Careers In Investment Banking
The big investment banks include Goldman Sachs, JP Morgan and Morgan Stanley. Careers with these banks are highly sought after, with only a small proportion of jobs available through graduate schemes. Other smaller investment banks exist that specialise in certain industries, technical analysis, or can offer specific areas of advice.In most firms however, there are three particular industry arms: sales and trading; investment banking and capital markets. Jobs are available in each of the sectors, nevertheless, the field is highly competitive and requires the candidate to have specific competencies or talents. Within investment banks there are a number of different departments within these arms, including: investment research, merchant banking, private equity, operations and information risk management.
Roles are available in front of office such as sales, research and trading, whilst for candidates with other interests, careers in back and middle office include technology, risk management, HR and marketing.
Investment banks are after employees with strong interpersonal and analytical skills as well as excellent mathematical ability. Investment banking jobs are typically high risk, stressful and working hours are lengthy. Nevertheless, the work is rewarded with an impressive salary which can be topped up by bonuses. Careers in investment banking are varying with one day being filled with exhilaration whilst during others you can feel as if everything is going against you. Potential employees need to be able to multi-task a multitude of projects, whilst utilising good accounting skills and meeting targets.
Networking and contacts are vital to a successful investment banking career. Contacts can be a useful way of breaking into the profession but also can prove helpful when brokering a deal. It is also generally accepted that unless an individual has a wide variety of industry experience, candidates require three good A levels, at least a 2:1 degree and preferably an MBA.
Starting salaries in investment banks range from about £32 - £40k, with some new graduates being awarded a golden hello, usually paid after working a set period of time in an investment bank. However, with the recession, some large investment banks are beginning to outsource jobs to other non central locations, with slightly lower starting salaries.