Tag: interview preparation

Would you like to earn 5-6 figures in salary with lots of bonuses right off from graduation? You can get this by working with a big bank, a finance company, an investment house or even with the Big 4; as an investment banker. It is a high-profile job with lots of critical thinking, analytical and mathematical skills involved. This article will explore the pros and cons of investment banking and how you can get in if you feel this is the career for you.

Here are some of the pros of being an investment banker

  • Huge Compensation: The money you make as an investment banker is one of the main attractions of this profession. The salary is great, running up to 5,6 and even 7 figures. Then there are starting bonuses, performance bonuses and other deferred bonuses that you get later. You can start as an analyst, and grow to become an associate, a VP, a director, a managing director or even a CEO. All these with a salary which increases every year and increases at every level. 
  • Smart Colleagues: A career in investment banking exposes you to working with smart people which includes both your colleagues and clients. You meet with people who are working on real-world problems and people working with the latest technologies. Interacting with driven people helps you learn more and develop faster in your knowedge of the business world. Within a few months of joining, you will get responsibilities which will help you learn a lot in a short space of time as your colleagues will challenge you to put on your best foot always. All these will help in your personal development journey.
  • Good Perks: Apart from the mind-boggling bonuses, there are lots of benefits like free lunch and dinner if you work late at night. If you need to travel for your work, you can be sure of getting the best treatment. You get to stay at the best hotels, and wine and dine at the best restaurants and bars and of course, you have business-class flights. The medical coverage you get working in this career is great, with awesome paternity and maternity leave as well as a great pension when you retire. 
  • Open Doors: This job will open doors for you that other jobs cannot. For example, this job will help you to meet and interact with wealthy people and build a network of great connections. If you decide to leave this job, there are loads of places you can work. You can decide to go into coaching and consulting and you will have lots of clients. You can decide to move into another section or department in a bank if you are thinking of a better work-life balance. You can start your own company with the knowledge you’ve gained working as an investment banker. 
  • You Gain Experience Fast: Working in a high pace environment like the one offered to investment bankers helps you learn a lot about business. You get to learn about brokering deals, negotiating debts, equities, raising capital and much more. Working in a fast-paced work environment all day every day, helps you gain expertise fast. You cannot be compared to someone who works fewer days and will take years to learn what you learn in a few months. You can make a partnership at a young age and start earning millions in your late 30s or early 40s.

But it’s not all rainbows and sunshine. There are some disadvantages involved in this career too. Here are some of the demerits of working as an investment banker:

  • Long Hours: You get to work long hours often staying late at night. Sometimes you stay weekends working in the office. This is a high-paying yet high-stress job. An analyst typically works 80-90 hours with average work hours based on a survey reaching 102 hours. 16 hours days are quite the norm in this career though it gets shorters as you progress up the ranks.
  • No Off-clock: You can’t stay off the clock when working as an investment banker. You are expected to be available 24/7 when working especially when you are just starting. You have to be at work in the evenings, at weekends and sometimes on holidays. This can take a toll on your personal relationships. 
  • Highly Competitive: A career in investment banking is full of competition. The reason is obvious, it pays better than most jobs so there is fierce competition before you can get in. After you get the job you still have to be on your best performance so you don’t get kicked out and replaced by others.

You can see that the benefits far outway the cons, and that is why many people are doing all they can to get into this career. If you are dreaming of getting in as an investment banker, here are the 4 steps you take to make sure that you make a success of it.

  1. Good Education: To start your journey into investment banking, you need to make sure that your foundation is right. You need a good bachelor’s degree in finance or a related field from an accredited university or college. You can also get a graduate degree or an MBA to further qualify yourself.
  2. Certifications: Before and after you get a job as an investment banker, it is good to get a certificate to augment your degree. Having great certificates from reputable institutions will help you scale through during the interview. You can get certificates like Certified Fianal analyst (CFA), Certified Public Accountant (CPA) or Commercial banking & Credit Analyst. 
  3. Job Interview: Passing an interview is a requisite to getting a job as an investment banker. Proper preparation will help you to excel in it. Remember that this job is highly competitive so you need to make sure that you are ahead of the competition. You can check out this course that specifically teaches you how to prepare for an interview as an investment banker. 
  4. Get experience: You can get an internship during your bachelor’s degree program. This will give you the needed experience and develop the math and analytical skill needed for the job. You can also get jobs in banks or work in a smaller finance or investment business while you wait for your dream job. The on-the-job training you get will add to your CV and help you to get better jobs later.

Conclusion

A job as an investment banker comes with lots of perks, and a great salary. You work with smart people, get open doors and gain lots of experiences fast. Even though you get to work long hours, most people don’t mind because the money is great. In 4-7 years of consistent work, you can get to the top and start earning 7 figures with huge benefits. With a few years of consistency, you will make a great income while helping a lot of people with their finances. 

Authored by: Juliet Ugochi, Fintech Content Curator

When it comes to job interviews, many employers are now incorporating case studies and other types of assessments to evaluate candidates’ skills and suitability for the role. These types of assessments are designed to test a variety of competencies, including problem-solving, critical thinking, communication, and collaboration. While they can be challenging, with the right preparation, you can improve your chances of success. In this article, we’ll explore some tips for preparing for case studies and other interview assessments.

Understand the Assessment

The first step in preparing for any interview assessment is to understand what you’ll be evaluated on. Case studies may focus on a specific industry, market segment, or business problem, and may involve financial data, customer research, or other types of information. Other assessments may focus on teamwork, leadership, or presentation skills. Make sure to review the job description and any information provided by the employer to get a sense of what you can expect.

Research the Company and Industry

To perform well in any interview, it’s important to have a solid understanding of the company and industry you’re interviewing for. Research the company’s mission, values, and products or services, as well as any recent news or developments. Additionally, review industry trends and insights to gain a broader understanding of the market landscape. This information can help you contextualize the assessment and provide valuable insights during the interview.

Practice, Practice, Practice

One of the best ways to prepare for case studies and other assessments is to practice. Find sample case studies or assessment exercises online or from career resources at your university or library. Work through these exercises to gain familiarity with the format and content. Additionally, practice presenting your solutions or recommendations to someone else, such as a friend or mentor. This will help you get comfortable with presenting and receiving feedback.

Improve Your Analytical Skills

Analytical skills are critical for success in case studies and other assessments. To improve your analytical skills, focus on developing your problem-solving and critical thinking abilities. Take online courses or read books on logic and critical reasoning, and practice applying these skills in real-world situations. Additionally, work on improving your ability to analyze and interpret data, such as financial reports or customer feedback.

Communicate Effectively

In addition to analytical skills, effective communication is essential for success in assessments. Practice delivering concise and clear explanations of your thought process and solutions. Additionally, work on active listening skills, as this will help you better understand the assessment prompt and any feedback from the interviewer. Finally, be sure to communicate any assumptions or limitations in your analysis or recommendations.

Case Study: Market Entry Strategy for a Technology Company

You are interviewing for a position at a technology company that is considering entering a new market. The company currently sells software to businesses in the financial industry, but wants to expand into the healthcare industry. Your task is to develop a market entry strategy for the healthcare industry.

Assessment Prompt:

  • What are the key factors to consider when entering a new market?
  • What is the current state of the healthcare industry and how is it evolving?
  • What are the main competitors in the healthcare industry and how does the company’s offering compare?
  • What are the potential risks and challenges in entering the healthcare industry and how can they be mitigated?
  • What are the potential revenue streams and growth opportunities in the healthcare industry for the company?

To prepare for this assessment, you would want to conduct research on the healthcare industry, including market trends, key players, regulatory environment, and customer needs. You would also want to review the company’s current offering and assess how it could be adapted to meet the needs of healthcare customers. Additionally, you would need to consider the financial implications of entering a new market, including potential costs and revenue streams.

During the assessment, you would need to clearly communicate your thought process and recommendations, taking into account the key factors outlined in the prompt. You would also need to be prepared to answer follow-up questions and respond to feedback from the interviewer.

By preparing for this type of case study, you can demonstrate your analytical and communication skills, as well as your ability to think strategically and adapt to new challenges.

Conclusion

At FMI, we understand the importance of interview preparation, including case studies and other assessments. That’s why we offer an Interview Preparation course to help you prepare for your next interview. Our course covers a wide range of topics, from resume and cover letter writing to behavioural and case study interviews. With our expert instructors and practical exercises, you’ll be well-prepared to tackle any interview assessment. Sign up for our Interview Preparation Bundle course today to take the next step in your career.