MBA Candidate at Harvard Business School
Jared, It depends on the size of the bank you are thinking of. Let's say for example you are looking at the top banks in the USA (e.g. Goldman Sachs, Morgan Stanley, JPMorgan, Bank of America Merrill Lynch), IB would be divided into different sub-divisions. 1. Mergers and acquisitions: as it suggests, you would advise clients on a variety of deals: mergers, acquisitions, sale, restructuring (sometimes) or on potential strategic deals (e.g. client has a lot of cash and doesn't know what to do with it - you would suggest companies or paths to follow) 2. Capital Markets: helps clients issue debt or equity or derivatives in the market 3. Sales and Trading (may be lumped into IB): sale and trading of stocks, fixed income, currencies, commodities on behalf of clients. Banks tend to have multiple other divisions that include research, asset management (for funds), private wealth management (for individuals).
Hope this helps