<p>@Wharton15:
Ibanking is about two things:
- helping firms acquire or merge with other firms
- raising capital through additional equity or debt offerings</p>
<p>Research and trading divisions exist at bulge brackets but are not traditionally considered ibd. What you’re referring to is asset management which encompasses private equity and venture capital (which is what I think you have in mind)</p>
<p>Your take on market inefficiency is correct though. Should also add that many institutions profit by offering liquidity for financial instruments (essentially buying from people who need to sell in a hurry).</p>
<p>@ Subsidize: keep in mind that wharton is also involved in research and public policy. Finance and consulting are popular industries but are by no means the only options you have. If you have a solid math background, you could consider talking about an academic interest related to business rather than actual business experience.</p>