分析员是华尔街公司里面最初级的岗位，通常由本科毕业生担任，为期两年。这些颇具发展潜力的本科生是公司里的“劳动者”，承担着极为紧凑的超强工作负荷，即使从华尔街的标准来看也是如此。尽管在投资银行的各个部门都设有分析员的岗位，但是公司理财部(corporate finance department)是这个岗位分布最集中的部门。分析员的主要工作是分析数据、组织并撰写投资条件清单(term sheet)、公司财务分析表或者首次公开发行的招股说明书。这些年轻的专业人员孜孜不倦地工作，以期凭借在华尔街享有声望的公司或全球性金融机构工作两年的经历获得进入全球顶尖商学院攻读MBA的资格。具有华尔街工作背景的MBA毕业生是华尔街的公司和各大管理咨询公司争相聘用的人选。
助理是MBA毕业生进入投资银行的入门级(entry-level)职位。新人将参加为期6至9个月的针对其各自业务的系统培训。随后他们各就其职，从事销售与交易(sales ＆ trading)、公司理财、研究、资产管理(asset management)等工作。上述的工作分类还可以进一步细分为更多的产品领域。例如：销售与交易部门可以进一步细分成股权证券部及债务部(equity and fixed-income divisions)，债务部还可以进一步细分成政府债券(government securities)、公司债券(corporate bond)和高收益债券(high-yield securities)部等。
承销业务(underwriting business)是全球性金融机构尤其是投资银行的一项重要业务。对于中国的主要的国有企业(state-owned enterprises)，这些全球性金融机构在协助它们进行全球性的首次公开发行或在二级市场上公开发行时具有无可匹敌的分销和风险控制的能力。赢得书面授权的金融机构即为主承销商，将被列在“墓碑”(Tomb Stone)名单的首位。它们不但可以使自己在年度排行榜(annual league table)上的得分名列前茅，而且还可以收取融资额3%至5%的承销、管理和包销费。一般在发行股票之后，主承销商有义务为发行公司、机构投资者和个人投资者对发行公司(issuer)进行投资研究(research coverage)。初级投资研究分析员协助高级投资研究员对这些公司进行投资研究。
在投资银行领域，证券销售员占投资银行从业人员的绝大多数，全球各大金融中心均是如此。证券销售员主要分两类：1)机构证券销售员，主要受雇于各大投资银行的机构销售部(institutional sales division)，为主要的资金管理公司和其他种类的机构服务。他们需要处理雇主机构与机构投资者之间复杂的关系。2)个人证券销售员，主要受雇于证券经纪公司的零售部(retail stock-broking firm)，为活跃的散户投资者或者高端的私人客户(high net-worth)服务。
证券销售人员提供的服务包括提供及时的投资信息，例如投资研究分析、即将进行首次公开发行的公司信息，以及对与客户拥有股票的公司的相关重大事件进行分析和提供咨询。但是也有人担心，随着科技和电子技术的日渐普及，证券销售员的重要性正在日益边缘化。中国证监会(CSRC，China Securities Regulatory Commission)与其他权威机构，如中国人民银行(PBOC，People’s bank of China)和国家外汇管理局(SAFE，State Administration of Foreign Exchange)，合作公布的合格境外机构投资者制度(QFII，Qualified Foreign Institutional Investors scheme)已于2002年12月1日起正式实施，这实际上意味着四种外资金融机构，即基金管理公司、证券公司、保险公司和商业银行可以进入中国金融市场，但在申请QFII资格之前要通过颇高的审核标准。取得QFII资格的外国投资者可以直接投资中国的上市股票(不包括B股)、国债、可转换债券、公司债券和经中国证监会批准的其他金融工具。
Analysts are the most junior ranking professionals of Wall Street Firms. These are Bachelor degree-holders who have joined investment banks on a two-year contract. These promising undergraduate degree holders are the “laborers” of the organization, working on unbelievable tight schedules-even by Wall Street standards. While analysts are spread across business functions in the investment bank, the largest concentration is in the corporate finance department. Analysts perform most of the number crunching, writing and putting together of corporate finance term sheet or prospectus of initial public offering deals. This incredibly hard working group of young professionals hope to use their experience obtained through working for a prestigious Wall Street firm or global financial institution to gain entry to a top business school for their MBA after their two-year stint. MBA candidates with prior Wall Street experience are most highly sought after by Wall Street firms and major management consulting firms.
The entry-level position for MBA in investment banking firms is known as associate. They will generally spend about 6 months to 9 months on a structured training program specific to their business area. Thereafter they will perform the actual line functions, such as sales & trading, corporate finance, research, asset management, etc. The above-mentioned broad categories are further divided into more specialized product areas. For example, within the sales & trading, there are equity and fixed-income divisions; and in the fixed-income area, there are government securities, corporate bond, high-yield securities, etc.
Junior Investment Research Analyst
Underwriting business is an important business of global financial institutions, especially the investment banks. For major state-owned enterprises in China, the prowess of these global financial institutions have unmatched distribution and risk management capabilities to handle global issuance of their initial public offering or secondary offering. The firm that wins the particular mandate is known as the lead manager. This will put them on top of the “Tomb Stone? scoring big on the annual league table and earning big fees typically ranging from 3% to 5% of the proceeds raised. The lead manager will be “obligated” to the issuance company to initiate research coverage of the issue, and thereafter, duty bound to continue on going professional coverage as a professional to institutional clients who bought the issue. Junior investment research analysts are employed to assist the senior analyst in carrying out their research coverage of these companies.
They constitute the largest number of professionals within the investment banking industry. This is the phenomenon in most of the major financial centers in the world. The securities sales professionals at institutional stock-broking firms manage extraordinary complex relationships between two organizations. There are two main types of securities salesperson: 1) Institutional sales, mostly employed by major investment bank at their institutional sales division, servicing major fund management firms .2) Individual sales, employed by retail stock-broking firms serving active retail clients or high net-worth individuals.
The services provided by securities salespersons include the provision of timely information such as investment research, the upcoming underwriting calendar as well as interpretation of material corporate developments. While some might argue that given the advent of technology and electronic delivery, the role of securities salesperson has been marginalized. China Securities Regulatory Commission (CSRC), working with other authorities, including the People’s bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE), promulgated the Qualified Foreign Institutional Investors scheme (QFII), Which had been in force from December 1, 2002. Four categories of foreign institutions, namely Fund management company, Securities company, Insurance company and Commercial Bank have to meet stringent criteria before they may apply to be QFII. Approved QFIIs are allowed to invest in securities (excluding B shares), treasuries, convertible bonds and corporate bonds listed in China’s stock exchanges and other financial instruments as approved by CSRC.
Prior to the QFII scheme, foreign institutional investors have been focusing on the H shares, Red chips and B shares markets for a China play. Institutional salespersons primarily service their clients out from Hong Kong. As part of their value added services, many of them (institutional salespeople) are organizing field trips, taking clients to visit company management and view production facilities of B shares and H shares companies in China. It may take a while for QFIIs to seriously consider investing in the A shares market given the high valuation and quality of the respective companies, but it is clear that global securities firms would need to hire and develop more professionals who have the knowledge and skill-set to engage the China market.
Furthermore, in a marketplace like China’s capital market, where information barriers exist and efficiency is much to be desired, the role of securities salespeople will be crucial in adding value to the fund managers’ investment process. The key is how to be efficient, differentiated and have the ability to “pool” resources for your clients.