This past summer I decided to challenge myself by reading as many finance-related books as I could within the 3 months of vacation I had. It was a fascinating and insightful experience to say the least!
The first of these books was “The Accidental Investment Banker” by Jonathan A. Knee. I chose this book because I had always had my eyes set on Investment Banking, but I wanted to get an inside look on what I would be getting myself into. The book did well in terms of detailing the type of work that an early analyst/associate would do at an Investment Bank as it provided accounts of Knee’s experience building pitch books, going on roadshows, and building client relationships.
Knee also provides his input on the changes he sees developing within the Investment Banking Industry. He uses the legendary Goldman Sachs banker, Sydney Weinberg, as the archetypal relationship-focused Investment Banker; the benchmark for what he feels bankers should strive to become. He laments however that the industry has become more focused on the transactional nature of the business as opposed to being built on nurturing corporate relationships and building one’s reputation as a trusted, go-to adviser. The phrase “I’ll be gone, you’ll be gone” is the short-term mentality that Knee claims has become the standard for how some bankers view the transactions they work on. There is a hopeful tone as the book progresses that the spirit and values of Sidney Weinberg are still what inspires people to get into Investment Banking.
His perspective from having been a senior banker at Goldman Sachs in the 90’s gives readers a behind-the-scenes look into the historic IPO of the bank along with the struggles of maintaining the partnership structure that is so crucial to the culture of Goldman Sachs.
For anyone interested in Investment Banking, or just Wall Street in general, “The Accidental investment Banker” is a must read. Being that it is written based off of Knee’s own experiences, it offers a raw glimpse into the daily work and interactions that define life in the Investment Banking Division. Personally, it was a book that got me excited to continue pursuing my career ambitions now that I had a much stronger idea of what Investment Banking actually entails.
-S.F
ASVP Capital Insights 