If you are in your senior year of college, you might be considering becoming an investment banker. What do you need to do to excel at this profession?
Below, we reveal the things that have propelled the best investment bankers to the success that they have achieved for themselves.
1) High levels of emotional intelligence
You will be dealing with human beings every single day. Your clients will be counting on you to grow their money at a better rate than what is possible through a retail mutual fund.
You have to be able to understand the feelings and insecurities of your clients, as it will make it easier for you to help them through the process of investing their capital effectively. You must also be aware of the emotional roller coaster that comes with ups and downs in the stock market. This will prepare you for the tough phone calls that you’ll have with your clients during these difficult days.
Marc Leder knows all too well about these issues, as he has spent over 25 years managing the wealth of high net worth individuals. If you make it your top priority to emulate his level-headed approach, you’ll have a much greater chance of achieving success.
2) The ability to think globally
For more than a generation, those seeking to grow wealth have looked beyond the shores of America for investment opportunities. As globalization has proceeded at an accelerating pace, a seemingly infinite amount of money making opportunities have opened up.
From Latin America to Asia, there are a million and one ways to create wealth in this world. By reading up on global trends, learning the local language in regions that you target, and learning about the customs of your foreign contacts, you can skyrocket your success while your competition struggles to make a living.
Success in this profession requires long hours of work, constant learning, and the ability to endure aggressive feedback from superiors and clients. 12 – 14 hour days are common, markets are constantly changing, and the pressure cooker environment found in many investment banking firms routinely chews up and spits out those that aren’t cut out for the finance world.
Despite these difficulties, it is important to keep getting up off the floor every time you get knocked down. Those that are able to endure these hardships often are handsomely rewarded as their career progresses.
4) An entrepreneurial instinct
While the banking industry is the last place you would expect to find the creativity that is normally associated with entrepreneurship, having the ability to think different is what separates the top-performing bankers from the pack.
By coming up with solutions for clients that deviate from the normal products that you would offer others, you’ll be able to find solutions to problems that complainants cannot resolve on their own. This the essence of entrepreneurship at its core.
If you can apply entrepreneurial thinking when addressing your client’s unique needs, you will end up earning more commissions and bonuses than co-workers that are content thinking inside the box.