If you are an intellectual individual and a disciplined professional who would like to build and maintain client relationships as you work in the finance industry, you may make a great investment banker. Investment bankers require a specific set of inherent skills that cannot be learned, as well as other skills that can be developed over time. Since bankers work with their client’s money and could potentially lose a person’s savings, they need to be extremely knowledgeable before they are qualified to give financial advice or to initiate trades. If you would like to learn what you must do to be a qualified applicant for the biggest investment firms, read on.
Step 1: Enroll in an Undergraduate Program
Things would be much easier if there was an investment banking program that taught you the ins and outs of the profession. Unfortunately, there is not an Bachelor’s program majoring specifically in investment banking. Instead, you will need to take a more general major in a related field like finance, economics, or accounting. Some of the curriculum that you need to take include: macroeconomics, microeconomics, principles of business, personal finance concepts, international business practices, business strategy, business law, financial markets and more.
Step 2: Get Relevant Professional Experience
The next step, before moving on to getting a graduate degree, will be to get entry-level finance experience where you can put what you have learned as an undergrad to use. Most prospective investment bankers will get professional experience as an analyst before they hold the investment banker title. Financial analysts will research market conditions so that executives in a business are fully informed when making buy and sell decisions. As you gain experience, you can advance your education to make yourself a much more attractive applicant when you are ready to take on an investment banking role.
Step 3: Pursue a Master’s Degree
While some investment banking firms will hire candidates who possess only a Bachelor’s degree, a majority of future bankers will move on to earn a Master’s degree. The most common type of degree that bankers possess is an MBA with a concentration in finance or also in financial mathematics. You will need to decide whether to apply with your Bachelor’s degree or with a graduate degree when you are constructing a path to start your career.
Step 4: Apply to Investment Banks
The next step would be to apply as an entry-level investment banking associate with one or multiple firms. Companies have their own training programs to help their new hires get certified and licensed. The training can be very intense and will require long hours of studying to ensure that you pass the Series 6, Series 7, Series 63, Series 65, and Series 66 exams with the Financial Industry Regulation Authority. You will need a minimum of a Series 7 license, but many firms will train you to get other licenses so that you can advise clients.
Working for investment and brokerage firms can prove to be a profitable venture. While investment bankers can earn sizable incomes, you first need to show that you are the right fit. Once you have completed degree programs and then acquired experience, you can demonstrate that you have the learned and inherent skills that you need to be an investment banker.
