According to MSN Encarta, investment banking is the "branch of finance concerned with the underwriting, distribution, and maintenance of markets in securities issued by business firms and public agencies."1 Ms. Travers' work has impact on many levels. As an investment banker, she advises companies on the best financial strategies to make changes to their corporation. She helps people determine their ideal combination of risk and reward in investments.

There are three main services that investors provide, dealing mostly with long-term financial planning:

1) The underwrite companies to provide capital. This means that they buy some or all of a companies stocks and bonds and sell them to investors in smaller amounts.
2) They execute transactions necessary to sustain markets.
3) They advise on financial matters.

Many "beginner" bankers begin their careers on Wall Street. Some well-known and successful investment banks include Merrill Lynch, Salomon Smith Barney, Morgan Stanley Dean Witter, and Goldman Sachs.2

The impact that investment banking has on companies and individuals is inestimable. Bankers advise on financial matters dealing with quite large amounts of money, and they have to cautiously weigh the potential risks and rewards to make decisions that are best for their investors. Although Ms. Travers is no longer in investment banking, her work as a research analyst has many of the same goals and similar aspects. Now, instead of advising a company on selling their stock, she actually buys and sells the stocks in the market. Basically, she is buying the stocks that she was formerly helping companies to sell. This job still involves evaluating the worth of a company and estimating risks and rewards.

1"Investment Banking," Microsoft® Encarta® Online Encyclopedia 2001
http://encarta.msn.com
2"Investment Banking:Overview"
http://www.careers-in-finance.com/ib.htm