UN Blog: How difficult is it to become an investment banker? and 2013-05-16 Russell Investments Center

Saturday, August 17, 2013

How difficult is it to become an investment banker? and 2013-05-16 Russell Investments Center

How difficult is it to become an investment banker?

I am interested in perusing a career in investment banking and I am eager to hear what everybody knows about entering the industry. With the very high compensation I would assume it is VERY competitive and there are a lot of politics involved. Can anybody shed some light as to what I should expect once I receive my BS?

Investment best answer:

Answer by Erin H
Investment bankers do make a lot of money if they are good. Most of their money is commissions, Base pay is fairly low. If you don't sell you don't make money.

Also somebody new to the job will barely make enough to live off of for the first 5 years. It takes a while to build up your book of business, they dont just give on to you.

You will need a Degree in Business Finance or Economics
A strong aptitude for math
your CFA (Certified Financial Analyst)
Series 7
Series 63

You must also have strong networking skills, be able to play golf (yes its actually a requirement), and be an overall likable person

During your last year of school try and get an internship at a bank in their investment baking division. This is practically the only way to get your foot in. Investment banking is very exclusive, and its more about who you know then what you know. An internship will be the easiest way to break into this industry.

They usually wont hire somebody from the outside unless they are bringing with them a book of business.

Otherwise get a job at a bank in the credit department, bond, or commercial loan departments and work your way through to IB by networking.