We know that investment banking is a money making field. People choose a career based on two important things, money, and passion. If you want either of these two, you can get into investment banking. But how to become an investment banker? This elaborate guide will explain everything to you.
Is investment banking the right field for you?
Investment banking has its perks, but nothing good ever comes easy. You must consider every aspect of this field. There is so much to think about before you enter a profession. Your future depends on it. An investment banker is accustomed to long working hours. Therefore, you have to work hard with passion. Your success depends vastly on your experience. To gain this, you have to be very enthusiastic. Investment banking can open several opportunities for you. You will have a high-paying job and a chance for growth and development.
Steps to become an investment banker
Investment banking is a whole process. You have to study stepwise and you must give your best.
Get a Bachelor’s degree
After graduating from high school or an intermediate-level education, you enroll in a bachelor’s program. Most people get a bachelor’s in finance or economics. Some prefer doing accounting and business. All of these are a perfect start for your career in investment banking. All these fields are interrelated. A successful investment banker has excellent mathematics and negotiation skills.
It is excellent that you have sorted out your career path. You can work on your skills and polish them for the future. A bachelor’s will take 2-4 years to finish. You cannot omit this one. You can take both on-campus or online classes.
Go for an advanced degree
After your bachelor’s, you can decide to study further and complete your master’s. You can get a MBA degree or a high-level degree in mathematics. An advanced degree can increase your chances of promotion or better salary.
Apply for an internship
The best way to start your career is through an internship. You can do it during your studies or after completion of your bachelor’s. The internship is critical because theory work without practice is useless. Internships can be paid or unpaid. Whatever the case, an internship is a chance to apply all the knowledge you learned in your college.
You can do an internship in either finance or accounting. This will be great for your career in investment banking because the field deals with money, accounts, profits, and loss. You will be familiar with the culture and impress potential employers.
Build your social network
It is always a good idea to build your social network. While in college or internship, one should always strive to build friendly relationships with your colleagues. Your networking will expose you to many opportunities and possibilities. You will also get a chance to learn from different professionals. Their experience will always teach you something.
Find a job
After completion of your studies, you have to find a job. Many firms offer investment banking jobs to fresh graduates. They look for your studies, your efforts throughout the years, and your internships. Moreover, you can also add your internships to your resume. The bottom line is that your experience through internships will help you in your resume and interview. This is the reason I am focusing so much on the apprenticeship.
Get to the top
You must not rest easy after getting into an investment banking firm. There are many positions in the firm and each position has a different status and salary. Investment bankers are very rich people. You should not settle for less and keep working hard. You can be an analyst, an associate, or a director.
You will be successful once you follow all these steps. In addition to these, you must develop excellent communication skills. It all depends on convincing people with your smooth-talking. You can also think of it as sales. A good investment banker should also know how to market a product. You must be familiar with technical skills like problem-solving, decision making, data analyzing, and interpreting. Furthermore, your personality should be mind-blowing because it makes the first impression. It says a lot about the person. After all these efforts, you will be sitting in a Ferrari or going on vacation in no time.