The standard investment banking job titles, from junior to senior, are Analyst, Associate, Vice President, Director (called Senior Vice President, Executive Director or Principal at some banks) and Managing Director. Many banks also hire summer interns and off-cycle interns below the analyst level, and the most senior bankers may hold titles such as Senior Managing Director, Partner, Vice Chairman or Chairman.
Below is the investment banking title hierarchy, what each level does, and how the titles differ from those in the rest of the bank.
Investment Banking Title Hierarchy
- Intern / Summer Analyst: A student who works on a deal team for a summer or a semester, usually with the aim of receiving a full-time offer.
- Analyst: The usual entry title for graduates. Analysts build financial models, prepare pitch books and presentations, and handle research and data requests.
- Associate: The entry title for MBA hires and the next step for promoted analysts. Associates check the analysts’ work, manage the day-to-day pieces of a deal and become the main point of contact for many client requests.
- Vice President (VP): Runs deal execution, manages the junior team and handles much of the client communication.
- Director / Senior Vice President / Executive Director / Principal: A senior banker who starts to bring in business as well as run deals. The name of this level varies most from bank to bank.
- Managing Director (MD): The senior banker responsible for client relationships and winning mandates, and often for a sector or product group.
Above Managing Director
At the top of large banks you will see titles such as Senior Managing Director, Group Head or Head of Investment Banking, and honorary or relationship titles such as Vice Chairman and Chairman. At partnership-style boutiques, the most senior bankers are often called Partner or Senior Partner. These titles depend heavily on the firm.
Investment Banking Teams and Their Titles
- Coverage (industry) groups: Bankers focused on one sector, such as healthcare, technology or energy. Titles look like “Vice President, Healthcare Investment Banking.”
- Product groups: Specialists in a type of deal, such as mergers and acquisitions (M&A), leveraged finance, equity capital markets (ECM), debt capital markets (DCM) or restructuring.
- Capital markets desks: Bankers who work between the deal team and investors when a company issues stock or bonds.
- Support and business roles: Titles such as Business Manager, Chief Operating Officer of Investment Banking, and Compliance Officer, which sit outside the deal hierarchy.
Why Bank Titles Look Inflated
People outside finance are often surprised that a bank has many vice presidents. In investment banking, Vice President is a mid-level title, a few steps above entry level, not a senior executive role as it is in many other industries. When comparing a banker’s title with one from another sector, look at the level in the hierarchy above rather than the words in the title.
Investment Banking vs. Commercial Banking Titles
Commercial and retail banks use a different ladder: Teller, Personal Banker, Relationship Banker, Credit Analyst, Relationship Manager, Branch Manager and Regional Manager. They lend to and serve businesses and households, while investment bankers advise on deals and raise capital. A Credit Analyst in commercial banking and an Analyst in investment banking are different jobs with different daily work.
How to Read an Investment Banking Job Title
- Look for the level first. Analyst, Associate, VP, Director and MD tell you seniority more reliably than anything else in the title.
- Then the group. “M&A,” “Leveraged Finance” or “Technology Group” tells you what kind of deals the person works on.
- Check the firm type. A boutique, a middle-market bank and a large global bank may use the same titles for quite different responsibilities.
Frequently Asked Questions
What is the highest title in investment banking?
Managing Director is the highest standard rank. Above it sit leadership roles such as Head of Investment Banking, Vice Chairman and Chairman, and Partner at partnership firms.
Is an associate higher than an analyst in investment banking?
Yes. Analyst is the entry level; Associate is the next rank.
Is a Director the same as a Senior Vice President?
At most banks they are the same level under different names, sitting between Vice President and Managing Director.
For related roles, see our lists of treasury job titles and mortgage job titles.
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