Everyone with a job wants a successful career. A successful career is one where you feel safe on your job, you are doing what you like, earning enough to meet your needs and wants, and you are securing your future with proper savings or investments. However, finding such a career and being part of it for your life is not that easy. People keep on changing their jobs because after starting a job they realize that they are not doing what they like. In the same way, there are millions of people around the world looking for a career in investment banking without knowing their attitudes well.
It is important that you know about yourself fully before you apply for a post at some investment bank. Of course, it is expected of you that you know what an investment really is and what it does. The primary function of an investment bank is different from the retail and commercial banks that you encounter most of the times. It is there to raise financial capital for entities including governments, large corporations and even individuals. It does that by acting as the agent of its clients to make possible the issuance of securities.
It also performs the operations of underwriting for the purpose of raising capital. Finding a job in an investment bank is more difficult than finding one at a commercial bank. The job descriptions and posts are different here than you will find at commercial banks. You can become part of an investment bank even if you are an undergraduate. As an undergraduate, you will be given the job of an analyst. You have to do a lot of mundane tasks but sticking to your job with diligence is what’s going to open doors for your future promotions.
As an analyst you are at the lowest level of the hierarchy of positions at an investment bank. You will have to spend around 2 years with the bank and if you are one of the top performers, you might be offered a 3rd year as well. You will be a huge part of the presentations that your bank has to give to several of its clients. All of your analytical work will be done on an excel sheet so you have to learn how to use excel. Here, you have to make sure that you are aware of things like credit analysis, compound interest, valuation, financial statement modeling etc.
If you are a good performer, which you should be, you will not have to do MBA to become an associate at the investment bank. However, if you are already an MBA you will find the seat of an associate as your first post at the bank. From the associate position you will move on to a VP and from VP you are given promotion to a director. Lastly, you can become the managing director at the bank if you really have it in you. It must be noted here that different banks might have different terms for the same positions. Of course, you must pick this career because it is one of the most lucrative ones out there.