What Reddit Says About Investment Banking Presentations: A Peek Behind the Scenes

Investment banking presentations, especially pitchbooks, are crucial but grueling documents in the finance world. These decks, while highly polished and precise, can demand endless revisions and meticulous detail. Here’s what Redditors reveal about this side of investment banking, shedding light on the process, roles, and frustrations that come with creating these presentations.

1. The Purpose and Process: Crafting for Accuracy and Consistency

Takeaway: The primary goal of these presentations is to communicate data accurately and consistently while adhering to strict standards.

Investment banking presentations must meet high expectations for precision. Analysts, Associates, VPs, and MDs each play specific roles to ensure the slides not only convey the right information but do so in a visually consistent and professional manner. Accuracy (getting the data right), consistency (ensuring uniform formatting and structure), presentation (clear messaging), and aesthetics (visual appeal) are key.

• Analysts spend most of their time in PowerPoint, creating slides with MDs and VPs directing their efforts.

• Associates are responsible for correcting errors, adding refinements, and often making important decisions on the deck’s content and positioning.

• VPs make sure the overall message resonates and handle much of the client-facing communication.

• MDs have the final say, ensuring the deck aligns with the strategic intent and is ready for client presentations.

2. Revision After Revision: The Never-Ending Iterations

Takeaway: Presentations undergo countless iterations, often without substantial added value, but every detail counts in the eyes of senior bankers.

Redditors highlight the extensive back-and-forth in revisions, with each round requiring careful tweaks in everything from color schemes to chart positions. Most pitchbooks will go through 20+ versions before being deemed “vF” (version final), often focusing on minute changes that may seem trivial but are part of maintaining a standard of excellence.

• Beyond a certain number of revisions, the value added diminishes. However, investment banks uphold a perfectionist standard that means every slide must be flawless.

• While some bankers see diminishing returns in the later stages, they recognize that client trust often hinges on the perception of rigor and attention to detail.

3. The Analyst’s Reality: “Grunt Work” and Learning on the Job

Takeaway: Analysts are the backbone of the presentation process, but they’re often tasked with tedious, repetitive work.

Analysts, who are typically fresh graduates, dedicate up to half their time to PowerPoint, with the remaining time split between Excel and other tasks. They might not be entrusted with deep analysis due to their limited industry experience, but they shoulder the heavy lifting in producing and refining slides.

• Tasks include formatting, verifying data accuracy, and ensuring that each slide meets the bank’s stringent standards.

• Analysts sometimes make errors, which causes associates and VPs to double-check and re-do work, increasing the pressure on all levels of the team.

4. The Hierarchy of Responsibilities: Everyone Has a Role

Takeaway: Each level of seniority contributes a distinct set of skills to the presentation process, creating a hierarchy that ensures quality control and alignment with client expectations.

The process reflects a strict hierarchy:

• Analysts do the foundational work but lack decision-making power.

• Associates refine and polish the slides, correcting mistakes and adding strategic input.

• VPs ensure the message is clear, and MDs finalize the content for client presentations.

The dynamic of each team can influence how much responsibility analysts have, with associates and VPs taking on increasingly strategic roles. Senior bankers ensure that every aspect aligns with the presentation's intended message and client objectives.

5. The Frustrations and Realities: Endless Edits and Tight Deadlines

Takeaway: Investment banking is a high-stakes, high-stress environment where the pressure to meet tight deadlines and make endless adjustments is constant.

Redditors share tales of tight timelines, late nights, and sometimes unnecessary meetings, all of which add to the workload. With most decks never reaching a client and administrative hurdles, the grind can feel overwhelming.

• Communication breakdowns and delays from other teams contribute to stress, with last-minute adjustments and edits piling up.

• Printing, binding, and shipping presentations for in-person client meetings are logistical tasks that also fall on the junior team members, adding yet another layer of responsibility.

Conclusion:

Investment banking presentations are a product of tireless effort, precision, and teamwork. Each layer of hierarchy, from analysts to MDs, plays a role in ensuring these presentations meet client expectations. While the process can feel redundant and taxing, every detail reflects the industry’s high standards, and each slide is a testament to the work behind the scenes.