Ways of Becoming an Investment BankerNovember 03, 2017
Anyone who is interested in the banking industry should understand what investment banking entails and be eager to exploit the opportunities in the industry. Although investment banking is competitive, it is a very lucrative career field to undertake, especially for those who have an interest in financial markets and are eager to assist customers to attain their financial objectives. For you to become an investment banker, here are a few steps you need to follow.
Build a Network
Building a professional network is very crucial in investment banking. Since the sector is about who you know and what you know, you need to be more knowledgeable and expand your network of friends and professional role models. You can achieve networking by attending recruiting events, which provides you with a platform to meet potential employers. You can also attend your college alumni events, conferences and seminars.
Gain Some Knowledge of the Financial Services Industry
Individuals who want to invest in the financial industry should have a better understanding of the financial markets and banking industry. This is important because it will not only enable you to start your career without complications, but it will also foster a good environment for growth. This means you should understand the past and present market trends, like how the future generation of investors will differ from the current one. You also need to gain some insights on different market segments by studying trade publications and keeping up to date with emerging trends.
Know the Investment Banking Career Track
Knowing the steps to follow and making the best of each step is key to the development of a successful career in investment banking. A majority of financial bankers start as analysts in the financial industry, which usually take two to three years. Starting out as an analyst provides you with adequate knowledge of investment banking. For example, during this period, you get to learn more about the factors affecting customer behavior in the financial markets and how to advice to clients about potential investments.
In addition to having knowledge of investment banking career track, it is good to understand the timeline during which companies conduct recruitment in the industry. In most states, companies hire in September. The applicants go through several background checks and interviews before they are finally absorbed. The recruitment process ends by October.
Attend Relevant Classes
It is good for an individual to major in mathematics and a broad range of business-related courses in college so that he can gain basic knowledge of the financial services markets. It is also good to consult academic staff to help you know which classes would be most suitable based on your interests and goals.
Know the Needs of Recruiters
In the past, recruiters considered candidates who majored in finance and business. This, however, has changed. Today, recruitment is done by picking talented candidates from a broad range of majors. However, candidates have to demonstrate their interest in the financial services industry and gain a deeper understanding of the market trends. Those applying for investment banking jobs should also show the projects they have worked on and classes attended.
When discussing with recruiters, you should never be shy to talk about the jobs you have done in the past to show them that your background is well-rounded. If you don’t have any work experience in the financial service industry but interned in a financial department of a startup, you can quote what you learned and describe how it will help you succeed as an investment banker.
Take on an Investment Banking Internship
Attending an internship program is very significant since it enables you to gain more experience and build your skills as an investment banker. Therefore, it is important to take one or more internships so that you gain more exposure to many facets on the financial investment industry while still in college. In addition, internship opens more opportunities for entry level investment banking jobs, increasing your chances of getting employed quickly.
At first, it can appear to be somehow scary to pursue a career as an investment banker because of the stiff competition out there. However, by following the above tips and building your network, you will gain the confidence and the skills you need to beat your competitors.
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