Imagine yourself in the midst of organized chaos of the world of finance, a scene straight out of the movie “Wolves of Wall Street”. The money and the glamour is just a part of a career in banking. The conventional image of an Ibanker is a young, ambitious guy in a pin-striped designer suit puffing on a Cuban cigar after closing a deal. Investment Banking is a concerted effort to connect the capital markets with firms that need the money. These banks also advise clients on strategic acquisitions, divestments, and restructurings that are connected with enhancements to firms’ balance sheets. The bank plays the role of an advisor and an arranger by helping to bring firms the ability to do better by accessing capital and financial advice.
Keeping all of the above in mind, it is difficult to imagine the task at hand for an Ibanker. His job includes all of this and more. There are many specializations that one can pursue in banking which get you a specialist’s job, for example, one can specialize in power and green energy infrastructure finance specialist and many more fields.
If you put it in perspective a career in Ibanking needs you to have guts of steel, an insatiable appetite for risk, never plugs out of work, has a willingness to spend 12 hours a day or more hunched behind a computer screen, has a fetish for spreadsheets, a tolerance for abnormally high levels of stress, and foregoes anything that even remotely resembles a personal life. Sounds insane… well, it is.
Here is a description of Ibanking jobs from junior to senior:
- Analyst (grunt)
- Associate (glorified grunt)
- VP (account manager)
- Director (senior account manager, a rainmaker in training)
- Managing Director (rainmaker)
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The general job functions of each relative position tend to be consistent bank to bank. Some banks separate senior vice president from vice president, or director and executive director, regardless of these differentiations the job profile remains the same. The analyst enters the bank at the junior level as an undergraduate and gets promoted upon his capabilities. Ibanking jobs are a tough cookie to crack as it requires a lot of hard work and networking, but if you have it in you then this is the job to be. A dialogue from the “Wolf of Wall Street” sums up aptly “hard work beats talent every time”.
