What are the Top 10 Tips to Become a Pro Investment Banker?
With the opportunity to work with some of the biggest names in the world, a lucrative salary and top-class industry exposure; investment banking has its perks and how! Quite a stark contrast to run-of-the-mill banking jobs, an investment banker transacts at the highest financial level, which governs the overall economy to a huge extent. Starting from processing how to go about when the government is issuing stocks to ensure maximizing revenue to the highest possible extent, a career in investment banking seamlessly blends intricate professionalism into industry experience, something that an investment banking course will teach you some of. At the end of the long, and often a hard path, there lies a solid paycheck and of course rapid ascents up the promotion ladder. How do you make it that far? Read on for tips on becoming a pro investment banker:
● Necessary education- While this does not put a bar on your educational qualifications, it definitely means you need to have a strong foundation in mathematics, accounting or any other subject related to finance, to pursue a career in investment banking. Most bankers start out with a degree in accounting, economics or finance; however, a relevant post-graduate degree is like an added feather to your cap. A Masters's in Finance or an MBA degree from IIM A/B/C coupled with a certification CFA (Chartered Financial Analyst) course will add to your advantage, as well as to the recruiter's preference for your resume over others.
● Build your skills early- Never stop learning. Keep yourself versed with all developments in the industry of finance, be it in the national or global economy. Gain an understanding of market movements, how the fluctuation of stocks has an impact on financial technology, along with the impact of data collection and analysis on a company’s business. Along with your regular investment banking course, it is advisable to take up additional management courses, gain knowledge about the basics of the law, practically work with financial models, and learn a global language if you wish to expand your career horizon to another country.
● Networking- Start your networking young, have a social presence on Twitter and LinkedIn, and follow influencers in your field who you feel can help with insights into the world of investment banking. Start a blog, gain followers on your social media accounts, and attend seminars and events in and on behalf of your college! In short, do not miss out on any opportunity that may lead you to meet new contacts, build connections and networking.
● Seek work experience- Bagging an internship or a work placement programme with a good investment bank, right at the start of your academic schedule is advisable. You can try and test between different departments at larger firms to see which aspect of the field you enjoy working in, the most. Start out with one internship every alternate semester in financial regulation, investment or trading.
● Financial reporting knowledge- Studying and interpreting financial reports will involve a major role in your job profile even while decision-making on behalf of the company. You need to be able to interpret and decipher financial reports and their hidden values.
● Budgeting- As a finance professional, you have to know the basics of budgeting, which include analysis of forecast budgets and spending budgets. You have to also understand, and be able to relate the company’s expenses with the aims and objectives of the organisation. An investment banker also needs to be adept at budgeting- for the organisation, different departments or for projects as required.
● Forecasting- Prediction of upcoming risks, forecasting the best decisions for the company along with insights into your vision for the near future can help you steer your department or the entire organisation as a whole, in the right direction.
● Data analytics skills- Multiple organisations today expect young professionals to have data analytical skills in the contextual application of big data analytics. For the sake of future proofing professionals, data analytics has forayed its way into investment banking, equity research or financial planning as well.
● Knack for innovation- While investment banking is pretty straightforward as a profession, there is also room and appreciation for bringing about innovation in day-to-day processes. A fresh presentation, a new approach to preparing a report or an added perspective to a situation goes a long way to strengthen your role in the organisation.
● Confidence- The most underrated yet important of all tips, is confidence. Your resume is top-notch, you have industry knowledge, expertise and required qualifications; the only thing you need to sign off is an ample amount of confidence while presenting yourself for an interview or a test, and you are good to go.
Also Read: How to Become Investment Banker