Investment bankers lead an exciting life that not everyone can handle. The life of an investment banker can also be very high-strung and stressful, as investment bankers must closely analyze stock prices to make decisions in mere seconds. Buying or selling shares of stock in mere moments is the task of any investment banker, because his or her job is to increase the value of a client’s portfolio. The investment banker earns a percentage of the increase in earnings of any portfolio, so it is in the banker’s best interest to increase the value to its maximum amount. The major cities to be an investment banker in are New York City, Chicago, Miami and Los Angeles. Maybe you have wondered, “How do I become an investment banker?” When you want to become an investment banker, it is essential for you to invest in your education and make as many connections as possible in the banking world.
What’s it like to be an investment banker?
As an investment banker, your daily life consists of researching stock prices, listen to presentations from entrepreneurs and figure out strategic ways to grow a portfolio. You will need to buy and sell securities as requested by your clients. You may also make the independent decision to buy or sell securities if it is in the best interest of a portfolio. Part of your job as an investment banker is also to stay updated on securities regulations and make disclosures to the compliance team of a bank. One may also have to travel to meet with clients around the globe. Investment bankers frequently deal with high-powered people on a regular basis. A person with an interest in becoming an investment banker should be aware that the hours can be very long in this profession. The average investment banker may work anywhere from 60 to 90 hours a week. Working on overnight business deals is not uncommon in the world of investment banking.
Education Requirements
The majority of investment bankers have a four-year bachelor’s degree in finance or business. They may also have a master’s degree in business administration. If one does not have connections in the investment banking world, then he or she should choose a major that exposes him or her to the stock market and analysis of securities. Economics and accounting are other fields of study that can be highly useful for working as an investment banker. Students should seek to work at an investment bank during the summer before their senior year of college. This will allow a student to see the inner workings of the investment banking world and understand how to work with high-profile and wealthy clients.
Salary & How to Get a Job
The Bureau of Labor Statistics reports that the average starting salary of an investment banker is about $70,000 a year. According to the BLS, there will be a 15 percent increase in the demand for investment bankers. People can enter into this profession by participating in internship programs that lead to entry-level positions at investment banks. The other way to get a job as an investment banker is to cold-call and apply for analyst positions at banks. An analyst position is where most investment bankers land their start in their career path.
References:
1. http://www.bls.gov/ooh/sales/securities-commodities-and-financial-services-sales-agents.htm
2. http://www.wikihow.com/Become-an-Investment-Banker
3. http://www.degreetree.com/resources/how-to-become-a-investment-banker