What does a junior banker actually do day-to-day?
Builds financial models, creates pitch books and process materials, researches companies and markets, tracks diligence, coordinates workstreams, and checks details for senior bankers and clients.
Intuition
Dealmaking is an information-processing exercise: raw data and diligence have to be translated into valuation and narrative. Juniors manufacture that underlying substance so seniors can focus on judgment, client relationships, and negotiation.
Watch
Interviewers probe whether you understand the difference between live deal execution and pitching — be ready to distinguish the two modes and name specific deliverables (CIM, pitchbook, comps, precedents) rather than vague 'modeling and decks.'
Deep Dive
Describe the actual daily workflow and deliverables of a junior investment banking analyst/associate.
A junior banker's day revolves around producing analytical and presentation materials that senior bankers use to win and execute deals. Work splits into two modes:
Mode 1: Live Deal Execution (M&A, IPO, Debt Raise)
- Financial Modeling — operating models, DCFs, LBOs, merger models; update assumptions, run sensitivities and scenarios
- Comparable Company Analysis (Comps) — pull public trading data, scrub for one-time items, maintain valuation multiples across peers
- Precedent Transactions — source prior M&A deals (Capital IQ, Bloomberg), normalize purchase prices, tabulate premiums and multiples paid
- Management Presentations / Board Materials — format and populate PowerPoint decks (pitchbooks, IMs, CIMs) framing the deal thesis
- Data Room Management — organize the VDR, chase clients for missing diligence, maintain checklists
- Process Coordination — track buyer/investor interest, schedule management presentations, coordinate with legal on markups, prepare bid summaries
- Comment Turns — incorporate MD/VP comments on models and decks, often through multiple overnight cycles
Mode 2: Pitching (No Live Deal)
- Pitch Decks — market overview, situation analysis, preliminary valuation
- Industry Screening — screens for targets or buyers with strategic rationale
- Credential Slides — update deal tombstones and league table rankings
Typical Daily Timeline
| Time Block | Activity |
|---|---|
| 9:00–10:00 AM | Emails, overnight MD comments from Asia/Europe, prioritize |
| 10:00 AM–1:00 PM | Model updates, comps refreshes, CIM drafting |
| 1:00–2:00 PM | Lunch (often at desk) |
| 2:00–6:00 PM | Pitch decks, process calls, data room, team meetings |
| 6:00–7:00 PM | Senior banker reviews — new round of comments |
| 7:00 PM–12:00 AM+ | Turn comments, finalize materials, send for VP/MD sign-off |
Key Deliverables
| Deliverable | Core Skill |
|---|---|
| Operating / DCF / LBO / Merger Model | Excel, accounting, finance |
| Comps & Precedents Pages | Data scrubbing, formatting |
| CIM / Pitchbook / Board Deck | PowerPoint, narrative structuring |
| Process Tracker / Bid Log | Organizational coordination |
| Data Room Checklist | Project management |
Shortcut: Juniors own every number and every slide; seniors own strategy, relationships, and negotiation.