Investment Banking Associate Program: U.S.
The Investment Banking Division (IBD) associate program is a three-and-one-half-year program in which you are trained, placed in a business and developed professionally on an ongoing basis.
The IBD associate program targets candidates with a high level of academic, professional 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.
Rotation And Group Placement Process
Associates in the New York office enter the division as generalists and are assigned to three one-month rotations through the division’s industry and product groups. Assignment to rotations is based on the preference of the associates, balanced with the business needs of the groups.
Following the rotations, associates are asked to rank the groups they prefer for final placement. The groups also rank the associates who rotated through, and permanent placement is finalized through a matching process between your preferences and the preferences and business needs of the groups. Permanent placement is finalized and communicated in the first two weeks in January.
Associates in other regional offices in the U.S. are hired directly into a group in their respective regional office; they attend training in New York and then return to their office of hire, although some will be assigned to one rotation in New York depending upon their group and region.
Feedback And Review Process
The purpose of the performance review is to provide you with relevant feedback on your performance, as well as to advise you on what you need to do to get to the next level. IBD associates are formally reviewed every six months.
The IBD associate performance review process includes the following stages:
- Winter review (January of first year, encompasses the period between the start of the program and the end of the prior year).
- Mid-year performance review (every year).
- Year-end performance review (every year).
- Year-end objective-setting.
During the year-end performance review, you will work with your managers to complete three to five objectives for the upcoming year. The purpose of this review is to identify performance goals and to create a development plan. These objectives are then reviewed at the end of the year.
The best feedback, however, is provided on the job. We encourage you to check in with your managers and colleagues to obtain regular feedback on your performance.
Advancement Process And Timeline
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Top-performing associates are eligible for promotion to vice president at the end of the program, which lasts about three and one-half years. You are evaluated for promotion to the vice president level as part of the year-end process in November/December of your third full year as an associate. Promotion to vice president is communicated in December and is effective January of the following year.
Associates who outperform their classmates on a consistent basis are evaluated for early promotion to the vice president level, but the expected and customary timeline to vice president is three and one-half years.
Mobility Opportunities
Lehman Brothers supports mobility across divisions and regions. There are many opportunities within the Investment Banking Division and throughout the Firm for individuals who are looking to be challenged in a different area of the Firm. Geographic moves are common and encouraged.
Investment Banking manages a global mobility program which enables senior associates and junior vice presidents to spend two years in a different region within their group. In general, you are eligible to move after spending 24 months in your entry position.
Mentorship Programs
Our focus on mentoring — at all levels of your career — is one of the cultural traits that distinguishes Lehman Brothers. As an associate, you are paired with a senior associate buddy within each rotation to which you are assigned (or within your permanent group for regional associates). Buddies serve as a guide to help you navigate within your group and expand your network.
Training
Regardless of the region or office in which you will work, the program begins each summer with four weeks of initial training in New York. This initial training introduces you to the Firm and our uniquely team-based approach while reinforcing the skills that will be vital to you as an investment banker.
The specific training modules include:
- Advanced accounting.
- Corporate finance/valuation.
- Financial modeling.
- Taxation.
- Fixed income.
- Equity product analytics.
- Investment banking group overviews.
- Regulatory certification training for the NASD Series 7 and Series 63 licensing exams.
In addition to classroom training, you will receive assignments and attend a series of social events we have arranged to facilitate networking and interaction with your peers.
Your full participation in the training program is important to establishing both your technical and teamwork skills in the investment banking environment. All associates are expected to successfully complete the training.