分析員
分析員是華爾街公司里面最初級的崗位，通常由本科畢業生擔任，為期兩年。這些頗具發展潛力的本科生是公司里的“勞動者”，承擔著極為緊湊的超強工作負荷，即使從華爾街的標準來看也是如此。盡管在投資銀行的各個部門都設有分析員的崗位，但是公司理財部(corporate finance department)是這個崗位分布最集中的部門。分析員的主要工作是分析數據、組織并撰寫投資條件清單(term sheet)、公司財務分析表或者首次公開發行的招股說明書。這些年輕的專業人員孜孜不倦地工作，以期憑借在華爾街享有聲望的公司或全球性金融機構工作兩年的經歷獲得進入全球頂尖商學院攻讀MBA的資格。具有華爾街工作背景的MBA畢業生是華爾街的公司和各大管理咨詢公司爭相聘用的人選。
助理
助理是MBA畢業生進入投資銀行的入門級(entry-level)職位。新人將參加為期6至9個月的針對其各自業務的系統培訓。隨后他們各就其職，從事銷售與交易(sales ＆ trading)、公司理財、研究、資產管理(asset management)等工作。上述的工作分類還可以進一步細分為更多的產品領域。例如：銷售與交易部門可以進一步細分成股權證券部及債務部(equity and fixed-income divisions)，債務部還可以進一步細分成政府債券(government securities)、公司債券(corporate bond)和高收益債券(high-yield securities)部等。
初級投資研究分析員
承銷業務(underwriting business)是全球性金融機構尤其是投資銀行的一項重要業務。對于中國的主要的國有企業(state-owned enterprises)，這些全球性金融機構在協助它們進行全球性的首次公開發行或在二級市場上公開發行時具有無可匹敵的分銷和風險控制的能力。贏得書面授權的金融機構即為主承銷商，將被列在“墓碑”(Tomb Stone)名單的首位。它們不但可以使自己在年度排行榜(annual league table)上的得分名列前茅，而且還可以收取融資額3%至5%的承銷、管理和包銷費。一般在發行股票之后，主承銷商有義務為發行公司、機構投資者和個人投資者對發行公司(issuer)進行投資研究(research coverage)。初級投資研究分析員協助高級投資研究員對這些公司進行投資研究。
證券銷售員(經紀員)
在投資銀行領域，證券銷售員占投資銀行從業人員的絕大多數，全球各大金融中心均是如此。證券銷售員主要分兩類：1)機構證券銷售員，主要受雇于各大投資銀行的機構銷售部(institutional sales division)，為主要的資金管理公司和其他種類的機構服務。他們需要處理雇主機構與機構投資者之間復雜的關系。2)個人證券銷售員，主要受雇于證券經紀公司的零售部(retail stock-broking firm)，為活躍的散戶投資者或者高端的私人客戶(high net-worth)服務。
證券銷售人員提供的服務包括提供及時的投資信息，例如投資研究分析、即將進行首次公開發行的公司信息，以及對與客戶擁有股票的公司的相關重大事件進行分析和提供咨詢。但是也有人擔心，隨著科技和電子技術的日漸普及，證券銷售員的重要性正在日益邊緣化。中國證監會(CSRC，China Securities Regulatory Commission)與其他權威機構，如中國人民銀行(PBOC，People’s bank of China)和國家外匯管理局(SAFE，State Administration of Foreign Exchange)，合作公布的合格境外機構投資者制度(QFII，Qualified Foreign Institutional Investors scheme)已于2002年12月1日起正式實施，這實際上意味著四種外資金融機構，即基金管理公司、證券公司、保險公司和商業銀行可以進入中國金融市場，但在申請QFII資格之前要通過頗高的審核標準。取得QFII資格的外國投資者可以直接投資中國的上市股票(不包括B股)、國債、可轉換債券、公司債券和經中國證監會批準的其他金融工具。
QFII制度實行之前，境外機構投資者一直將重點放在中國香港的H股、紅籌股和B股市場。機構證券銷售員主要為在香港設立辦事處的機構投資者服務。作為增值服務的一部分，許多機構證券者需要組織證券銷售員實地考察，帶領客戶考察中國B股和H股公司的管理水平和生產設備等。由于不同A股的公司的價格高低和質量差異很大，QFII對中國的A股市場的投資都會小心謹慎，因此需要花更多的時間。勿庸置疑，國際證券公司需要雇用和培養更多熟知中國市場且有實踐經驗的專業人才。
此外，由于中國資本市場的信息尚未完全透明化，市場遠未達到完全有效。因此，證券銷售員在基金經理投資過程中所提供的增值服務是至關重要的。關鍵在于如何有效率地、有差異性地、有能力地運用雇主機構資源為客戶服務。
Investment Bank
Analyst
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.
Associate
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.
Securities Salesperson
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.
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