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An individual who wants to become an investment banker will have the easiest time pushing their career of choice the earlier they begin focusing their studies and work experiences towards banking and finance. Investment banking tends to be a highly lucrative field with a great deal of opportunity. However, those who work as bankers for bank and financial institutions focused on raising funds for companies and other entities need to have a fairly specific set of skills.
Undergraduate Studies
Those who are pursuing their undergraduate degree when or after they decide to go into investment banking should choose a college major that’s related to banking, according to Investopedia. Although universities typically don’t have investment banking majors, majors such as banking, finance, business, or economics will help aspiring investment bankers to develop the skills and knowledge they will need in the future. In recent years, mathematics degrees, engineering degrees, and academic focuses in any type of quantitative science have become increasingly common among investment bankers.
Graduate Studies
Some individuals who go into investment banking decide on the field after finishing their undergraduate studies. Students can refocus their studies on an investment banking-related curriculum by pursuing an MBA. Even job applicants with an undergraduate degree in a banking-related field could have trouble finding an investment banking job without an MBA.
Internships
An internship in investment banking can be an important asset on the resume of an individual applying to an investment banking position. Ideally, aspiring bankers will land an internship with an important investment banking firm in a huge financial hub like New York City or London. However, internships at investment banks located in smaller cities can also be highly useful and educational. If a student doesn’t manage to land an internship with an investment banking firm, any type of internship at a banking institution can still be helpful.
Necessary Skills
While the above-mentioned qualifications are important, skills and capabilities will likely be the deciding factor when it comes to both landing a position and succeeding in that position after hire. Investment bankers need to have strong analytical abilities and thorough understandings of financial markets, economics, and principles of accounting. Any good investment banker needs to be very computer savvy, especially with using programs that help analyze numerical data like Excel.
Networking
Nowadays, networking online is very important when it comes to finding a job in any field. Networking allows job seekers an opportunity to get to know people already working in the field. It’s also possible to join groups and clubs that can put job seekers one step closer to an investment banking position. In particular, joining LinkedIn groups focused on investment banking is a good idea.
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Investment banking positions tend to be very highly paid, and this makes recruiting for such positions very competitive. However, an applicant who has all of the requisite skills and qualifications should be able to find an appropriate position with enough effort and persistence. Though the process to become an investment banker is often long and the work typically very demanding, those working in this field are generally compensated with relatively high pay even at their first job.
