The past 12 months have seen our American exchange students do better than the local pupils. Although Deutsche Bank remains Europe’s leading homegrown firm, its standing has been diminished, underscoring the possibility that the industry might end up as a two-tier system.

• Performance: C+
A large amount of coursework in M&A kept investment bankers busier than any other subject during the year, as the value of announced mergers or takeovers hit a record global high thanks to some of the largest deals ever seen.