Investment Banking Analyst Program: U.S.
The Investment Banking Division (IBD) analyst program is a two-year program (with a third-year option) in which you are trained, placed in a group and developed professionally on an ongoing basis. Analyst program managers guide you through the group placement process and monitor your career development by facilitating the feedback and review process, as well as the advancement process.
As an analyst, you will perform a wide variety of roles. Most assignments involve some form of financial analysis, including those necessary for debt and equity financings, mergers and acquisitions, divestitures and strategic financial advisory. You will have the opportunity to work with colleagues at different levels and from different areas within the Firm, as well as to attend client meetings with senior bankers. As your experience grows, so will your level of responsibility.
The IBD analyst program targets candidates with a high level of academic and leadership achievement, who are able to withstand the rigors of a rapidly changing and demanding, but ultimately rewarding environment. In return, we strive to provide you with exceptional professional exposure and the opportunity to work with some of the most talented bankers in our industry.
Group Placement Process
New York analysts are hired into the generalist pool and then participate in the group placement process. As a new analyst, you will attend a series of group presentations and networking events during the initial training program. These events give you the opportunity to learn about each group and meet bankers from a variety of business areas. Program managers will then place you in a group by matching your preferences and skill set, with the specific business needs of the groups.
Analysts in other regional offices in the U.S. who are directly placed into specific groups do not participate in the group placement process. Pre-placed regional analysts begin working in their groups directly after completion of the initial training program.
Following the group placement and the completion of the initial training program, analysts attend group-specific training, which corresponds to the industry/product group in which they will work.
Feedback And Review Process
The purpose of the review process is to provide you with relevant feedback on your performance, as well as advise you on what you need to do to get to the next level. IBD analysts are formally reviewed every six months.
The IBD analyst review process includes the following stages:
- Initial mid-year review (winter of first year).
- First year-end performance review (spring of first year).
- Mid-year review (winter of second year).
- Second year-end performance review (spring of second year).
- Year-end objective setting.
The best feedback, however, is provided on the job. We encourage you to check in with your staffers (the bankers who manage deal assignments), career development advisors and colleagues to obtain regular feedback on your performance.
Advancement Process And Timeline
| “The program targets candidates with a high level of academic and leadership achievement.” |
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Advancement To Third-Year Analyst
You are eligible for promotion to third-year analyst at the end of two years. Typically, promotion decisions are communicated to you in the summer/fall of your second year in the program.
Advancement To Associate
You are eligible for promotion to associate at the end of three years. Typically, promotion decisions are communicated to you in the winter of your third year in the program.
Mobility Opportunities
Lehman Brothers supports mobility across divisions and regions. There are many opportunities within the Investment Banking Division and throughout Lehman Brothers for individuals who are looking to be challenged in a different area of the Firm. Geographic moves are common and encouraged.
In partnership with the Capital Markets and Investment Management Divisions, Investment Banking has established a mobility program designed to facilitate the inter-divisional mobility of IBD analysts who are performing at a high level and who express interest in moving to another division at the end of their second or third year with the Firm.
Mentorship Programs
Our focus on mentoring — at all levels of your career — is one of the cultural traits that distinguishes Lehman Brothers. As an analyst, you are assigned a “buddy” after you complete the training program to help you integrate into the Investment Banking Division and its respective groups. Each group also has a staffer (the banker who manages deal assignments) and a career development advisor who provide you with mentoring and guidance during your time in the program. In addition, the division seeks to actively cultivate a “mentoring mentality” in all bankers so that you receive continual support and advice as you work in project teams and participate in recruiting, employee networks, training and other Firm activities.
Training
The initial training program for the U.S. IBD analysts is a four- to five-week program held in New York.
The primary objectives of the training programs are to:
- Provide an overview of Lehman Brothers’ products and businesses.
- Develop an understanding of the role of the analyst and the nature of investment banking work.
- Enhance finance/technical skills essential to investment banking.
- Introduce Lehman Brothers’ specific technologies and internal processes.
- Promote social interaction and networking among offices and regions.
Some of the topics that will be covered include:
- Accounting.
- Corporate finance/valuation.
- Financial modeling.
- Capital markets.
- Computer training.
- Regulatory training.
- Overview of the Investment Banking groups.
These are rigorous programs with assignments, in addition to classroom work.
Your full participation in the training program is important to establishing both your technical and teamwork skills in the investment banking environment. All analysts are expected to successfully complete the training.