It’s not unusual to see newspapers feature investment bankers who receive a an annual bonus of $10 million pounds. The investment banking profession is the most rewarding careers anyone can take on right after graduating from college. This is why the process of hiring for positions in investment banking is extremely competitive and extremely specific. Many are attracted by the world of investment banking due to the high stakes and the huge returns. Very few people can reveal how it’s like every day to work in this field. Here are three things nobody will ever reveal about the careers of investment banks.
Secret 1: No Job Stability
Our grandparents were accustomed to the notion of working for their entire lives for one company before retiring and enjoying their lives with the company’s pension. College graduates today will not be able to work for one firm for the duration of their career. Instead, businesses hire and fire employees on a whim, according to their financial viability. It is during the spring season that the most layoffs happen in the industry of investment banking prior to the time that annual bonuses are given out. People who were top of their field last year could be laid off the following year, if their employer chooses to concentrate on different industries markets. If this change is made all employees in the department who is no anymore supported is likely to be laid off. There is no loyalty to those who excel in their work.
Secret 2: Knowledge of the market can be more beneficial than specialized knowledge
There is the possibility to focus in mergers and acquisitions as well as other areas of expertise as the investment banker. Employees may also take advantage of promotions or job shifts to expand their knowledge and get more experience in other areas. In the end, workers with a wider market experience are usually better compensated than those who are specialized in one particular field. The initial five years working in the investment banking industry, and in various areas, so that you can acquire knowledge.
Secret 3. International experience is a plus
There isn’t a single company which doesn’t have international impact. There are companies that have factories in one nation as well as distribution points in different nations, and headquarters for their corporate operations in another country. The effects of war, currency fluctuations, and political unrest could contribute to the profits or losses of a nation. Employees who have lived and worked in other areas of the country can give their personal experience in aiding countries around the world. Employers will pay premiums for this kind of talent. Think about working abroad at the beginning of your career. One or two years abroad could yield hundreds of thousands of pounds with more money in the future.
The competition for careers in investment banking is extremely difficult. Learn these three tips to dramatically increase your earnings and performance, if you choose the career of the investment banking professional.