Investment Banks: The Complete Guide
Everything an investment bank actually does, division by division. M&A, ECM, DCM, sales & trading, equity research, asset and wealth management, prime brokerage. The bulge bracket, elite boutiques, middle market. The career ladder, the comp ladder, the hours. How banks make money, where they lose it, and the regulation that has reshaped the industry since 2008.
12
Modules
~10h 25m
Reading time
Beginner
Level
Self-paced
Format
Long-form study guide
Everything investment banks do — division by division — in one read.
The full guide: M&A and ECM and DCM, sales & trading, equity research, asset and wealth management, prime brokerage. The bulge bracket and the boutiques. The career ladder and the comp ladder at every level. Read in one sitting or jump to any section.
Syllabus
- 01→
What an investment bank is, and isn't
Definition, history, the 1933-1999 Glass-Steagall split, the universal-bank model, and how investment banks differ from commercial banks, asset managers, and hedge funds.
~50 minModule 01 - 02→
The bulge bracket, elite boutiques, and the middle market
Goldman, Morgan Stanley, JPM, BofA, Citi — and where Lazard, Evercore, Centerview, Moelis, Houlihan, Jefferies, and the regional shops sit in the league tables.
~45 minModule 02 - 03→
The Investment Banking Division (IBD)
Coverage vs product groups, what an MD actually does, pitch books, models, and how a deal moves from 'a call' to 'closed and announced'.
~55 minModule 03 - 04→
Mergers and acquisitions (M&A)
Sell-side vs buy-side, mandates and engagement letters, fairness opinions, deal structures, break-up fees, accretion/dilution analysis, and the theatre of an auction.
~65 minModule 04 - 05→
Equity capital markets (ECM)
IPOs (book-building, pricing, allocation, lock-ups), follow-on offerings, ATMs, convertibles. The economics of underwriting and why banks compete on league-table position.
~55 minModule 05 - 06→
Debt capital markets (DCM)
Investment-grade and high-yield bond issuance, syndicated loans, leveraged loans, structured products, and the bookrunner economics.
~50 minModule 06 - 07→
Sales and trading
Equities, fixed income, currencies, commodities (FICC). Market making vs flow vs structured. Prop trading and what the Volcker Rule did to it. How a desk actually makes money.
~60 minModule 07 - 08→
Equity research
Sell-side coverage, the Chinese wall, MiFID II unbundling, what an analyst actually publishes, and the death and slow rebirth of the buy rating.
~45 minModule 08 - 09→
Asset management and wealth management
What the AM and WM divisions do, AUM and fee economics, the active-vs-passive shift, and why every bulge-bracket bank now wants more of both.
~50 minModule 09 - 10→
Prime brokerage and securities services
How banks finance hedge funds, securities lending, custody, and the Archegos lesson on counterparty risk.
~40 minModule 10 - 11→
The career ladder and the comp ladder
Analyst → Associate → VP → Director → MD. Hours, pay progression, exit options (PE, hedge funds, corporate development), and what each level actually does day to day.
~50 minModule 11 - 12→
How investment banks make money — and lose it
Fee revenue vs balance-sheet revenue, regulatory capital (Basel III/IV), ROE targets, and the post-2008 changes that reshaped which banks won and which died.
~60 minModule 12
How to use this course
Start with module 01 if the material is new; skip ahead if you have prior exposure. Each module is self-contained but the arc is sequential — the projects in the final module assume the toolkit from modules 1-11. Every module ends with key takeaways and a curated further-reading list with primary sources.