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The integration of artificial intelligence in investment banking represents a paradigm shift in how analysts approach their daily responsibilities. As Microsoft Copilot becomes increasingly integrated across the MS365 ecosystem, investment banking analysts now have unprecedented opportunities to automate routine tasks and enhance analytical capabilities. This marks the arrival of a digital associate, a “Co-Analyst” capable of handling routine tasks, automating repetitive processes, and freeing up an analyst’s most valuable resource: cognitive bandwidth. This tool is an amplifier, designed to tackle the very tasks that take up consistent time and effort.

This blog outlines specific use cases where Copilot can transform the traditional analyst workflow. By leveraging Copilot as an indispensable part of the investment banking toolkit, it is structured to mirror the real-world workflow of an analyst.

Part I: The Pitchbook Sprint – From Blank Page to Client-Ready Decks

The beginning of any new pitch or deal is characterized by an explosion of information. A kick-off call is held, a Managing Director forwards a lengthy email chain, and internal strategy documents are circulated. The analyst’s first task is to absorb and synthesize this disparate information to understand the mandate. Manually sifting through this data is not only time-consuming but also fraught with the risk of missing a critical detail buried in a reply-all email sent at 2 a.m. This is where the analyst’s role begins to shift. Instead of functioning as a human data processor, reading every line and manually piecing together the puzzle, the analyst can direct Copilot to perform the initial synthesis. By leveraging summarization across applications and the cross-document search capabilities provided by Microsoft, the analyst elevates their role to that of a supervisor of AI-driven intelligence. They can validate the AI’s output, ask targeted follow-up questions, and grasp the strategic imperatives of the project in a fraction of the time, operating at a higher level of abstraction from the outset.

Scenario 1: Industry & Company Research (Word/Copilot Chat)

• The Task: A standard pitchbook requires a “Market Overview” and a “Company Profile” section. This involves gathering and summarizing information from public sources like 10-K filings, industry research reports, and financial news.
• The Copilot Action: An analyst can open a blank Word document and use the Copilot Chat pane, ensuring that it has access to the web. A prompt could be: “Provide a summary of the key trends in the North American renewable energy market over the last 24 months, citing sources. Then, provide a detailed company overview for, including its core products, key executives, and recent financial performance, referencing its latest 10-K filing.” One can also reference internal documents: “Using our company’s internal research report on the renewables sector located at [/sharepoint/file.docx], what are the top three growth drivers identified?”.

Part II: Building the Core Analysis – Your Excel Co-Pilot :

This phase is the technical heart of the analyst’s job. It involves building the financial analyses that form the core of the pitchbook’s valuation section. The most common analyses are Comparable Company Analysis (trading comps) and Precedent Transaction Analysis (transaction comps). This work is performed in Excel and is defined by its demand for precision, consistency, and extreme attention to detail, as even minor “fat-finger” errors can have significant consequences for a valuation.

Here, Copilot in Excel functions as an intelligent layer that mitigates risk and accelerates data manipulation. The process of building comps involves pulling raw data, cleaning it, writing formulas to calculate metrics, and formatting tables. Copilot’s ability to interpret natural language prompts to generate formulas, highlight data, and perform quick analysis allows the analyst to offload the mechanical aspects of the task.

Scenario 2: Generating a Peer Group from a Master List (Excel)

• The Task: An analyst starts with a large export of companies from a data provider like Bloomberg or S&P Capital IQ, etc. The first step is to screen this list to create a relevant peer group based on criteria like industry, size, and geography.

• The Copilot Action: When the data is formatted as an Excel table, which may be a necessary layout for Copilot to process content in Excel, the analyst can use the Copilot pane. An example prompt is: “From this table, show only companies in the ‘Software’ industry with revenue between $500M and $2B, and headquartered in ‘North America’.” A subsequent prompt might be: “Highlight all companies with an LTM EBITDA margin below 15% in red.” 

Scenario 3: Spreading Comps with Formula Generation (Excel)

• The Task: For the chosen peer group, the analyst must calculate key valuation multiples like EV/Revenue, EV/EBITDA, and P/E. This involves writing and propagating formulas across the spreadsheet.
• The Copilot Action: In a new column for “EV/EBITDA,” the analyst can prompt Copilot: “Create a formula to calculate the EV/LTM EBITDA multiple for this row by dividing the value in cell G5 (Enterprise Value) by the value in cell K5 (LTM EBITDA). Ensure the result is formatted to one decimal place with an ‘x’ suffix. Apply this formula to the entire column.

Scenario 4: Summarizing Valuation Output (Excel)

• The Task: The final step of the analysis is to calculate summary statistics for the peer group’s multiples (Minimum, Maximum, Median, Mean, and 25th/75th percentiles). These statistics are then used to derive a valuation range for the target company.

• The Copilot Action: The analyst selects the column of calculated multiples (e.g., the entire “EV/LTM EBITDA” column). The prompt is simple: “Create a summary table below this data showing the mean, median, 25th percentile, and 75th percentile for the selected range.”. This instantly generates the standard “football field” valuation summary inputs. It automates the use of Excel functions like MEDIAN and QUARTILE, providing the key outputs needed for the valuation summary page of the pitchbook.

Scenario 5: Sensitivity Table Generation (Excel)

• The Task: Analysts often need to run sensitivity analyses on valuation models (e.g., varying discount rates or growth assumptions).
• The Copilot Action: In Excel, the analyst can prompt: “Create a two-variable data table showing the impact on DCF valuation when discount rate varies from 7% to 11% and terminal growth rate from 1% to 3%.” Copilot sets up the table and formulas, reducing setup time significantly.

Scenario 6: Error Checking in Financial Models (Excel)

• The Task: Before sending a model to seniors, the analyst must ensure there are no formula errors or broken links.
• The Copilot Action: Prompt: “Scan this workbook for formula errors, circular references, and inconsistent formatting. Highlight any issues.” Copilot performs a diagnostic check and flags potential problems, acting as a second pair of eyes.

Part III: Mastering the Comps – The Analyst’s Bread and Butter

Beyond the sprint to create a pitchbook, analysts are responsible for maintaining “Live” comparable company files. These Excel workbooks are updated regularly with the latest market data, earnings releases, and M&A transaction announcements, serving as the firm’s up-to-date repository for valuation work. This recurring maintenance is a core part of the job, and while critical for accuracy, it is highly repetitive.

The process involves sourcing new data, calculating LTM figures, updating multiples, and refreshing summary slides. By systematizing this maintenance workflow with Copilot, an analyst can shift their focus to the challenges of data interpretation, such as investigating ‘why’ a particular company trades at a premium to its peers.

Scenario 7: Sourcing New Precedent Transactions (M365 Chat)

• The Task: Continually update the precedent transaction analysis file with the latest M&A deals in a given sector.
• The Copilot Action: Using M365 Chat with web grounding enabled, the analyst can run a query: “Identify all M&A transactions over $100M in the global medical device industry announced in the last 30 days. For each deal, provide the announcement date, target company, acquiring company, and reported enterprise value. Link to the official press release or a reputable news source for each.” This automates the time-consuming research phase of building transaction comps. Instead of manually searching financial news databases and press release wires, the analyst gets a structured list of new deals, complete with sources for verification.

Part IV: Assembling the pitchbook: 

With the analysis complete, the analyst enters what is often the most time-consuming and tedious phase: building the actual PowerPoint deck. Senior bankers and clients expect a polished, visually appealing, and perfectly on-brand presentation. Often referred to as an “art project” within the financial domain, due to the endless hours spent on formatting, aligning text boxes, and ensuring brand consistency.

Scenario 8: Drafting the Pitchbook Narrative (Word)

• The Task: Write the descriptive text for the pitchbook’s main sections, such as the Executive Summary, Strategic Rationale, and Market Overview, in a single, structured document.
• The Copilot Action: In a new Word document, the analyst uses heading styles to delineate each planned slide (e.g., Heading 1 for “Executive Summary,” Heading 1 for “Valuation Summary”). Under each heading, Copilot can be used to draft and refine the text. A prompt might be, “Rewrite this paragraph on the strategic rationale to be more persuasive and concise,” or “Summarize the key findings from our valuation analysis in three bullet points for a C-suite audience.”. This creates a master source document that is logically structured and ready for automated conversion into a presentation, ensuring a coherent narrative flow from the start.

Scenario 9: Generating Speaker Notes (PowerPoint)

• The Task: Prepare talking points for the senior bankers who will deliver the presentation to the client.
• The Copilot Action: For any given slide, the analyst can prompt Copilot: “Generate speaker notes for this slide. Focus on the three key messages we want the client to take away and anticipate one potential question they might ask.”. This is a proactive, value-add task that goes beyond one’s core responsibilities. It demonstrates foresight and helps the entire deal team prepare for the client meeting.

Part V: Review and Refine- Managing internal and external communication:

No first draft ever survives contact with seniors. A typical pitchbook goes through a continuous loop of feedback and revision. Directors, Vice Presidents, and Managing Directors provide comments, often delivered in terse emails, quick phone calls, or via tracked changes in a document. The analyst must quickly and accurately interpret this feedback and translate it into specific changes.

In this high-stakes communication environment, Copilot can serve as both a buffer and a coach. The pressure of deciphering blunt feedback late at night can be immense. Copilot’s ability to summarize comments in Word or provide coaching on email tone in Outlook helps the analyst de-personalize criticism, turning it into a clear list of actionable tasks. Furthermore, it helps polish the analyst’s own professional communication, a critical soft skill for career progression.

Scenario 10: Processing Feedback from a Marked-Up Document (Word)

• The Task: A Managing Director sends back the pitchbook narrative in a Word document filled with dozens of comments and tracked changes. The analyst needs to quickly grasp the major revisions required.

• The Copilot Action: After opening the document, the analyst uses the Copilot Chat pane and prompts: “Summarize the key themes from the comments in this document. What are the most significant changes being requested by the reviewer?”. This provides a high-level executive summary of the required changes, allowing one to prioritize the most important revisions first, rather than getting bogged down in minor grammatical edits. It turns a chaotic set of feedback into a structured work plan.

Scenario 11: Client call management

• The Task: The analyst must summarize a critical client call which was concluded late last evening. Given its already late, and the call lasted over 45 minutes, the concerned analyst will likely take some time to summarize the key minutes of the meeting.  
• The Copilot Action: Copilot can automatically transcribe client calls, identify key decisions and action items, and generate comprehensive meeting summaries. The system can flag important commitments, deadlines, and next steps while creating appropriate follow-up reminders for deal team members.

Conclusion

Microsoft Copilot represents a transformative opportunity for investment banking analysts to enhance productivity, improve work quality, and focus on higher-value strategic activities. The key to successful AI integration lies in augmenting human capabilities rather than replacing human judgment. Copilot excels at automating routine tasks, generating initial drafts, and organizing information, but investment banking success still requires deep analytical thinking, client relationship skills, and strategic insight.

Sources:

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