華爾街「投行兵" What its like to be an Investment Banker?

很多人認為進入華爾街就是得到了一個金飯碗

西裝筆挺，光鮮亮麗

萬人之上，坐等錢收

而真實的投行生活究竟是什麼樣的呢？

比起 華爾街女皇王子 這種稱號，

"投行兵」 倒可能更接地氣！

點擊下方視頻來聽經天（Tian Jing）與你分享華爾街投行的種種!

本期嘉賓：經天，畢業於復旦大學與耶魯商學院，現從事醫療保健行業投資，曾就職於全球知名諮詢公司、投資銀行與醫藥公司

謝謝收看！請給我們留言分享你的想法或繼續提問！

本集全集中英翻譯稿如下

He worked at investment banking for a few years

他曾在投資銀行工作了幾年

and now hes working in healthcare investment

現在他在做醫療方面的投資

As we know, investment banking has been a really really popular career choice

我們知道，投資銀行一直是很受歡迎的職業選擇

especially for college and MBA graduate students

尤其是對大學生和MBA畢業生

so today we are going to talk about what its like to be an investment banker

所以今天我們要來談談投資銀行工作的日常

I dont know how many of our fans have watched the movie "Equity"

我不知道有多少觀眾看過電影《華爾街女皇》(《Equity》)

Its a movie from 2016

這是2016年的一部電影

Have you watched it?

你看了嗎？

Yeah a little bit

看了一點

It tells a story about a woman in investment banking trying to climb the ladder in her career

它講述了一個女人在投資銀行中試圖升職的故事

while facing a lot of challenges from competitors, colleagues, boyfriend, friends

面臨了很多競爭對手，同事，男友，朋友方面的挑戰

I have to say its a very tough life to live

我不得不說這是一個非常不容易的生活啊！

Well, its not just in banking, right? I mean, in consulting, its the same issue as well

是，不過它不只是在銀行，對吧？我是說，在諮詢，這是同樣的問題

Well, yes, we can talk about the comparison between banking and consulting later

嗯，是，我們可以之後談論銀行和諮詢之間的比較

I know youve been a consultant before, so you are the perfect person to tell us the story

我知道你以前也是諮詢顧問，所以你是最好的嘉賓來說這些故事

Why did you decided to join investment banking? 你為什麼決定加入投資銀行？

That was actually a decision already made

before I joined the MBA

這實際上是一個我去MBA前就做的決定

Oh why? Tell me more

哦？怎麼說？

My first job after college pre MBA was, as you know, a management consultant

如你所知，我在讀MBA前的第一份工作是一個諮詢顧問

Yup

對

Spent a little bit time in China; sometime in US

在中國和美國各待了一段時間

My thinking at the time was

我當時的想法是

I was trying to do something really

close to the capital markets

我要試圖做真正貼近資本市場的東西

I was trying to do investments in the long

term, so I need to learn

長遠來講，我想做投資，所以我需要學習

be really solid in Finance

有很紮實的金融底子

close to capital markets, knowing whats going on on capital markets

接近資本市場，知道資本市場是怎麼回事兒

thats why I chose investment banking

這就是為什麼我選擇了投資銀行

Whats the day-to-day like as an investment banker? 在投行工作的日常是什麼樣的？

Well I dont know what the audience can think of, you know, day-to-day on Wall Street

好吧，我不知道觀眾對華爾街的日常有什麼想像

I believe its not gonna be that much different from the audience imagination or observation

我相信現實不會和你們的想像有太多不同

Huh really?

呵，真的嗎？

Yeah Ill tell you what

是的，我來慢慢講給你聽

Okay, we will see

好吧，我拭目以待

First of all its extremely busy, right?

首先，非常忙，對不對？

as you can see

如你所看到的

Its like day and night, and usually no weekends

這就是一個白天黑夜不停，平時沒有周末的活兒

No surprise...

不吃驚...

I was kind of lucky

我算是幸運的

because my group was kind of well-known for doing a good job in maintaining the work-life balance

因為我的組是眾所周知把工作與生活平衡得不錯的

hmm and what do you mean by doing well

嗯，你來說說什麼叫不錯？

One joke is usually that

我們業內的笑話是這樣講的

We say, were doing nine five job, right?

我們做九五工作，對不對？

and people usually say 9am - 5pm

人們通常說，上午9點到下午5點

but when we say nine five, you need to ask us specifically

但是，當我們說九五，你要問我們具體的

is that 5am or 5pm?

是凌晨5點還是下午5點？

There is difference between the two

還是有這個區別的

Its extremely busy

真的非常忙

As I said, I was lucky my group was pretty good in lifestyle

正如我所說的，我很幸運，我的組在保持生活工作平衡上還算好

Sometime maybe 9 or 10pm; sometime over the midnight

有時也許晚上9點或10點， 有時在午夜

Sometime you have weekends

有時可以有周末

The senior leaders were trying to ensure that...

領導們試圖保證...

Its so sad its called good....

這聽上去好慘，這都被稱為好....

I think thats the standard - you gotta have weekends!

我認為這是標準啊 ！你總得有周末！

so thats one thing, its very busy

這是第一，非常忙

Now talking about day-to-day, it really depends on if youre in a deal mode or client service mode

說道每天的工作，這取決於你是在交易內還是客戶服務模式

If youre working on a deal, then basically you interact with the client on a daily basis

如果你在一筆交易內，那麼基本上你與客戶每天有接觸

on the hourly basis actually

實際上可能是每小時

By working on a deal, do you mean by putting together a package for IPO or M&A (Merger & Acquisition)?

你說的交易是說上市或者兼并收購嗎？

Yeah, it could be an IPO, but I think in US, especially in healthcare space, the M&A was very active in the past few years

是的，可以是IPO，但在美國，尤其是在醫療保健行業，兼并收購這幾年盛行

On the deal, you have to interact with with the clients to get what they want, to deliver what they want

在交易里，你必須與客戶進行交流，得到並提供他們想要的東西

and you have a lot of internal meetings

你會有很多內部會議

and if you are a sell-side banker, then usually on the daily basis, you will interact with different potential buyers

如果你是在賣方銀行的話，通常你每天會和不同的潛在買家接觸

assuming this is not an exclusive situation

如果這不是一個一對一的設定

and you have to do a lot of groundwork, like valuation, prepare the materials

你必須做大量的基礎工作，如估值，準備材料

prepare the data room ready, setting up all the conferences

準備數據室，設置所有的會議

net-net make sure the process, either sell side or buy side process to be running smoothly

總之要確保這個過程中，無論是賣方或買方的流程都要運行流暢

and you can reach the deadline

你可以滿足最後期限

How long is usually a deal process?

一個交易通常是多久？

It depends

看具體情況

A typical M&A process run anytime between, I would say, 2 or 3 months to 6-7 months

一個典型的兼并收購可能會是2-3個月到6-7個月

thats just the time between your really getting engaged and you get to announce the transaction

這只是你真的決定要開始考慮交易到你公布交易

There will be further closing procedure after you announce the transaction

交易宣布後還會有進一步的收尾流程

and sometimes it takes much longer

有時需要更長的時間

Before you were actually engaging in the deal

在你真的進入交易模式以前

you have to pitch the client; you have to provide certain services to the client

你必須要向客戶提議; 你得先向客戶提供某些服務

to provide the ideas and hopefully some of the ideas will get fruition so that you will get the engagement

提供一些點子，希望這些想法會被採納，然後變成交易

How do different roles collaborate in investment banking? 投行中的不同職位如何一起工作？

In banking, typically MD (Managing Director) stays on top, you manage the client relationship, talk to the clients

在銀行業，通常MD在頂端，管理客戶關係

you travel almost every day, I would say, depends on the industry you cover

你幾乎每天都要旅行，這要看你覆蓋的行業

MD gets the deal

MD拿到交易

MD sometimes, I would say, very actively engaging in structuring the deal

MD有時會積极參与交易的架構

Below that, you have a VP - we call Vice President

接下來有一個VP，我們稱之為副總裁

VP is basically the day-to-day frontline officer, commander

VP基本上是每天工作的前線指揮官

of all, either the live deal or client services

會覆蓋所有的，無論是交易或客戶服務

and below that, you usually have like associates and analysts

再下面，有初級和高級分析師

Usually you stay in the office and do most of the ground work

通常你會在辦公室里做基礎工作

No offense, somebody has to do the ground work, right?

沒有貶低的意思，總得有人做基礎工作，對吧？

and you learn a lot from the ground work

你會從基礎工作中學到很多東西

before you can move up and take more responsibility

在你升職承擔起更多的責任前

Valuation, do the pitch book, do all the research and analysis

做估值，做提案書，做所有的研究和分析

make sure the process is going very smoothly

確保流程順利進行

Process management is actually much more important than I would say outside-in perspective

流程管理實際上是更重要的，比很多外行人想像的要重要

Its really the thing in banking, especially during M&A process

這在投資銀行是重點，尤其是在併購過程中

What are the skill sets required to become a successful investment banker? 在投行中成功需要哪些能力？

Thats a very good question! I almost forgot by the way

這是一個非常好的問題！我幾乎被忘了:)

Finance knowledge is definitely one of them, including accounting

金融知識肯定是其中之一，包括會計

Accounting is actually very important

會計實際上是非常重要的

Corporate finance, Valuation, both from equity and fixed income perspective

企業融資，估值，包括從股票和固定收益的角度

and different valuation methodology

還有不同的估值方法

You have to be very detail-driven

你必須要非常仔細

not just on the process, but also the work you are going to deliver

不只是在過程中，還有你交出的工作

and communication

還有溝通能力

Communication is actually key

溝通是很關鍵

because you have to let your team members, your managers, and your clients, most importantly, to know

因為你必須讓你的團隊成員，你的經理，最重要的是你的客戶，知道了解

whats going on, what you are thinking, and what your advice is

這是怎麼回事，你在想什麼，你的建議是什麼

in a very effective and efficient way

要用一個高效的方式

If you can manage your time in a very effective manner, its even better

如果你能以一種非常有效的方式管理自己的時間，那就更好了

because you can probably catch more sleep

因為你也許可以多睡點覺

Is it fair to say that physical strength is also a key requirement to be successful in investment banking?

那這樣說對嗎？身強體壯也是在投資銀行成功的一項關鍵要求？

well, yes and no

是也不是

First of all, you have to be healthy in almost all different kinds of jobs, right?

首先，在所有的工作里，健康應該都是前提，對不對？

and especially in banking, you have to be, I would say, at least especially mentally you have to be very durable

特別是在銀行，精神上你要非常有耐力

Stay calm all the time

任何時候，都要保持冷靜

and you have to stick to what you gonna do

你必須堅持去做你想做的事情

because this is a tough job...

因為這不是一個容易的工作......

Whats the long-term career path for investment banker? 投行工作的職業發展如何？

I think it really depends on if you are an analyst, meaning pre-MBA

我認為這取決於如果你是一個初級分析師，就是說讀MBA前加入投行

or an associate and above, meaning post-MBA

或高級分析師或以上，也就是說讀MBA後加入投行

If you are an analyst, for example

比方說，如果你是一個初級分析師

I think youre gonna step into either private equity or sometimes maybe secondary market investments, hedge funds, as your second job

你的第二份工作，可能是進入PE/私募，二級市場投資，或者對沖基金

Typically, after that, after the second job

通常情況下，在此之後

The analyst, you either go to MBA or find some other careers

你要麼去讀MBA要麼找一些別的工作

so thats analyst career

這是初級分析師的職業生涯

for the associate above, you had an MBA; you step into banking

對於高級分析師，你讀了MBA，又進入投行

I see even more people staying in banking for a longer period of time

我看到更多的人留在銀行更長時間

I think most likely its because you have the MBA, you kind of know what youre trying to do, right, in the long term?

我認為最有可能是因為你有MBA，你大概知道自己長遠想幹什麼？

So many people stay in this industry for like 10 year or tens of years

因此，許多人留在這個行業10年或幾十年

Outside of banking, people can consider going into a corporate

銀行之外，人們可以考慮進入企業

doing some kind of like a corporate development job

做一些企業發展方面的工作

or the other choice is to come to become a treasurer

或者另一種選擇是財務管理

How to be successful in interviews for investment banking? 投行面試如何成功？

I can use myself as an example

我可以用自己作為例子

I read some books, just to get myself prepared of those financial questions and valuation (whatever)

我看了一些書，讓自己對那些財務和估值問題有所準備

and you have to polish your interviews

你必須"修鍊「自己的面試能力

I think practice makes perfect

我認為熟能生巧

so especially find those friends around you who used to work in banking before

找你身邊曾經在投行工作的朋友

who can give you a real view of whats going on in banking

給你一些行內人的看法

As to....

關於....

Actually youre doing any interview for me, right?

誒，其實你現在就在給我做採訪/ 面試

Guys, what Yuji just asked me is a very good collection of the questions you need to prepare

朋友們，Yuji剛才問我的這些問題就是你應該要準備的

why banking, why this firm, what did you do before

為什麼想做投行，為什麼選這家公司，你以前幹什麼

Memes 口口相傳

Bankers live a dangerous life that they can be fired on any day 投行員工有很高的失業風險

Oh I would... Can I get this?

哦，我會選......我能選這個嗎？

Is that true?

真的嗎？

Well, yes and no, I would say

嗯，是也不是

Yes in a piece that...

說」是「是因為...

Okay, let me put it this way

我這麼說吧

Banking to me is just like, from investment perspective, its just like a high beta job

從投資的角度來看，投行對我來說就是一個高風險的工作

In good years, yes, its very good, probable you can earn a lot of money

在好的年份，是的，可以非常好，可能你可以賺很多錢

but in bad years, like in financial crisis, and lots of people lose their job

但在不好的年份，像金融危機，很多人會失業

You dont even know who to blame for because probably the bank you work for is not there anymore

你甚至不知道是誰的錯，因為很可能你工作的銀行突然就不存在了

High-risk, high-return job

高風險，高收益的工作

and its a cycle thats already built in this industry, right?

這個好年景壞年景也是一個內置的行業周期，對不對？

Its really cyclical

是周期性的

To your point about the good years, there is also a meme about bankers bonus

你說到好年份，有一個關於投行獎金的傳聞

Bankerss bonus can be multiple times of their salary in good years 在市場好的年份，投行的獎金可以是工資的幾倍

It didnt happen during my state, man...

我在投行的時候並沒有發生啊...

Up or Out: People will leave if they dont get promoted in 2-3 years 投行里不升職則離職

I think thats true for mostly banking and

consulting

我認為這在投行和諮詢行業里都是這樣的

You mean "Up or Out", right?

你是說」不升就走「，對不對？

Usually the analyst, like 2-3 years

通常情況下，初級分析師，可能是2-3年

Associate is 3-4 years; depends on different banks

高級分析師是3-4年，取決於不同銀行

Counting from MBA graduation, its like 8-9 years before you can make to MD

從MBA畢業算起，大概要8-9年才能做到MD的位置

Bankers wear suits everyday 投行工作每天都得西裝筆挺

Where is the hesitation coming from?

你這是猶豫啥？

Well... none of these can actually accurately describe what I feel about it

嗯......這些不能精確描述我的感受吧

Im actually kind of like neutral

我其實是中立態度

so I would say all three, maybe?

所以可以這三個一起選?

Back in my group, definitely ties and suits, Monday through Thursday

在我的組，周一到周四，絕對都是穿西裝打領帶

So Friday is different?

周五有所不同咯？

Friday you still have to wear shirts, no tie unless you have a client meeting

周五還是要穿襯衫，要是你沒有客戶會議就不用打領帶

Monday through Thursday, ties even if youre not meeting the client

周一到周四就算沒有客戶會議也都要打領帶

How do you do it in summer?

那夏天咋辦啊？

Summer its still shirts (suits0

夏天還是襯衫西裝

so hot, Monday to Thursday, with suits?

這麼熱，周一到周四，穿西裝？

Walking on the streets?

走在街頭？

and ties

還有領帶呢

Oh gosh!

哦，天哪！

Last question, and please dont get offended...

最後一個問題，請不要生氣...

Okay...

好的...

Its something I read on Quora

這是我在Quora（類似於知乎）上讀到的

There was a question people raised

and Im gonna just read to you

大家問了一個問題，我就直接念給你聽了

Quora: Why are so many people in Investment Banking arrogant? 為什麼投行里的人都這麼高傲？

Oh... arrogant...

哦... ...傲慢

Do I look an arrogant person, at all?

我看起來很傲慢嗎？

Okay... let me take this and answer...

好了...我來拿著這個...

For most of the bankers that I used to

work with, around me

對於大多數我曾經一起工作的投行人士

either when I was in bank or after I get out of the bank because I still work with a lot of bankers nowadays

無論是當我在銀行或後來我換了工作，不過我現在還是和很多投行人打交道

I dont think theyre arrogant at all

我一點兒都不認為他們傲慢

They are smart; they are sharp; they are hard-working

他們很聰明，觀點很尖銳，也很勤勞

but I know this is an observation from many of the outside-in people

但我知道這是很多外行人的觀察

Personally I didnt have any interaction with those arrogant people if any

我個人並沒有接觸到過這些傲慢的人

maybe Im lucky okay?

可能我比較幸運？

Thats why I have this

所以我拿著這個

but again, I can only speak for my own observation

但是，我也只能說我自己的觀察

There must be some people like this in the industry

這個行業里可能有一些這樣傲慢的人

Or could it also be misinterpretation because the investment banking job, based on your description, its really tough

或者會不會是誤解？按你的描述，投行工作是很艱難的

and you probably have to be a bit more aggressive in delivering your message in your day-to-day

你可能必須得在你每天的工作中，在溝通表達上強勢一點

and in some cases that might translate into arrogance

在某些情況下可能會被認為是傲慢

Or it could be exaggeration from a really small group of people in the industry to the mainstream impression of the industry

或者，它可能是從一個非常小的人群被放大誇張到了整個行業的的主流印象

Or from the movies?

或者是從電影？

I think the woman in "Equity" is pretty arrogant

我認為《華爾街女皇》里的女主角是很挺傲慢的

別忘了，我們在很多地方等著你哦！

每周末更新！敬請期待！

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