I’ve recently clipped this article which should help you gain
a better understanding of the business and find out whether you can be an ideal
investment banking candidate. Find out
what employers look for and see if you have those qualities. The article is quite long, here is an
extraction.
Communication Is Key
Investment bankers need to be effective team players with
excellent communication skills in order to avoid disconnects and wasted effort.
Investment banks communicate with external parties such as clients,
accountants, consultants and lawyers. Furthermore, many client representatives
tend to be extremely scrutinizing, well-respected and often short-tempered, and
you'll need to know how to deal with them……
Not Your Average Nine
to Five
Due to the long hours involved, work stamina is required.
When deadlines approach for deals, consecutive all nighters are a frequent
occurrence.
The late-night hours, client demands and finite
number-crunching lead to relatively high attrition and burn-out rates. In many
circumstances, analysts will stockpile several bonuses and move on to another
career after a few years. The intellectual stimulation and challenging rigors
of high-level corporate finance and executive level analyses, however, do
provide a context where those who seek to exert themselves can find comfort and
satisfaction in a prestigious and lucrative career. The classes of top business
schools are dotted with former investment bankers wanting to go back to school
to earn master's degrees. The low- to mid-six-figure compensation packages
piled up over the years provide ample cash supplies for graduate school.
Alternatively, there is an opposing and convincing view that experience counts
for more when compared to a graduate degree.
Rising To The Top
It is common for a rising star to specialize in a particular
industry, whether it is in real estate, health care, energy, retail,
transportation or infrastructure. As an investment banker progresses throughout
his or her career and becomes involved in a multitude of projects, he or she
becomes able to quickly apply industry norms, ratios, trends, forecasts and
typical performance benchmarks.
During the first few years, the analyst/associate conducts
financial and operational grunt work. An associate's progression to a principal
or director role, however, requires a higher level of responsibility in
business development, and the ability to generate revenue for the department or
firm. Assuming a supervisory role for a project, and becoming the primary
contact for clients, along with training and recruiting, are appropriate
adjuncts to business development and revenue generation.
Differentiating
Yourself From The Crowd
Investment banks seek high academic achievement, involvement
in campus leadership positions, stellar communication skills and internships at
well-regarded companies and nonprofit organizations. The applicant needs to be
able to convey raw mental and emotional horsepower, a solid sense of direction
in terms of goals and objectives and credible step-by-step supporting actions
that have been taken to arrive at those objectives.
Students and young professionals who possess broader or
non-business academic curricula, or who worked at nonprofits, traveled
overseas, volunteered and who display a burning curiosity and desire to explore
this field, should resolve to apply and reapply for investment banking roles.
There is a minimum requirement for a basic understanding of finance for your
chances to be enhanced. But as long as the applicant conveys authenticity in
his or her endeavors and possesses the passion and determination to explore
investment banking as a career, an opportunity will often open up. Do not
underestimate people's respect and admiration for someone who follows his or
her conscience and dreams. Remind yourself that many of the world's most
successful business leaders did not study finance or accounting - if they even
received a college diploma at all.
The Bottom Line
Applicants with a true passion for finance, market and organizational
analysis should apply and reapply for investment banking roles, conduct
self-study on finance, business, management and leadership. They should also
secure impressive standardized test scores, differentiate themselves by
volunteering or leading groups, and network with current or former investment
bankers. If you're an energetic professional with strong valuation skills and
the ability to interact with others, this challenging and rewarding job may be
just what you're looking for.
Source: Investopedia
Inside Investment
Banking (IIB)
If you are eager to apply for investment banking roles,
visit the IIB website. It is authored by
five young investment bankers who all succeeded to break into investment
banking without a degree from Harvard and without an internship from
Goldman. They’ve created the IIB website
to share their experiences and help others to do the same. Click here to visit Inside Investment Banking