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Roles and Seniority at Bulge Bracket Banks

Hello!

I find the hierarchy in investment banking a bit confusing. Titles like "Associate" and "Vice President" seem to have different meanings across various banks, and it also looks like some titles have changed over time. Could you provide a structured overview of the different roles and their seniority levels?

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Simon
Coach
on Mar 17, 2025
Mastering Deals and Strategy | Seasoned coach

Sure, happy to help out! The hierarchy in investment banking can feel a bit confusing at first, but here's a simple breakdown of the typical structure at bulge bracket banks:

Analyst roles are entry-level, often filled by recent graduates. Analysts focus on technical work such as financial modeling, valuation, and preparing pitch decks. Attention to detail and data handling are crucial in this role.

Associates are usually promoted from Analyst positions or hired after completing an MBA. They manage Analysts, review their work, and interact more directly with clients. While Associates contribute to technical work, their focus also shifts to project management and communication.

Vice Presidents (VPs) take on a more client-facing role. They manage relationships, ensure deals are executed smoothly, and often serve as the main point of contact for clients and internal teams. VPs oversee Associates and Analysts to ensure project goals are met.

Directors or Executive Directors (EDs) focus heavily on originating deals and building client relationships. They typically manage several projects simultaneously and work closely with Managing Directors.

Managing Directors (MDs) are senior leaders with a strong focus on client acquisition and revenue generation. MDs leverage their networks to bring in new business and oversee key deals.

 

While the titles, tasks and responsibilities may vary slightly between banks (some use "Director" more prominently, others might skip "ED"), the general flow from Analyst to MD remains fairly consistent.

Hope this clears things up! Let me know if you have more questions.

Simon

Nitesh
Coach
on May 26, 2025
9+ yrs of work ex in finance/consulting - Barclays/ x-Citi. 500+ hrs coaching exp. MBA IIM Ahmedabad, Engg IIT Kharagpur
  • Intern / Summer Analyst / Summer Associate:

    • Role: Students gaining exposure.

    • Responsibilities: Basic research, presentation support, data entry.

  • Analyst:

    • Role: Entry-level, 2-3 year program. "Workhorses."

    • Responsibilities: Financial modeling, valuation analysis, creating pitch books, data gathering.

  • Associate:

    • Role: Post-Analyst or MBA hires. Manage junior staff.

    • Responsibilities: Supervising Analysts, project management for junior deals, client interaction, advanced modeling.

  • Vice President (VP):

    • Role: Project manager for deals.

    • Responsibilities: Day-to-day deal execution, managing Analyst/Associate teams, direct client communication, internal coordination.

  • Director / Executive Director (ED) / Senior Vice President (SVP):

    • Role: Bridge between VPs and MDs, more client-facing.

    • Responsibilities: Deepening client relationships, new business development, strategic oversight, mentoring.

  • Managing Director (MD):

    • Role: Top level. "Rainmakers" who generate revenue.

    • Responsibilities: Client origination, deal sourcing, high-level strategic advisory, team leadership, bank representation.

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