Investment Banking Financial analysts in the investment banking departments of securities or banking firms often work in teams, analyzing the future prospects of companies, and selling shares to the public for the first time via an initial public offering (IPO), or issuing bonds; this task is often identical to that of a securities analyst. On this basis, they will then make presentations to prospective investors re the merits of investing in the new company, presenting their "pitch books" on a “roadshow;” see bookrunner and securities underwriting. An additional component of the IB role here: analysts ensure that all forms and written materials necessary for compliance with Securities and Exchange Commission regulations are accurate and complete. Many IB analysts work in mergers and acquisitions (M&A) departments, similarly preparing analyses on the costs and benefits of a proposed merger or takeover, and assisting with regulatory submissions; here there are both buy-side- and sell-side analysts. See . The analysis is somewhat more specialized than for an IPO, as it must consider: (i) valuation pre- and post-merger, a function of efficiencies, synergies, and / or increased market share, (ii) financing employed, including M&A specific considerations such as the swap ratio, and (iii) tax implications. Compare Business valuation and Stock valuation. At more senior levels, "vice presidents" (VPs, or Senior SVPs) will manage the workflow and deliverables - with modelling performed by "associate" AVPs - but not be involved in the line-by-line detail per se. Directors will be responsible for "rainmaking" and maintaining existing client relationships. The latter role incorporates a significant advisory element - guiding the client re their profile and exposure in the capital markets, and advising on M&A and other corporate activity (and liaising with sales and trading). Middle office Within banking, there are other non-quant analyst roles (not necessarily titled "financial analyst"), mainly within the "middle office"; these are generally linked, at least by dotted line, to both the Finance and Risk Management areas. Corporate Treasury is responsible for an investment bank's funding, capital structure management, and liquidity risk monitoring; see . It is then (co)responsible for the bank's funds transfer pricing (FTP) framework, allowing for comparable financial performance evaluation among business units Product Control is primarily responsible for "explaining" the P&L; i.e.: attributing returns to individual desks, decomposing these into their risk factors, and ensuring that traders' positions are reflected at their market values; the tools here are often built