Investment Banking : The Essential Skills
Career Path : Administration
There are many skills required to be a successful investment banker. Some of them can be acquired by pursuing a higher education degree while others will be learned through work experience. Investment banking is a sector that is demanding and requires various academic achievements, which is why a MBA online is a good idea.
Investment banks want employees who boast strong analytical and interpersonal skills. It’s okay if you lean more toward one skill than the other, but having both is important, as it will allow you to excel in any position within investment banking.
There are several skills that are absolutely required to be successful in this line of work. They include creativity, communication, people skills and teamwork. Other skills that can come in handy are sales skills, leadership and a sense of initiative. Many companies also look for the following secondary skills:
- Accounting and numbers
- Being able to close deals
- Being deadline-driven
- Being good at networking
Accounting and numbers
In addition to crunching numbers, accounting also helps you develop the skills you need to analyze numbers and point out important patterns in the market. To get into investment banking, a CFA designation is extremely helpful. Also, for those who are considering becoming a Certified Management Accountant (CMA), you should know that it will likely be part of the requirements to become a financial analyst.
Being Able to Close Deals
During your career, your success will often be dictated by your ability to close deals. Extensive knowledge of market trends and the current political and economic environment in North America and across the world will help you reach a deal with a client. However, it’s your charm, wit and how much confidence the client has in you that will allow you to close the deal.
Like in most jobs, your employer will provide you with deadlines and expect you to deliver by a certain date. Your tasks can include conducting research, completing spreadsheets, writing reports and more. As you become more involved with clients, you will be rewarded for bringing in new business. Therefore, deadlines will become even more critical. Finding a way to deliver on time, regardless of how you get the job done, is a good trait to have for this line of work.
Being Good at Networking
Like in all industries, it’s all about who you know. To start in investment banking, it helps to have a few contacts who are already players in the business. You can also acquire more contacts by attending industry conferences and private meetings. An online MBA degree will give you many tips that will show you what to look for and help you learn how to network at a professional level.