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Investment banking as a career

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  • 1. Investment Banking as a Career September 22, 2013 Arif Khan M.Com MBA FCMA CFA Commissioner, Bangladesh SEC
  • 2. Three functions:  Investment banking (Merchant Banking in Bangladesh context-mostly corporate finance deals)  Research and trading -mostly equity research and trading  Advisory services for mergers and acquisition and enterprise valuation What an Investment BankerTypically Does?
  • 3.  Corporate finance deals with raising money for firms to maximize shareholders wealth. Common areas are: Initial Public Offerings (IPO)  Debt offerings, private placement and public offerings  Equity, private placement & right offer or repeat public offer Corporate Finance Activities
  • 4.  Understanding the whole process of issuance of shares and corporate debt  Underwriter provides advice for issuer, distribution of securities, sharing of risks of issue and stabilization of aftermarket  Underwriter also “certifies” the issue by putting its reputation behind the issue Huge Role of Investment Bankeras Underwriter
  • 5.  Advise issuers about their choices  Agreement among underwriters, designates manager, fees  Cooling off period- distribute prospectus Organizing road show for prospective investors The Underwriting Process- Prefiling Period
  • 6.  Filing with Bangladesh SEC  Decide on offering price, electronic book running  Price discovery for IPO  Opening the issue for public subscription The Underwriting Process- Second Phase
  • 7.  Understanding the business  Industry overview and competitive positioning  Financial statement analysis  identifying investment risks  finding out the value, not the price! Equity Research-Basics
  • 8.  Analysis of potential mergers or acquisition  Organizing leverage buy-out deals  Corporate restructuring  Divestitures  Enterprise valuation Corporate Advisory
  • 9.  Positive attitude in problem solving  who are comfortable with numbers  who likes to work with people  almost all jobs in i-banking are people oriented What Type of People Do Well in i-Banking
  • 10.  Basic knowledge in economics  A broad understanding of business  understanding the operation of financial market  A strong understanding of accounting, and financial statement analysis capability  Backgrounds in corporate finance and investment  Marketing skills, enthusiasm and people skill  Good written and oral communication skill What You Need to Make it in i-Banking
  • 11. • “The only place where success comes before work is in a dictionary”  “ If I am interested in a company, I’ll buy 100 shares of all its competitors to get their annual report”  “We should pay to Have This Job”  “ Find out your area of interest and think and work with it passionately for 24 hours” Final Note-Continuous Learning and Hard Work
  • 12. THANK YOU