We wouldn’t be lying if we said that many enter the investment banking industry in search of lucrative pay packages. It is common knowledge that the salary of a newbie investment banker can go up to $100,000 including the bonuses. But is this something that just gets handed to you? Absolutely not. To be in the top league of earners in this industry, you have to find a way to differentiate yourself and make a mark.
We bring you three such solid ways:
1. An impressive skill set
There is no circumventing this. You definitely need an impressive skill set to work in the investment banking industry, regardless of your division. While it is believed that you must have a finance degree to enter this career, that’s not entirely true. Many from varied backgrounds have gone on to become successful investment bankers.
What makes this possible is a mix of remarkable technical and transferable skills that make you and your candidature highly unique. While a high degree of interest in investment banking is a no brainer when it comes to the right skills, you also need to supplement that with technical skills in terms of education and courses.
For example, your background may be in finance, economics, mathematics, statistics or an unrelated field but you will need an understanding of technical investment banking at least at the basic level. The best way to do this is through an exhaustive course such as FMI’s Investment Banking pathway. You will be able to learn everything about investment banking basics, which will help strengthen your foundation for working in this industry.
Besides these directly related skills, you can set yourself apart through a range of non-technical skills such as:
- Analytics
- Networking
- Leadership qualities
- Communication
This set of skills will shape who you are during your interviews as well as once you start your job in the industry. For example, if you are excellent at networking, you will be able to use that to form connections within your company. This will help others know who you are and allow you to gain information about various departments. When the time comes for a promotion or special project, managers are more likely to choose someone whom they know and someone who has worked hard to take initiative. Similarly, strong communication skills will help you cast a strong impression on your clients.
2. Internship experience
An internship is the best segue into the professional world for young individuals. This is your opportunity to put your theoretical knowledge into action and understand the inner workings of the industry. Most IB interns also get hired full-time. Hence, this is a great chance to make an impression while you’re still learning the ropes.
You don’t need to worry about only bagging an internship at the top firms such as JP Morgan or Goldman Sachs. If you can make an impression at a startup or a smaller investment bank, you will have equal if not greater opportunities to learn and showcase your skills.
Internship experience is vital for an investment banker and will boost your confidence for when you start your full-time role. This will then automatically improve your communication and networking abilities allowing you to stand out and earn a well-deserved salary.
3. A never-ending passion for data
Investment banking is a numbers game. So, if you are an aspiring i-Banker, you will highly benefit if you love numbers and analysing data. If you can master this skill to make useful predictions for your clients and firm, you will be a star at your company! This will also help you like your job further as many run away from the “maths” part of investment banking. It can help you distinguish yourself as someone with a sharp eye and great attention to detail.
You can start early by taking data analytics or statistics courses in college or by self-educating yourself through online courses. If you are someone who enjoys real-time learning, FMI also offers an Excel for Finance course, which is perfect for anyone looking to sharpen their data analytics skills.
Conclusion
Investment banking is a profession that attracts hundreds of thousands of individuals each year. So, if you are looking to be different from the crowd, you will need to work a little harder to succeed financially as well as to have an enriching career. A unique skill set, stellar internship experience, and a knack for data are three definite traits that can help you get closer to your 6-figure dream!
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