Investment banking is a lucrative industry in terms of looking at it from a career point of view, given the hefty perks and benefits involved with the said profession. However, you need to hustle a lot, even after getting an opportunity as a fresher. Finance graduates do look at it as their dream job, not just because of the pay part, but the investment banking sector also serves as a stepping stone to private equity.
Although, becoming an investment banker is not a child’s play, as it requires you to have an expanded skill set in finance, along with a mandatory prowess in soft skills. One must possess an amalgamation of skills and personality traits, comprising perseverance, academic excellence, networking abilities, and a bit of luck on their side.
5 Key Requisites to Becoming an Investment Banker
An Academic Degree
A degree, specific to finance or economics, would serve in the best possible manner to make you an investment banking professional. That doesn’t mean the degrees in other majors will be entirely irrelevant to the Wall Street firms. It’s just easier to break into investment banking when having a degree specific to finance, economics, or related subject discipline.
An MBA, or any other post-graduation degree specific to investment banking, would certainly provide you with a competitive edge. However, if you don’t wish to go for further education, it’s perfectly fine. Instead, after obtaining an undergraduate degree, you can further upgrade your banking skills by enrolling in online investment banking courses.
Love for Numbers
Investment bankers are usually individuals good at visualizing, and analyzing numbers. Basic mathematical competency can take you up to a certain level, but after that, it all boils down to your sense for numbers. If you can make good market predictions by taking a brief look at numbers, then you are made for investment banking.
The other basic skillset needed to become an investment banking professional is your proficiency in analytics and research. As we all know, IB is all about market research, and tracking trends, lacking research skills would simply let you down at your work.
Internships Matter
Internships are like little crowns on your head, as an aspiring banker. The better reputation the bank has, with whom you intern, the better are your chances of securing a good job, post the internship. However, it’s not the end of the world if you don’t get an internship stint with a big name in the banking sector. A great performance at a startup, or a boutique firm, can help you bring numerous interview opportunities.
Networking
In the banking domain, what you know matters less than those you know in the industry. A great network of connections in the said domain can result in the opening of many gateways in terms of career-building, and availability of new opportunities at work. Rising up in the hierarchy too is dependent on how well are your relations within the industry.
Professional Certifications
Acquiring a skill-specific professional credential does not only benefit the bankers but the professionals from other industries too. The more skills you put on your CV, and also owns the capability to justify them in the interviews, the better become your chances to get shortlisted. With added skill certifications, one can ask for higher remunerations, compared to others in the industry with no added credentials to their name.
We hope, after reading this article, the budding investment bankers will become much more clearer on taking the next step in the process of becoming a banker.
Best of luck in all your future endeavors!
