Formatting is one of the first things that separates a polished investment banking analyst from someone who is still learning the ropes. In banking, every number, every slide, and every model follows a set of conventions that are rarely written down but universally expected. Getting these details right signals attention to detail, the single most valued trait in a junior banker. Getting them wrong, even slightly, can undermine confidence in your work.
This guide walks through the key formatting standards in investment banking across Excel models, PowerPoint presentations, and general work product. These rules vary somewhat from bank to bank, but the principles are remarkably consistent across the industry.
Excel Model Formatting
Font and Size
The standard font in banking models is typically Arial 10pt or Calibri 10pt. Some banks have their own templates that specify a particular font, but these two are by far the most common. The key is consistency: never mix fonts within a single model.
Headers and section titles are usually the same font in a slightly larger size (11pt or 12pt) and bolded. Some teams use all caps for major section headers.
Color Coding
As covered in our financial modeling best practices guide, the color coding convention is one of the most important formatting rules:
- Blue font: Hard-coded inputs (numbers you type in manually).
- Black font: Formulas and calculations.
- Green font: Links to other tabs in the same workbook.
- Red font: Links to external workbooks.
This convention exists so that anyone reviewing the model can immediately tell what is an assumption versus a calculation. It is not optional: it is expected at every major bank and advisory firm.
Number Formatting
Financial numbers follow strict formatting conventions:
- Thousands separators: Always use commas (1,000,000 not 1000000).
- Negative numbers in parentheses: (100) not -100. This is standard accounting convention and expected in all banking models.
- Currency symbols: Generally omitted from individual cells. Instead, the header or column label specifies “$ in millions” or “$ in thousands.”
- Decimal places: Typically one or two decimal places for dollar amounts, one for percentages, two for per-share figures. Be consistent within each section.
- Percentages: Displayed with the percent sign and usually one decimal place (e.g., 12.5%). Some models show “12.5%” while others show “12.5x” for multiples, and these should never be confused.
- Multiples: Displayed with one decimal place followed by “x” (e.g., 8.5x). Never write “8.5 times” in a model.
Borders and Lines
Borders serve an organizational function in models:
- Single underline above subtotals (e.g., a line above “Total Revenue”).
- Double underline above grand totals or final line items (e.g., “Net Income”).
- Top border on header rows to separate sections visually.
- Avoid heavy gridlines everywhere. The model should use whitespace and strategic borders, not a grid of lines around every cell.
Row Heights and Column Widths
Rows should be a uniform height throughout the model (typically the default or slightly taller for readability). Column widths should be set so that numbers are fully visible without truncation. A common mistake is leaving columns too narrow, which causes numbers to display as “####”: this should never appear in a delivered model.
PowerPoint and Pitch Book Formatting
Pitch books and client presentations have their own set of formatting standards, which are even more exacting than Excel conventions because the output is client-facing.
Slide Layout
- Every bank has a template. You will work within your bank’s branded PowerPoint template, which specifies fonts, colors, logo placement, and footer content. Never deviate from the template.
- Consistent margins and alignment. All text boxes, tables, and charts should be aligned to the same grid. Use PowerPoint’s alignment tools (Align Left, Distribute Vertically, etc.) to ensure nothing is slightly off. Even a one-pixel misalignment can be noticeable when projected.
- Slide numbers and footers. Every slide should have a page number and typically a confidentiality disclaimer in the footer.
- Source citations. Every table, chart, or data point should have a source note at the bottom of the slide (e.g., “Source: Company filings, FactSet”).
Table Formatting in PowerPoint
- Headers in the bank’s accent color with white text.
- Alternating row shading (light gray and white) for readability.
- Right-align numbers, left-align text.
- Same number formatting as Excel: commas, parentheses for negatives, consistent decimal places.
- Use the same font as the rest of the presentation. Do not paste tables from Excel with different fonts.
Charts and Graphs
- Clean axis labels with appropriate units.
- No 3D effects. Use flat, 2D charts. 3D pie charts and bar charts are considered unprofessional in banking.
- Consistent colors that match the bank’s palette.
- Data labels where appropriate, especially on bar charts showing dollar amounts.
- Legend placement should be consistent across slides.
General Presentation Standards
Font Hierarchy
A typical banking presentation uses a clear hierarchy:
- Slide titles: 18-22pt, bold, in the bank’s primary color.
- Subtitles or section headers: 14-16pt, bold.
- Body text: 10-12pt, regular weight.
- Footnotes and sources: 7-8pt, often italicized or in gray.
The golden rule is readability. If text is too small to read when the presentation is printed or projected, it needs to be larger or the content needs to be condensed.
Language and Abbreviations
- Use standard abbreviations. “EBITDA” not “Earnings Before Interest, Taxes, Depreciation, and Amortization” on every slide. Common abbreviations include LTM (Last Twelve Months), NTM (Next Twelve Months), CY (Calendar Year), FY (Fiscal Year), EV (Enterprise Value), and TEV (Total Enterprise Value).
- Define abbreviations once. On the first slide where an abbreviation appears, spell it out with the abbreviation in parentheses. Thereafter, use the abbreviation only.
- Avoid jargon that the client may not know. Board members and corporate executives may not be fluent in all banking shorthand.
The “Print Test”
Before delivering any work product, run the “print test.” Print the Excel model and the PowerPoint deck, and review them on paper. This catches issues that are invisible on screen:
- Page breaks in the wrong place.
- Columns that extend past the print area.
- Font sizes that are too small to read on paper.
- Colors that do not print well in black and white.
- Headers or footers that are missing or misaligned.
Many senior bankers still review materials on paper, especially in board presentations and deal committee meetings. A clean printout reflects well on you and your team.
Formatting in Deal-Specific Contexts
Valuation Outputs
When presenting valuation results (whether from a DCF analysis, comparable company analysis, or precedent transactions), the formatting conventions are specific:
- Share price ranges: Displayed to two decimal places ($45.00 to $52.50).
- Football field charts: Horizontal bar charts showing the range of implied values from each methodology. Each bar uses a different color and is clearly labeled.
- Implied multiples: Shown alongside implied per-share values for context.
Transaction Summary Pages
Slides summarizing transactions (whether for M&A advisory or capital markets) follow a standard format:
- Transaction value prominently displayed.
- Key terms (price per share, premium, form of consideration) in a clean table.
- Timeline of events if applicable.
- Strategic rationale summarized in 2-3 bullet points.
Common Formatting Mistakes
These are the mistakes that most commonly get flagged during the review process:
- Inconsistent decimal places. Showing 12.5% in one cell and 13.45% in the next looks sloppy.
- Using minus signs instead of parentheses for negatives. This is one of the fastest ways to signal that you have not worked in banking before.
- Misaligned elements in PowerPoint. Tables, text boxes, or charts that are not perfectly aligned on a slide.
- Forgetting to update headers. Leaving a prior client’s name in a template is a serious error.
- Mixing “M” and “MM” for millions. Pick one convention and stick with it. “$ in millions” is most common. “$MM” is also used. Never use “$M” to mean millions: in some conventions, “M” means thousands (from the Roman numeral).
- Not checking for “$#,##0” overflow. If a column is too narrow and displays “####,” the model looks broken even though it is not.
How to Learn Your Bank’s Specific Standards
While the principles in this guide are universal, every bank has its own twist. Here is how to learn the specific standards at your firm:
- Study existing work product. The best way to learn formatting standards is to look at recently completed pitch books and models. Pay attention to every detail: fonts, colors, number formats, border styles.
- Ask your staffer or senior analyst. Most groups have a designated person (or at least informal conventions) for how things should look. Ask early rather than getting it wrong.
- Save templates. When you see a well-formatted model or presentation, save a clean copy as your personal template. This saves time and ensures consistency.
- Review before sending. Always review your own work product for formatting consistency before sending it up the chain. A quick 5-minute formatting check can save you from having to redo hours of work.
Final Thoughts
Formatting may seem like a minor detail compared to getting the analysis right, but in investment banking, the two are inseparable. A model with the correct numbers but sloppy formatting raises doubts about the analysis itself. Conversely, clean, professional formatting builds credibility and makes your work product easier for everyone in the chain, from associates to MDs to clients, to understand and trust. If you are preparing for interviews, practicing these standards now will give you a meaningful head start on day one.
For hands-on practice with the technical skills you will need, check out our free investment banking course.
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