Analysts are usually the most junior members of an investment banking deal team. They perform much of the detailed execution work supporting mergers and acquisitions, debt and equity financings, and client pitches. That means gathering information, analyzing companies, building financial models, preparing presentation materials, and keeping transaction processes organized.
A typical team may include analysts, associates, vice presidents, and managing directors. Analysts build and update the underlying work. Associates review it and coordinate execution. Vice presidents manage the broader process, while senior bankers develop client relationships and provide strategic advice. Responsibilities vary by bank and group, and analysts may receive more direct client exposure on smaller teams.
The work is iterative rather than neatly project-based. An analyst may revise the same valuation page several times after receiving comments from an associate, vice president, and managing director. Once a number changes, and this is where the detail work compounds, the model, charts, written commentary, and supporting materials must all remain consistent.