What does an M&A analyst actually do?
M&A analysts are the lowest rung in the banking hierarchy. If you want to be a senior banker, first you have to be a junior one – but what exactly do junior bankers do all day?
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Working as an analyst in an M&A division means being flexible, because you are often working on multiple projects at any point in time. You will be working on both live deals and pitching new ones. When you’re working on a live deal, you’ll be involved in deal execution or helping a client buy or sell an asset, respectively called buy-side or sell-side mandates. When you’re pitching, you’ll be preparing documents, PowerPoint presentations specifically, for senior bankers to use as they persuade clients to do new deals.
Typically, an M&A analyst will also be responsible for the financial analysis that underpins an M&A deal. This includes building a financial model, running the valuation and financial impact analysis, and preparing materials to present this analysis to the client. Sometimes they will also be the point of contact for any questions or requests from the client relating to the analysis, but analysts are rarely placed in front of clients.
“Day-to-day life as an M&A analyst largely depends on the deals you are working on,” says the head of UK M&A at one European bank. “Broadly speaking, mornings and early afternoons involve client interaction, status and/or diligence calls and discussions to agree on the workstreams the deal team should focus on as well as next steps. By the afternoon or evening, meetings are less frequent, and you can focus on progressing on the deliverables, which can range from excel models to the preparation of marketing materials [pitchbooks].”
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