Indian banks > T1 - Avendus, Kotak > T1.5/2 - o3, Axis Cap, IIFL, ICICI, JM, Ambit > T3 - SBI, HDFC, Elara, Edelweiss, IDBI, Spark, Motilal, DAM, MAPE > T4/below - Equirius, Veda, Anand Rathi, BoB, Centrum, etc Typical routes ⬇️

Routes (best to worst) T1/2 UG top acads + IIM A/B/C top acads -> Bulge or elite boutique analyst T1/2 UG + IIM ABCL/ISB -> T1 domestic associate and get into Bulge/elite later T1/2 UG + IIM LKI/ISB (good acads) -> T1/2 domestic -> bulge/elite Other routes ⬇️

T1/2/3 UG + IIM KI/ISB -> Premium mid office IB (JPM, DB, GS) -> Bulge/Elite T1/2/3 UG + IIM KI/ISB -> Premium mid office IB (JPM, DB, GS) -> T1 Domestic associate -> Bulge/Elite analyst T1/2/3 UG + IIM KI/ISB -> mid office -> T2/3/4 Domestic associate -> T1 domestic ⬇️

CA (upper AIR)/T1 engineer (ranker) -> jr analyst Bulge/elite CA ranker/T1/2 UG ranker -> T1/2 domestic bank analyst (preMBA role) -> Bulge/elite analyst CA/UG -> T2/3/4 domestic -> T1/2 domestic (likely never/too late to T1) Pay structures ⬇️

T1 bulge/elites/lower bulge banks Analyst 1 -> 40-50L fixed pay + 50-100% bonuses = 70-100L annual T1 Domestics (post MBA) Assoc 1 -> 25-30L base + 60-120% bonuses = 50-70L annual T2 Domestics (post MBA) -> Assoc 1 -> 18-30L fixed pay + 30-100% bonus = 30-60LPA ⬇️

T3/4 domestics postMBA -> 15-25L base + 30-100% bonuses = 25-50LPA PreMBA -> Globals 20-35 base + 50-100% bonuses = 40-60LPA T1/2 Domestics -> 12-18L base + 20-100% bonuses = 18-30LPA Work routine ⬇️

Preparing pitch materials -> PPTs with industry sizing, profiling companies, valuation pages, transaction structures (capital markets, M&A) Excel -> database for covered companies, benchmarking data, capital analysis, valuation modelling Research -> news runs, research reports

Ofc lot more goes on, but yeah

@caffeineace Nice Informative Thread !!

@pritesh_kakani Thanks

@caffeineace Seems pretty accurate. Been there done that. One thing you didn’t mention is the brutality of hours. I am now on the other side of the transaction so I consume what I used to deliver

@SamirKshir98634 I don’t want people to be completely discouraged 🤣

@caffeineace I really appreciate your effort this thread was what I was looking for from a long ago!! Thank you

@aryyan07 You’re welcome

@caffeineace Hi, i think this is super exhaustive and filled with gold insights. I wanted to know your opinion about DC Advisory Indian operations. How do they fair in comparison to tier1 domestic houses? What's their competitive edge if you hv any clue?

@princethebruce DC is up coming. Getting on larger transactions and pays decently. Culture is a bit bad from what I have heard. They typically have non-PE exits. Mostly see them going to corpdev and usually their tech biz is startup fundraise specific

@caffeineace What can I do to get to tier 1 as a CA without Rank and without Big4 articleship + Can not afford B schools.

@ZZZAC0UNTING Network with your fraternity

@caffeineace Solid tweet !

@hey_iammihir Danke

@caffeineace Will a global degree route be applicable to this approach to break into Indian IB?

@trinachtrjee 1. I have seen people with global degrees working in Ibanks abroad and internally moving to IB 2. Indian PEs have been taking ivy MBAs 3. Never hurts to try, headhunters to post positions for India returnees - maybe you can find Indian headhunters looking at your profile

@caffeineace Are frm/CFA not good enough to get a role in investment banking?

@Paneer_shawarma A pizza has multiple ingredients. Dough, pizza sauce are primary Oregano, chili oil are add-ons Pizza can be made and eaten without the addons but can’t be made without dough and pizza sauce

@caffeineace Where did you collect this info from ? You will be surprised at the edn background of most people at JPMC, DB, GS, MS, Barclays - mofussil colleges, diploma holders etc. I have worked in all of the above .However in the US the staff recruited locally has got academic cred

@pothic I work in India front office as an investment banker. I am in touch with a lot of people

@caffeineace Are these banks getting their research solely from their own desks? Or are there avenues of partnering with them to offer research as a SEBI RA?

@themoneymemo Not aware. I’m not in Securities or research

@coldbrewdad I’m pursuing CFA atm do you think that helps in getting into Investment banking a lot, what should be my approach

@caffeineace @CorpKarmchari for your next switch ☺️

@caffeineace noiceeeeee...need more of this kinda content