Here’s a quick investment banking job question: you’ve worked late at night but do not have a voucher for a car home. Do you:
a) Take the subway;
b) Take a cab;
c) Sleep under your desk and take a car the next day?
The correct answer is “c” as you might suspect. And it’s the opening of a review for the latest satirical (and informative) book on investment banking by DayOnBay, a resource for Canadian business students interested in finance.
The book itself is called Damn, It Feels Good to Be a Banker, written by Amit Chatwani. For the past four years, Chatwani has gone by the pseudonym “Leveraged Sell-Out”, which is also the title of a popular blog he started online in 2005. Chatwani apparently wrote a mock letter to Lehman Brothers for an investment banking job, and posted his letter online. It went viral, so he started a blog to poke fun at the extravagance of investment bankers.
Chatwani published Damn, It Feels Good to Be a Banker in 2008, admittedly, a rough time to sell a book on investment banking. In addition to its satirical content, the book offers sections about the various divisions at i-banks, notably sales, trading, equity research, etc. and the possible opportunities at moving from investment banking into hedge funds or private equity. According to the reviewer, it also covers the typical career ladder of an investment banker, and takes a look at different size firms in the industry.
The book provides both color and commentary on the people, schools, culture, and compensation of investment bankers. Damn, it Feels Good to be a Banker is both an informative and humorous look at the industry, along the lines of Liar’s Poker and Monkey Business.
According to the reviewer, the book is both “enjoyable to those in the investment banking industry and the finance industry in general, those who yearn to break in to the industry, and those who love reading about the self-abuse that investment bankers inflict upon themselves.” You can read the full review at DayOnBay or pick up a copy of the book at Amazon.com
What’s the best book on investment banking you’ve read? Add your comments below.