Science. Currently Eric
is a first year analyst in the Global Media/Internet Investment Banking Group at Lehman Brothers,
where he analyzes strategic alternatives, performs financial analysis and manages deal processes
on equity, debt and M&A transactions involving companies in the internet space.
Prior to joining Lehman, Eric was an analyst at BCC Capital Partners, a boutique Investment bank
in Irvine. While at BCC, Eric's responsibilities included providing support for M&A assignments,
capital-raising activities, ESOP structuring & analyses, as well as valuation and fairness opinion
assignments.
Arpan Agrawal, Associate Financial Analyst, Google Finance
Arpan graduated cum laude and honors with distinction from the University of California, San Diego
in 2008 with a BS in Management Science. He will be joining Google Finance from the summer of
2008 onwards.
Prior to his start at Google, Arpan was a summer intern in the Treasury division at Intuit, the leading
consumer tax and accounting technology firm. He was primarily responsible for analyzing Intuit’s
$800mm share repurchase program. Arpan will eventually make his way into the venture capital
industry.
Raj Rikhy, Vice-President of Education, Undergraduate Investment Society at UCSD
Raj is a Junior at the University of California, San Diego, graduating in June 2009 with a B.S. in Man-
agement Science. He is the Vice President of Education for UCSD's Undergraduate Investment Society,
as well as the Operating Manager for UCSD's Student Foundation Investments Committee.
Prior to his involvement in the UIS, Raj worked closely with Dr. Charan Singh, Director of the Depart-
ment of Economic Analysis and Policy at the Reserve Bank of India, at SIEPR (Stanford's Institute of
Economic and Policy Research). He was also a Partner in a joint venture in the clothing industry, devel-
oping the company’s strategy and creating cost-effective operations solutions. Raj aims to be the CFO
of a major corporation.
Dear Reader,
Welcome to the Breaking Into Investment Banking Guide, an offering of the UIS Financial
Professionals Network. The mission of our organization is to help strengthen the UCSD brand on Wall Street and in the world of high finance by creating a strong career-driven network between alumni and students that ensures an ongoing progression towards this
goal.
We wrote this because we understand all too well the struggle the UCSD community
faces when applying for finance positions, especially those as coveted and competitive as investment banking. We know what it feels like to pass through Library Walk on Career Fair Day and not see a single finance institution. We feel your pain.
The unfortunate reality is that UCSD is not yet a “target school” for bulge bracket banks or the premier mid-market firms. This situation is made all the more frustrating because applicants from our school are no less intelligent, no less diligent, and no less qualified than candidates from target schools.
This Guide is a starting point for change. We hope that this Guide will serve to make you a more outstanding applicant as well as draw attention to the UCSD community as a
source of significant talent. The information inside is intended to aid you as you progress through the application process, which starts on the very next page. We strongly
encourage you to explore all of the resources listed and speak with as many industry professionals, especially alumni, as possible. In writing this guide, we have tried to assume nothing and give you the ground-up view to the arduous and difficult - but ultimately rewarding - career that lies ahead.
Best of luck,
The Editors
Page 3
Breaking Into Investment Banking - Letter from the Editors
Breaking Into Investment Banking
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1) Learn about the Industry and the Analyst’s Role Eric says: Read career guides (WetFeet and Vault are two big ones that I know of), attend info nights and panels, and speak with as many people in the industry as you can. You need to be sure investment banking is something you want to do.
? Doing your homework before getting involved in Investment Banking is imperative — you need to be familiar with the specifics of what Investment Banking really means and the functions it serves for the Financial Industry at large. The IB Industry is demanding, and if you are not familiar with the subject matter, you will struggle to stand out.
? Vault’s IB Career Guide is available on the UCSD Career website, https://www.doczj.com/doc/163233686.html,. WetFeet also has guides available (fee required), as well as in-depth profiles of the profession free on their website.
? The UIS Financial Professionals Network includes seasoned alumni who have direct experience in investment banking and can help answer specific questions, provide valuable insights, and offer mentoring and guidance to those who have thoroughly researched the industry and determined investment banking is what they really want to do. For more information on how to establish a relationship with Network members, contact a UIS officer.
? Attending info nights is a great way to get insider advice and presents great opportunities to build connections, as analysts often attend these events. Speaking to people in the industry will also prepare you for professional interviews later along the line, as well as help you gauge what functions their departments serve and the issues they deal with. While building relationships with senior banking professionals is key to recruiting and understanding the big picture, exposure to and contact with current analysts will be most important in developing a sense of what the position entails.
? Look out for banking-related events and material, such as the UIS Financial Professionals Network IB Conference Call (Spring ’08 – June 1st) and continuing updates and additions to this Guide. The Career Services Center and other organizations on campus host events as well.
Key Questions:
? “What is Investment Banking?” Investment Banks provide advice to corporate, institutional and government clients throughout the world on mergers, acquisitions and other financial matters. IB also raises capital for clients by underwriting public and private offerings of debt and equity instruments. The IB functions often overlap, but usually the goal is to "deliver the firm" (aka generate max fees). For example, if a manufacturing division of a large conglomerate were to spin off, the bank would want to structure the deal, come up with solutions to handle the company's pension and real estate issues, hedge any exposure created by the transaction, and underwrite the potential IPO associated with the deal. As you can imagine the opportunities for fees here grow as banks "advise" on various topics.
? “What is an analyst, and why do I keep hearing horror stories about long hours?” Analysts are the grunts of the IB world. They typically toil endlessly with little thanks, little pay (when considered on a per hour basis), and often work more then a hundred hours a week. This highly competitive group of intelligent, motivated youngsters is in charge of the financial modeling, basic valuation analyses, memo drafting, deal/ pitch coordinating and presentation building associated with strategic and financial transactions.
? “What are the typical responsibilities of an Investment Banker?” For analysts, it’s all about the computer screen. First year analysts frequently spend countless hours at their computers building models, doing comparative analyses,updating databases, working on pitchbooks, and getting yelled at. Excel and PowerPoint fill the majority of their days.Analysts who overperform (and sleep less), tend to find themselves
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involved in higher-level work, often moving up to participate in live transactions. Occasionally the analyst will be invited to attend a pitch, and during live transactions the analyst will participate in on site due diligence meetings, company presentations, drafting sessions and the investor road show. However, don’t get any ideas, 95% of the analyst’s time is spent at the computer. That being said, in a typical two year program, an analyst will develop mastery of financial modeling, a strong understanding of financial markets and the transaction process, and a broad understanding of the industry he or she has covered.
? “How are analysts placed in their divisions?” This is sort of a murky area, as there’s no formula; placement varies from firm to firm, but usually analysts are placed based upon both the needs of the company and the preferences they selected (location, group, and division). The HR department may not place you in your first, or even second choice, but often times, in hindsight, analysts are glad they ended up where they did. Keep in mind, HR has significant experience regarding placement, and they’ll likely know where your background would fit best.
? “Where can I get more information about a company, and what kind of research should I do?” Stay current on the news and transactions in the market (e.g. Microsoft-Yahoo bid, the Clear Channel fiasco, the credit freeze) – doing so will help you immensely during interviews. Also, when reading financial news, ask yourself how a particular event might affect the IB industry as well as the capital markets (think strategic landscape, financing constraints, and so on). Some good places to start are industry blogs, such as: Dealbook (https://www.doczj.com/doc/163233686.html,)and https://www.doczj.com/doc/163233686.html,.
? When researching an investment bank (especially for an interview), it may help to look at the Thomson Financial League Tables to understand the bank’s relative position and strengths (and add greater
insight into how news items affect certain banks and rankings). The Tables are accessible at:
https://www.doczj.com/doc/163233686.html,/business_units/financial/league_tables.
? Other good resources for researching companies in general include: the company’s Annual Report (in the company’s Investor Relations site or at https://www.doczj.com/doc/163233686.html,), Bloomberg (for news), Morningstar
(for valuation and financial information), and your friendly neighborhood UIS officers.
? “What options do analysts have after they ‘graduate’ from the Analyst Program?” Typical IB Analyst Programs at bulge bracket banks last for two years. After the second year, an analyst may be offered a third year if he or she is on the fast-track to be promoted (to Associate). Usually, analysts usually find out about their promotion chances at the end of their first year or early into their second. If not selected, analysts take their skills elsewhere after graduating. Traditionally, the firms that hire out of Investment Banks most frequently are hedge funds, private equity firms, and venture capital firms, as well as major corporations and start-ups. The highly transferable skill set developed over two grueling years offers analysts a variety of exit options upon their departure. Also, some analysts who are offered a third year elect not to continue in I-banking, as it is extremely difficult and demanding. Leaving from a boutique bank is bit different, as either the analyst does well and is promoted within the smaller firm, or transitions to a bulge bracket and follows a more traditional path there. Keep in mind: regardless of the size of the firm, investment banking is an extremely competitive meritocracy - analysts must consistently overperform to make these options available to them.
? “Should I get a CFA, CPA, or other certification?” The short answer is maybe. This is another gray area in banking. The CFA is much more useful for breaking into investment management, and the CPA is for accounting. There really is no particular designation that will serve as great a benefit as completing a financial modeling course, having a well-written resume and cover letter, and being articulate. However, having these (and other) designations can send quality signals to prospective employers. Make sure that you have a good story behind why you pursued a certain certification, and how it will help you in your responsibilities as an analyst.
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2) Skills and Preparation for Investment Banking The division of the bank you are placed in determines the skill sets you should develop. However, there is preparation you can do at UCSD. The courses below should help you to obtain introductory accounting and finance skills, as well as build a general knowledge base.
Eric says: Go to class! Especially Econ 4; (I know it’s at 8 a.m. but it will be the most relevant class you take). Most of the technical interview questions require basic to intermediate knowledge of accounting. Also, take the Corporate Finance Class. If you strongly dislike the subject matter of these classes, then banking may not be for you.
ECON 4
? Econ 4.Financial Accounting. Recording, organizing, and communicating financial information relating to business entities. Econ 4 is an introductory accounting course. It has no prerequisites and is thus open to all UCSD students. It is required for the Management Science major or minor.
ECON 120A
? Econ 120.Econometrics. Probability and statistics used in economics. Probability and sampling theory, statistical inference, and use of spreadsheets. Credit not allowed for ECON 120A and any of the following: ECE 109; Math. 180A; Math.183; Math. 186. Prerequisites: ECON 1A or 1; and Math. 10C or 20C.
ECON 173A-173B
? Econ 173A. Financial Markets;Financial market functions, institutions and instruments: stocks, bonds, cash instruments, derivatives (options), etc. Discussion of no-arbitrage arguments, as well as investors’ portfolio decisions and the basic risk-return trade-off established in market equilibrium. Prerequisite: ECON 100A or 170A; and ECON 120B.
? Econ 173B. Corporate Finance; Introduces the firm’s capital budgeting decision, including methods for evaluation and ranking of investment projects, the firm’s choice of capital structure, dividend policy decisions, corporate taxes, mergers and acquisitions. Prerequisite: ECON 4; and ECON 173A or 175. “What if I’m not an Econ/Mgt Sci/Math-Econ major?” Diversity plays a big role in a bank’s hiring decision and candidates from all majors are considered. A large percentage of analysts have engineering backgrounds and other majors are also represented. UCSD offers classes that don’t have prerequisites in Economics, but still cover some of the topics necessary in Finance. Some of these classes are:
MGT 181 (RADY)
? Mgt 181: Enterprise Finance ; This course examines the financial issues associated with a broad range of organizations. It reviews the process of raising capital from several perspectives including: donations, bootstrapping, angel investing, debt financing and equity financing. Topics include assessing and responding to the mindset of various kinds of investors, identifying sources of and ways to structure debt financing for growing firms, and deal structures for venture capital financing. Students will learn how to read financial statements and do financial statement analysis, recognize the importance of cash flow management, and understand how to value a company. Prerequisite: Upper Division Standing
MATH 194
? Math 194: Mathematics of Finance ; This course is an introduction to the mathematics of financial models. The aim is to provide students with an introduction to some basic probabilistic models of finance and associated mathematical machinery. The emphasis will be on discrete time models where concepts can be developed without measure theory. Prerequisite: Math 20D, Math 20F, and Math 180A or Math 183.
UCSD EXTENSION
? Extension Classes: Taking some of the UCSD Extension classes is a great way to develop additional knowledge and insights into the finance profession. While we all know that classes at UCSD are often overly theoretical with the risk of being impractical, Extension courses are taught by successful CFOs, hedge fund managers, corporate lawyers, etc… These instructors have a very hands-on, real-time business approach to the topics they cover.
? Security and Investment Analysis, Financial Statement Analysis, Financial Accounting
for Non-Accountants, Finance Management, Business Valuation
? Take an Online Financial Modeling course (Factset’s DealMaven and Wall Street Prep): UIS is offering DealMaven Financial Analyst Training course access at a significant discount .
DealMaven is the training program of choice for many premier institutions, including:
?
“What kinds of benefits will I receive from these courses?” These courses will sharpen your excel skills, provide significant insight into what Analysts do, and improve your understanding of accounting and corporate finance. They will also develop your corporate valuation skills as well as teach you how to model M&A and LBO transactions.
? Power Point proficiency is key: While Power Point is easily learned on the job, prior knowledge will help you hit the ground running. Page 7
Breaking Into Investment Banking
? Citigroup ? Evercore Partners ?
JPMorgan ?
HSBC ? Dresdner Kleinwort ? Lehman Brothers ? Morgan Stanley ? Perella Weinberg Partners ? Rothschild ? Thomas Weisel Partners
Breaking Into Investment Banking
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3) Perfect and Review your Resume
Eric says: Always be looking to improve grades and add leadership experience, and make sure that you can walk someone through it. Continuously improve your interviewing skills. Be prepared to have interviewers try to poke holes in the timeline of your resume and your accomplishments. When you walk an interviewer through your resume be sure to demonstrate your thought process. Your career contacts will be your best resources for practice. Ask your contacts if they will critique your resume and ‘pitch’.
? Make sure your resume highlights skills and experiences specific to the position you're applying for – e.g. If you were applying for a barista position, saying you filed taxes for clown school would not be relevant experience.Likewise, in applying to an internship position for a bank, working at the corner deli would likely not be appropriate. If you worked instead as the Internal Finance Director of UIS, however, that would be more pertinent information (unless, while at the corner deli you analyzed another deli for acquisition purposes or issued debt/equity to raise capital).
? Don’t just enumerate the positions you held but rather focus on your accomplishments in that position, what you achieved, and how that strengthened your candidacy for the role you are seeking. Also consider using the bullet points for more than short line items. For example, concisely describe a situation, actions you took, and the result of those actions. By doing this, you can show the reader your thought process/execution abilities. Results are key!
? Company websites will often have sample resumes as well as Do/Do Not tips. The Vault Guide has sample resumes and an example of a good format is attached. Read the website tips carefully, as they are given for a reason. Usually they are company specific and are critical in weeding out applicants. Follow any directions the company specifies on their website or through any submission process to the letter. For example, Lehman requires that resumes DO NOT have Objective Statements. A company is looking for candidates that are enterprising, but can follow instructions.
? Highlight leadership experience and taking the initiative - Even if the results were localized, it's better than just being a part of something big. An employee at Lehman will have better results with a resume saying, "Led initiative to establish the Lehman Brothers Centre for Women in Business at London Business School" than saying, "Worked on same floor as the Altria-Kraft spinoff team."
? Work on your cover letters. DO NOT FORGET to send a cover letter that identifies your specific motivation in applying to the company or working as an analyst. A good cover letter is an honest reflection of you and conveys the necessary information concisely. If you are unsure whether or not you should include a cover letter, include it. It will show your interest in the position and general diligence if you err on the side of caution. Also, avoid simply reciting what is in your resume. You should focus on explaining how your experiences make you qualified for the position (e.g. Instead of “Last summer I worked at ABC Boutique Bank as an Intern” you should say “Working for a boutique M&A advisory firm has provided significant exposure to the world of corporate finance and intensified my desire to continue gaining knowledge of the subject”).
? Get Feedback! Ask your professional friends and mentors, especially those in the industry, to look over and critique your resume. They can tell you if what you wrote is relevant, properly descriptive, and compelling. Operating in a vacuum is more likely to hurt you than help you. Resumes and cover letters are continuous works-in-progress, so don’t get too frustrated if you have to revisit the same points multiple times in the editing process.
4) Secure a Finance or Accounting Internship
Eric says : All of the bulge bracket firms have paid summer internships for college juniors. Some of the boutiques in Southern California also have school year and summer internships although they may be hard to find. Also some of the big companies in San Diego have school year finance internships. You are looking for exposure and a resume builder .
? Submit your application well in advance. Most of the full-time position deadlines for bulge bracket
firms come up early in the school year, and internship deadlines follow soon after. Line up your references (try to not list family as references ) and make sure that they can speak to your ability and performance history. Additionally, ensure that they have a working knowledge of your resume and even some specific points they should address in the event that they need to submit something in writing.
?
Time Line for Bulge Bracket Investment Banks Recruitment
Full-time/Analyst candidates :
? Before School Starts (August) - Submit your Resume!
? September - October: Information sessions and events (these do not take place at UCSD, but
you may be able to attend at UCLA or Cal)
? October - November: Candidate interviews - On-campus interviews are unlikely. You will likely be
called to LA (first round) and later flown to the office you applied to for your second round.
? October - December: Offers extended to candidates
Summer internship/summer analyst candidates :
? September-December: Information sessions and events (see note above)
? January - February: Informational sessions specifically for summer intern candidates - Most
Resume Submission deadlines are in January, so apply early!
? January - February: Candidate interviews
? January - March: Offers extended to candidates
The MBA timeline is different, but if you are such a candidate, check the company website or ask your local UIS officer ? Boutique Banks Hire Year-Round - the smaller Investment Banking firms, typically hire year-round,
and do not have as stringent deadlines. It is important to note that the hiring decision for a boutique is more critical to the firm than it is for larger firms (an analyst is a significant expense and boutiques cannot afford to make a bad hire) so the selection criteria is based on case-by-case needs. Expect your personality to play a large role. At the same time, boutiques have comparatively fewer resources for formal training, and so have higher expectations for prior knowledge. Expect to be grilled more aggressively on accounting/corporate finance knowledge.
? Larger Companies in San Diego - You may be able to get exposure to Corporate Finance by applying to any reasonably large company in San Diego (or wherever you’re based). The best thing to do would be to search online or visit the Career Center and see what you can find. Some examples are: Qualcomm, Sempra Energy, Intuit, and even the Port of San Diego.
?
Once you have an internship, overperform! If you get an internship, you need to parlay this into other opportunities. Keep note of all of your accomplishments and contributions for your end-of-internship resume editing . If you do not stay with the firm where you interned, then leverage the relationships you built into other opportunities. The possibilities are endless for talented, diligent candidates. Page 9
Breaking Into Investment Banking
Breaking Into Investment Banking
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5) Use all Career Resources you can access
Eric says: As a UC student, if you join other UC alumni associations, you get access to their career resources.
I met one UCSD undergrad who got an interview by using her friend’s password to the UCLA career site to submit her resume. My hope is that one day banks will start coming to UCSD, but that may not happen anytime soon. To this end, utilize every resource you can to find a potential employer.
? Check the following websites. Recommendation: Once or Twice a week (more during application season):
? https://www.doczj.com/doc/163233686.html, (The Best Job listing site for financial careers)
? https://www.doczj.com/doc/163233686.html, (Great finance/banking job site and networking resource)
? https://www.doczj.com/doc/163233686.html,
? https://www.doczj.com/doc/163233686.html,
? https://www.doczj.com/doc/163233686.html,
? https://www.doczj.com/doc/163233686.html, / https://www.doczj.com/doc/163233686.html,
? https://www.doczj.com/doc/163233686.html, (Excellent site for professional networking)
? https://www.doczj.com/doc/163233686.html, (Occasionally introductory jobs, sometimes there are potential gems)
? https://www.doczj.com/doc/163233686.html,
? Attend Every Career Fair you can get to! Any career fair is an opportunity to look good and shine
with recruiters. UCLA and UC Berkeley have the most established campus recruiting fairs and programs. It doesn’t hurt to attend other schools that have developed career connections either, such as Stanford, USC, and even Cal-Tech.
NETWORK, NETWORK, NETWORK!
Eric says: Build a contact list. Use the UCSD Career Access Network and contact all the IB professionals. Set up informational interviews and ask for additional contacts at the end of your conversation. If you ever hear that a firm is hiring, ask your contacts if they know someone at that firm that would be willing to talk to you about banking. I’ve had over 50 of these conversations/emails and they have always led to new contacts. In the end, none of your contacts will give you a job - you have to get it yourself - but they will help you get in the door.
? Follow up on Alumni https://www.doczj.com/doc/163233686.html,e the UIS Financial Professionals Network and scour the horizon for potential connections. If you develop these connections, you may be able to have an advocate on your behalf. Treat them with respect, however, as they are professionals. Even though they might show interest in helping you as a fellow Alum, do not take it for granted. These alumni are taking time they don’t really have to help set you up, so don’t drop the ball – ensure that you deliver what you committed to deliver. Use the Career Access Network and Alumni Association chapters as well.
? Build relationships with coworkers, even if they don’t work in the same industry. Think that every person you meet knows at least one person in the finance industry. That can open a lot of doors.
? Talk to UIS officers!The more exposure you get to the people involved with UIS, the more you will get the opportunity to go to executive luncheons, participate in Career Mentorships, and make lasting connections with corporations and professionals. UIS is the group to work with if you want to reach out to the Financial Professionals Network.
? Finally, be persistent and do not give up! Don’t be discouraged if you don’t have any luck after your first interview. The competition is fierce. If you are not successful on your first attempt, utilize the lessons you learned and redouble your efforts.
Breaking Into Investment Banking — SAMPLE RESUME Page 11
Breaking Into Investment Banking - MENTEE ROADMAP
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If you are applying to have a mentor through the UIS Financial Professionals Network, the form below is required (along with a resume and cover letter). This will help your Mentor better understand your goals and strengths/weaknesses, leading to more focused advice. Whether you get a mentor through our organization or not, we recommend completing the form - it will help you direct your immediate steps and give future mentors insights into your objectives.
The following sections should be filled before you first speak with a Mentor.
What are your career objectives? What are you looking to gain from a mentorship?
A)
_______________________________________________________________________________________ B)
_______________________________________________________________________________________ C)
_______________________________________________________________________________________ D)
_______________________________________________________________________________________ What have you done, or are you currently doing, to meet your objectives?
A)
_______________________________________________________________________________________ B)
_______________________________________________________________________________________ C)
_______________________________________________________________________________________
The following section should be completed with your Mentor
What are three SMART goals your Mentor can assist you with? Remember, SMART goals are
Specific, Measurable, Actionable, Realistic, Timely:
1)
2)
3)
* Though these goals will provide guidance, we recommend creating a list of tasks (action items) that break down the goals into manageable pieces and allow for better progress tracking. Good Luck!
Breaking Into Investment Banking — NOTES Page 13