<p>^^For Investment Banking</p>
<p>Finance: Internal finance (budgeting, accounting… what you’d think of as normal corporate finance)… Lower risk, lower reward, more conventional finance position.</p>
<p>Securities: Sales & Trading and maybe they also throw capital markets in there. Primary origination (capital markets) and secondary trading (sales & trading) in securities (Equities, Fixed Income, etc). Fast paced work environment, though most of the characteristics depends on different specifics (Sales vs Trading, Fixed Income vs Equity, Product area). I know most about this so feel free to ask.</p>
<p>Merchant Banking/PE: This is one of the ways that GS takes positions for itself in various companies, real estate, etc. Also does it on the behalf of clients. I may be wrong but I don’t think they generally higher undergrad directly into this group, I think it is a lot of the top talent in the bank.</p>