What do you think an investment banking analyst actually does all day?

I've talked to several analysts about this. The job is mostly building things and checking them, and it's less glamorous than the title. The biggest block is building. That means financial models and the presentations that go to clients, and the analyst makes every change. The second block is checking. Every number on a page has to tie back to a filing or to the model, and the footnotes and formatting have to be right. The third is process work on live deals, like running the data room, scheduling calls and taking notes. The hours are long. Comments from the associate and the VP come in late, so the real work happens in the evening. What I don't expect is to be advising clients. So I'd expect to be working hard, learning fast and supporting the deal team.

I've talked to six analysts about this, and I asked each one to walk me through their last Tuesday. The job is mostly building things and checking them, and it's less glamorous than the title. The biggest block is building. That means financial models, like an operating model, a DCF or a merger model, and the presentations that go to clients. One second-year told me his last pitch book went through fourteen versions, and the analyst makes every change. The second block is checking. Every number on a page has to tie back to a filing or to the model, and the footnotes and formatting have to be right. Two of them said this is what a first-year gets judged on, because one wrong number makes the client doubt the whole book. The third is process work on live deals, like running the data room, updating the buyer list, scheduling calls and taking notes, then sending follow-ups the same night. The hours are long. Comments from the associate and the VP come in late, so the real work happens in the evening. Four of the six had cancelled weekend plans in the past month. What I don't expect is to be advising clients. The analyst's value is that senior people can send a page out without rechecking it. I updated a comps sheet every week for a small advisory firm last summer and liked getting that right, so I'd expect to be working hard, learning fast and supporting the deal team.