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Investment Banking Career Guide

Your complete guide to Investment Banking careers in New Zealand - from graduate programs to managing director roles

$80K - $250K+ Salary Range
60-80 Hours Weekly Commitment
High Growth Career Acceleration

What is Investment Banking?

Investment Banking in New Zealand involves providing financial services to corporations, governments, and institutions. Investment bankers help companies raise capital, execute mergers and acquisitions, and provide strategic financial advice.

While smaller than global financial centers like London or New York, New Zealand's investment banking sector offers unique opportunities to work on significant regional deals and develop broad skill sets in a close-knit professional community.

Core Functions

  • Mergers & Acquisitions (M&A) - Advising on corporate transactions
  • Capital Markets - Equity and debt raising for companies
  • Corporate Finance - Strategic financial advisory services
  • Research - Industry and company analysis for institutional clients
  • Sales & Trading - Executing trades for institutional investors
  • Restructuring - Advising companies in financial distress

Quick Facts

Graduate Salary: $75,000 - $95,000
Analyst (2-3 yrs): $90,000 - $130,000
Associate (3-6 yrs): $130,000 - $180,000
VP+ (6+ yrs): $180,000 - $300,000+
Top Locations: Auckland CBD, Wellington
Work-Life Balance: Challenging but rewarding

Investment Banking Reality Check

✅ The Positives

  • High Compensation - Top salaries in finance sector
  • Rapid Learning - Intensive skill development
  • Prestigious Career - Opens doors to senior roles
  • Deal Experience - Work on significant transactions
  • Exit Opportunities - PE, hedge funds, corporate development
  • Professional Network - Connections across finance industry
  • International Mobility - Skills transfer globally

⚠️ The Challenges

  • Long Hours - 60-80+ hour weeks are standard
  • High Pressure - Demanding clients and tight deadlines
  • Work-Life Balance - Limited personal time, especially as analyst
  • Competitive Environment - Performance pressure and rankings
  • Market Cycles - Job security tied to deal flow
  • Stress Management - Mental health considerations important
  • Limited Positions - Fewer spots than in major global centers

Investment Banking Salary Guide NZ

Analyst (Graduate - 2 years)

$75,000 - $130,000
Base Salary: $75,000 - $95,000
Bonus: $15,000 - $35,000 (20-40% of base)
Total Comp: $90,000 - $130,000
  • Financial modeling and analysis
  • Pitch book preparation
  • Due diligence support
  • Research and data gathering

Senior Analyst (2-3 years)

$95,000 - $150,000
Base Salary: $95,000 - $115,000
Bonus: $20,000 - $35,000 (20-35% of base)
Total Comp: $115,000 - $150,000
  • Leading junior analysts
  • Client interaction
  • Complex modeling projects
  • Transaction execution

Associate (3-6 years)

$130,000 - $200,000
Base Salary: $130,000 - $160,000
Bonus: $30,000 - $60,000 (25-40% of base)
Total Comp: $160,000 - $220,000
  • Team management and mentoring
  • Client relationship development
  • Deal structuring and negotiation
  • Pitch development and presentations

Vice President (6-10 years)

$180,000 - $280,000
Base Salary: $180,000 - $220,000
Bonus: $50,000 - $100,000 (30-50% of base)
Total Comp: $230,000 - $320,000
  • Transaction leadership
  • Client origination
  • Team leadership
  • Strategic advisory

Director/Managing Director (10+ years)

$250,000 - $500,000+
Base Salary: $250,000 - $350,000
Bonus: $100,000 - $300,000 (40-80% of base)
Total Comp: $350,000 - $650,000+
  • Business development and origination
  • Senior client relationships
  • P&L responsibility
  • Strategic direction

Investment Banking Employers in NZ

🏦 Major Bank Investment Banking Divisions

ANZ Investment Banking

Focus: M&A, Capital Markets, Corporate Finance

Analyst Salary: $80,000 - $110,000

Largest investment banking division in NZ with strong regional presence

ASB Capital

Focus: Corporate Finance, M&A Advisory

Analyst Salary: $75,000 - $105,000

Growing division with focus on mid-market transactions

BNZ Markets

Focus: Fixed Income, FX, Corporate Finance

Analyst Salary: $75,000 - $100,000

Strong markets division with NAB backing

Westpac Institutional Bank

Focus: Corporate & Institutional Banking

Analyst Salary: $70,000 - $95,000

Institutional focus with cross-border capabilities

📊 Investment & Advisory Firms

Forsyth Barr Capital Markets

Focus: Equity Capital Markets, M&A, Research

Analyst Salary: $70,000 - $100,000

NZ's largest investment adviser with strong ECM franchise

Jarden

Focus: Investment Banking, Research, Wealth Management

Analyst Salary: $75,000 - $110,000

Full-service investment bank with strong research capability

Craigs Investment Partners

Focus: Corporate Finance, ECM, Advisory

Analyst Salary: $65,000 - $95,000

Boutique investment bank with personalized approach

🌏 International Banks (NZ Operations)

Citi New Zealand

Focus: Institutional clients, Cross-border transactions

Salary: Limited local IB roles

Global platform with NZ institutional coverage

J.P. Morgan (Coverage from Australia)

Focus: Large-cap M&A, ECM, DCM

Note: Limited direct NZ hiring

Covers NZ market from Australian offices

Investment Banking Career Progression

1

Analyst (0-2 years)

Key Responsibilities:
  • Financial modeling (DCF, LBO, merger models)
  • Industry and company research
  • Pitch book creation and formatting
  • Data room management for transactions
  • Due diligence coordination
  • Administrative support for deals
Typical Day:
  • 9 AM: Morning meeting and deal updates
  • 10 AM - 6 PM: Modeling and pitch book work
  • 6 PM - 10 PM: Revisions and client deliverables
  • Late nights common during live deals
2

Senior Analyst (2-3 years)

Enhanced Role:
  • Leading junior analysts
  • Direct client interaction
  • Quality control on deliverables
  • Transaction process management
  • Valuation and modeling oversight
  • Pitch meeting participation
Skills to Develop:
  • Leadership and mentoring
  • Client communication
  • Project management
  • Advanced financial modeling
3

Associate (3-6 years)

Management Focus:
  • Team leadership (2-4 analysts)
  • Client relationship building
  • Deal structuring and negotiation
  • Pitch development and strategy
  • Due diligence oversight
  • Cross-functional coordination
Critical Transition:

Move from execution to strategy and relationship management. Many consider exit opportunities at this level.

4

Vice President (6-10 years)

Senior Management:
  • Transaction origination and leadership
  • Senior client relationship management
  • Business development activities
  • Team development and recruiting
  • P&L contribution responsibility
  • Industry expertise development

Graduate Programs & Entry Routes

🎓 University Requirements

Academic Prerequisites:

  • GPA: 7.0+ (A- average) preferred
  • Degree: Commerce, Finance, Economics, Engineering
  • Top Universities: Auckland, Victoria, Canterbury, Otago
  • International: Strong consideration for overseas degrees

Key Skills:

  • Strong quantitative and analytical abilities
  • Excellent communication and presentation skills
  • Advanced Excel proficiency
  • Time management under pressure
  • Team collaboration

📅 Application Timeline

Graduate Program Schedule:

  • March-April: Applications open
  • May-June: Online assessments and first interviews
  • July-August: Assessment centers and final interviews
  • September: Offers extended
  • February: Graduate intake starts

Application Components:

  • Online application and CV
  • Academic transcripts
  • Psychometric and numerical tests
  • Video or phone screening
  • Assessment center (case studies, group exercises)
  • Final panel interview

🚀 Alternative Entry Routes

Experienced Hire Paths:

  • Big 4 Consulting: 2-3 years strategy consulting
  • Corporate Finance: Finance roles in large corporates
  • Commercial Banking: Credit analysis or relationship management
  • Audit Background: Financial services audit experience
  • International Experience: IB experience overseas

Internship Programs:

  • Summer internships (November-February)
  • University partnerships
  • Work experience programs
  • Often lead to graduate offers

Exit Opportunities

💰 Private Equity / Venture Capital

Timing: 2-4 years experience

Salary: $120,000 - $200,000 + carry

NZ Options: Direct Capital, Rangatira, Pioneer Capital

  • Investment analysis and due diligence
  • Portfolio company management
  • Deal sourcing and execution
  • Long-term investment horizon
  • Better work-life balance than IB

🏢 Corporate Development

Timing: 2-5 years experience

Salary: $110,000 - $180,000

Companies: Fonterra, Spark, Fletcher Building

  • M&A strategy and execution
  • Strategic partnerships
  • Business development
  • Strategic planning
  • Significantly better work-life balance

🏦 Hedge Funds / Asset Management

Timing: 3-6 years experience

Salary: $130,000 - $250,000+ (performance-based)

Funds: Fisher Funds, Devon Funds, Salt Funds

  • Investment research and analysis
  • Portfolio management
  • Trading and risk management
  • Client relationship management
  • Performance-driven compensation

🎓 Business School (MBA)

Timing: 3-5 years experience

Cost: $50,000 - $200,000+

Options: Top international schools preferred

  • Career pivot opportunity
  • Leadership and strategic thinking development
  • Global network building
  • Consulting or general management post-MBA
  • Significant salary increase potential

🚀 Startup / Scale-up CFO

Timing: 4-8 years experience

Salary: $120,000 - $200,000 + equity

Companies: High-growth tech and fintech

  • Broad financial leadership role
  • Fundraising and investor relations
  • Strategic planning and analysis
  • Equity upside potential
  • Entrepreneurial environment

🌏 International Opportunities

Timing: 2-6 years experience

Locations: Australia, Singapore, Hong Kong, London

Salary: Varies by location (often 50-100% premium)

  • Bulge bracket investment banks
  • Global private equity funds
  • International consulting firms
  • Multinational corporate roles
  • Enhanced career progression

Investment Banking Interview Preparation

💼 Technical Questions

Valuation

  • Walk me through a DCF model
  • What are the three main valuation methodologies?
  • How do you calculate WACC?
  • When would you use precedent transactions vs trading multiples?

Financial Statements

  • Walk me through the three financial statements
  • How do they connect to each other?
  • What happens to the statements if inventory increases by $100?
  • How would you determine if a company is financially healthy?

M&A

  • What are the different types of mergers?
  • Why might a company want to acquire another company?
  • What is the difference between enterprise value and equity value?
  • Walk me through an LBO model

🎯 Behavioral Questions

Common Questions:

  • "Tell me about yourself"
  • "Why investment banking?"
  • "Why this bank?"
  • "Describe a time you worked under pressure"
  • "Tell me about a time you made a mistake"
  • "Where do you see yourself in 5 years?"
  • "What's your greatest weakness?"

STAR Method:

  • Situation: Set the context
  • Task: Describe your responsibility
  • Action: Explain what you did
  • Result: Share the outcome

📊 Market Knowledge

Stay Current On:

  • Recent M&A transactions in NZ/Australia
  • IPO activity and market conditions
  • Economic indicators and RBNZ policy
  • Industry trends and disruption
  • Global market developments

NZ-Specific Knowledge:

  • Major listed companies and recent performance
  • Key economic indicators (GDP, unemployment, inflation)
  • Recent significant transactions
  • Regulatory environment and changes
  • Currency and commodity exposure

Current Investment Banking Opportunities

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