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Can I Major In Investment Banking?

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Over the years, because many of my students approach me with questions about careers in Investment Banking, I’ve written down a few stock answers. Here are my notes:

An investment banker is someone who works or is connected with an investment house. Such investment houses or companies are often called investment houses, brokerage houses, underwriters, or simply investment banks. Many investment bankers are employees, but others may function as agents or independent contractors.

Most investment bankers who are sales representatives (stock brokers) are licensed individuals and must pass a background investigation and several exams to obtain the required licenses. Having satisfied the requirements, the candidates become “registered representatives,” and may then buy and sell securities through the organized markets.

The body that supervises both investment banks and registered representatives is the NASD (National Association of Securities Dealers).

Investment banks raise money for the Government, institutions, individuals worldwide, and public corporations by arranging the sale of securities (stocks, bonds, and derivatives) to the public in the primary market. After an initial public offering (IPO), the purchase and sale of securities take place in the secondary markets.

Professional services offered by investment banks:

Lacking the expertise to raise capital on their own or through organized securities markets (NYSE, OTC, Nasdaq, or the American Stock Exchange), the corporation must rely on investment banks. Therefore, they contract these banks so that they can design and negotiate the company’s best strategy and to recommend the sale of either bonds (debt) or stock (equity).

The bank’s resident staff includes a legal department that makes sure all Government regulations are complied with and all the necessary documentation properly gathered and printed. An important aspect of this expertise is the research called “Due Diligence,” which certifies that a checklist of material facts have been scrutinized to protect investors, the bank, and the company that is issuing the securities.

For small corporations seeking finance, the investment banks will require a retainer, which varies from house to house, but usually around $25,000. Since each deal is different and unique, the corporate controller must shop around to get a good idea as to what a reasonable fee may be.

With the deal settled, the investment bank proceeds to get the issue out. Initially they will prepare the Private Placement Memorandum (PPM) which contains a blueprint for marketing the issue.

Mergers and acquisitions (M&A)

Investment bankers also handle mergers and acquisitions and corporate restructurings. This is a very lucrative field for many investment bankers. By bringing together companies and either merging them or acquiring them (and letting them work independently), investment banks foster the growth of successful companies. Some companies achieve growth and earnings through mergers and acquisitions rather than through the operations of their main line of business. Take for example, General Electric. Investors no longer think of GE as a manufacturing electronics company, but as a conglomerate and finance company. Not only do investment banks bring together companies to form a larger company, but they also break them up into smaller companies, spinoffs, or carve-outs. In either case, the banks will make money.

Brokerage and proprietary trading

Proprietary Investing refers to the management of portfolios of high-yield bonds, leveraged loans and other publicly traded securities. The management teams use intense credit research and relative value analysis.  The “prop desk” handles the trades of stocks, bonds, options, commodities, swaps, and other derivatives.

Different strategies are employed for different clients. For example, less aggressive techniques and risk will be employed in the management of pension funds. Likewise, not-for-profit institutions will restrict the trading to safer techniques.

Although investment banks are viewed as businesses which assist other business and institutions in raising money in the capital markets, in fact they also do lots of trading for their own accounts. Part of their daily activities involve: index arbitrage, statistical arbitrage, merger arbitrage, and volatility arbitrage.

Management services and other services

Given their huge pool of skilled and talented employees, they can develop detailed plans for businesses to be successful.

Entire departments and managers specialize in industry sectors such as pharmaceutical, health, wind energy, etc. They develop divisional performance measurement: cost, revenue, profit, and investment and expense centers that determine which method is likely to be the most efficient for each client.

Not only do they design and develop strategies for senior executives to manage the cultures within their organizations, but also they recommend equity compensation instruments (stock options).   

For those corporations that are image-conscious, investment banks offer ‘corporate social responsibility’ programs that can enhance the company’s reputation and goodwill.

Students

Many of my students often ask me, can I start with a commercial bank and then transfer to an investment house? Yes. This happens all the time. But, human resources, and division heads in investment banks tend to look down on applicants with commercial bank experience. The action, they feel, is in investment banks. Another question that comes up: what college majors are preferred for investment banking? The answer is: finance, accounting, and economics. Yet, I’ve met successful investment bankers who majored in liberal arts. In fact, a friend of mine majored in French Literature. The ultimate major that is required is: intelligence, coupled with a flair for numbers, and excellent communication skills.

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I am a novice when it comes to this investment thing so please explain in simple terms what investment banking is and what fixed income is about. Thank you
Which could be the better financial city in india as per the investment banking coming two years as well consuming power as per GDP?
How many investment banks are there?

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Quality Assurance in Banking Investment

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Home Page > Finance > Banking > Quality Assurance in Banking Investment

Quality Assurance in Banking Investment

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Quality Assurance in Banking Investment

By: Gopal

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Gopal Pottabathni

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Article Source: http://www.articlesbase.com/ – Quality Assurance in Banking Investment

Introduction

Banking Investment or investment banking is part of the financial services industry that offers wide variety of services to corporations and organizations all over the world. The range of products and services is increasing rapidly that has made it difficult to distinguish the most important services because investment banks offer their services in different forms (Turnbull and Moustakatos, 1996) The service is an area that helps companies in funds acquisition, advising for wide range of transactions for future businesses (www.wisegeek.com).As it is clear that the investment banking deals with providing financial assistance to the companies for business matters, it is essential to ensure quality service in the area. Therefore quality assurance is the main pillar of any business including profit and nonprofit organizations, government and nongovernmental organizations as it affects the level of success in the business. The quality assurance further helps in conducting other evaluation processes like standards compliance evaluations, brand assurance evaluations, customer or guest experience evaluations, etc. which makes it essential and important in any business organization to maintain a dominant position in the industry market (www.totalqualityassuranceservices.com). In view of the importance of quality assurance, the present paper is intended to discuss the issues and importance related to banking sector particularly in investment banking.

Investment Banking

Investment banks have multilateral functions to execute in favor of various companies. The service mainly deals with companies like helping private and public corporations in issuing securities in the primary market, guarantee by standby underwriting or best efforts selling and foreign exchange management. (www.economywatch.com). Further it is committed towards providing assistance to capital markets as intermediary. These are the institutions that are regarded as counterparts of banks in the capital market in the function of intermediation in the process of resource allocation (Subramanyam, 2004, p.72)

Need for Quality Assurance in Investment Banking

Williamson (1988, p.55) stated that investment banking has been and will continue to be an increasingly intensively competitive business in order to strive in the market which is mainly dominated by the changes as part of strategy in the capital and  securities industry. The changes in the market include emergence of institutional investors, internationalization, innovative technology enabling investment banks and their customers to organize and distribute information, increasing complexity, and capital market capabilities are replacing institutional intermediating capabilities making the commercial banks increasingly active in investment banking. Quality assurances are essential in order to retain the customers on hand which shall be the top priority for any organization as they are the main source of revenue and to attract more customers with quality assistance in banking services. The assurance of quality in service sector brings the customer back to make use of the services and recommend the same to others which means increased rate of profit. Therefore quality assurance is essential in banking sector and especially in the investment banking sector.

Quality Assurance in Investment Banking

Quality Assurance is a new topic that is been applied in banking industry that has been accorded the responsibility to evaluate the performance of system and practices and also suggested changes in the existing practices to improve quality assurance. The process of evaluation regarding the quality assurance in investing banking is initiated with the identification of suitable methodology with definition of goals and objectives of the organization (www.sbp.org.pk). The process is essential in investment banking as investment banks have unique role to play in bridging the worlds as mainstream investors manly rely on the quality assurance of the investment banks (Rhyne, 2009, p.51). In view of the importance of quality assurance in the investment banks, the process is carried out to strengthen the procedure and standards at corporate level, promoting efficient utilization of available resources so that different functions are carried out in an expeditious and cost effective manner and make recommendations for enhanced customer satisfaction. Initially quality assurance will be started by following three pronged strategy i.e. (i) develop the system, (ii) document the system, and (iii) analyze the feedback and make further recommendations (www.sbp.org.pk). Quality assurance is at its best at the times of negotiation with with single investment banker and stronger when registered in traditional manner instead of shelf registration (Williamson, 1988, p.69). According to Turnbull and Moustakatos (1996) service businesses can grow in various ways by retaining the existing customers and attracting new customers through great quality and eliminating the redundancies by the way of terminating the services of unsatisfactory customers and providing  services to new customers.. Further to clarify the scope of quality assurances to the customers in investment banking, reputation of the bank is important in terms of providing advice, integration, orientation and range of products and services offered that act as the major source of retaining and attracting the customers. Investment bankers seek to cultivate an image of competence and quality which is especially important in a competitive professional service business (Eccles and Crane, 1988, p.69). Neely (1999) states that quality assurance is achieved by managing the quality assurance activities system, quality control diagnosis, innovation, improvement, inspection, quality evaluation and audit, infrastructure, assistance in product usage, recycling,  customer satisfaction, reliability, safety, product liability and environmental protection. In order to provide all the facilities mentioned hitherto, quality assurance should begin at each level purely undertaken and supported by the quality assurance team and its members (Gillman and White, 2001, p. 215).

And of late, Total Quality Management (TQM) principles are in practice in most of the successful organizations which also lays down the principles in providing qualitative services to the customer. The TQM principles designed by various researchers are being adapted by many service industries to provide quality service to its customers or clients. It is important to note that the principles are more effective in service sector organizations than in any other firms necessitating the need to integrate the principles in the investment banking to provide quality services to its customers and achieve greater customer satisfaction (Cowling and Newman, 1995). Managers are required to be sensitive to different demands and needs when developing their operational, human resources and marketing strategies with a view to improving the quality of service they offer to their customers as they are willing to pay for better premium services (Spathis, Petridou and Glaveli, 2004). The increasing expectations among the customers, existing and those coming to the bank in search for better service than others in the industry has created a competitive climate thereby laying the impetus on quality of the relationship between the customer and the institution. There are various methods which can be used to ascertain the determinants of the concept of service quality as well as quality measurement techniques (Joseph et al, 2005). Quality is an important aspect in any industry, offering products or services, to attract new customers and retain the existing ones. And providing assurance about the quality is need of the hour for every business. As investment banking is a service oriented business with most of the profits coming through the investments in businesses and acting as consultant to many businesses, it is necessary that investment banking adopt suitable techniques, theories and principles related to quality assurance for customer satisfaction and retention.

Conclusion

The banking sector is growing day by day with new and complex services offered to the customers by various banks to strive in the competitive market. The whole gamut of business is surrounded with one aspect i.e. customer service. Therefore quality is important while providing service to the customers as any soar experiences will result in loss of customers as well as business. It is mentioned that investment banks must improve and emphasize various service dimensions resulting in better quality service. However it is important to mention here that just offering qualitative service is not sufficient but to assure the same service and much better service in the coming future is necessary for the investment banking which deals in higher segment as compared to commercial banking. As mentioned earlier, apart from acting as banks, the investment banks also engage in consultancy services providing assistance in financial and company matters. Basing on this, most of the companies turn towards the banks for suggestions and providing right advice at the right times demonstrates that the bank is reliable financial adviser and is able to meet the clients expectations. Moreover it is important to provide service far better than expected by the customers during the service process by being responsive, approaching the customer to help inspiring confidence, and adopting an institutionalized approach (Turnbull and Moustakatos, 1996). Service quality is being recognized as one of the key strategic value which aims to provide better service in order to retain the existing customers by providing optimum satisfaction, opportunities for cross selling, development of customer relationships, increased sales and market shares by attracting new customers all of which ultimately enhancing the corporate image and business performance (Joseph and Stone, 2003). In view of the above benefits associated with quality assurance in various organizations and particularly in investment banking, it is an integral part of the management process to achieve the goals and objectives of the investment banks. Thus quality assurance is an important element in attracting customers or client in the investment banking sector.

 

 

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By:
Christopher S. Norwoodl

Finance>
Investingl
Dec 08, 2009

Islamic banking and global financial market: signs of sustainable growth

article basically deal with the current financial growth of Islamic banking in world economy and hoe the prohibition of interest under Islamic Bank contributes to the sustainable growth of financial market.

By:
sabaha khanl
Lawl
Oct 12, 2009
lViews: 216

A Study the Strategies Issue in Indian Banking Sector

It is fair to say that despite a turbulent year and many challenges, we have made some progress towards this goal. There has been progressive intensification of financial sector reforms, and the financial sector as a whole is more sensitized than before to the need for internal strength and effective management as well as to the overall concerns for financial stability.

By:
Nidheesh K Bl

Finance>
Bankingl
Dec 07, 2008
lViews: 766

Challenges To The Core Banking Solutions Implementation Projects – Part 2

This is a sequel to my previous article. It explores problems such as lack of resources, training, stress and load testing, and experienced project managers.

By:
Imran Adeel Haiderl

Business>
Project Managementl
Mar 03, 2009
lViews: 213

Business Analyst Resume for Banking and Financial Domains

Business Analyst Resume for Banking and Financial Domains

By:
FutureThoughts,LLCl

Careers>
Resumesl
Oct 19, 2010

Some Know How On Careers in Marketing, IT and Finance

With assortments of career alternatives out there, students are split on choices as to which career path to pursue. In such milieu, let us discuss some of the imperative and pertaining careers in Finance, Marketing and IT. The finance industry is an ever green career option which never goes out of fashion and the sheer number of alternatives accessible when it comes to Careers in finance will surely sweep you off your feet.

By:
Sanjayl

Careers>
Career Managementl
Sep 10, 2010

E- BANKING – RECENT TRENDS IN INDIA

Indian banking system was domestically oriented at the time of nationalization in 1969. Technology in Indian banking has evolved substantially from the days of back office automation today’s online, centralized and integrated solutions.E-banking are the buzzwords in the global commercial activities today E-banking or electronic banking refers to conducting banking activities with the help of information technology and computers. This paper analyses the recent trends in e banking in India

By:
Dr.K.Krishnakumarl

Finance>
Bankingl
Aug 18, 2010

China inflation of prices arise serious disputes

The story began on 9th November 2010. News shows a research status, the prices of breakfast (noodle) rise to4- 5 Yuan per 500g in China. Then news reported the edible oil price rose ensuing.
As we know, during 2010, there are a lot of inflation phenomena. ….

By:
Sophia Brainl

Finance>
Bankingl
Nov 12, 2010

Michael Levitis :What does Filing For Bankruptcy Costs

Even though an increasing number of people are choosing bankruptcy as a lawful means of getting rid of their debts, only of few of them are actually aware of the actual costs of the whole process.

By:
Michaellevitisl

Finance>
Bankingl
Nov 12, 2010

Buy a Small Bank, CAMEL ratings, MergerWorld

. Some of the things to be review 1. Review regulatory reports, 2. Review portion of loan portfolio 3. Review ALLL methodology and process. 4. Review portfolio of HTM securities for impairment, 5. Review minutes 6. Review call reports, and external audit.

By:
iBulletinl

Finance>
Bankingl
Nov 11, 2010

Corcentric Announces Straight Through Processing with their New Accounts Receivable Automation Solution

Service Captures Data from Checks and Remittance Advice at a Significantly Lower Cost.

By:
Alberto Stellpflugl

Finance>
Bankingl
Nov 11, 2010

High Yield CDs: The What and the Why

CDs, technically known as certificates of deposit, are special accounts issued by banks, thrift institutions and credit unions. Money placed in a CD cannot be withdrawn by the account holder.

By:
ZoeyVinsonl

Finance>
Bankingl
Nov 11, 2010

Locate the Best Yield Bank CD Rates

If you want to save your money, then you should definitely consider investing in bank certificates of deposit, also known as CDs. This is a reliable way to put your money away so that you will not spend it.

By:
ZoeyVinsonl

Finance>
Bankingl
Nov 11, 2010

RBI’s second quarter review of Monetary Policy: A big hit on the Reality Sector?

Overall, we can say that the policy announcements made by RBI will have a neutral effect in the short run. But in the long run, it is going to have positive impact in terms of protection provided to borrowers (in form of brakes on teaser home loan rates), and in terms of registration of houses at their actual value

By:
Mr Navneet Kumarl

Finance>
Bankingl
Nov 10, 2010

Rob DeVincent Of Corcentric To Speak On Changing The Face Of Healthcare Through E-Invoicing And Cloud AP Automation At PayStream Healthcare Summit

DeVincent to Explain How to Implement Automation Technologies Without Incurring Large Set-Up Costs, Lengthy Installations, or Difficult Adoption, While Experiencing a Positive Return on Investment in Less Than a Year.

By:
Alberto Stellpflugl

Finance>
Bankingl
Nov 10, 2010

Strategic Management – Case Study of Airbus

Airbus is one of the world’s leading manufacturers of commercial jetliners and military airlifters and is world’s first twin engine wide body jet since 1974. The key success factors of Airbus have been helpful in achieving the objectives and improve the overall performance of the company, financially and physically. The company strategy is based on differentiation strategy of Porters generic strategy while providing airplanes with innovative design and technology.

By:
Gopall

Business>
Corporatel
Aug 09, 2010
lViews: 185

Quality Assurance in Banking Investment

The service is an area that helps companies in funds acquisition, advising for wide range of transactions for future businesses. Investment banking deals with providing financial assistance to the companies for business matters, it is essential to ensure quality service in the area. Quality assurance is the main pillar of any business including profit and nonprofit organizations, government and nongovernmental organizations as it affects the level of success in the business.

By:
Gopall

Finance>
Bankingl
Aug 09, 2010
lViews: 136

Global Credit Crunch – UK Economy

The recent credit crisis which initially started to show its colors during the end of 2008 is continuing to play the spoilsport in the growth of world economy. It’s been seven to eight months when we first heard of Lehman Brothers filing for liquidity. The root causes of present credit crisis could be summarized as the improper policy of successive governments that failed to check the financial institutions and mind gobbling schemes offered by various banks and financial institutions.

By:
Gopall

Finance>
Bankingl
May 30, 2009
lViews: 1,236

Strategy Management

Porter (2002) states that root of the problem lies in the lack of distinguishing between operation effectiveness and strategy. The expedition for productivity, quality and speed has resulted in management tools and techniques, total quality management benchmarking, time based competition, outsourcing, partnering, reengineering, change management. In any organization, strategy management is the key to its success.

By:
Gopall

Business>
Managementl
May 30, 2009
lViews: 212

Strategic Management: A Case study of Walmart Inc

Porter (2002) states that root of the problem lies in the lack of distinguishing between operation effectiveness and strategy. The expedition for productivity, quality and speed has resulted in management tools and techniques, total quality management benchmarking, time based competition, outsourcing, partnering, reengineering, change management. In any organization, strategy management is the key to its success.

By:
Gopall

Business>
Strategic Planningl
May 30, 2009
lViews: 21,152

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