Investment banking is not the right option for everyone, but if you are interested you need to know some of the secrets to success. This is very important for any beginner as it will help you overcome the learning curve that comes with this job. These secrets will also help you determine whether or not investment banking if the right choice for you.
You Need To Be Adaptable
If you want to be successful in investment banking, you need to be adaptable. Adaptability is important in all stages of your career and not only when you are starting. Large financial institutions will be looking for different things at different stages of your career and you need to be able to adapt to this and offer what they want.
As a beginner, you need to be a team player and be able to adapt to any team that you are placed in. You also need to be able to learn from the more senior members of the team and adapt to the way that they work. You also need to adapt your mindset to that of an innovator because you cannot stay a follower for your whole career.
If you want to be successful, you also need to adapt to what your clients need. Becoming friends with your clients is important because it will make you less dispensable. However, to achieve a friendly relationship with all of your clients, you need to be flexible and able to change your acumen to what that specific client requires. Having the same idea for all of your clients is a bad idea because each client is different and needs to be handled in a different manner.
Being smart and good at your job is vital to success in investment banking, but it is only part of the story. You also need to have a clear focus and determination. If you are not persistent, you will not last very long in this business and you need to be aware of this. After all, most of the pitches that you make for new business are destined for failure.
However, you need to be careful with how you manifest your persistence. You do not want to become an annoyance to potential clients or to the clients that you already have. It is better to come across as energetic, enthusiastic and persistent than simply determined.
This is important because investment banking is a service business and you are pitching yourself instead of a product. You have to show your clients that you know what you are doing and that you will be determined to help them. This is the best way to gain more clients and this is vital to the success of your career.
It is also important to be persistent in the face of failure. As most of your new business pitches are going to fail, you cannot give up at the first hurdle. You need to keep in mind that while you put a lot of work into the presentation, your competition would have done the same. Being persistent and continuing to pitch for new business will work in the long run.
Make Sure You Are More Informed
To be a successful investment banker, you need to be able to add more value for your client than your competition. To achieve this, you will need to ensure that you are more informed than your competition. Having more knowledge about the market and your coverage area will help you get more clients and these clients will be more likely to stay with you.
If you are able to tell a CEO or chairman of a company something that they did not know about their own industry, they will take you more seriously. To ensure that you are always ahead of the curve, you will need to put in the time. You need to set aside time to read through company reports, letters to shareholders and any industry related news that you can find.
However, you should not only be able to regurgitate facts to potential and current clients. You also need to read between the lines and make assessments based on the knowledge that you have. Learning about the market in any way that you can will help you in terms of long-lasting success. You also need to be open to asking questions about anything that you do not understand.
Take Some Career Risks
There are a lot of people who avoid career risks at all costs, but there are times when this will pay off. Investment banking with http://www.auctusgroupinc.com is not always a linear career and the path that you take may be different from that of another investment banker. Taking the opportunities that arise is important even if they seem to be a career risk.
When it comes to investment banking, the master plan that you had could be ripped up in the first contact you have with a client. However, when opportunity knocks for an investment banker, it will generally not knock twice. Flexibility and an open mind are vital to success and to long-term gains in your investment banking career.
If you are offered a position in another country, you should take it. The worst thing that could happen is that you learn that you do not like what you are doing. However, the good that could come out of an opportunity is generally too great to pass on.
You Need To Have An Outlet
Investment banking comes with long hours and it is not uncommon to have to work 70 hours a week. The little time off that you have should be used wisely. This means that you need to have an outlet from work or you will burn out.
The outlet that you choose does not have to be sitting around and doing nothing. There are a lot of investment bankers that take their competitive edge into their leisure time by doing competitive cycling or marathons. The point is to do something that takes you away from your work and will help you relax in the best way you know how.
Tarik Pierce is the founder of InvestorTrip.com and regularly contributes articles to this website.
While living overseas, he uses PureVPN for a low cost VPN service.
He recommends Bluehost for setting up your own personal and/or business blog.
While his background is mostly related to trading stocks, he recently gained interest in real estate crowdfunding with Fundrise.