How do you become an Investment Banker? If you have dreamed of a high paying position, then Investment banking could be for you. The hours are long. Sometimes north of 100 hours a week. Beyond that, you will be on call 24/7 to handle urgent requests. Attention to detail is a must, as is multitasking, and dealing with high pressure and stress from clients. But the rewards are many. A base salary of up to $96,000 for starters. Seasoned bankers make much more, however. High six figures or even millions per year.
A Day in the Life
What does an Investment Banker do exactly? Investment Bankers work with corporations and governments to raise capital in the investment markets, provide financial advice, and assist with mergers and acquisitions. Activities include assisting corporations and governments issue bonds for projects, helping corporations go public by issuing stock, working with the SEC for compliance, and underwriting various deals.
Become an Investment Banker
Becoming an Investment Banker can be a long difficult task. But here are a few basic steps to take should you dream about a career on Wall Street
Get a Degree
To become an Investment Banker, you will need a minimum of a bachelor’s degree. Choose a degree in finance, accounting, or mathematics for the best chance at a career in the banking field.
Internships and Networking
Networking is critical to becoming an Investment Banker and to nearly any career field. Networking can be difficult early on and even intimidating. Here is a place to learn to network like a pro.
Internships are equally as important and will likely be a requirement to complete your degree. Internships serve the dual purpose of giving you exposure to clients and peers in a real-world setting, which can help you network. They also serve as real-world experience not possible in the classroom.
FINRA
FINRA is the Financial Industry Regulatory Authority. You will be required to register with them so that you can operate as an Investment Banker as a representative of your bank. Also, prepare to pass exams for the various securities licenses required to operate as an Investment Banker.
CFA Charter
The Chartered Financial Analyst Program or CFA is one of the most respected investment management designations that one can earn. Passing the exam takes several years, requires that you take three separate levels of testing, and require that you log a minimum of 4000 hours of work experience in the investment field. This designation is not required but it will make you stand out as a top candidate for a position.
Search for a Position
Here is where your networking skills will pay off. You should be trying to network and build relationships throughout your studies, internships, and your career. Every interaction that you have is a possible opportunity.
Conclusion
How do you become an Investment Banker? It certainly is not easy. Prepare for years of studying and exams, long hours, and almost zero work-life balance. But if you can pass this test a very rewarding financial career awaits. If you have dreamed of a high-power position dealing with large corporations and governments, then this could be the life and the career for you.
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Based in the Pittsburgh, PA area, Brian holds full-time employment as a Warehouse Manager for an electronics firm. Brian enjoys wealth building, investing, gardening and the great outdoors. Brian holds a B.A. in Environmental Studies from the University of Pittsburgh and an MBA from Robert Morris University.
