Experts have predicted that a recession is looming in the U.S. One of the most prevalent indicators of a slowdown has been the stock market. Investors across the world have witnessed a significant drop in share prices over the last few months. Under such circumstances, uncertainty about the job market and the economy begins to prevail.

Typically, a recession is defined as a period of temporary economic downturn, marked by a decline in GDP for two successive quarters. As a result, many businesses often suffer losses and fail. Since investment banking is primarily focused on corporate transactions, (IPOs, M&As, asset management) a recession can severely affect the financial services and investment banking industries. Let’s see what this impact may look like:

1. The job market

Further, also remember that within the financial services industry, segments like hedge funds may thrive after a fallout as well such as those focused on distressed investing such as securities and bonds.

2. Changes in business model and industry structure (regulations)

As evident from the past events, a recession forces industries into consolidation and pushes them to adapt to new and more resilient business models. One of the prime examples of this was the global financial crisis of 2008, where the global investment banking and banking industry as a whole witnessed various mergers, bailouts and innovations. Many of the global financial behemoths, as we know them in their present form, are the result of the 2008 financial crisis.

More often than not, recessions throw light on a loophole in the financial system. This is followed by rectification, formation, and implementation of new laws to solve the problem and increase transparency. Moreover, due to the structural change in businesses, such as mergers and takeovers, investment banks are often restricted by a broader range of laws and regulations post-recession. 

3. Increased need for specialised skills

Conclusion

As many economists and even prominent investment bankers have predicted, a recession may soon become a reality. It is, hence, useful to keep yourself updated on its implications and how you might prepare yourself. If you are looking to enter the investment banking industry, you will need to do ample research to understand which banks are impacted the most and how that might affect their recruitment and hiring processes. You should also stay optimistic because a slowdown such as a recession can expose loopholes in the system, pointing to the need for better and more advanced business models. This can be beneficial for you in the long-run in securing your career and offering more innovative business opportunities. At the same time, keep your focus on advancing your skills and become an expert in one or two key areas within investment banking.

Investment banking is typically seen as a prestigious career with a variety of perks and learning opportunities. Yet, the challenges it comes with are not a secret either. Here are some of those majorly known challenges:

1. Having the right background

Although investment banks deploy a range of resources every year to train and upskill their employees, a master’s degree is expected for a majority of investment banking jobs. A degree in the field of finance or an MBA is preferred. One could also join the IB industry right after their undergraduate degree but requires a strong resume to break into one of the top investment banks such as Morgan Stanley and JP Morgan Chase. Internship experience in investment banking or in the field of finance, banking or consultancy is generally preferred for entry-level positions as well.

A degree in finance is not mandatory to get a job in investment banking, however it is given more preference over other disciplines. Nevertheless, one should have a strong maths focus with degrees such as economics or management. There are also ways to start building your investment banking acumen through exhaustive IB courses such as Introduction to Investment Banking by FMI. 

2. Constant upskilling

3. The need to effectively network

The ratio of jobs available and applicants applying for those positions in the industry does not favour applicants. Therefore, networking becomes very critical to get a job in investment banking. One must go out of their way to meet people from the industry. This becomes especially important for people who are introverted and don’t prefer socialising. You can sign up for guidance sessions or investment banking meets, and may find opportunities to speak with your future employers at those events. Moreover, you can always establish connections on LinkedIn with industry professionals or veterans.

4. A demanding schedule

The investment banking industry is notorious for its demanding hours and hectic work schedules. With 100-hour work weeks being the norm for entry-level investment banking analysts, the responsibilities increase as the person grows within the bank. While in recent times, top banks have officially cut the work hours for junior associates but nevertheless, they continue to be higher than the standard. Preparing for such a rigid work culture is extremely challenging for any upcoming investment banker.

Similarly, one must also prepare for working under high-pressure situations with multiple competing deadlines. The ability to not just cope up but also grow under pressure is vital in the industry. However, this won’t deter anyone who is highly passionate about working in IB. You can use this knowledge to better prepare yourself and organise your time more efficiently. 

Conclusion

It is beneficial to be aware and acquainted with the challenges of working in a cut-throat industry such as investment banking so you can prepare yourself and prioritise what is of value to you. While the industry does come with its own set of challenges such as a background with the right expertise, the need to network and constantly upskill, as well as a demanding schedule and environment, it will not faze you if you are passionate about becoming an i-Banker. Further, this knowledge and awareness early on can also help you evaluate if this is indeed the right industry for you to work in. 

Investment banking is well-known as a competitive career stream. Even with its long working hours, cut-throat competition, and often stressful nature of work, hundreds of thousands of people are attracted to this field despite the slim selection rates. It is worth noting that only 4% of Goldman Sachs’ 40,000 plus applicants get selected for their analyst program, and about 2% of Morgan Stanley’s 90,000 applicants get selected. This clearly shows the interest of finance professionals to get into investment banking. But why so. Here’s why:

Generous compensation levels

An investment banker works with companies on large corporate transactions, such as mergers & acquisitions, raising funds, conducting IPOs, etc. Due to the industry’s focus on helping companies earn more money, it makes sense that the people working in it would also earn large compensation packages. If money is a motivator for you, investment banking should definitely be on your list. An entry level analyst could expect to earn anywhere from $80,000 to $200,000 a year. This compensation is generally made up of base salary, performance-based year-end bonuses, and signing bonuses.

Growth opportunities

Although investment banking doesn’t exactly offer a healthy work-life balance, if you are someone who is passionate about finance, you can find multiple opportunities to grow in this career. Generally, hierarchy in an investment bank starts with interns or analysts, followed by associates, VPs, leading all the way up to managing directors. Within two to three years, one could develop key business, financial and non-technical skills, and strenghten their network, after which the opportunities are abound. One could continue to progress within the industry or switch careers to industries which require a similar skill set. Investment banking professionals are highly desired by sister industries such as private equity, venture capital, and hedge funds.

Networking and personal development

One of the benefits of working in a highly competitive industry is that you work with highly intelligent and well-connected individuals. You would find that both your clients and your colleagues are very skilled at what they do – whether it’s working on the latest technologies, government policies, or solving real world problems. You would also be part of challenging transactions and might get major responsibilities within a couple months of joining the investment bank. Scope of personal development is also enormous due to the continuous learning from your colleagues as well as the chance to learn everything from analytical thinking to communication to financial modelling. It is also for this reason that many top executives from companies, governments, and central banks have prior experience in investment banking.

Prestige

Working in institutions with more than 100 years of rich history is a matter of prestige in itself. It would indeed boost your resume and you will be highly employable. You can also easily switch to other departments in the bank in order to improve work-life balance, such as the wealth management advisory. With the current rise of start-ups, especially neo-banks and fintech firms, the prospects of leading a department in one of these areas or starting your own business improve drastically. With a name like Morgan Stanley or JP Morgan associated with your resume, getting into places and building a network becomes easier.

Have you ever imagined turning a $20 million investment into $50 billion in less than 15 years? That was a mega deal led by Softbank in the early years of Alibaba – one of the most successful Private Equity (PE) deals of all time. 

PE is one of the fastest growing industries in the financial sector and is a land of plenty for many finance professionals. If you aspire to be in PE, there has never been a better time to make the move. Let’s understand why and how to enter this lucrative industry. 

What is PE investing

Private equity is a category of capital investments, where you own a piece of a business or institution that is not publicly traded or listed on the stock exchange – a private company. It is one of the most attractive alternative investment options for institutions looking to diversify their portfolios and get better returns than public markets.


How to enter PE

Having the right background is very vital to break into the world of PE. Some of the most common ways of getting into the industry are as follows:

Transitioning from investment banking or consulting

Many PE employees have a background in investment banking or consultancy. You can also begin your journey towards a private equity career by enrolling in a beginner level yet in-depth investment banking course  designed by FMI.

PE firms prefer employees with an investment banking or consulting background due to their ability to work long hours, deal with challenges, think creatively, and network with relevant stakeholders. Bringing on people who have already developed and adapted to such a working environment and learned the basics elsewhere reduces their chance of committing mistakes that might cost the company.

Getting into PE right after college

Another way to start your career in PE is through internships right after college. However, both the number of PE firms that offer internships and the number of internships that they offer are very limited and hence, competitive. As an alternative, one could also consider internships in related fields, such as investment banking, consultancy, venture capital or asset management. Internships in these industries are also limited, but more common than in PE.

Skills Needed to Get into PE

Once you know the educational or professional avenue you will be taking to get into PE, here are some skills you need to hone to get into this sector:

Networking

Since this is a highly competitive industry, networking with the right people can not only give you an edge over the pool of candidates but help you understand what the work environment and expectations are. You can use tools like LinkedIn and career recruitment events to connect with other Private Equity individuals. This network will be useful even after you start working in this domain. 

Persistency

Maintaining constant contact with companies to ask about open positions or simply applying for interviews without losing focus or interest is arguably the most critical skill to land a job. The chances of getting in touch with a senior employee or HR representative at a major private equity firm and receiving a response are usually very low. Hence, you must remain persistent until you get something favourable. 

Technical skills

Once you have been noticed and have a chance to secure your dream job, you must prove that you have the determination and passion required to succeed in the industry. You should be well-versed in topics such as valuations, financial projections, ratios & analysis, business models, and other similar concepts. Aside from financial concepts, you should also familiar with basic business frameworks. 

Conclusion

In a nutshell, PE is an in-demand and sought-after career choice. To make it in this field, you must be willing to start early and with utmost passion. You can take the investment banking route or venture out right after college through internships. You will need to demonstrate that you have a solid academic background, an unwavering passion for PE, and the ability to build and maintain networks.

Despite the demanding working style, cut-throat competition, and the long hours involved, investment banking continues to attract tons of job applications every year. An investment banker works with companies on large corporate transactions such as mergers & acquisitions, capital markets, fundraising, IPOs, and investments in general. 

But why exactly the gravitation to investment banking? Its challenges aside, investment banking offers generous financial rewards, a high growth potential, and, hence, remains a very prestigious career choice. 

Assuming you are an aspiring investment banker, how should you go about selecting the most suitable investment bank to start your career with? Some of the critical aspects which you can consider while selecting an investment bank could be: culture, compensation, prestige, core areas of focus, overall satisfaction, work-life balance, and training. Based on these criteria, here are the top investment banks you can consider to launch your career:

Goldman Sachs

JP Morgan Chase

JP Morgan Chase & Co. is the largest among the ‘Big 4 Banks’, with assets under management crossing $3.7 trillion, at the end of FY 2021. The current structure of the bank came into existence in December 2000, when JP Morgan and Chase merged to form JP Morgan Chase & Co. The massive corporation has two parts. Chase focuses on consumer and commercial banking whereas JP Morgan is focused on core investment banking and investments and is known for its work in the field of mergers and acquisition JP Morgan’s CEO Jamie Dimon is one of the most respected CEOs in the industry, which is a lucrative draw for investment banking applicants.

Bank of America 

Barclays

Morgan Stanley

Summing it up 

Investment banking is a numbers game, hence, anything that helps organise and analyse data is a boon for this industry. Enter, data analytics! If integrated well into IB, data analytics can help streamline processes, reduce the time taken to complete tasks, increase efficiency, help generate useful reports and so on. 

If you are an aspiring investment banker, you must look into data analytics because of its immense potential as well as the tools it might impart to you to differentiate yourself from the crowd. Let’s first look at the various uses of data analytics in Investment Banking: 

1. Risk modelling

Since investment banking often involves working with external clients, risk modelling is key to the business. This activity can help assess how a particular portfolio comprising various financial products such as stocks, futures, bonds, options responds to risk. With the help of data analytics, this process can be optimised further allowing to customise portfolios that match your client’s appetite for risk. As an investment banker, this, you would be able to help your client better with mitigating risk, finding relevant products, and improving their financial performance. 

2. Cut down on repetitive tasks

As an investment banker, whether you are working with a client on mergers and acquisitions,  assessing their financial situation or managing their assets, you will need to scour through a ton of data to identify similarities and trends. This requires close attention to detail and plenty of time.

Data analytics, however, can significantly ease this process for you. By organising large amounts of data and evaluating it for the relevant patterns, it can help save you time and hence, increase your productivity. When you are able to delegate a few technical tasks to automated systems, you can focus on the more human-centric elements of your job that help you make a difference. 

3. Provide financial forecasts

Once again, by thoroughly examining data, far more efficiently than humans, data analytics has the ability to provide financial forecasts and spot anomalies. This can include analysing a client’s financial performance and history, and hence, peg their future possibility of default, detect fraud, alert in case of low profitability, warn against potential financial pitfalls and so on. Data analytics can help monitor massive amounts of data for long periods of time, thus, offering insightful and accurate predictions. 

How to learn analytics for investment banking

If data analytics is an altogether new world for you, you need not worry! This is a relatively recent field, and you’re not late if you start now. If you especially want to enter the investment banking or financial services field, knowing data analytics will not only make your job easier but also help you gain an edge in your profession. Here are a few options for how you can begin learning analytics for IB:

Conclusion 

Data analytics is a game changer for the investment banking industry. While it has already given the industry a facelift, its potential to shape its future is huge and something to capitalise on. Hence, as a new entrant in this field, you can learn data analytics for a variety of reasons including risk management, enhancing productivity, and receiving accurate financial predictions. Happy learning! 

The banking industry is home to many voices that have shaped and transformed it over time. These people are extremely influential and considered the real trendsetters in this industry. Their ideas and the models used by them are still being replicated and re-used by investment banks.

Let’s take a look at who some of these noted personalities are:

1. Jamie Dimon

Jamie Dimon is one of the most renowned names in the banking world. He has been the CEO and Chairman of JPMorgan Chase since 2005. He has also been featured in TIME magazine’s list of most influential people multiple times.

It is under Dimon’s leadership that JPMorgan has become the largest bank in the world by revenue and in the U.S. by assets. Dimon has led many billion-dollar acquisitions like WaMu and Bear Stearns. 

A tenure as long as his is unheard of in the finance world. Yet, the company continues to choose him to lead the financial powerhouse because of his ability to steer it in the right direction even through financial crises.

2. James Gorman 

James Gorman is Chairman and CEO of Morgan Stanley, one of the world’s leading global financial services firms. He has been the CEO since 2010, and the Chairman since 2012. His reputation as an influential investment banker goes beyond his Morgan Stanley tenure. He has held several executive positions at Merrill Lynch and served as a senior partner at McKinsey. He was also formerly the Director of the Federal Reserve Bank of New York. 

3. Warren Buffet

Warren Buffet is a household name when it comes to banking and finance. He is one of the most successful investors and currently has a net worth of over $97 million.

His investment strategies have been adopted by companies, investment banks, and the general public alike. Buffet believes in finding and investing in stocks that are severely undervalued when compared to the intrinsic value of the company. He analyses parameters like profit margins, company performance, and company debt. His approach is to look at the company as a whole.

Buffet’s infamous strategies have helped a lot of people gain massive success in the markets.

How you can become a successful banker

Behemoths of the financial industry inspire new and aspiring bankers to strive hard to make a mark for themselves. If you go deeper into the careers and backgrounds of these influential personalities, you will notice that they have devoted their whole lives to the field of banking and finance. 

Hence, you must build your dedication and consistency if this is something you seriously aspire to do. Here are a few more things you can sharpen to set yourself on the path to success as a banker:

1. Never stop developing your skills

Technical skills are indispensable when entering an industry like banking. However, in order to truly differentiate yourself, you will need to hone your non-technical skills. This is where you can push ahead of others. Some of these skills are: 

  • Analytical thinking
  • Effective communication
  • Interpersonal skills
  • Innovation to solve problems creatively
  • Discipline and time management
  • Ability to work well in a team
  • Self-confidence

2. Consistency and resilience are your strongest tools

In a career as demanding as investment banking, you are bound to feel tedium and the urge to give up. With these influential individuals, what you will notice is their determination to face challenges head-on. A financial crisis, a nationwide controversy, or repeated criticism did not faze them. They were passionate and consistent in their endeavours. The ability to stay resilient and headstrong when others can’t is what will help you to move forward in this career. 

Conclusion

It is not easy to become one of the best in any career. However, it is not impossible. You can learn a lot from influential people in banking and study their journeys thoroughly. Use them as a constant source of motivation while moving forward with an undying will, passion, and a hunger to learn and evolve!

As the name suggests, a swap is a financial exchange agreement in which the involved parties swap pre-agreed cash flows. These flows are typically related to interest payments based on the nominal amount of the swap. Between the two cash flows, one value is always fixed and the other is variable and based on an index price, interest rate, or currency exchange rate.

Swaps can also be categorised as a derivative contract. They are not traded on exchanges but rather over the counter and are usually customised between those involved. These include financial organisations and firms as opposed to individuals due to the potential risk of default by a counterparty.   

If swaps and their corresponding markets are new to you, here are the three most important things you need to know about swaps: 

1. The point of a swap is to hedge risk and reduce uncertainty

Swaps can help change the payment terms of a product by swapping it with another product’s terms. This may be done to minimise the risk associated with a particular payment option. For example, many companies, especially those that operate on a larger scale, use debt bonds to finance themselves. Investors receive a fixed interest rate on these bonds. These companies may opt for a swap to amend these payment terms from fixed to variable. This allows for the organisations to maintain a more viable debt structure. 

The inverse of this could also be true. For example, If a client pays mortgage on variable terms but wants to switch to fixed term payments, it can be made possible through the swap market. This will allow for more flexibility and protect them against unexpected monthly payments. 

2. The swap market is one of the largest and most liquid global markets

This is despite the fact that the swap market is not an exchange market like those for options and futures on but an OTC one. To diminish the risk associated with its format, the swap market has seen major regulatory changes in recent times in order to increase transparency and reduce uncertainty. 

3. The most common swap is the Plain Vanilla Interest Rate Swap

The most commonly used swap is known as the plain vanilla interest rate swap. In this contract, a party agrees to pay the counterparty a fixed rate of interest on a predetermined principal at regular intervals for a specified time period. The other party agrees to make payments on a floating rate of interest for the same time period. However, it’s important to note that the two payments are made in the same currency under this type of swap. 

To do so in different currencies, fims can use the plain vanilla currency swap. This allows the parties to exchange principal and fixed interest payments on a loan in one currency for similar payments in another currency.

Conclusion

Last August, I got the chance to mentor a student based in Singapore and he’s waiting for his graduation. We started on which type of career he wants, and I asked him about his background. Fortunately, he was trading Foreign Exchange. 

It’s a good thing that he already understands Technical Analysis, and we got connected through a monitoring platform. Now, we are exchanging messages about how to break into the industry. 

My advice to him is to get as many certifications that he can, attend training, network, and keep his portfolio as well, if he wants to pursue trading for a bank or other financial institution (non-bank). Was encouraging him to go for the Hedge Fund BlackRock.

But trading for an institution may take time, so I recommended to him to consider the role of an Analyst. With the Analyst role in any financial institution or even in an Investment Bank, there’s an opportunity there for you to grasp the end-to-end operation. On some parts, in the Settlements and Reconciliations perspective, you may see the whole Trade Lifecycle and chase unresolved, unbooked trades from the traders in the Front Office or in the middle office. 

As an Analyst for 10 years here are some of the lessons I’ve learned working in a Global Capacity. 

Technical:

  • You must understand the Product or the Asset Classes.

It’s important for an analyst to understand the behavior of each asset class, not just the product in your process itself. When I was handling Derivatives, Futures and Options contracts in Settlements, I always read from time-to-time other products like Equities, Bonds, and FX. You might need it someday, coz’ some regions like APAC, EMEA are heavy in these products. You may enroll and get a Chartered Financial Analyst (CFA) or take classes in Fmi.online in which you may choose an industry in finance like Investment Banking and Asset Management and get certified.

  • Invest in the Stock Market. Try out some brokers, learn Technicals and Fundamentals

Sometimes, for you to appreciate the product is that you handle your own portfolio yourself. However, there are some companies or departments that do not allow outside trading, like you must disclose your every position — I know, right? Well, basically, it does make sense coz’ you may be in a department that has ‘Chinese wall’ and there is some information you may see before it would go public.

  • Read and Subscribe to Financial or Business News.

They have an impact in the Stock Market. Also, a grasp in Macro Economics would also help and reconcile those in which where the price of the index, or commodities would go. Having the sense of Corporate Actions would really help you understand, and it may help you in the interview as well. Like you may receive a question from the hiring manager, “what’s the latest news in the Market?” Believe me, I was kind of cornered in that question, good thing there’s a notification that came to me that morning about the latest IPO. 

  • Learn Microsoft Excel. 

Intermediate capacity is okay, but you may also improve up to the Expert level. I’m not saying this is the only Microsoft product you need to grasp but, trades come in the form of this format. In my experience, there’s always a dashboard for every process for you to extract that data. Our industry is data driven, so you must learn how to translate those data and simplify those for your respective shareholders and counterparts. Functions such as IFs, Concatenate, and LookUp (X/V), reporting like PIVOT to check only the necessary, and Visual Basic or VBA.

  •  Learn Automation in Excel

Though your hiring manager might not require this, but automation can get you to the easiest paths of reporting and shortening an end-to-end process. Whenever I make an automation thru Visual Basic, I always consider the time and FTE saves for this matter and those projects reflected in my ratings — thanks, boss! When I was part of HSBC, I handled the front running block orders automation to see the time of execution of the trades versus the time the trader places his order. So, in one click, the data that’s been extracted from our dashboard was already available and saves time from manually doing the PIVOT table (well, essentially, an automated PIVOT per se).

Article Published by: Carlos Payumo Garcia, CLSSYB.

Credit Suisse dates back to 1856, when it was originally founded as Schweizerische Kreditanstalt to finance the expansion of the railroad network and boost industrialisation in Switzerland. Over the next century and a half, it would go on to become one of the world’s leading financial powerhouses. 

Owing to its reputation, Credit Suisse receives a massive number of applications from aspiring investment bankers all over the world. It is a remarkable institution to launch your IB career but first, you must be able to distinguish yourself to land this desirable role. Here are three major ways you can get started: 

1. Match your strengths to the job requirements

As a newbie in the industry, recruiters don’t expect you to know it all and have all skills that the job demands. Yet, they want to see how you fit the role. It is, hence, imperative that you do a thorough evaluation of your competencies and what you bring to the table. 

The best way to do this is to give clear examples of how you can take on the responsibilities and challenges of the role. For example, if the job description requires that you assist a team on project coordination, talk about relevant and effective examples of when you have been an outstanding team player. 

Bringing your key talents to the forefront is also a skill and shows tactfulness. It will also help the employer see you as someone who has done thorough research about what a particular role entails. Credit Suisse shares highly useful advice in this domain on their website:

“You need to have two to three examples for each possible scenario. Remember, most interviewers will focus on skills like leadership, problem solving, performance under pressure, conflict resolution, communication, adaptability, planning and initiative. Go back to the job description and establish which of these areas will be especially relevant to the role you are applying for.”

2. Use the P-T-A technique

Your most significant opportunity to make an impression is the interview. While being nervous is normal in this situation, you want to find a way to channelise it. Credit Suisse recruiters advise that you use the Pause-Think-Answer (PTA) technique when giving any response. Even if you feel you have fully prepared the answer during your practice interviews, there is no harm in taking a few seconds to collect your thoughts. 

This gives you ample time to organise your answer and helps the interviewer see you as calm and structured. This is especially helpful when you are about to answer a behavioural question as it helps you collect all facts and examples, particularly the most impactful ones. You should also take this moment to remember that you don’t want to come across as someone who is rambling. It is always a great idea to wrap up your answer after a few sentences in accordance with the question to avoid being seen as nervous or ill-prepared. 

Another method that is proven successful is helping structure your answers is the STAR technique: Situation, Task, Action, Result. Credit Suisse explains it well on their website and shares an exhaustive list of questions you could be asked: 

3. Show that you are a confident self-starter

Initiative is a highly attractive trait for prospective employers. At Credit Suisse too, they do not want you to simply fit a mould but rather see that you are driven and unique. Ambition and self-motivation are key qualities in any individual, and you should focus on how you can allow those to shine in your resume and interview. 

You can do so in a few ways: you can take on an additional course or certification that puts you a few steps ahead of others. For example, FMI offers an end-to-end beginner level investment banking course. It is designed for early IB entrants so you can benefit from it. You can also show initiative through a college club or programme that you started. Being someone who doesn’t wait for opportunity to strike but carves their own path also helps you be seen as self-confident. As Andrew O’Flaherty, VP in the Special Situations and Leveraged Finance team at Credit Suisse aptly reinforces:

“Remember the importance of having confidence in your own perspective and experience. There are so many ideas you may have that others don’t see, and that counts for a lot.”

Conclusion

Credit Suisse is a gateway of opportunity for anyone planning to commence their career in investment banking. However, first you must cut through a herd of competition to make it to your dream job at this premier institute. The best way to do so is to ensure your strengths are compatible with the job’s requirements, to organise and reflect before your interview answers, and to demonstrate yourself as a self-starter who isn’t afraid to stand out. All the best for this thrilling journey!