Responsibilities

The Good News

The Bad News

The Bottom Line

·   New business development

·   Identify candidates

·   Initial contact

·   Cross-selling

·   Liaison with other groups

"I learned both sides of the business inside and out during my first year. You couldn't buy a better education than that."

"We once went to a client to propose an acquisition, only to find out that a competitor had recommended the same company one week earlier. We lost out on a $220 million deal because of seven days."

On top of implementing existing projects, associates are expected to work closely with vice presidents and other senior colleagues to develop new business, leverage existing contacts and cross-sell the company's services.

·   Act as industry/product expert

·   Media coverage

·   Trade shows

·   Competitive analysis

·   Structuring expert

"If you get placed in the right group, you can merge your interest in an industry or product with your interest in finance."

"On top of everything else, you're expected to keep up with every industry change and new development. I think I'm going to try to figure out a way to read in my sleep."

It will be up to you to keep abreast of cutting edge developments in your area of specialty. No one will hand feed you and you will have to learn how to quickly recognize and assimilate information.

·   Provide financial expertise

·   Oversee analysis and modeling

·   Prepare assumptions

·   Question results

·   Interpret results

"At the meeting, they asked me to explain why I had recommended they structure the deal in that way. When I was done, the client CEO said 'You're absolutely right.' It was an incredible feeling."

"You can't get away with just knowing the numbers. You need to explain to the client why a certain structure is best or what the greater benefits might be. "

Associates need to be proficient in more than number crunching. We need associates who can think, summarize, extrapolate, explain, communicate and, perhaps most important of all, listen.

·   Oversee presentations

·   Coordinate production

·   Delegate preparation

·   Write bulk of copy

·   Manage revisions

"I've already put in my two years pulling together presentations. Now, I can pick my level of involvement and then assign the rest of the job to analysts. I'm finally the one who gets to go home."

"If anyone on the deal team has to bail, I'm the pinch hitter. I have to memorize that section of the proposal, anticipate client questions and be the expert. If I fail, I look bad, not the guy who bailed."

In general, associates coordinate the production of presentations and analysts do most of the legwork. But associates must accept full responsibility for the quality of the entire presentation.

·   Structure and implement financing

·   Participate in structuring transactions

·   Propose strategic alternatives

·   Outline client benefits

·   Manage implementation of transactions

"Sometimes it all comes down to me because I'm the one who has the time to get to know that one particular client best. So the whole team will turn to me and say, 'What do you think?' It's a rush, because they trust my judgment.

I work on three to five deals at a time. At first, it was hard to keep them straight and I lived in terror of making a mistake in front of a client. It took me about a year to learn the mental tricks that help you juggle so many details all at one time."

Associates are prized for their judgment and expected to step up to the plate and provide actual ideas and recommendations from the start. Everyone must be willing to take on extra responsibility.

·   Client contact

·   New business development

·   Conference calls

·   Servicing accounts

·   Oversee road shows

"I am in contact with CEOs of major companies and I've learned to look at things from their perspective. Whether I stay in investment banking or decide to pursue the corporate side, I feel like I've learned some incredible lessons."

"No matter who or what causes a mistake to happen, I'm usually the one who has to explain it to the client. It goes the other way, too. If a client is unhappy, guess who gets to break the news?"

Associates often serve as the main point of contact with clients once deals go live. Client contact becomes a priority that must be worked into the other tasks you are expected to handle.