Pitch Book Structure: What Goes in Each Section

Pitch books are the primary sales tool investment banks use to win new mandates, and understanding their structure is essential for both executing banking work and succeeding in interviews. These polished PowerPoint presentations (typically 20-60 pages) synthesize market analysis, valuation work, transaction recommendations, and the bank's credentials into a compelling narrative designed to convince prospective clients to hire the bank.

If you're interviewing for investment banking roles, you need to understand pitch book structure because interviewers ask about the work you'll actually be doing as an analyst. Questions like "What would you include in a pitch book for an M&A sell-side mandate?" or "Walk me through the sections of a capital raising pitch book" test whether you understand the strategic advisory process beyond just building models.

This guide covers the standard pitch book structure, what content goes in each section, how different pitch book types vary, the analyst's role in creating them, and how to discuss pitch books intelligently in interviews.

What Is a Pitch Book and Why It Matters

A pitch book (or pitchbook) is a marketing presentation investment banks create to win new business from prospective clients. Think of it as the bank's proposal demonstrating their expertise, understanding of the client's situation, and recommended strategic approach.

The Strategic Purpose

Pitch books serve several critical functions in the advisory process:

Demonstrate expertise - The pitch book shows the bank understands the client's industry, competitive positioning, and strategic challenges. Quality analysis signals the bank can provide valuable advice.

Showcase credentials - Including relevant deal experience and transaction comps demonstrates the bank has successfully executed similar mandates and has the relationships and expertise to deliver results.

Present strategic recommendations - The pitch book outlines specific actions the client should consider (pursue an acquisition, divest a business unit, raise capital) with supporting analysis showing why these moves make strategic sense.

Establish pricing expectations - Valuation analysis and transaction comps help clients understand market valuations and set realistic expectations for potential deal terms.

Win the mandate - Ultimately, the pitch book needs to convince the client to hire this bank rather than competitors who are pitching for the same business.

The Investment Banking Sales Process

Pitch books fit into the broader business development process:

Relationship building - Bankers cultivate relationships with companies through regular contact, market updates, and attending industry conferences.

Identifying opportunities - When a company faces a strategic decision (growth capital needs, M&A opportunity, activist pressure), the bank sees a potential mandate.

Creating the pitch book - The team develops a customized pitch book addressing the specific opportunity.

Pitch meeting - Senior bankers present the pitch book to the client's management team and board, typically in a 30-60 minute meeting.

Winning the mandate - If the pitch is successful and the client decides to proceed, they sign an engagement letter retaining the bank and work begins.

Understanding this context helps you appreciate why pitch books are structured the way they are—every section serves a purpose in convincing clients to hire the bank.

Master pitch book fundamentals: Understanding how bankers create client presentations is essential for interview discussions—download our iOS app for comprehensive technical and deal process preparation.

Standard Pitch Book Structure

While pitch books are customized for each situation, they follow a standard structure that clients expect and that efficiently presents information.

The Eight Core Sections

Section 1: Situation overview and executive summary (2-4 pages)

This opening section establishes context and previews key recommendations. It typically includes:

This section is often written last after the analysis is complete, as it summarizes insights developed in later sections. Think of it as the "elevator pitch" that frames the entire presentation.

Section 2: Bank introduction and credentials (3-5 pages)

Here the bank establishes credibility and relevant experience:

For example, if pitching an M&A sell-side mandate to a healthcare services company, this section would highlight the bank's healthcare team, recent healthcare services transactions executed (with deal values and multiples), and healthcare sector rankings to show they're a credible advisor in this space.

Section 3: Market and industry analysis (5-8 pages)

This section demonstrates the bank understands the client's market context:

Strong market analysis shows the bank has done homework and can provide strategic advice grounded in market reality rather than generic recommendations. Clients expect their advisors to know their industry deeply.

Section 4: Company analysis and positioning (4-6 pages)

Here the bank analyzes the specific client company:

This section demonstrates the bank has studied the client's business specifically rather than just presenting generic industry analysis. It should include insights about the client's unique positioning that wouldn't apply to other companies in the sector.

Section 5: Valuation analysis (5-10 pages)

This is often the most analytically intensive section, presenting the client's estimated value:

For an M&A sell-side pitch book, this valuation establishes price expectations for a potential sale. For a capital raising pitch, it helps price the equity or debt offering. For an acquisition pitch, it establishes what the target might be worth.

Get the complete framework: Our comprehensive guide covers valuation methodologies used in pitch books—access the IB Interview Guide for detailed technical question coverage.

Section 6: Strategic recommendations and transaction considerations (5-8 pages)

This is the heart of the pitch book where the bank presents specific recommendations:

For example, an M&A sell-side pitch might recommend a broad auction process targeting both strategic buyers and financial sponsors, with specific potential buyers identified by name, estimated timeline of 4-6 months, and expected valuation range of 8-10x EBITDA based on comps.

Section 7: Transaction comparables and case studies (3-5 pages)

This section provides precedent for the recommended approach:

Including specific deal examples makes recommendations more tangible and gives clients confidence the bank knows how similar situations have played out. For instance, showing that three recent healthcare services roll-ups by private equity achieved 9-11x EBITDA multiples helps establish realistic price expectations.

Section 8: Next steps and appendix (2-3 pages + appendix)

The closing section provides clear action items:

How Pitch Book Content Varies by Type

While the eight-section structure is standard, content and emphasis vary significantly based on the type of mandate being pitched.

M&A Sell-Side Pitch Book

For pitching to sell a company, emphasis is on:

Maximizing perceived value - Valuation section is extensive, showing multiple approaches that support attractive multiples. Precedent transactions emphasize deals that achieved premium valuations.

Identifying buyers - Strategic recommendations section includes detailed potential buyer analysis, categorizing strategics vs. sponsors, likely valuation ranges from each, and rationale for their interest.

Process design - Significant focus on auction process structure: broad vs. targeted, timeline, maintaining confidentiality, managing business disruption.

Example positioning: "Based on comparable transactions in business services outsourcing achieving 9-12x EBITDA, we recommend a targeted auction process contacting 15-20 strategic and financial buyers, with expected 6-8 month timeline to close and valuation potential of $180-220 million."

M&A Buy-Side Pitch Book

For pitching to help acquire a company, emphasis is on:

Target analysis - Extensive analysis of the specific acquisition target: business model, financials, strategic fit, operational improvement opportunities.

Valuation and deal structure - Detailed valuation supporting recommended offer price, proposed deal structure (cash vs. stock, earnouts, escrows), and accretion/dilution analysis showing impact on buyer.

Financing considerations - How the acquisition would be financed (cash on hand, debt raise, equity issuance) and impact on buyer's credit metrics.

Integration planning - Preliminary thoughts on post-merger integration and synergy realization.

Example positioning: "Target company offers complementary geographic footprint and $8-12 million in identifiable cost synergies. Recommend offer of $110-120 million (9.5-10x EBITDA), financeable with $40 million cash and $70 million new term loan, resulting in 15-20% accretion to EPS."

Capital Raising Pitch Book

For pitching to raise equity or debt capital, emphasis is on:

Capital needs and uses - Clear articulation of how much capital is needed and specifically what it will fund (growth capex, acquisitions, refinancing existing debt, working capital).

Company positioning for investors - Growth story, competitive advantages, market opportunity, management quality—essentially an investment thesis explaining why investors should provide capital.

Market conditions - Analysis of current capital markets, investor appetite for this sector, recent comparable capital raises, and optimal timing.

Financing alternatives - Comparison of different capital raising approaches (equity vs. debt, public vs. private, sizing and structure) with pros/cons of each.

Example positioning: "To fund geographic expansion and pursue tuck-in acquisitions, recommend $50 million growth equity raise from institutional investors. Current market conditions favor private placements over IPO given market volatility. Expect 25-30% dilution at pre-money valuation of $150-175 million based on recent growth equity transactions in SaaS."

Restructuring/Recapitalization Pitch Book

For pitching to restructure balance sheet or operations, emphasis is on:

Problem diagnosis - Clear analysis of the company's financial distress: liquidity issues, covenant violations, overleveraged balance sheet, operational challenges.

Restructuring alternatives - Comparison of in-court vs. out-of-court restructuring, asset sales, operational turnaround, balance sheet restructuring through debt-for-equity swaps.

Stakeholder analysis - Understanding of creditor groups, their economic interests, negotiating leverage, and potential restructuring outcomes for each.

Timeline and process - Realistic assessment of urgency (when does company run out of liquidity?) and recommended process to maximize value and avoid bankruptcy.

The Analyst's Role in Creating Pitch Books

Understanding what analysts actually do to build pitch books helps you discuss this work intelligently in interviews.

Core Analyst Responsibilities

Creating the book structure and slides - Analysts build the PowerPoint deck from scratch or adapt existing templates, creating slide layouts, formatting consistently, and ensuring visual polish.

Conducting analysis - Running comparable company analyses, building precedent transaction databases, constructing DCF models, and performing all quantitative analysis that populates the valuation and market sections.

Gathering market intelligence - Researching industry trends, identifying potential buyers or investors, pulling public filings and investor presentations, and synthesizing market data into clear insights.

Creating supporting materials - Building detailed appendix sections with financial statements, transaction comps, and technical details that support main presentation.

Iterating based on feedback - Senior bankers review drafts and provide extensive comments. Analysts revise slides 3-5+ times based on feedback, fixing numbers, adjusting language, and improving visual presentation.

The Typical Timeline

Pitch book creation typically follows this timeline:

Day 1 (Monday): Senior banker decides to pitch a client and briefs team on opportunity. Analyst begins research on company and industry.

Days 2-3 (Tues-Wed): Analyst builds initial valuation analysis, pulls transaction comps, and creates first draft of analytical sections.

Days 4-5 (Thurs-Fri): Senior bankers review draft, provide extensive comments. Analyst revises based on feedback, polishes formatting, and incorporates strategic recommendations drafted by senior team members.

Weekend (Sat-Sun): Final revisions based on Friday feedback. Book sent to graphics team for professional formatting.

Monday morning: Final proofread and printed for Tuesday pitch meeting.

This represents a typical 7-10 day timeline for a significant pitch book, though timelines can compress dramatically for time-sensitive opportunities or extend longer for complex situations.

For more context on related deal materials analysts create, review guidance on how to prepare a CIM which involves similar analytical work but serves the sell-side process rather than winning mandates.

Skills Developed Through Pitch Book Work

Creating pitch books develops valuable skills beyond just technical modeling:

Strategic thinking - Understanding how valuation analysis, market dynamics, and transaction structure come together to form coherent strategic recommendations.

Client perspective - Learning to present information from the client's viewpoint, addressing their specific concerns and framing analysis in terms of their strategic objectives.

Presentation skills - Developing ability to communicate complex financial analysis through clear visuals and concise text rather than dense paragraphs.

Attention to detail - Pitch books must be flawless as they represent the bank's first impression. Analysts learn to proofread obsessively and maintain consistency.

Time management - Balancing pitch book work with live deal execution and managing multiple pitch books simultaneously develops prioritization skills.

Common Pitch Book Interview Questions

Be prepared to discuss pitch books from both conceptual and practical perspectives in interviews.

"What would you include in a pitch book for an M&A sell-side mandate?"

Walk through the eight core sections, emphasizing that for sell-side you'd focus heavily on valuation analysis showing attractive multiples, potential buyer identification (strategic vs. financial buyers), auction process design, and precedent transactions that achieved premium valuations. Mention the goal is convincing the client they can achieve an attractive price and that your bank can run an effective process to get there.

"How does a capital raising pitch book differ from an M&A pitch book?"

Explain that capital raising pitch books emphasize the client's growth story and investment thesis to attract capital providers, capital needs and uses, current market conditions for fundraising, and comparison of financing alternatives (equity vs. debt, public vs. private). M&A pitch books focus more on valuation, potential counterparties, and transaction process. The audience differs—capital raising targets investors while M&A targets the company's board and management.

"What's the most important section of a pitch book?"

This is subjective, but strong answers recognize that strategic recommendations are the heart of the pitch—that's where the bank demonstrates value-added thinking. However, you could also argue that valuation analysis is most important for M&A pitches because price expectations drive decision-making, or that credentials matter most because clients won't hire banks they don't trust. Show you understand different perspectives rather than giving a single rigid answer.

"Walk me through how you'd value a company for a pitch book."

Outline the three standard methodologies: comparable company analysis using trading multiples of similar public companies, precedent transaction analysis using multiples paid in recent M&A deals, and DCF analysis projecting cash flows and discounting to present value. Explain you'd present a valuation range across methodologies rather than a single number, and discuss how you'd select comps, choose multiples (EV/EBITDA vs. EV/Revenue depending on company characteristics), and frame the summary valuation for the client.

"Tell me about a time you created a pitch book or presentation. What was challenging?"

If you have experience (internship project, case competition, coursework), describe the specific situation: what type of pitch book, who the target audience was, what analysis you performed, and what recommendations you made. Discuss a genuine challenge like managing senior feedback revisions, dealing with limited public company comps, or balancing comprehensiveness with conciseness. If you lack direct experience, acknowledge that and discuss how you'd approach creating one based on your understanding of the process.

For broader interview preparation covering technical and behavioral questions, review guidance on answering technical questions effectively and common interview mistakes to avoid.

Key Differences: Pitch Books vs. Other Documents

Understanding how pitch books differ from related documents helps you discuss banking work precisely.

Pitch Book vs. Confidential Information Memorandum (CIM)

Purpose: Pitch books win mandates before work begins. CIMs market companies to buyers after the sell-side mandate is won.

Audience: Pitch books target prospective clients (management and board). CIMs target potential acquirers or investors.

Content: Pitch books focus on strategic recommendations and bank credentials. CIMs provide detailed operational and financial information about the company being sold.

Creation timing: Pitch books are created before engagement. CIMs are created after the bank is retained.

Confidentiality: Pitch books have moderate sensitivity. CIMs contain highly confidential information only shared with serious buyers under NDA.

Pitch Book vs. Management Presentation

Purpose: Pitch books sell the bank's services. Management presentations explain the company's strategy to investors or board.

Creator: Pitch books are created by banks pitching for business. Management presentations are created by company management (often with bank support).

Content focus: Pitch books emphasize transaction recommendations and market analysis. Management presentations emphasize business operations, growth strategy, and financial performance.

Usage: Pitch books are used in initial business development meetings. Management presentations are used in roadshows, investor days, or board meetings.

Pitch Book vs. Fairness Opinion Materials

Purpose: Pitch books win advisory mandates. Fairness opinion materials provide independent assessment that transaction terms are fair.

Legal weight: Pitch books are marketing documents with no legal liability. Fairness opinions are formal legal opinions that expose banks to litigation risk if flawed.

Rigor: Pitch books present ranges and strategic perspectives. Fairness opinions require exhaustive analysis and formal committee approval internally.

Timing: Pitch books come at deal origination. Fairness opinions come at deal completion after terms are negotiated.

For more on fairness opinions, review detailed coverage of what fairness opinions entail in M&A and how they differ from pitch book valuation work.

Key Takeaways for Interview Success

When discussing pitch books in interviews, remember these essential points:

Pitch books represent the intersection of analytical rigor and strategic communication that defines investment banking advisory work. They're not just collections of slides—they're carefully constructed narratives designed to demonstrate expertise, build confidence, and convince clients that hiring this bank will lead to successful outcomes.

For junior bankers, pitch book work is often frustrating because it involves extensive revisions, tight deadlines, and sometimes creating books for deals that never materialize. However, it's also valuable training because it forces you to think from the client's perspective, understand how analysis supports strategic recommendations, and develop the communication skills essential for senior banking roles where you'll be presenting these books rather than building them.

Understanding pitch book structure deeply helps in interviews because it demonstrates you grasp what bankers actually do beyond just modeling. When you can articulate what belongs in each section and why, you signal readiness to contribute meaningfully to live mandates from day one. Combined with technical skills and behavioral polish, this practical knowledge of banking deliverables positions you as a candidate who understands the full advisory process, not just the spreadsheet components.

For comprehensive preparation covering all aspects of investment banking work, make sure you also understand investment banking groups and their focus, the full M&A deal process that pitch books initiate, and how to discuss deals you've followed to demonstrate market awareness that informs pitch book thinking.