Becoming An Investment Banker
One of the most lucrative fields in the world is investment banking. The value of investment banking fees in the US is 42.54 billion USD What’s more? The entry-level jobs will fetch you six-figure salaries. So you can imagine what experience and position will do for you in the future. Making it to the top of the field refers to the fact that you will have to work hard.
Moreover, it requires a combination of ambition, education, skill, experience, and luck. So, if you wish to become an investment banker, you have to:
1. Get a Degree at a Prestigious Institution
Higher degrees in finance or economics are usually the starting point for an investment banking entry-level job. You can also have a general academic background in accounting and business. Liberal arts majors can indeed get jobs on Wall Street, but if you look at investment banking, you’re sticking to traditional research areas that are closely linked to your career goals.
Moreover, you should pursue higher studies at reputed institutes like the University of Texas, University of Pennsylvania, University of Illinois, etc. Similarly, if you are in the UK, the London School of Economics University College London, the University of Cambridge, are usually the top picks.
2. Apply for Further Courses and Advanced Degree
While a bachelor’s degree can land you a job, getting a graduate degree is another way to improve your prospects. A master’s degree (MBA) in professional administration or a bachelor’s degree in mathematics can add to your appeal. Chartered Financial Analyst (CFA) certification can also help.
You can also apply for courses on Udemy, Coursera or edX to enhance your knowledge and skills. Furthermore, the certificates you receive also come in handy as the courses are conducted in partnership with reputed universities all over the world. And if you wonder, you can take the help of the professional experts.
3. Get an Internship
While knowledge and direction are important components for starting a career in investment banking, your experience on a resume makes you stand out. That’s where internships come in handy. An internship is a great opportunity to develop your skills and receive on-the-job training.
This is particularly important in an area like investment banking, which is both technical and specialized. After completing one or more internships while in college, you will become familiar with many aspects of the industry and can find entry-level investment banking jobs that are right for you.
4. Look for Networking
It’s important to build your professional network to start a great job after graduation, because there are many investment banks, as you know. An effective way to do this is through internships and networking events, especially for college students and recent graduates. Participating in recruitment events is especially helpful because you can meet recruiters in person.
Contacting members of your school’s alumni network is another effective way to build your network. It is a common networking strategy, especially in the financial services industry.
When you go through the steps above, you will get an answer to your question, ”How hard is it to becoming an investment banker?” But, you must have patience.
Moreover, you have to:
5. Know the Present Market Scenario
One of the keys to becoming a successful investment banking career is to know which path to take, and making the most of every step. An investment banker career begins with an internship. Both large and small boutique banks hire newcomers from annual internship programs.
There are high chances that you will be offered a full-time position as a financial analyst. These roles typically last two years. During this time, you will learn about the financial markets and the factors that play a role in advising clients on potential investments. Following this, you will likely move into the assistant position for another two to three years before becoming managing director.
6. Learn What the Recruiters Want
Traditional investment bank recruiting has generally focused on business and finance majors from top schools. But in recent years, the recruiting process has been diverse. Finding talented candidates from a wide range of schools and majors is the custom.
However, the candidate must still be able to show a strong interest in financial services and a complete understanding of the field. It should reflect the class or project.
Hopefully, you have an answer to your question, “How to become an investment banker?” But, are you aware that you can also get a job having no degree.
If you do not have a degree, you can still have a career as an investment banker. You have to:
7. Learn the Jargon
It is imperative that you know what each financial, auditing or economics term signifies. For instance, you need to know the difference between dilution and dividend, or between NPV and DCF.
8. Constantly Improve Your Knowledge
If you are applying for a job, you will be up against candidates having a higher degree. Well, you might not have a degree, but you should have the knowledge. Go through e-books, journals, blog posts, dissertations, etc.
9. Apply for Courses and Internships
Next, you can sign up for various courses on Udemy, edX, Skillshare to enhance your knowledge. You must know about deal mechanics, M&A, LBOs, financial modeling, valuation mechanics, financial statement analysis, and much more.
Getting a summer internship is the best way to get a prestigious full-time job in finance. In the best business schools, it is estimated that one-third to half of MBA students work for their summer employers after graduation. You can go for unpaid internship or volunteering with a broker, since obtaining a paid internship in finance is very difficult for a non-finance graduate.
10. Use a Trading Simulator
Next, you need to create portfolios. If you explore a number of websites, you will get to see trading simulators that can be utilized to create mock portfolios. It will help you track the markets and market developments.assignment help experts This is also a great way to grab the attention of a potential employer.
11. Maintain a Blog Site
You can also showcase your knowledge through the blog site. It will also help you have an online presence in an age where recruiters get in touch with candidates through LinkedIn, GitHub, etc. It is a type of self-marketing.
As you can see, there are various ways of becoming an investment banker. And the ways also answer your question, “How to become an investment banker without a degree?”