Lawsikho Blog

Discover why Indian CAs and CMAs are uniquely positioned for US investment banking support roles. This guide explains the core skills gap between accounting and investment banking, outlines the 8-week foundational plan to build necessary expertise, and details the mindset shift required to succeed in financial modeling, valuation, and deal analysis—all without relocating.

Introduction

“So you think investment banking is all about expensive suits and power lunches?“

That is what my friend Rahul, a newly qualified CA from Mumbai, asked me last week. He had been reading about Indian professionals breaking into US finance roles and wondered if investment banking was “too elite” for someone like him.

I could not help but laugh. Because sitting across from me at that Starbucks in Cyber Hub was living proof that the game has changed completely.

Over the past years, I have watched dozens of Indian CAs and CMAs transition from traditional accounting roles into offshore analyst positions supporting major investment banking deals for US firms. 

No Wall Street pedigree. 

No Ivy League MBA. 

Just solid technical skills and the ability to deliver quality work remotely.

The shift is real, and it is accelerating. 

Remote work has not just opened doors for basic bookkeeping or financial reporting, it has created opportunities in the most sophisticated corners of finance. 

Investment banking, with its heavy emphasis on process-driven analysis and financial modeling, turns out to be perfectly suited for skilled remote professionals.

You know what fascinates me?

The training that produces a CA or CMA in India, with its strong focus on 

• financial statement analysis, 
• accounting entries, 
• regulatory compliance, and 
• systematic thinking, 

creates a valuable analytical foundation that can be built upon for investment banking work.

Think about it. 

While business school grads are learning to read financial statements, Indian CAs have already audited hundreds of them. While fresh analysts struggle with basic Excel functions, CMAs have been building cost sheets and variance analyses for years. 

However, investment banking requires additional specialised skills beyond traditional accounting work, such as 

• advanced financial modeling techniques, 
• deal structuring knowledge, and 
• investor-focused communication skills that are not typically part of CA/CMA curricula.

In this article, I want to share what I have learned about why Indian chartered accountants are uniquely positioned for US investment banking work. 

I will cut through the mystique and look at what investment banking actually involves, how your existing skills map to these requirements, and what gaps you need to fill to make the transition.

What investment banking work really involves and why it matters

It might sound cliche, but most Indian finance professionals think investment banking is all about popping champagne bottles after closing billion-dollar deals. 

That is like thinking cricket is only about hitting sixes in every over.

The reality is far more analytical and far more accessible for CAs and CMAs than you might think.

Investment banking work breaks down into four main workstreams, each requiring specific analytical skills that Indian accounting professionals already possess in one form or the other.

1. Financial modeling & valuations

This is where finance professionals spend most of their time supporting US investment banks. Financial modeling forms the analytical backbone of every deal, and it is surprisingly systematic.

The financial models you build include:

• DCF analysis: Forecasting cash flows and calculating present values
• Comparable company analysis: Finding peer companies and calculating multiples
• Precedent transactions: Analysing past deals for pricing benchmarks
• LBO models: Determining private equity returns under different scenarios
• Merger models: Calculating deal accretion/dilution and synergies

The process is remarkably similar to statutory audit work. 

You gather data, apply standardised methodologies, test assumptions, and document your analysis. 

The main difference? 

You are projecting forward instead of examining historical records.

2. Pitch books and deal support

Investment banks create extensive presentations for every aspect of a transaction – winning mandates, updating clients, presenting to boards, and marketing deals to investors.

These presentations typically include:

• Market analysis and competitive positioning
• Financial projections and valuation outputs
• Transaction structure and process timelines
• Risk factors and mitigation strategies
• Investment highlights and strategic rationale

Creating these materials requires translating complex financial analysis into clear business insights – a skill every CA/CMA develops while explaining audit findings or presenting cost analysis to management. The ability to distill technical information into executive-ready formats is exactly what investment banking demands.

3. Industry and market research

Before any deal happens, teams need comprehensive market intelligence. This research underpins every strategic recommendation and valuation assumption.

Research responsibilities include:

• Analysing industry trends and growth drivers
• Tracking regulatory changes and competitive dynamics
• Identifying potential acquirers or targets
• Building sector-specific financial models
• Creating market maps and competitive landscapes

CAs and CMAs already know how to analyse industries.

Every audit requires understanding the client’s business environment. Every cost analysis needs sector benchmarking. 

The difference in investment banking, you ask? You are using this analysis to predict future performance and identify transaction opportunities.

4. Due diligence and execution support

When deals progress, the detailed investigation begins. Due diligence validates assumptions, identifies risks, and determines final pricing adjustments.

Key activities include:

• Quality of earnings analysis
• Working capital normalisation
• Contract and agreement reviews
• Management interview preparation
• Data room organisation
• Closing checklist management

This is where CA/CMA training provides the biggest advantage. 

Years of examining financial statements, testing internal controls, and identifying accounting irregularities create natural due diligence skills. 

You already know where companies might manipulate earnings or hide liabilities.

The work that actually gets outsourced

Not all investment banking work can be done remotely. Here is what typically gets assigned to offshore teams:

Can be done remotely:

• Financial modeling and analysis
• Research and data gathering
• Presentation creation and formatting
• Due diligence document review
• Database maintenance and updates

Requires physical presence:

• Client meetings and negotiations
• Live deal execution
• Regulatory filings
• Management presentations
• Site visits and facility tours

Understanding this division helps set realistic expectations. 

You would not be in the boardroom when deals get signed, but you will build the analysis that shapes those decisions. 

These offshore analyst positions represent specialised support roles within the broader investment banking ecosystem, not equivalent alternatives to traditional front-office positions that require physical presence.

While the remote roles emphasize analytical skills, they still require strong communication abilities. You will need to 

• effectively present findings to onshore teams, 
• navigate cultural differences, 
• ask clarifying questions, and 
• articulate complex financial concepts clearly. 

Even without client contact, the ability to collaborate virtually with global teams remains essential for success.

Understanding offshore investment banking roles: Scope and hierarchy

Let me clarify exactly what ‘investment banking support roles’ typically entail. 

These positions are generally back-office or middle-office functions that support front-office bankers. Common job titles include:

• Offshore Financial Analyst
• Investment Banking Support Analyst
• Financial Modeling Specialist
• Research Associate
• Valuation Support Analyst

These roles differ significantly from front-office investment banking positions in terms of responsibilities, compensation, and career trajectory. 

Like I said above, front-office bankers focus on client relationships, deal origination, and high-level strategy. While, offshore support roles concentrate on analytical tasks, research, and presentation development.

A typical career progression might look like:

1. Junior Analyst (1-2 years): Focus on basic financial modeling, research, and presentation support
2. Senior Analyst (2-4 years): Lead more complex modeling assignments and coordinate with onshore teams
3. Associate (4+ years): Oversee analyst teams and serve as primary liaison with onshore bankers

Some professionals may eventually transition to onshore roles, shift to adjacent fields like transaction advisory at Big Four firms, or move into investment research. This progression typically requires consistently exceptional performance, advanced credentials (like an MBA or CFA), and often willingness to relocate.

From accountant to analyst – making the mindset shift

The hardest part of transitioning to investment banking is not learning new technical skills. It is rewiring how you think about numbers.

I learned this the hard way during my first investment banking project.

Despite years of audit experience, I initially approached the financial model like a compliance exercise – meticulously documenting every calculation, triple-checking historical data, and focusing on accounting accuracy.

My project lead pulled me aside after the first draft. “Your numbers are perfect,” he said. “But you are missing the story. What will this business become in five years? Why should an investor care?“

That conversation helped more than I thought. 

Investment banking is not about reporting what happened. It is about imagining what could happen and quantifying those possibilities.

1. The cognitive leap: from compliance to commercial judgment

The fundamental difference between accounting and investment banking lies in perspective and purpose.

Accountants look backward, ensuring historical accuracy and regulatory compliance. Investment bankers look forward, projecting possibilities and assessing strategic options.

Consider how differently these roles approach the same financial statement:

Accountant’s lens: “Is revenue recognition compliant with accounting standards? Are all expenses properly classified? Does the cash flow statement reconcile?“

Investment banker’s lens: “What is driving revenue growth? Which costs are fixed versus variable? How much cash can this business generate for investors?“

Both perspectives matter, but they serve different masters. 

Accountants serve regulators and auditors. Investment bankers serve investors and dealmakers.

2. Developing investor-first thinking

The shift to investor thinking requires asking different questions about every number you encounter.

Traditional accounting questions:

• Is this amount accurately recorded?
• Does it comply with GAAP?
• Can we trace it to the source documents?
• Is the classification correct?

Investment banking questions:

• Is this revenue recurring or one-time?
• What is the margin trajectory?
• How does this compare to competitors?
• What is the return on invested capital?
• How would a buyer value this?

Let me illustrate with a real example. Assume that you are analysing a logistics company for a potential sale. The financial statements show:

• Revenue: ₹500 crores (growing 12% annually)
• EBITDA: ₹75 crores (15% margin)
• Driver wages: ₹150 crores (30% of revenue)

As an accountant, you would verify wage calculations and ensure proper expense classification.

As an investment banker, you would notice driver wages as a percentage of revenue increased from 25% to 30% over three years. This raises critical questions:

• Is the company losing pricing power?
• Are driver shortages forcing higher wages?
• Will margins compress further?
• Should we adjust valuation multiples downward?

That insight could change the entire deal strategy. 

Maybe you recommend waiting for margin stabilisation. 

Perhaps you suggest highlighting technology investments that could reduce driver dependency. Or you might identify this as a key negotiation point with buyers.

3. Speed versus perfection: the 80/20 principle

Accounting rewards precision. 

Investment banking rewards speed with reasonable accuracy.

In audit, being 99.9% accurate might mean the difference between a clean opinion and a qualified one. In investment banking, being 90% accurate but finishing in half the time often creates more value.

This does not mean accepting sloppy work. It means understanding which details matter for decision-making and which represent diminishing returns.

Examples of the 80/20 principle in action:

• Building a “quick and dirty” model to test deal feasibility before creating detailed projections
• Using industry benchmarks instead of calculating company-specific metrics from scratch
• Focusing analysis on the 3-4 key value drivers rather than modeling every line item
• Creating rough sensitivity tables to identify which variables actually impact valuation

4. Thinking in scenarios and probabilities

Accountants deal in certainties – what actually happened. Investment bankers deal in probabilities – what might happen under different conditions.

This requires comfort with uncertainty and skill in scenario planning.

Key mental models to develop:

• Base/upside/downside cases: Never present a single projection
• Sensitivity analysis: Understanding which variables matter most
• Risk-adjusted thinking: Weighing probability against impact
• Optionality: Recognising strategic flexibility has value

For instance, when projecting revenue growth, do not just extend historical trends. Consider:

• What happens if a key customer churns?
• How would expansion into new markets change the trajectory?
• What if regulatory changes impact pricing?
• Could technology disruption accelerate or decelerate growth?

5. Developing pattern recognition

Great investment bankers see patterns across industries and transactions. They quickly identify whether a business model is scalable, which metrics matter for valuation, and where operational improvements could create value.

Building this pattern recognition requires:

• Studying diverse businesses and industries
• Reading equity research reports regularly
• Following M&A news and analysing deal rationales
• Building a mental library of business models and value drivers
• Analysing actual company filings using the SEC’s EDGAR database to understand how real businesses report their financials

Start by analysing 2-3 deals per week in different sectors. Ask yourself:

• Why did the buyer pay this multiple?
• What synergies justified the premium?
• Which risks did they accept?
• How does this compare to similar transactions?

6. Communication: from reporting to persuading

Perhaps the biggest mindset shift involves how you communicate findings.

Accounting communication is defensive — proving compliance and explaining variances. Investment banking communication is offensive — building compelling narratives and driving decisions.

Transform your communication style:

Before: “The variance analysis shows a 5% decrease in gross margin due to increased raw material costs of ₹25 lakhs.“

After: “Margins compressed 500 bps as raw material inflation outpaced our pricing power. Without immediate price increases or supplier renegotiation, this drag will eliminate ₹2 crores of EBITDA annually, potentially reducing valuation by ₹15-20 crores at current multiples.“

Notice how the second version:

• Connects operational metrics to valuation impact
• Suggests actionable solutions
• Quantifies the urgency
• Speaks the language of investors

Practical exercises for mindset transformation

1. Daily business news analysis: Read one M&A announcement daily. Write a one-paragraph investment thesis explaining the buyer’s rationale.
2. Reverse engineering valuations: Take public company trading multiples and work backward to understand what growth and margin assumptions the market implies.
3. Mock investment committee: Present a company to friends as if recommending an investment. Field their questions about risks and returns.
4. Reframe your current work: Take any financial analysis you are doing and ask, “How would this impact valuation? What would an investor want to know?”
5. Study analyst reports: Read equity research reports focusing on how analysts connect operational metrics to investment recommendations.

Remember, you are not abandoning your accounting training. 

You are building on it. 

The rigor and discipline remain invaluable. You are simply adding a new lens – one that sees possibilities where others see only history.

This mindset shift is what transforms a good accountant into a great investment banking analyst. It is what allows Indian CAs and CMAs to compete with MBA graduates from top schools. And it is entirely within your reach with focused effort and practice.

The skills bridge – gaps you can quickly close

The distance between where you are and where investment banking needs you to be is shorter than most CAs and CMAs realise. 

While your technical foundation is solid, certain specific skills need refinement for the US investment banking context.

Think of it like learning to drive on the opposite side of the road. The fundamentals remain the same, but you need to adjust your reflexes and habits for a different environment.

These are the three core areas you need to work on.

1. US GAAP fundamentals

Most Indian professionals know IFRS or Indian accounting standards inside out. But US investment banking operates primarily under US GAAP, creating an important knowledge gap that needs addressing.

While the underlying principles share some similarities, US GAAP differs significantly in areas like revenue recognition, leases, and business combinations. Bridging this gap is critical, as investment banks expect offshore analysts to apply US GAAP accurately in financial models and due diligence.

A timeline for building US GAAP proficiency includes:

• First 3-6 months: Gain foundational understanding of key US GAAP principles (e.g., ASC 606 for revenue, ASC 842 for leases) through structured courses and practice converting Indian financial statements to US GAAP.
• 6-12 months: Develop working proficiency by analysing SEC filings (e.g., 10-Ks, 10-Qs) and applying US GAAP to M&A scenarios, such as purchase price allocations.
• 12+ months: Build expertise in complex areas like goodwill impairment (ASC 350) and derivatives (ASC 815) through case studies and on-the-job experience.

Remember that investment banks hiring for offshore roles understand that your US GAAP knowledge will continue developing over time. What they need initially is your strong financial foundation and willingness to learn, combined with sufficient understanding to contribute effectively to projects. 

Your expertise will naturally deepen through hands-on experience with actual transactions.

2. Storytelling through slides

CAs and CMAs excel at technical accuracy but often struggle with narrative flow. 

Investment banking is not just about getting the numbers right, it is about presenting them persuasively.

The shift requires moving from “here is what the data shows” to “here is why this matters for the deal.”

Consider this example:

Accountant’s approach: “Revenue grew 15% YoY with EBITDA margins expanding 200 bps.“

Investment banker’s approach: “Management’s pricing power strategy is working — premium positioning allowed 15% revenue growth while operational improvements drove margin expansion to 32%, positioning the company perfectly for strategic buyers seeking established market leaders.“

Skills to develop:

• Creating logical slide flows that build toward recommendations
• Using charts and graphics to emphasize key points
• Writing executive summaries that capture attention
• Structuring arguments to address investor concerns

Practice methods:

• Analyse publicly available pitch books from investment banks
• Recreate famous deal presentations with your own analysis
• Join Toastmasters or similar groups to improve presentation skills
• Get feedback from professionals already in IB roles

3. Transaction mechanics and documentation

The deal process has its own language and rhythm. Understanding how transactions actually work – from initial discussions to closing – helps you contribute more effectively.

Key concepts to master:

• Letter of Intent (LOI) structure and negotiation points
• Due diligence process and common findings
• Purchase agreement components (reps, warranties, indemnities)
• Closing mechanisms and working capital adjustments
• Earnouts and contingent consideration structures

You do not need to become a lawyer, but understanding these concepts helps you:

• Build more realistic financial models
• Identify key business issues early
• Communicate effectively with deal teams
• Anticipate client questions and concerns

Study approach:

• Read actual deal documents (available on SEC EDGAR database)
• Take online M&A courses focusing on deal structure
• Follow M&A news and analyse announced transactions
• Join webinars hosted by law firms on deal trends

4. PowerPoint and Excel mastery

You already know Excel, but investment banking has its own shortcuts and formatting standards. Similarly, PowerPoint becomes a primary communication tool requiring specific skills.

Excel refinements needed:

• Keyboard shortcuts for speed (no mouse usage)
• Dynamic formulas that update automatically
• Sensitivity tables and scenario analysis
• Model auditing and error-checking techniques
• Formatting standards (fonts, colors, decimal places)

PowerPoint capabilities to develop:

• Consistent formatting across large presentations
• Creating custom charts linked to Excel models
• Building slide templates for different purposes
• Animation and transition techniques for live presentations
• Version control and collaborative editing

5. Virtual collaboration tools

Remote investment banking work requires seamless digital collaboration. You need fluency in tools that enable real-time cooperation across time zones.

Essential platforms:

• Virtual data rooms (Intralinks, Datasite)
• Document management systems
• Video conferencing with screen sharing
• Project management software
• Secure file transfer protocols

Skills to develop:

• Managing multiple versions of documents
• Tracking changes and maintaining audit trails
• Coordinating with global teams asynchronously
• Protecting confidential information
• Troubleshooting technical issues independently

The initial foundation plan: first 8 weeks

Here is a practical roadmap to close these gaps:

Weeks 1-2: Foundation

• Complete US GAAP basics course
• Master PowerPoint formatting standards
• Practice Excel shortcuts daily

Weeks 3-4: Application

• Build a complete DCF model from scratch
• Create a 20-slide pitch book template
• Study 5 recent M&A transactions

Weeks 5-6: Refinement

• Take practice Investment Banking Analyst tests
• Join online IB preparation groups
• Get feedback on your work from professionals

Weeks 7-8: Integration

• Complete a mock deal analysis end-to-end
• Present findings to mentors or peers
• Apply for remote IB support positions

This 8-week plan provides the essential foundation needed to begin pursuing investment banking support opportunities. However, it is important to understand that fully mastering these skills and successfully transitioning into the field typically takes additional time and experience.

The longer journey: beyond the 8-week foundation

While the initial 8-week program helps you build core skills, the complete transition journey often looks more like this:

• First 2-3 months: Building fundamental skills and knowledge (the 8-week plan plus additional practice)
• 3-6 months: Gaining practical experience through entry-level projects, internships, or cross-functional assignments
• 6-12 months: Developing deeper expertise and building professional networks in the investment banking space
• 12+ months: Growing into more advanced roles with increasing responsibility

The investment in time and resources pays off progressively. 

Most online courses cost less than a month’s salary increase you will see after successfully transitioning to investment banking support work.

Remember, you are not starting from zero. You are adding a professional polish to an already strong analytical foundation. 

The firms hiring remote talent understand this – they want your technical skills and are willing to provide deal-specific training as you continue to develop industry expertise.

Conclusion: You are closer than you think

The path from CA/CMA to investment banking is not a massive leap rather a calculated step forward.

You already possess the analytical foundation that takes others years to build. Your training in financial statements, audit procedures, and systematic thinking provides 60% of what investment banking demands.

The remaining 40% -US GAAP knowledge, presentation skills, deal mechanics, and investor mindset – can be acquired in months, if not in weeks.

While MBA graduates accumulate debt learning basics, you can be executing live deals. While others struggle with Excel formulas, you will be building complex models.

Start today. 

Choose one skill gap and close it. 

Build that DCF model. Join that Investment Banking prep group. Apply for that first project.

The offshore teams of investment banks and deal advisory firms supporting US operations are not primarily looking for pedigree; they need analytical capability. 

And this analytical capability is what Indian CAs and CMAs can deliver, particularly in roles focused on financial modeling, research, and presentation development.

While these positions may not involve client-facing responsibilities, they offer valuable experience, competitive compensation, and potential pathways to broader opportunities within global finance. 

Some professionals may eventually transition to more strategic roles or relocate for front-office positions, while others will build rewarding careers as remote specialists.

Your investment banking journey can begin with just 8 weeks of focused preparation.

The transition will require continued learning and practice beyond this initial foundation, but many successful professionals began exactly where you are now.

The only question is: when will you start building your skills?