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Investment Banker / Equity Research
Finance, Accounting & BankingHigh-finance careers — M&A advisory, IPOs, equity research at investment banks.
What they actually do
IBankers advise corporates on raising capital (IPO, debt) and on M&A transactions. ER analysts cover specific sectors and write reports for buy-side investors. Hours notorious — 80-100/week in first 2 years.
A typical day
- Building financial models (DCF, LBO, comparable)
- Drafting pitch decks + IM (information memos)
- Coordinating with legal/accounting on transactions
- Client meetings + due diligence calls
- Industry research + management interactions
How to become a Investment Banker / Equity Research
3 viable paths.
BCom/Eng → CFA + MBA (top 5 IIM) → IB analyst
Most common. IB does on-campus at IIM-A/B/C/L. CFA + finance internships strengthen profile.
CA → IB associate
CA + Big-4 audit + MBA combo opens IB associate roles.
Top engineering UG (IIT) → Direct IB analyst
IITs feed IB on-campus directly into analyst roles.
Qualifications
- MBA (top-7 IIM) OR CA + relevant experience OR CFA Charter
Skills that matter
- Financial modelling (DCF, LBO, M&A models)
- Valuation techniques
- Accounting fluency
- Communication + presentation
- Excel + PowerPoint mastery
Salary bands by experience
Wide bands — real salary depends on city, employer, performance. Pick the midpoint for planning.
- Analyst (0-2 yr)₹20 - ₹40 LPA
Bulge-bracket banks (Goldman, MS) ₹35-40L; Indian IB ₹20-25L.
- Associate (3-5 yr)₹35 - ₹80 LPA
- VP (6-10 yr)₹80 LPA - ₹2 Cr
- Director / MD (10+ yr)₹2 Cr - ₹5 Cr+
Career growth + employers
Analyst → Associate → VP → Director → MD → Partner
Top employers (informational, not endorsement)
- Goldman Sachs, Morgan Stanley, JP Morgan (BB)
- Kotak, Axis Capital, JM Financial (Indian)
- Avendus, MAPE, o3 Capital (boutique)
Honest pros + cons
Pros
- Among highest-paid careers in India early on
- Exit options into PE/VC/corporate dev are strong
- Skill set portable globally
Cons
- 100-hour weeks in first 2 years are common
- Burnout high — most leave within 4 years
- Heavily concentrated in Mumbai + a handful of firms
Demand outlook
Cyclical. IPO/M&A booms drive hiring; slow years see layoffs. Long-term stable for top performers.