In this course students learn how investment banks and investment bankers operate. M&A is emphasized in particular. Public offerings, venture capital, sales and trading, merchant banking, debt financing, institutional research, among numerous other aspects of the investment banking field, are also studied, analyzed, and discussed. Emphasis is on developing practical analytical tools and social skills necessary to succeed in the world of international high finance. The role of a successful analyst and associate operating in such settings, and working on such transactions will be emphasized in particular. Additionally students will 1) develop and utilize analytical and presentation tools in use at investment banks such as the working group list, comparable spreadsheets, financial models, and other analyses and memoranda; 2) simulate investment banking committee meetings and project deal teams; and 3) practice client development; 4) model transactions.

2. Learning Objectives. At the end of the course, students should be able to: A. Describe the role of the major industry players and the forces that drive success, competition, and change in the Investment Banking field. B. Develop precise, useful mathematical and editorial analyses for a range of business proposals. C. Demonstrate the business acumen, inquisitiveness, and research skills necessary to operate effectively as an analyst/associate in a full service investment banking firm. D. Exhibit social skills required in client driven firm in a highly competitive industry.

The course is divided into 4 parts: Part 1: Investment industry overview (including financial statement analysis) Part 2: The Sell Side: including advisory, banking, sales & trading, and client management. Part 3: The Buy Side: including fund management, principle investing. Part 4: International aspects of M&A and Investment Banking.

M&A: Miller, Mergers and Acquisitions, Legal and Practical Guide, Wiley, 2008 Excerpts: EY: Ernst & Young, Mergers and Acquisitions, Wiley, 1994 FS: Fraser, Ormiston, Understanding Financial Statements, 7th Edition, Prentice Hall, 2004 FI: Alexander, Sharpe, Bailey, Fundamentals of Investments, 3rd Edition, Prentice Hall, 2001 RB: Reilly, Brown, Investment Analysis and Portfolio Management, Thomson, 2006 CC: Greiner, Poulfelt, The Contemporary Consultant, Thomson, 2005 SM: Lasserre, Global Strategic Management, Macmillan, 2002

Highly interactive utilizing applicable techniques. Additionally: 1. Active student participation in seminar-style class lecture. Classes are highly interactive. Instructor prompts students for response to questions posed and solicits his/her thoughts on issues discussed. Format is probing and direct. Additionally, instructor provides concrete, real-world examples to illustrate concepts. Format reinforces appropriate methods for asking questions, gaining relevant insights, and making appropriate recommendation. 2. In class presentation and discussion of readings (by professor and students). Textbook and other assigned readings (assigned according to the syllabus) present relevant topics, which are covered more depthfully in class lecture. In class discussion of readings, instructor highlights most relevant reading topics, showing by example how to present data in a stimulating way, consistent with achieving course objectives. 3. Case Study and/or Article Presentation. Case studies and articles are used to further illustrate real-world examples of subject topics. For all assigned cases/articles, students should be prepared to answer questions about the case/article and be able to illustrate its subtler aspects. For select cases/articles an individual written submission is due. For select cases/articles students are assigned to make a presentation. In class discussion of case studies/articles serves to highlight analytical methods, indicating specifically, ways to discern the most relevant focal points. 4. In-class Exercises. In-class exercises, corresponding to the lecture and assigned reading, are followed by probing Q&A. Exercises replicate real world application of concepts, such as committee meetings, client presentations, debate, etc. Each exercise design compels students to hone their skills for that setting.

40% optional MT/45% final OR 85% Final exam 15% Class participation, homework, presentations, and quizzes

Optional project for students who chose it. Research and opine on changes in a major aspect of the financial services industry. Specifically, you must 1) develop a research proposal; 2) conduct the relevant research; 3) present your findings in both a writing submission of approximately 5 page length.