This paper presents a personal career planning analysis focused on investment banking as a chosen profession. The author provides background on the investment banking industry, identifies key skills necessary for success — including interpersonal, communication, leadership, and analytical abilities — and outlines a step-by-step entry plan from undergraduate graduation through earning an MBA and securing an associate position. The paper also examines expected salaries at various career levels, from first-year analyst to department head. Drawing on self-reflection and practical research, the author argues that despite a competitive and constrained job market, investment banking offers substantial financial rewards for dedicated and principled professionals.
Planning for one's career is often a difficult and challenging undertaking. Understanding what is important to you — and what skills and personal qualities you wish to demonstrate in order to contribute to society — is central to distinguishing between different career options. The purpose of this paper is to analyze my decision to pursue a future career in investment banking. I will first provide background about the career and then apply my own understanding of how this choice aligns with my talents. This process of evaluating different standards and options will be beneficial to any person who wishes to investigate a career within the investment banking industry or other financial sectors.
Background information about investment banking is important in order to gather the proper knowledge needed to make a wise and well-informed career decision. Investment banking involves working with companies and other organizations — such as governments — to issue securities, help investors buy and manage assets and securities, and provide financial advice. Investment banks are typically large in scope; some of the largest institutions include Goldman Sachs and JP Morgan. In recent times, the investment banking job market has been weak and highly competitive. The global financial situation has created an environment in which investment jobs are difficult to attain due to the scarcity of positions and the high volume of qualified candidates. This is partly due to the bursting of an overleveraged mortgage securities bubble, coupled with large-scale unemployment and other financial disruptions seen in the years following the financial crisis.
I believe now is a good opportunity to enter this career field. Many of the failures and discredited personnel have been removed from the industry due to unsatisfactory performance and a lack of ethical conduct within the banking sector. Many meaningful reforms have been applied to investment banking and other parts of the financial economy. This cleansing of the system has actually grown my interest in the field, even though finding a job in this sector remains challenging.
It takes a variety of skills to become a good investment banker, and consistently practicing those skills is essential to developing a solid professional reputation. The table below outlines the key skill and talent requirements I have identified as necessary for entering this career field:
It is also important to recognize that within each of these skill sets are many sub-skills that must be mastered before achieving success in this field. Communication skills, for example, include the ability to read and write effectively, as well as a strong command of electronic and digital communications. Leadership skills are also in very high demand within this sector. When leadership fails — as was demonstrated during the global financial crisis — disaster becomes imminent, and unfortunate examples of ignorance and malfeasance tend to follow. This is a sobering lesson for anyone aspiring to contribute to the financial industry.
The following steps outline my planned path into the investment banking field:
Step 1. Graduate from college.
Step 2. Enter the field as a financial analyst.
Step 3. Learn and prosper.
Step 4. Apply for an MBA program.
Step 5. Attain an MBA.
Step 6. Attain an associate position.
"Rules of thumb for successful job interviews"
"Compensation ranges by job level and experience"
"Reflective conclusion on perseverance and reward"
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