Skills Needed to Be an Investment Banker
Each year, when bonuses are announced by the big Wall Street investment banking houses, young men and women from all walks of life vow to become investment bankers so they can become rich through these seemingly huge bonuses. However, very few make it into investment banking, and of those that do, many leave the industry because they cannot tolerate the long hours and intense pressure to perform. The job involves developing clients, advising them on financial strategy and putting together bond, stock and merger and acquisition deals.
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Education
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The Bureau of Labor Statistics estimates that two-thirds of investment banking industry employees have bachelor's or master's degrees. While it is possible to get a job in investment banking with a bachelor's degree, advancement generally requires a masters or doctorate in mathematics, corporate and securities law, finance or economics. Because of the reliance on computer analysis using algorithms, advanced degree holders in physics are also recruited to Wall Street.
Personality
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Few jobs are as stressful as investment banking. The hours are long and the culture of the industry is unforgiving of personal needs such as being with your wife as she gives birth, attending family funerals, attending Little League games or taking vacations. To succeed in investment banking, you must have a sales personality combined with a detail-oriented mind and the ability to think fast when dealing with complex mathematical, strategic and legal concepts. The job requires high energy, determination, good stress tolerance, a good sense of humor and the ability to be a reliable team player.
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Expected Performance
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Investment banking is all about performance -- making bigger and better deals and making as much money as you can for the firm. You must be willing to do whatever it takes to outperform your co-workers and competition at the other investment banking firms. In most cases, billions of dollars are at stake in everything you do and errors are unforgivable. Outstanding performance earns you outstanding bonuses.
Considerations
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It is almost impossible to get a job in top-tier investment banking. The best way is to find someone who is working in the field and ask for help in getting an internship. Part of what firms look for is resilience in the face of rude rejection, dogged determination, creative intelligence in presenting your case and high-class behavior. Making a pest out of yourself will do you no good. A pleasant, well-mannered yet assertive campaign of regular contact and networking in the industry will help to get you noticed.
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References
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