What steps do I need to take to become an Investment Banker?
My name is Prithvi and I am currently a Junior in High School. My interest in college is oriented towards Economics and Finance and after combing through many different career options, I decided that I want to pursue a job at Wall St. firm as an Investment Banker. What do I need to do in order to get to the point? I am specifically asking about education, tests (like the MCAT for medicine but in regards to Finance and Econ.), and positions I need to experience before I can achieve my goal. Any advice would be greatly appreciated! #finance #economics #investment-banking #investment-banker #stock-broker
5 answers
Justin’s Answer
Investment banking firms -- including large ones like Goldman Sachs and Morgan Stanley and tons of smaller firms that are lesser known -- often recruit students out of four-year colleges. Although studying business/economics/finance is helpful, many banks recruit students with various backgrounds. After graduating from college, my first job was as an investment banking analyst. Among the other recent grads who joined at the same time were people with college majors as diverse English, history, biology, and many others.
The banks are mainly looking for new employees who are smart, hard working and demonstrate an interest in a career on Wall Street. A test is not required to get such a job and most of the training happens once you join. However, it helps to work as an intern once or twice on Wall Street while you are still a college student, typically during the summer break. Fortunately, most universities help students obtain those spots.
Thanks for the insight! I'm currently considering a double major in college, Engineering and Econ. Hopefully, that will allow me to stand out when I am looking for jobs out of college.
Prithvi
Shyam’s Answer
Hey Prithvi,
Investment banking is more practical than theoretical. You'll need to have a lot of knowledge on current affairs, market situation, strong analytical skills, negotiation skills and the list goes on. To me, learning courses will not suffice to be an investment banker. Please go through the market conditions everyday, read news papers, business magazines and all the business related books. I'm sure these will help you become a very good investment banker.
All the very best!
Jeremy’s Answer
Hit the networks, and the social networks. Like anywhere, getting to know people outside of the interviews works great.
Join the investment banking club at your school, if there is one. That is a great way to network with potential employers.
Join Linkedin groups for investment banking.
Talk to alumni from your school that have recently joined investment banks. You can contact them via Linkedin or Readyforce or even Facebook. Ask them to lunch (if you are local) or a phone call if you are remote.
Don’t be afraid to travel to another city to meet people, if it will help you find better leads.
Ramya’s Answer
There are too many advices and suggestions already. For the banking field the most important thing is to love numbers and have a eye for detail.Being an investment banker requires having a Masters in Business Administration. However, if you're a college graduate, you may apply to be an entry level analyst for two years to ascertain whether you would like to continue in the profession.
Lakshmi’s Answer
Like others said, you will need to have more practical knowledge in order to be an investment banker.
Below are the required skills:
Negotiation skills
Analyze market conditions
Watch business news channels