Last updated on January 16th, 2026 at 01:35 pm
Investment banking is a specialized field of finance that focuses on helping companies, governments, and institutions raise capital, make strategic decisions, and execute complex financial transactions. The subjects related to investment banking combine accounting, finance, economics, and business strategy to build a strong understanding of how companies operate and grow.
This guide explains the key investment banking subjects you need to master, how they map to real tasks, and how a course or self-study can land you a job. Read this to understand what topics matter, which skills you’ll build, and how to structure study over weeks.
Core Investment Banking Subjects (Academic + Practical)
At the core, you will study Financial Accounting & Statement Analysis to understand company numbers, Corporate Finance to evaluate investments and funding decisions, and Valuation Techniques like DCF and comparables to price businesses accurately.
Financial Modeling in Excel forms the backbone of daily analyst work, while M&A, Equity Capital Markets (ECM), and Debt Capital Markets (DCM) explain how companies raise capital and execute strategic deals.
Financial Accounting & Statement Analysis
Read income statements, balance sheets, and cash flow statements.
Learn adjustments: non-recurring items, one-offs, and normalized earnings.
Real use: check “quality of earnings” and spot accounting tricks in due diligence.
Corporate Finance
Master time value of money and capital budgeting (NPV, IRR).
Learn WACC (cost of capital) and how to decide capital structure.
Real use: decide whether a company should borrow or issue equity for a project.
Equity Capital Markets (ECM)
Study IPOs, follow-on offers, rights issues, and book-building.
Learn pitchbook structure and how to pick market timing for offerings.
Debt Capital Markets (DCM)
Learn about bonds, term loans, and credit rating basics.
Study structured finance, securitisation, and leveraged loans.
Mergers & Acquisitions (M&A)
Understand the deal process: target screening → valuation → execution.
Learn accretion/dilution analysis and basics of due diligence.
Valuation Techniques
DCF project cash flows and discount them to present value.
Comparable company analysis (comps) value relative to peers.
Precedent transactions look at prices paid in similar deals.
Real pitch use: choose the right valuation method and explain assumptions.
Financial Modeling (Excel)
Build a 3-statement model (income, balance sheet, cash flow).
Forecast revenues, margins, and capex.
Run scenario and sensitivity analysis to test outcomes.
(Optional) Build-your-own model case study for practice.
Market Analysis & Macroeconomics
Understand interest rates, inflation, GDP growth, and their effects.
Know FX markets, central bank actions, and the yield curve’s meaning.
Advanced & Specialized Subjects (Tier 2 skills)
Supporting subjects like Market Analysis, Macroeconomics, Risk Management, and Derivatives help bankers understand market conditions and manage financial risk. Together, these subjects build the technical, analytical, and presentation skills required for roles such as Investment Banking Analyst, Equity Research Associate, Corporate Finance Executive, and Capital Markets Analyst.
Risk Management
Market risk, credit risk, and Value at Risk (VaR).
Learn regulatory capital rules (Basel norms) and stress testing.
Derivatives & Structured Products
Options, futures, swaps basics and use cases.
Learn how derivatives hedge risk or create structured payoffs.
Portfolio Management & Wealth Advisory
Asset allocation, diversification, and portfolio optimization.
Learn practical tools used by asset managers and PMs.
Investment Banking Technology Tools
Bloomberg, Capital IQ, and other market data platforms.
Automation: Python for finance, VBA in Excel, and AI tools used in deal sourcing or research.
Typical Course Structure by Phase
Most good courses follow a three-phase path: Foundation to Core to Advanced. Below is a sample 12-week plan you can adapt.
Sample structure
| No. | Subject | Learning Outcome |
| 1 | Accounting basics | Read financial statements |
| 2 | Advanced accounting adjustments | Normalize earnings |
| 3 | Corporate finance fundamentals | NPV, IRR, WACC |
| 4 | Valuation I | DCF building |
| 5 | Valuation II | Comps & precedent transactions |
| 6 | Financial modeling I | 3-statement model setup |
| 7 | Financial modeling II | Forecasting & linking statements |
| 8 | M&A theory | Deal process & accretion/dilution |
| 9 | ECM & IPO mechanics | Pitchbook & market timing |
| 10 | DCM & credit | Bond math & ratings |
| 11 | Derivatives & risk | Options basics & VaR |
| 12 | Case study & mock test | Full model + presentation |
Assessment types: MCQs for theory, case studies for application, timed modeling tests for speed and accuracy.
Skills You’ll Build Through These Subjects
Analytical thinking breaks down company numbers.
(analyst builds valuation drivers.)
Business writing & PowerPoint make clear pitchbooks.
( prepare client presentations.)
Excel modeling fluency builds fast, accurate models.
(run scenario analysis for deals.)
Presentation & pitching skills present to senior bankers.
(defend assumptions in client meetings.)
Ethics & compliance knowledge follow rules on disclosures.
(ensure deals meet regulatory standards.)
Investment Banking in operations subjects
Deals and valuations are just two aspects of investment banking. Investment banking operations the teams that make sure trades, funds, and securities move smoothly and safely power a sizable portion of the sector. These positions are the foundation of many entry-level finance positions in India.
1. Basic Tools for Finance (Excel & Financial Math)
What you learn
Excel fundamentals for finance (VLOOKUP, INDEX-MATCH, Pivot Tables)
Financial mathematics: TVM, NPV, IRR, XIRR, MIRR
Basic statistics and return calculations
Why it matters
Excel is tested in almost every finance interview
Used daily for reporting, reconciliations, and analysis
Job relevance
Operations Analyst
Financial Analyst
Trade Support Analyst
2. Investment Banking Foundation
What you learn
Basic trading terminology
How investment banks are structured
Roles of front, middle, and back office
How trades flow across departments
Why it matters
Helps you understand how banks actually work
Interviewers expect this conceptual clarity
Job relevance
Investment Banking Operations Analyst
Capital Markets Operations
KPO / Offshore Banking Roles
3. Equity Markets
What you learn
Market structure (primary vs secondary markets)
Equity securities and market indices
Order types, execution, clearing instructions
Why it matters
Essential for roles supporting equity trading desks
Helps understand how stock market transactions settle
Job relevance
Equity Operations Analyst
Market Operations Executive
Research Support Roles
4. Derivatives (Futures, Options, Swaps)
What you learn
Exchange-traded vs OTC derivatives
Pricing basics of futures and options
Hedging, arbitrage, and risk concepts
Why it matters
Derivatives desks require strong process accuracy
Common interview topic for global banks
Job relevance
Derivatives Operations Analyst
Risk & Control Analyst
Middle Office Roles
5. Fixed Income Markets
What you learn
Bonds, yields, duration, and credit risk
Issuance and trading of debt instruments
Repos and short-term funding
Why it matters
Fixed income dominates institutional trading. Strong demand in global capability centers (GCCs)
Job relevance
Fixed Income Operations
Treasury Support Analyst
Debt Market Operations
6. Trade Life Cycle (MOST IMPORTANT OPERATIONS SUBJECT)
What you learn
Trade execution and capture
Confirmation, settlement, and reconciliation
Role of custodians and clearing corporations
Settlement failures and funding of trades
Securities lending and borrowing
Why it matters
Core knowledge for investment banking operations jobs
Frequently asked in interviews
Job relevance
Trade Settlement Analyst
Custody Operations
Clearing & Reconciliation Analyst
7. Risk Management & AML/KYC
What you learn
Market and operational risk basics
AML guidelines and KYC processes
Regulatory expectations and compliance
Why it matters
Banks focus heavily on compliance and risk
Mandatory knowledge for regulated roles
Job relevance
Risk Analyst
AML / KYC Analyst
Compliance Operations
8. Corporate Actions & Asset Management Basics
What you learn
Dividends, bonus issues, splits, mergers
ESG and governance concepts
Mutual funds and asset management structure
Why it matters
Corporate actions errors can cause huge losses
Important for custody and fund operations roles
Job relevance
Corporate Actions Analyst
Fund Operations Analyst
Asset Management Support
9. Communication & Interview Preparation
What you learn
Professional communication
HR interview handling
Technical interview practice (markets, equity, fixed income)
Why it matters
Operations roles require accuracy + communication
Improves placement success
What Roles Do These Subjects Prepare You For?
Investment banking career mapping
| Subject | Job Role | Example Task |
| Valuation | Investment Banking Analyst | Build DCF for acquisition |
| Financial Modeling | Equity Research Associate | Project financials for reports |
| Market Analysis | Capital Markets Associate | Advise on IPO timing |
| Corporate Finance | Corporate Finance Executive | Evaluate project financing |
| Risk Management | Risk Analyst | Run stress tests on loan portfolios |
Internships & pipeline: Many students start with internships, work in KPOs or boutique firms, and then move to larger banks or buy-side roles.
Top Investment Banking Courses That Cover These Subjects
| Provider | Program Name | Duration | Price (approx.) | Placement Support |
| NSE Academy / CIIB | Certificate in Investment Banking | 3–6 months | Medium | Limited to network |
| Imarticus / Wall Street School | Advanced IB & Modelling | 6–12 weeks | Medium–High | Yes (career services) |
| UpGrad / Great Learning | PG programs in Finance | 6–12 months | High | Yes (placements) |
| Boutique providers | Financial Modeling Bootcamps | 2–6 weeks | Low–Medium | Mock interviews |
Where to start: internships or KPO roles (TresVista, boutique IBs) give hands-on model-building practical models.
Conclusion
The technical tools and confidence you gain from investment banking subjects will teach you how to value companies, build financial models, and make recommendations to work on deals that are often worth hundreds of millions of dollars.
If you are starting out, choose a course that has lots of hands-on modeling, mock interviews, and real case studies.
Get a free 1-on-1 counseling session to pick the right course?
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FAQ
The main investment banking subjects include financial accounting, corporate finance, valuation, financial modeling, mergers & acquisitions (M&A), equity and debt capital markets, and market analysis. These form the core skill set used in IB roles.
Yes. Non-finance students (engineering, science, arts) can learn investment banking subjects with proper training. Many courses start from basics like accounting and Excel before moving to advanced valuation and deal analysis.
Financial modeling and valuation are the most important subjects. They are used daily to analyze companies, price deals, and support M&A, IPOs, and fundraising decisions.
They are necessary but not always sufficient. Along with subjects, recruiters expect practical Excel skills, internships, case studies, and interview preparation to convert knowledge into a job offer.
You can practice by building Excel models, analyzing annual reports, valuing listed companies, following live deals, and solving case studies. Free resources like company filings, investor presentations, and mock interview questions also help.
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