A career in investment banking is a rewarding and challenging experience. It can be quite a complex field and is rapidly changing. It is an exciting role to work in, but you will have to get familiar with a lot of banker jargon.
So if you are considering a career as an investment banker, then here are 8 things you should know.
1. Start Preparing Now
Whether you are a current student or have already graduated, it is important to start taking steps immediately. You will want to show that you are driven, passionate and hard-working, and one way to do that is to demonstrate a vast amount of experience at a young age. So if you are doing your A-Levels at school, you are in a prime position to start building that portfolio. This is not to say that if you have already graduated from university that it is too late for you, you will just have to demonstrate your drive and passion in other ways. Regardless of your age and current situation, there is no time like the present.
2. Consider Landing A Summer Internship
Doing a summer internship will set you apart from the rest. It shows that you have taken initiative early on and that this is something you have wanted for a while. Research has shown that around three-quarters of investment banking roles are filled by individuals who have already worked for the company. So it is not hard to see that an internship makes you much more likely to get hired later down the line. If you are currently studying at university, consider talking to the career advisor team to get some advice on how to successfully secure an internship.
Gaining an internship is the first point in your networking journey, and so if you can secure one, you will be in a much better position in the future.
3. Start Networking
Networking does not just mean attending stuffy events and hoping to get the business card of someone who will never answer your calls. Networking can come in several formats, for example;
- Attending career fairs
- Joining university finance/ business societies and unions
- Talking to lecturers
- Speaking with fellow students and finding out who they are in contact with.
Getting into investment banking is a competitive game, but if you have the right connections, you might be able to get a nudge in the right direction.
4. Be Well-Read And Up To Date On Relevant News
It is an absolute must that you are well-read and up to date on relevant news. When it comes to being interviewed, employers will want to see that you have opinions and often will pick your brain on current financial matters. If you lack awareness of what is going on in the financial and business world, your interview will be a grueling experience. The advice on how to get into investment banking consistently encourages people to read and learn, so you can start by reading The Economist, The Banker, and The Financial Times. From there, you can explore other books and magazines that might have a more specific focus on the areas you are keen to learn more on.
5. Have Hobbies That Say Something About You
In an interview or a job application, chances are that you will be asked whether or not you have any hobbies. This is not because they care about what you do in your spare time, it is because hobbies can say a lot about a person. Don’t just say you play football in the park with your mates, because that does not make you stand out or any different from all the others who noted football as their hobby. Consider a hobby that involves taking on a challenge, such as a half-marathon, climbing the three peaks of the UK, or raising significant funds for a charity. These are challenging, and they will show your employers that you are resilient and determined, which is exactly who they want to fill the role.
6. Look The Part
Working in the investment banking world means you will need to look and be the part. So if you are someone who prefers a more casual workplace attire, you will stick out like a sore thumb. Dress like a professional and act like a professional. Also, ‘looking the part’ does not just mean what you wear, but it also requires the right body language and communication. You will want to appear confident but not cocky. Additionally, use your smile. Smiling through interviews will make it appear as though you are relaxed (even if you are not) and will make the interviewer feel comfortable in your presence, which will let them warm to you.
7. Adopt a Competitive Mindset
You can’t go into this industry thinking it is going to be an easy ride. There are a lot of people who want to make their way into investment banking, and the fight for it can be a difficult process. Do not let the competitive nature of the industry put you off if a career in investment banking is something you really want, instead use your passion as your fuel. Stay optimistic in the face of a challenge. The sooner you start building up your experience, the more of a competitive candidate you will be. So with the help of an internship and some useful contacts, you’ll be coming out on top in no time.
8. Always Be Learning
You will always be learning on the job, which makes it a very exciting career, but if you are not willing to put in the extra time to keep in the loop, this will become a very hard job. The financial market is always going to be adapting and changing, and so as someone working in that industry, you too will have to learn to adapt and change.
So if you are thinking about a career as an investment banker, then the time to begin your journey is now! It won’t be easy, but it will be worth it!
