10 Books Every Investment Banker Should Read

The 10 best books for investment bankers cover five lanes: deal stories (Barbarians at the Gate), banker memoirs (The Partnership, The Accidental Investment Banker, Silvio Berlusconi), investing mindset (Buffett, Principles, The Essays of Warren Buffett), business strategy (Hidden Champions, The Ride of a Lifetime), and valuation (The Dark Side of Valuation).

The list spans entry-level reads for aspiring bankers (The Accidental Investment Banker, Buffett) through senior-banker references (The Essays of Warren Buffett, Silvio Berlusconi). Use the filterable card library below to find the right book for your career stage, or build a personalised reading list with the IB Reading List Builder. Curated and refreshed annually as of Q2 2026.

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1. Barbarians at the Gate by Brian Burlough and John Helyar

"Barbarians at the Gate" by Bryan Burrough & John Helyar (1989) is a deal-stories book best for pre-banking and aspiring readers. The definitive narrative of the $31 billion 1989 RJR Nabisco LBO, this book defined the dealmaking-culture genre and remains required reading for anyone who wants to understand the high-stakes side of investment banking before they sign on for a career in it.

This book is found on every list of recommended books for investment bankers. Now more than 30 years old, it says everything about its quality that it is still regarded as essential reading.

If you’re not familiar with the story by now, Borough and Helyar were two investigative journalists that went into some depths on the leveraged buyout of RJR Nabisco. The book provides valuable insights into fraught negotiations, valuations, egos getting in the way of decision making, and above all, the perils of too much leverage.

2. The Partnership: The Making of Goldman Sachs by Charles D. Ellis

"The Partnership: The Making of Goldman Sachs" by Charles D. Ellis (2008) is a banker memoir book best for analysts and associates. Ellis's authoritative history of how Goldman Sachs became the most powerful investment bank in the world is indispensable for understanding the cultural codes, partnership economics, and client philosophy that still shape modern Wall Street.

It is difficult to believe now but Goldman Sachs was once the outsider on Wall Street. Author Charles D. Ellis follows its journey from here to the world’s undisputed leader of investment banking.

It never gets caught in the weeds and is replete with dozens of enlightening stories that emphasize the importance of serving the client, keeping egos in check, and creative solutions (such as paying the back of England to borrow its gold, so that GS could trade on it).

3. Buffett: The Making of an American Capitalist by Roger Lowenstein

"Buffett: The Making of an American Capitalist" by Roger Lowenstein (1995) is an investing-mindset book best for pre-banking and aspiring readers. Lowenstein's classic Buffett biography made value investing accessible to a generation of finance professionals, and remains the most readable entry point into how the world's most successful investor actually thinks about businesses.

No collection of books for investment bankers would be complete without a nod to the Sage of Omaha, Warren Buffett.

Although Lowenstein’s account predates Buffett’s autobiography by more than a decade, it is arguably an even better account of the Buffett story.

Lowenstein, for example, focuses far less on Buffett’s relationship with Bno and the Bill and Melinda Gates Foundation, and instead goes into the nitty gritty of how close the Coca-Cola Company came to going under in the 1980s.

4. Principles by Ray Dalio

"Principles" by Ray Dalio (2017) is an investing-mindset book best for analysts and associates. Bridgewater founder Ray Dalio lays out the life and work principles that built the world's largest hedge fund, with heavy emphasis on radical transparency, decision-making frameworks, and the systems thinking that high-stakes investing demands.

Dalio is not an investment banker and nor is this a great book, so you would be forgiven for asking what it is doing on this list. It’s here because of Dalio’s ability to learn from every mistake to generate value.

Dalio took a ‘win or learn’ perspective to his work, which meant that even if he made damaging mistakes, he would at least come away in the knowledge that he would never make them again. His note taking process, outlined here in detail, is an example for everyone, investment bankers or not.

5. The Essays of Warren Buffett: Lessons for Corporate America

"The Essays of Warren Buffett" by Lawrence Cunningham (editor, 1997 with later editions) is an investing-mindset book best for VPs and MDs. Cunningham's organised compilation of Buffett's annual letters is the most concentrated source of investing wisdom in book form, and senior bankers return to it for boardroom and CEO conversations because the language is precisely what management teams want to hear.

This is essentially a collection of Buffett’s writing from Berkshire Hathaway’s annual reports.

Some of the pieces of wisdom from the essays of Warren Buffett have been reprinted so many times that they have entered the popular lexicon (take “it’s only when the tide goes out that you learn who was swimming naked” as an example).

This is an enjoyable piece of writing that can be dipped into and out of at the reader’s leisure, every time providing a little piece of wisdom or two.

6. Silvio Berlusconi: Television, Power and Patrimony by Paul Ginsberg

"Silvio Berlusconi: Television, Power and Patrimony" by Paul Ginsborg (2004) is a banker memoir / power-dynamics book best for VPs and MDs. A non-obvious pick that earns its place by showing how dominant business personalities and political connections shape deal markets, this book is essential reading for senior bankers who advise founder-controlled companies and politically-exposed clients.

Before disgraced former Italian Prime Minister Silvio Berlusconi became a figure of mirth, it is no exaggeration to say that the man was a business genius.

This warts and all account of his life looks at Berlusconi from all sides. What emerges is someone that was able to see obvious trends well before everyone else.

The deals that Berlusconi made in construction, media and sport, show what is possible when skillful negotiation meets thinking from a different perspective.

7. Hidden Champions of the Twenty-First Century by Hermann Simon

"Hidden Champions of the Twenty-First Century" by Hermann Simon (2009) is a business-strategy book best for analysts and associates. Simon's research on mid-cap global market leaders is perfect mid-market M&A reading for understanding what makes private companies acquisition-worthy, why they often outperform their public peers, and how to source deal flow in the under-the-radar middle market.

This is not a common book on investment bankers’ must-read lists. However, we have included it as Simon, a German management consultant, has looked at the ‘hidden champions’ of world industry:

Those companies that dominate certain industries, usually making billions of dollars in the process, without attracting any of the fanfare of more well-known names. Nobody will have heard of all the companies on his list, and the book changes how you think about winning companies.

8. The Accidental Investment Banker by Jonathan Knee

"The Accidental Investment Banker" by Jonathan Knee (2006) is a banker memoir book best for pre-banking and aspiring readers. Knee's account of his career at DLJ and Morgan Stanley is the most realistic insider portrait of what investment banking life is actually like, warts and all, and it should be read before anyone signs an analyst offer.

The Accidental Investment Banker is almost an anti-investment banker book (Knee, incidentally, is still an investment banker), so may not be popular with everyone.

That being said, anyone that has worked in investment banking is likely to find some of the stories highly entertaining and some will even remember some of the antics that surrounded the TMT side of the industry at the time of the turn of the century, that period being the major focus of this book.

9. The Ride of a Lifetime: Lessons Learned from 15 Years as the CEO of the Walt Disney Company by Rober Iger

"The Ride of a Lifetime" by Bob Iger (2019) is a business-strategy book best for VPs and MDs. Bob Iger's account of his 15 years as Disney CEO, including the Pixar, Marvel, Lucasfilm, and Fox acquisitions that reshaped media, is the cleanest practical M&A leadership case study published this decade and is required reading for any banker advising large-cap strategic acquirers.

One of the books on this list that isn’t about investment banking but does go through the thought process of the boss of Disney during its biggest deals over the past two decades.

One chapter, “Marvel and massive risks that make sense” captures the essence of this. Iger goes into some detail about how he saw the CEOs at the companies he acquired and how he approached them about acquisition. A fascinating insight into a master of the M&A craft.

10. The Dark Side of Valuation by Aswath Damodaran

"The Dark Side of Valuation" by Aswath Damodaran (3rd edition, 2018) is a valuation book best for analysts and associates. Damodaran's deep dive into valuing tough cases (high-growth, distressed, cyclical, and intangible-heavy companies) is indispensable for any banker who has to value atypical businesses where the standard DCF and multiples toolkit breaks down.

Aswath Damodran is considered by many to be the father of modern valuation. In this book, the Stern School of Business professor of finance talks through approaches to the more challenging (‘the dark side’) valuations that we tend to come across: young, distressed and complex businesses.

Anyone familiar with Damodaran will know that he isn’t just a finance genius, he’s also a great communicator and this book is typical of his introducing complex themes to the reader in an easy-to-digest manner.

If you're starting from scratch, read in this order

For readers who want a structured path through the list rather than a buffet, the recommended sequence below builds investment-banking literacy from culture to craft to mastery. It is not exhaustive but it is enough to give a new banker a solid foundation in roughly 50 hours of reading.

1. The Accidental Investment Banker by Jonathan Knee (~6 hours). Read this first. The most realistic insider portrait of what investment banking life is actually like. It sets the expectations the rest of the list will fill in.
2. Barbarians at the Gate by Bryan Burrough & John Helyar (~14 hours). The deal story that anchors how to think about LBOs, hostile bids, and dealmaking culture. Every later book builds on this canon.
3. The Partnership by Charles D. Ellis (~16 hours). Goldman Sachs as a case study in how a banking culture is built and sustained. Pairs naturally with the previous book.
4. Buffett by Roger Lowenstein (~11 hours). Introduces the investing-mindset lane. Lowenstein's biography is the most accessible on-ramp to value investing.
5. The Dark Side of Valuation by Aswath Damodaran (~16 hours). The valuation reference. Read this last when the rest of the list has given you the context to apply Damodaran's frameworks.

After this five-book sequence, the remaining five books on the list (Principles, Essays of Warren Buffett, Silvio Berlusconi, Hidden Champions, The Ride of a Lifetime) can be read in any order based on your specific role and interests.

Frequently Asked Questions

What is the best investment banking book?

Many readers start with Investment Banking: Valuation, Leveraged Buyouts, and Mergers & Acquisitions by Joshua Rosenbaum and Joshua Pearl. It’s a clear, practical guide that walks through valuation techniques and deal structures used by professionals.

What do investment bankers read?

Investment bankers often read finance textbooks, market reports, and deal case studies. They also keep up with daily financial news from outlets like the Financial Times, The Wall Street Journal, and Bloomberg to stay informed on global markets.

Which books are best for beginners in investment banking?

Beginners often choose The Wall Street MBA by Reuben Advani and Investment Banking Explained by Michel Fleuriet. These books help readers understand the basics of valuation, deal-making, and industry roles.

How can I learn valuation for investment banking?

Valuation can be learned through guides like Investment Valuation by Aswath Damodaran and by practicing real-world financial modeling. Many analysts also use online valuation courses and practice with company case studies.

Are there books that explain mergers and acquisitions simply?

Yes. Mergers, Acquisitions, and Other Restructuring Activities by Donald DePamphilis simplifies the M&A process and gives examples from real transactions to help readers follow how deals are structured.

What are the most popular books among analysts at investment banks?

Analysts often refer to Investment Banking by Rosenbaum and Pearl, The Accidental Investment Banker by Jonathan A. Knee for insider stories, and Monkey Business by John Rolfe and Peter Troob for a lighter take on the culture.

Do investment bankers read about private equity too?

Yes. Many investment bankers read Private Equity at Work by Eileen Appelbaum and Rosemary Batt, or King of Capital by David Carey and John E. Morris to understand how deals move from banking to buyouts.