Best Investment Banking Books

In Investment Banking by Gaurav SharmaUpdated On:

This is the list of best reference books that will help you boost your career in investment banking. They each focus on one specific area like fixed income or M&A and so on, but you won’t lose anything by going through all of them.

Note: This is a list of technical/ reference books. If you are looking for real-world finance stories, check out this article instead.

Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions
by Joshua Rosenbaum, Joshua Pearl

Best Book for IB
  • Hardcover Book
  • Rosenbaum, Joshua (Author)
  • English (Publication Language)

This is THE go-to investment banking book which finds a spot on almost every banking book list. The authors are known names in IB circles and it covers all of the basics that you need to know when starting out, preparing for an interview or getting warmed up before an internship.

Think of this as standard reading if you are interested in a career in investment banking. It is often recommended by professors at top business schools as well.

The Handbook of Fixed Income Securities by Frank Fabozzi

Best Book for Fixed Income/ DCM
  • McGraw-Hill
  • Hardcover Book
  • Fabozzi, Frank (Author)

This is a personal favorite of mine. I just have a personal bias towards bonds, fixed income securities and debt capital markets. I am not sure why – probably because I fell in love with the math behind bonds and this book had a lot to do with it. I am not going to lie, I never read the whole thing – it’s quite massive. But it looks so so good on my shelf!

If you are interested in a field that is even slightly related to fixed income securities, then this book is a must. Everyone from DCM, FICC traders, derivative structuring analysts, bond raters etc. need to read this.

Investment Valuation: Tools and Techniques for Determining the Value of Any Asset by Aswath Damodaran

Best Book for Valuations
  • Used Book in Good Condition
  • Hardcover Book
  • Damodaran, Aswath (Author)

No investment banking book list can be complete without Damodaran. And this may be his magnum opus. Provides with the best look at valuations for beginners and intermediate students alike. In fact, its more than just a finance book because it is recommended reading for non-finance business students as well.

A Pragmatist’s Guide to Leveraged Finance by Robert Kricheff

Best Book for LevFin
  • Kricheff, Robert S. (Author)
  • English (Publication Language)
  • 288 Pages - 03/05/2012 (Publication Date) - FT Press (Publisher)

More specific to Leveraged Finance but still a good all-round resource for fixed income enthusiasts. It covers everything from yields, spreads, ratio analysis, business analysis, modeling, scenario building, credit risk etc. needed to successfully execute a LevFin transaction.

Leveraged Buyouts: A Practical Guide to Investment Banking and Private Equity by Paul Pignataro

Best Book for PE
  • Hardcover Book
  • Pignataro, Paul (Author)
  • English (Publication Language)

Do you like LBOs? If you want to get into Private Equity, then you better learn to love them. I admit LBO modeling is not the most intuitive of things since there is so much subjectivity in how you can approach things. But this books offers the best strategies for solving those problems. It covers all the bases and is especially helpful for preparing for an upcoming test as part of the recruitment process.

Middle Market M&A: Handbook for Investment Banking and Business Consulting by Several Authors

Best Book for Mid-market IB
  • Hardcover Book
  • Marks, Kenneth H. (Author)
  • English (Publication Language)

I am going to let you in on a little secret: Middle Markets is where it’s at. I have handled several Global Fortune 100 clients over my career and please take my word for it – mid markets clients are much easier to work with, that is where the growth is at and you can hit your targets a lot easier. But this is not one of my career-guides articles, its a book review. So here’s my review of this book – get it!

Financial Modeling For Equity Research: A Step-by-Step Guide to Earnings Modeling and Stock Valuation for Investment Analysis by John Moschella

Best Book for ER
  • Moschella CFA CPA, John (Author)
  • English (Publication Language)
  • 239 Pages - 09/08/2019 (Publication Date) - Independently published (Publisher)

Equity Research is not the trickiest of subjects in finance, but it is one where you can get into infinite detail and complexity as you attempt to perfect your model. This book offers you a shortcut to compress the learning process and save you some time while your brain builds some muscle memory.

Related Articles

About the Author

Gaurav Sharma

Gaurav started his career as a Corporate and Investment Banking intern at Citi in 2009 and eventually ended up as an Associate Director at Standard Chartered Bank’s Wholesale Banking division a few years later. By 2016, Gaurav was consulting FinTech start-ups in London with product development in the institutional banking space. He also advises mid-market Private Equity/ Asset Management firms and Banks in North America and Europe with investments in the financial services and FinTech sector. Gaurav writes on topics ranging from European Union banking regulations and FinTech to Blockchain startups and the inevitable rise of our AI overlords! He has an Engineering degree in Computer Science and an MBA with a double major in Finance and Marketing. He is also a Certified Financial Risk Manager.