Last updated on January 19th, 2026 at 12:52 pm
This article I have written specifically for aspiring students looking to understand the investment banking career and who come from qualifications like MBA, CFA, & accounting. It is essential to understand which and what kind of role are you basically targeting. I will begin with the some basics and then slowly move to the top Investment Banking Roles in India.
Is Investment Banking a good Career in India?
Before understanding the details of an investment banking career in India, it is essential to understand if this makes sense at all? So to give you some context, India has more than 9-11 global investment banks with their operations in India & 40 plus foreign MNC banks. Which should spark some hope, that India is the one of the hot destinations for investment banking deals and eventually investment banking career.
What an Investment Banking career actually involves?
Investment banking career involves roles in to three major areas i.e Front office, Middle Office & back office. Front office roles are related to client acquisition, equity research, trading which means revenue generating activities. Middle office roles include roles like trade support, anti money laundering, risk management. And finally back office roles are related to settlement , reporting & reconciliation. Good news for you is that all of these three types are available in India.
Who is this career suitable for?
So, in the very strict sense, investment banking as a career is open for commerce graduates, chartered accountants, CFA candidates , MBA or M.com. However, even non commerce students can still be eligible, if they have some form of certifications like CFA or FRM post their undergraduate degrees.
India Vs Global Opportunities
So primarily you need to understand that entry level jobs are much easier to get in India than abroad. And the reason for that actually stems from the positioning of India as an outsourcing hub. The advantage of global opportunties is that the roles are much more niche and tend to pay well compared to India at the entry level opportunties. The best way even to push for global opportunties is to first build a base in India with some decent experience and then eventually use that experience to enter global market. Most popular destinations for investment banks career globally are U.S, London, Hongkong, Singapore, Dubai.
Entry Level Vs Long Term Growth
So, this is the uncommon advice but is essential for you to understand that investment banking long term career growth depends on the quality of the work, rather than the brand when you start. Which basically means, that this industry will reward you for working even in a small boutique investment bank firm more, compared to even working with a large IB firm but not doing relevant work.
Career Paths in Investment Banking : Front, Middle & Back Office
So I have briefly created this table, which shows the various roles that you can enter in the various departments of an investment banking. The table clearly shows the various entry paths in front office, back office and middle office in an investment bank. A caveat here that I would like to add, neither of the three areas are inferior to each other but have very different objectives. And all of them have the potential for leadership and growth in the longer run.
Front Office
📈 Internships at banks, research roles
💼 2–3 years analyst experience
💼 Promotion from Associate
🎓 Often MBA/CA with decades in the field
Middle Office
💼 Risk or compliance internships
💼 Hands-on knowledge of risk tools, reporting
🎓 Certifications: FRM, PRM, CFA
💼 Policy, cross-team strategy
🎓 Advanced risk certifications + experience
Back Office
💼 Support roles or internships
💼 Strong functional expertise
💼 Proven performance in ops
💼 Project management roles
💼 Global delivery or transformation leadership
Roles Explained with Daily Work
Now let me explain you the roles, by showing what these various people that work here, actually do?
| Investment bank | What they Do? | Common Roles |
| Front office | Client facing responsible for generating revenue | Investment banking, Sales & Trading, Sell side research |
| Middle office | Supports front office functions | Risk management, Compliance analyst, Product control |
| Back office | Administrative functions of the Investment bank | Reconciliation,Human resource, Accounting etc |
Front Office
The front office of an investment bank is responsible for generating revenue by working directly with clients and the markets. This includes raising capital for companies, advising on mergers and acquisitions (M&A), and buying/selling securities on behalf of clients. Front-office staff spend most of their time on deal execution, client meetings, and market transactions. This group is usually seen as the most competitive and highest-paying part of banking because it involves billable transactions and trading profits
Sales & Trading
Salespeople and traders work with institutional clients (pension funds, mutual funds, etc.) to buy and sell securities (stocks, bonds, derivatives, commodities, etc.) on their behalf. Sales roles involve pitching investment ideas and products to clients. Traders execute orders and manage the bank’s trading positions (market-making, proprietary trades, etc.). Day-to-day activities include market research, monitoring financial markets, executing trades, and responding to client inquiries.
Equity Research:
Equity research analysts provide stock analysis and recommendations to investors. They cover specific companies or industries, build financial models, and write research reports (e.g. “Buy”/“Sell” ratings). On a typical day an analyst gathers financial data, updates earnings forecasts, meets with company management, and writes sections of research notes. Senior analysts may speak on conference calls and interact with institutional clients (who use the reports).
Middle Office
Middle-office functions support the front office by managing the bank’s risk and ensuring compliance with rules. Typical middle-office departments include Risk Management, Compliance/Legal, Treasury, and Finance/Control. For example, risk teams monitor market and credit exposures; compliance ensures trades follow regulations; treasury manages the bank’s liquidity and capital; finance/product control verifies that deal profits and losses are recorded correctly. Middle-office staff usually do not interact directly with clients, but they work closely with trading and deal teams behind the scenes. These roles carry critical responsibility (protecting the bank’s balance sheet) but generally involve more standard hours and lower pay than the front office.
Risk Management
Risk analysts and managers (market risk, credit risk, operational risk) develop models to measure and limit the bank’s exposure. They run Value-at-Risk (VaR) and stress tests, review traders’ limits, and report on risk metrics. Day-to-day: Run simulations, analyze large data sets on trading positions, advise traders on risk limits, prepare risk reports for senior management, and update risk models when new products are launched
Compliance and Legal
Compliance officers review trades and business practices to ensure adherence to laws (AML, KYC, SEC regulations, etc.). Legal counsels draft documentation and advise on regulatory issues. Day-to-day: Monitoring transactions for red flags, updating compliance policies, conducting internal audits, liaising with regulators, and training staff on new rules.
Treasury (Corporate Treasury)
The treasury team manages the bank’s funding, liquidity, and capital. They ensure the firm meets regulatory capital requirements and efficiently raises cash (e.g. by issuing bonds). Day-to-day: Forecasting cash flow, managing short-term funding operations, optimizing the bank’s balance sheet structure, and hedging interest rate risk on the bank’s assets.
Finance/Product Control
These teams validate that all trades and deals are recorded correctly in the books. In an IB context, “product control” teams ensure that the front-office P&L and valuations are accurate. Day-to-day: Reconciling trade bookings, verifying daily profit and loss statements, examining complex deals for accounting treatment, and preparing regulatory financial reports.
Back Office
The back office handles the bank’s operational infrastructure and administrative functions. These roles are not revenue-generating but are essential to keep the firm running. Typical back-office departments include Operations (Trade Settlement/Clearing), Information Technology, Human Resources, Finance & Accounting, and Internal Audit/Regulatory Reporting. Back-office employees implement processes and maintain systems that support front-office business. For example, after a trader executes a deal, operations staff ensure the trade is booked, cleared, and settled correctly; IT staff build and maintain trading platforms; HR hires and trains new staff; accounting processes financial transactions; and audit/compliance teams review internal controls.
Operations Analyst
Responsible for post-trade activities. Day-to-day: Processing and confirming trades (equities, bonds, derivatives), reconciling discrepancies between systems, managing corporate actions (dividends, mergers), and maintaining accurate transaction records
Technology / IT:
Bank IT professionals design, develop, and maintain the software and hardware used by the bank. This includes trading platforms, risk systems, data warehouses and network infrastructure. Day-to-day: Writing code (Java, C++, Python, etc.), troubleshooting system issues, deploying updates, and ensuring cybersecurity.
Finance & Accounting (Back Office Finance)
These teams handle the bank’s internal finances (separate from front-office deal accounting). Roles include controllers, payroll specialists, tax accountants, and treasury accountants. Day-to-day: Generating financial statements, budgeting, tax reporting, managing corporate ledger, and internal financial audits.
Skills Required to Start a career in Investment banking?
Below I have created an exhaustive table of various roles mapped to the minimum skills required for any of these roles in investment banking.
| Office | Role | Minimum Skills Required |
|---|---|---|
| Front Office | Investment Banking Analyst | – Financial modeling (DCF, LBO) – Advanced Excel & PowerPoint – Basic accounting & valuation – Strong communication & presentation |
| Equity Research Associate | – Industry & company analysis – Financial statement reading – Report writing & Excel models – CFA Level 1 preferred | |
| Sales & Trading Analyst | – Market awareness – Quick decision-making – Bloomberg/Reuters exposure – Strong numerical reasoning | |
| Middle Office | Risk Analyst | – Basic knowledge of market & credit risk – Excel & risk systems (e.g. VaR) – Quantitative mindset – BSc Finance/Statistics preferred |
| Compliance Analyst | – Understanding of KYC/AML regulations – Analytical thinking – Communication with internal teams – Law or finance background helpful | |
| Treasury Analyst | – Cash flow forecasting – Liquidity management – Excel + ERP familiarity (SAP, Oracle) – BCom/MBA Finance preferred | |
| Back Office | Operations Analyst | – Trade settlement & reconciliation – Attention to detail – MS Excel & data entry – Graduate in commerce/finance |
| HR / Admin Associate | – HRMS tools (SAP, Zoho People, etc.) – Recruitment & onboarding – Communication & organization – BBA/HR diploma or certification | |
| IT Support / Data Entry | – Basic troubleshooting – Excel, Access, ticketing systems – Process adherence – BCA or diploma in IT preferred |
Investment Banking Role Compensation & Salary- Summary
Below I have briefly summarised the compensations for investment banking roles, but do care to read my detailed blog on investment banking salary in India for more detailed discussion on the same.
- Front Office (Revenue roles): Highest pay. Entry-level total comp (base + bonus) for analysts can exceed $150K–$200K (US). Top earners (MDs) make millions. Regional note: London bases are ~£50–70K for analysts, with total comp often ~£90–100K early on; Hong Kong/Asia pay is roughly comparable to the U.S. when adjusted for currency.
- Middle Office (Risk/Compliance etc.): Mid-level pay. Entry analysts ~$60K–$80K; with experience often $100K–$150K for managers. Generally lower than FO but higher than BO. Bonuses exist but are smaller than FO.
- Back Office (Ops/IT/HR/Accounting): Lower pay. Entry analysts ~$50K–$70K; mid-level ~$80K–$100K. Some specialized tech roles pay more. Career pace is often slower, with promotions tied to process expertise and tenure.
How to Enter Investment Banking (Courses / Skills / Prep)
Breaking into investment banking is less about titles and more about skill readiness + role alignment. While the industry is competitive, candidates who follow a structured preparation path significantly improve their chances of entry.
There are three core pillars to entering an investment banking career: skills, structured learning, and interview preparation.
Build Core Investment Banking Skills First
Regardless of your educational background, investment banks expect a common skill foundation at the entry level.
The most critical skills include:
- Financial modeling (three-statement models, valuation basics)
- Strong accounting knowledge (income statement, balance sheet, cash flows)
- Valuation techniques (DCF, comparable company analysis)
- Excel proficiency (model structure, formulas, scenario analysis)
- Business understanding (how companies generate cash and grow)
Most candidates who struggle to break in do so not because of degrees, but because they lack hands-on exposure to these skills.
Choose the Right Course Path (Not Just a Degree)
There is no single “mandatory” qualification for investment banking career in India. What matters is whether your learning path is aligned with analyst-level job expectations.
Common routes include:
- Investment Banking Courses Best suited for candidates seeking a direct, role-focused entry. These programs typically emphasize financial modeling, valuation, transaction concepts, and interview case preparation.
- Financial Modeling Programs.Particularly effective for roles in equity research, M&A support, and corporate finance teams, where modeling accuracy is tested early.
- MBA (Finance)Often useful for front-office roles, but only when combined with strong technical skills. An MBA without modeling proficiency offers limited advantage.
- CFA ProgramValuable for long-term finance careers, especially in equity research and asset management, but not a substitute for practical investment banking execution skills.
The key is choosing a path that builds job-ready skills, not just academic knowledge.
Prepare Specifically for Investment Banking Interviews
Investment banking interviews are designed to test application, not theory.
Candidates are typically evaluated on:
- Financial modeling logic
- Valuation reasoning
- Accounting linkages
- Business judgment questions
- Case-based problem solving
At this stage, many candidates realize that knowing concepts is not enough — recruiters expect you to apply them under time pressure. Check our detailed guide on how to build a financial model
Targeted preparation using:
- Mock interview cases
- Role-specific technical questions
- Excel-based practical tests
can make a decisive difference.
Gain Relevant Exposure (Internships & Analyst Roles)
Entry into investment banking does not always start with a front-office M&A role.
Many professionals begin through:
- Equity research analyst roles
- Investment banking operations or support teams
- Valuation and transaction advisory roles
- Financial modeling internships
These roles build transaction exposure, credibility, and internal mobility over time.
Focus on Role Fit, Not Brand Names
A common mistake is chasing brand labels instead of role readiness.
Recruiters prioritize:
- Demonstrated modeling skill
- Clear understanding of the investment banking workflow
- Ability to explain assumptions and financial logic
- Confidence in real-world scenarios
Candidates who can defend their models and decisions often outperform those with stronger resumes but weaker practical skills.
Key Takeaway
There is no shortcut to entering investment banking — but there is a clear path.
If you focus on:
- Building core financial skills
- Choosing structured, role-aligned learning
- Practicing real interview scenarios
you significantly increase your chances of starting a successful investment banking career, regardless of your academic background.
FAQs on Investment Banking Career
Is investment banking a good career after MBA?
Yes — investment banking can be a strong career option after an MBA, provided the MBA is paired with strong technical skills.
While an MBA helps with business context, leadership, and networking, investment banking roles still require hands-on abilities such as financial modeling, valuation, and deal analysis. Many MBA graduates struggle in interviews if they rely only on academic knowledge without practical execution skills.
An MBA works best when it is complemented by:
- Advanced financial modeling practice
- Deal and case-based exposure
- Interview-specific technical preparation
Without these, an MBA alone does not guarantee entry into investment banking.
Can non-commerce students enter investment banking?
Yes, non-commerce students can enter investment banking — and many successfully do.
Candidates from engineering, mathematics, statistics, and even science backgrounds often perform well because of their strong analytical skills. However, they must consciously bridge the gap in:
- Accounting fundamentals
- Financial statements understanding
- Valuation logic
With focused training in financial modeling and investment banking concepts, non-commerce students can compete effectively with commerce graduates.
The key factor is skill readiness, not academic stream. Care to check out our valuation based interview questions
What is the fastest way to start an investment banking career?
The fastest path into investment banking is to focus on role-specific skill acquisition rather than general finance learning.
Typically, the most efficient route involves:
- Learning financial modeling and valuation from a job-oriented perspective
- Practicing interview-level technical and case questions
- Targeting entry roles such as analyst, research associate, or transaction support roles
Candidates who focus on execution skills and interview preparation often break in faster than those pursuing long academic routes without practical exposure.
Is front office better than middle office as a career?
Front office and middle office roles serve different career objectives — neither is universally “better.”
- Front office roles (M&A, capital markets, advisory) offer higher compensation, faster visibility, and direct deal exposure but come with longer hours and higher pressure.
- Middle office roles (risk, valuation support, operations, analytics) offer better work-life balance, strong learning, and long-term stability, though compensation growth may be slower.
For many professionals, starting in the middle office and transitioning to the front office over time is a practical and realistic career path.
The best choice depends on your:
- Risk appetite
- Work-life expectations
- Long-term career goals
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