3 Tips How To Become An Investment Banker To Be Successful

(doylc.com) How To Become An Investment Banker - Investment bankers are intermediaries who help their clients - whether individuals, businesses or governments - to invest their money wisely. Investment bankers are also responsible for buying and selling stocks and securities on behalf of their clients. To become an investment banker, you must have a college degree, preferably in a related discipline. You also typically need professional certifications as well as government licenses to buy and sell investment products for your clients.

• Started in college

Choose a banking course. There is no investment banking major, but you can choose from a number of related majors that prepare you for a career in investment banking, such as: B. finance, economics, business administration or accounting.

Be sure to take courses in macroeconomics and microeconomics, as well as courses covering personal and business finance concepts, as well as business and tax law, international business practice and strategies.

Start with introductory courses and then take advanced courses in the areas that interest you most.

Find an internship. A pre-college summer internship is how most students are introduced to the world of investment banking. The big, well-known investment banks, like those in London and New York City, have large classes of interns and well-established internship programs.

The internship programs offered by the major investment banks are highly competitive and it can be difficult to enter. However, many cities have smaller investment banks that can be simpler.

If you can't find an investment bank with an internship program that works for you, try getting a summer internship at a regular bank. It's not quite as beneficial as an internship at an investment bank, but it can still give you a step up.

Find an entry-level position in the financial services industry. Before moving to graduate school, it can be helpful to work in an entry-level position for a year or two after your bachelor's degree so you have some work experience in the field.

Most investment bankers start out as financial analysts. In this position, you will study and analyze the market and produce reports that enable executives to make informed financial decisions.

Get an MBA. While some investment banks hire new employees straight out of college, most investment bankers have an MBA. This can be a relatively large investment, especially if you attend a top business school with a good reputation.

Evaluate business schools closely - don't just go to the first one that accepts you. While tuition can be a big factor for you, it shouldn't be the only factor.

Many reputable business schools offer part-time or evening MBA programs if you plan to work while pursuing your MBA.

Contact the career center of your university's business school. Many banks work with universities and schedule internships and interviews for new employees through the school. You can find out about these opportunities by visiting the Career Service Office.

The business school tends to have more affiliations with investment banks than the general undergraduate careers office.

Smaller boutique investment banks typically don't attend schools or recruit large classes of interns and new hires. If you want to work for a smaller bank, you have to look for one yourself.

Network with experienced professionals. Your connections to working investment bankers are just as important as the skills and information you learn in school. Speaking to investment bankers online and in person is a great way to get your name out there.

If your school has an investment banking club, join it. They usually have a lot of events that offer good networking opportunities.

Clean up your social media accounts so you can connect with investment bankers (you might want to remove those images from your spring break journey) and join a professional social media platform like LinkedIn.

Conduct informational interviews with experienced investment bankers. If they're around, give them a call and invite them to lunch and tell them you want to pick their brains. Most professionals love to share their knowledge and offer advice to people who are just starting out.

• Come from a different industry

go back to school Unless you already have a business or finance-related degree, receiving direct education that prepares you for the financial services industry will make you more attractive to investment banks.

If you don't have a degree at all, it's usually impossible to get into the investment banking profession. However, if you have several years in another profession and a bachelor's degree in something else, you may still have a chance.

You may want to consider a part-time or overnight MBA program. There are many reputable business schools that offer these programs to mid-career professionals, and most investment banks only recruit from business schools.

Look for references. If you have started a career in another field, you will have professional and personal references that can vouch for your skills and work ethic. Investment banks want to know that you were a leader in your previous field.

Try to find someone who understands the qualities and skills that investment banking requires. You want references who know what is important.

Get professional certification. Professional certifications require you to take lengthy exams and study, but they can help you differentiate yourself from the competition and are typically cheaper than an MBA.

For example, you can become a Chartered Financial Analyst (CFA) after three stages of the exam and four years of experience in the field. Preparing for the exams is usually self-paced, so you can do it in your free time.

Network aggressively with investment bankers. The world of investment banking is often more about who you know than what you know. This is especially true if you are trying to break into investment banking from another industry or career path.

Join professional associations or groups for investment bankers. If you live near major investment banks, cafes or restaurants near the banks can be a great way to meet investment bankers casually.

Keep in touch with investment bankers you meet and stay with them regularly. They want to be remembered when something comes up that they think might interest you.

Offer an unpaid internship. Many investment banks train new employees through internships, but internships are usually offered by universities. If you are a long way from your school days but have the financial means to get by for a few months with no (or much less) income, an unpaid internship could be an option for you.

Most large investment banks have fairly rigid and traditional recruitment processes. You may need to find a smaller boutique firm for this idea to have a chance.

Let all contacts in your network know that you are looking for an internship. Maybe they can help you further.

• Working at an investment bank

Apply to training programs. Larger investment banks have established training programs for recent graduates, giving you additional education as well as some hands-on experience of working in the investment bank.

These programs are highly competitive, so don't be discouraged if you get rejected. Apply to as many as possible to increase your chances.

Review the characteristics of the last employee "class" to get a sense of what an investment bank expects from a new employee.

Take an active part in your training. Investment banker training programs are intense and grueling. While you're in training, expect to work between 12 and 15 hours a day, most of the time under stress.

Typically, you must pass exams to be licensed to buy and sell stocks and other commodities for your clients as an investment banker. The training programs provide you with the information you need to pass these exams.

Put the part on. Investment banking is still, by and large, a formal and traditional business. Wear a tailored business suit in a dark color like black or charcoal. Your appearance should be neat and professional.

Any accessories you wear should be understated. Avoid anything flashy or distracting.

Get the appropriate licenses. Depending on your occupation as an investment banker and the laws of your country, you may need to obtain licenses or register with regulatory authorities before engaging in certain investment banker activities, such as: B. Buying and selling stocks for your customers.

If you've been fortunate enough to attend a training program at a major investment bank, they can provide you with the information and resources you need to pass the licensing exams. Otherwise you will have to study alone for these exams.

You may be able to find study materials or even copies of old exams online. Do a general internet search or check the website of the department or agency conducting the exam.

Keep up with the demands of continuing education. Most licenses and certifications require that you complete a certain number of hours of continuing education courses each year if you want to keep your license or certification in good standing.

Make sure your contact information is up to date with the department or agency that issued your license. They will use it to send you notifications when your license is due for renewal.

Try to spread out your training throughout the year instead of putting it off at the last minute. This way you can take courses that actually interest you and that your customers will benefit from.