Krati Agarwal | Ex- Avendus Capital

Krati Agarwal is currently pursuing her MBA at IIM Ahmedabad. Prior to joining the institute, she was working with Avendus Capital, Investment banking division from 2018-19, and previously was with Deutsche Bank, Investment Banking division from 2016-18, based out of Mumbai. She has completed her under graduation from IIT Kharagpur in 2016. Krati will be sharing her experience from her stint at Avendus Capital and Deutsche Bank focusing on sharing insights about the investment banking industry in India.

Interview

How did you recruit for this role? What would your advice be for potential candidates aspiring to get here? (Recruiting strategy, cycle, process etc.)

• I was offered a pre placement offer from Deutsche Bank on the basis of my internship. After working for few years at Deutsche Bank, I was looking out for India office roles and began interviewing with couple of firms.
• I came to know about an opening at Avendus via a mutual friend and decided to apply there via referral. There was no recruitment firm involved in the process. The process consisted of 3 rounds and a case study submission.
• The first round was case study submission which involved making a pitch and doing a financial modelling exercise. Post the submission, I was called for the interview. The first 2 rounds mainly focussed on technical skills and soft skills. 

Advice for the potential candidates –

• The interview was focused on assessing the technical skills, so strong financial modelling skills and communication skills are a must.
• For boosting the technical skills potential candidates can refer to Aswath Damodaran’s book or videos.
• Also, a stronghold on Excel and PowerPoint is an added advantage. 

What are the key skills that are required for this role?

Key skills required are – financial modelling skills, basics of valuation, strong communication and networking skills. Apart from that a candidate should be well-versed with Excel and PowerPoint. A prior experience in the similar industry can give you extra brownie points!

What is the typical feeder profile (typical previous work experience) for this industry in general and for your firm in particular?

A typical feeder profile would be undergraduate from tier 1 college and 1-2 years of prior work experience in global investment banking firms or boutique Indian IBs.

Is there an education path that is preferred for getting a role in this industry?

Typically, roles are open for MBA students. Most of the bulge bracket banks hires from B-schools directly for analyst roles. Few Indian investment banks such as Avendus do have an analyst program for undergraduate students where in they hire candidates from tier-1 colleges who have had a prior work experience in any global mid-office or Indian boutique IB experience.

What was your total team size and what is the typical team staffing on a case/deal?

My team at Avendus consisted of 6 members. Typical staffing on a case/ deal is of 2-3 people (MD/VP/ Analyst)

What was a typical day at work for you?

Work depended on the deal flow. I used to reach office at 9:30 am, went through my emails and deliverables for the day and subsequently working on them. Usually between the deals the hours are more taxing as compared to other deliverables such as pitches, RFP’s etc. Duration entirely depended on the urgency of the tasks.

What were your key responsibilities and deliverable on a case/deal?

Used to vary with deal. But understanding the company, market landscape, market scenario during that time, creating a detailed investment memorandum along with a detailed financial model and then eventually reaching out to investors. Once the investors are shortlisted monitoring the data room, overseeing the due diligence process, attending the client and legal meetings, preparing investor documents etc. becomes usual work until the deal concludes.

Apart from that analyst can expect to work on pitches, RFP’s (Request for proposal), client boarding formalities etc.

What is the typical exit that people get from this role?

People usually exit to PE/VC firms or bulge bracket banks. Other options might include switching to some corporate strategy roles at a senior level. Some analysts often go for pursuing their MBA’s.

What are the pros and cons about this role?

Pros- Working with like-minded people, gaining exposure across multiple industries, chance to interact with management of top firms, get to experience the thrill of a live deal and higher compensation packages as compared to other industries.            

 Cons – Pressure to deliver high quality work on time, long working hours and weekend work

What were your typical work hours in a week (including weekends)?

Used to vary between ~60-80 hrs per week. Can include weekend as well.  

How do the responsibilities evolve as one grows in this industry into senior roles?

An analyst / associate typically focuses on building models and executing the deals, moving upward a VP usually handles subsequent client interactions, maintains client relationships and staffing of the team. Director/MD’s are typically responsible for deal origination, client onboarding etc.

What would be your advice for people aspiring for a similar role?

• My advice would to be start putting efforts on your resume in order to build the relevant skill set. Potential candidates should try and reach out to as many people in the industry as they can to understand the nuances of the industry and to decide whether the industry is suitable for them.
• The long working hours and pressure to meet the deadlines can be often tiring and can lead to a lot of mental pressure.
• Once decided, candidates should stay updated of the latest happenings in the industry.
• Reading Live Mint/ Economic times etc. are highly important to stay updated with the latest trends.
• Apart from that giving CFA or pursuing financial courses on Coursers to gain further understanding of corporate finance can be really helpful. Good Luck!!