Everyone talks about how difficult it can be to build a career in investment banking. There is plenty of chatter about investment banking career and it also includes a bit of a stigma due to the financial crisis that happened at 2008. Yet, thousands of people are applying to analyst programs every year. Did you know only 4% of the 45, 000 people are accepted to the Goldman Sachs Program? Additionally, Morgan Stanley only accepted 2% of the 90, 000 people.
The interest is still there but why so? Money matters obviously! Getting paid by $80k just right after your graduation is still not possible in every industry. Yet, there are other reasons as well apart from the money. Let’s see what are the other things to look forward to if you’re interested in investment banking career.
The hours are brutal, of course, but that doesn’t mean the investment bankers are working for 365 days a year. Investment bankers have much more enjoyable vacations than the rest of us. Did you know that you can totally unplug from work for exactly two weeks while you’re outside? You cannot even take on conference calls, talk to the clients, or even respond to the emails which means there’s a zero percent chance of bothering you! Different banks have different sort of leaves but the two weeks are required.
The thing about most of the jobs is they somehow define your career path. But investment banking doesn’t do that! Once you’re set to have an investment banking career, you’ll be developing the amazing applicable skill sets that would take you beyond the career path. For example, a lot of people who have worked in investment banking, move to the consulting or buying side or into corporate finance.
There are plenty of options after you have accumulated a substantial amount of experience in investment banking. Did you know that many of the former investment bankers have successfully launched their own ventures in completely different industries! It is only because of their deep knowledge of finance and operations which makes it easy for them to have a transition. The hardest thing about having an investment banking career is to get settled into the role. Once you’re set, everything becomes easier to handle and it prepares you for the toughest tasks!
In this industry, long hours add up! Yes, that’s true. Working long hours offers you more meaningful experience over a period of time. In several industries, employees are still not aware of this fact and they get stuck into their usual role.
According to the famous writer Malcolm Gladwell, you need to spend 10, 000 hour to get good at something which means deliberate practice is needed to be successful in the chosen field. So if you’re wondering how Kunal Shah became the partner at Goldman Sachs at an age of 31, then you must refer to this fact! In investment banking industry, experience comes fast and you need to make the most of it.