Starting a career in investment banking is not an easy one. The number of jobs to applicants is like 100:1. If you have ever applied for an investment banking job, you will see that it’s quite competitive. Although it is competitive, it’s filled with rewarding opportunities.
What is investment banking?
Investment banking is a particular division In a bank that helps with the creation of capital for other companies. They also provide financial consultancy services to them. They act as intermediaries between the investors and security issuers. An investment bank can help individuals and corporations in raising capital by underwriting or acting as an agent on behalf of a client in the issuance of securities. They also assist in mergers and acquisitions. Investment banks do not accept deposits like the commercial banks.
How do I go about starting a career in investment banking?
- Get the right training: investment bankers come from various backgrounds but having a good knowledge of mathematics is important. Prospective investment bankers may have a bachelor’s degree in accounting, finance, business administration, mathematics, etc. After getting a degree, it is advisable to apply for internships as this is a way of getting an experience. This could include various forms of training. Internships are very important for prospective investment bankers because its builds up their knowledge of investment banking. Investment banks also recruit interns who have worked with them as summer analysts or associates.
- Know more about the financial sector: it is important to know much about the financial sector as this will be beneficial to you. With this knowledge, you will be well informed about the past and present market trends. You would also know how previous investors differ from the present investors. Having a great knowledge of investment trends is likely to impress potential employers and it shows that you are well informed about the finance industry. You can get information about present trends in the finance industry by watching the business section of the news, newspapers, and the internet.
- Become certified: this is another means of standing out. Recruiters expect candidates with certifications to be more knowledgeable of the finance industry. A certification increases a candidate’s chances of getting an offer. Investment bankers can pursue certifications like the Chartered Financial Analyst (CFA).
- Take online courses: there are online courses that are very useful. Taking this online course will broaden your knowledge of the financial sector and also other skills needed to function properly in a job. Sites like Coursera, Udemy and LinkedIn offer these courses.
- Grow your network: Building up your professional network is important to landing a job. A way to do this by attending career fairs or recruiting events since you will be able to meet the recruiters in person. Sites like Linkedin has proven effective in meeting professionals who are in the same niche as you are. You can also get mentors from there, people to teach you or mentor you on the way to become an investment banker. They are likely to share their stories of how they became investment bankers, what they did and how they did it. They could even be of help in assisting you with getting a job. So keep on networking and relating with people.