To call it a tough nut to crack would be an understatement. A career in investment banking is one of the hardest vocations to choose from. Primarily because the work hours and commitment demanded are huge. Your weekends are marred by the decks you prepare and the pitches you make.
“A few months into investment banking (at one of the elite iBanks), and I was ready to quit,” says an investment banker.
Despite its odds, banking and finance is among the highly sought industries, only second to Big tech. Are you a recent commerce, finance, or business graduate looking to carve out a wall street career? Are you confused about whether or not to choose investment banking? Here are three simple reasons that make ibanking a perfect career choice.
3 Reasons That Make Investment Banking Popular
1. Big Bucks
There are few jobs like that of an investment banker, which will help you break six figures right out of undergrad. This difference becomes substantial as your career proceeds. Big bucks are certainly huge perks of long working hours put in by the professionals. Huge bonuses and million-dollar deals are the “top-ups”. Without a doubt, it makes the industry satisfying for professionals, especially those strapped by cash and loan commitments. By many, the industry is considered the shortest route to financial security.
In addition, the career path in the investment banking jobs is clearly defined – from analyst and associate to VP and MD, and as one’s position in the industry rises, so does the compensation. It provides stability and security.
2. Unparalleled Learning
Investment banking gives an in-depth knowledge of various business verticals and sectors. From raising capital to keeping liquidity in the market, investment bankers are instrumental in the functioning of financial industry. This imparts in professionals highly refined hard and soft skills that are easily transferable in a variety of job profiles. The transferable toolkit can be used throughout one’s career, and help one stay ahead of the competition. As the bankers say,
Investment banking is one of the best crash courses you will find how the world works.
For better or worse, the knowledge earned in the industry never leaves the bankers.
3. Exit Opportunities
New entrants realize the impact of this benefit soon after they begin their careers in investment banking. Exit opportunities are numerous and thriving in investment banking. You can practically shift to any field you want to after working at an investment bank for a few years. From private equity and hedge funds to business development and startups, nothing would be out of your reach. About any career would be yours to choose.
Before big tech arrived and became prominent, investment banking was one of the prime routes to make money right out of college.
Strategies to Break In: Degree & Banking Certification
Once you are sure of a career in investment banking, it can be easy to walk the path. You would certainly have to work harder than others, especially in your initial years. So, how can you get in?
A bachelor’s degree in commerce, economics, mathematics, statistics, business and related discipline can give you a perfect start and background for investment banking. That said, there have been cases around the world who entered the industry without conventionally sought degrees.
Additionally, get an industry-reputed financial qualification that proves your skillfulness and knowledge for the industry. Third party certifications are in-fact more crucial if you are from a non-target school or not from a cohort at the top of your class. Certifications are a great way to get a second chance at proving your worth for a career.
Among a few highly sought international certifications in the field of investment banking are – CFA offered by the CFA institute, and CIBPTM offered by the Investment Banking Council of America. Many aspirants opt for CIBP TM to gain a specialized know-how of investment banking.
Stay abreast of the changing demands of the industry and the latest fintech tools & techniques with a focused investment banking certification.