What do in need to become a wealthy investment banker?
Great question. Do not pay attention to negativity from some individuals on here-they have never had it and never will. Your first advice is to not listen to negativity like the first answerer above! Another person mentioned testing-saying you need a series 7 to be an investment banker is like saying you need a bachelor's degree to be president of the USA! These tests take about a month, more or less, of study and you should only worry about them after you secure employment-that is the last thing you should be worried about at your age. Investment banking is not an easy field to get into. I don't know your financial situation but the best way into Wall Street, if you plan to do so at a fairly young age, is an Ivy League education. Get the best grades that you can now-straight A's if possible. Play sports. Be active in clubs. See if anyone in your family or parent's friends are into any related professions and meet them. And of course keep up with the markets-in 10 years if you have been watching the markets for years you will have a serious leg up on most of the people who have stumbled onto it! Once you get to college you will have to maintain a high GPA and plan to get into an MBA from a top school. Usually the top firms like you mentioned hire on these campuses. Of course, there are other ways that take longer, but at your age the best way is to be ready to get into a top rated school. It will be a lot of work and cost a lot of money-just understanding the market is not enough because if that were the case many more people would be doing it! Other finance careers? Other careers that are related include a trader(arbitrage, etc.), a broker(sales), or an analyst(analytical job-accounting, forecasting, etc.). A junior banker will often do one or more of the three. Pay scales vary, but all of these three would be present with any firm that provides investment banking. Just know that getting into finance is a hard dirty business-they are not kushy easy jobs. Its a lot of work and there are millions who want to be there so you have to be good. Best of luck in your future!
What kind of salary can you expect for an Investment Banking Analyst in India?
Entry level analyst at a firm like Nomura or Credit Suisse: 1-1.1 million INR per annum, add 40-50% for bonus. Respectable salary, but certainly not jaw-dropping. Just enough to get you a banker's lifestyle in MumbaiMorgan Stanley or Goldman Sachs pay 2.4-2.7 million INR per annum for entry-level quant positions, not sure if any of them include IBD.Note that this is out of undergrad from IITs/top institutions. Salaries out of IIMs would be higher.
Can chartered accountants become investment bankers? How?
Thanks For A2AFollowing thoughts are India Specific only! And Being a CA you can consider thisLet me tell, while their are no prefect course specifically designed for IB,but rest assured their are other paths ahead!IB is Specifically divided into 3 departmentsFront Office (F.O) -This is were the Big Buckssss lies as it being the revenue genrating department.India their are hardly any F.O jobs aprox close to 1–1.5k openings a year for Analyst Profile , So all these are genrally filled by IIM A,B,CHow to enter IB F.O in India - CAT - 99.99% - IIM A,B,C & Tier 1 B School - Enjoy the Money!Other ways the most hard way - Networking like Crazy! - Get a PI fix - Nail the PI - Enjoy the Money!Middle Office (M.O) & Back Office (B.O)M.O & B.O is the department were most openings are (obviously with the less Buckss) . As India being the service Industry these jobs are mostly source to India for Cheap Labour (which they say as Out Sourcing).Operations Department in its own way is very much exciting to work For , You will require to have Department Specific Knowledge Regarding-Financial Market, Derivatives, Products , Trade life Cycle and Many moreHow to enter IB M.O in India - Their are various short term Courses available to gain knowledge about these and hopefully get into IB M.O . Now about the courses -GOOGLE Them!Shifting from M.O to F.O -Thats were the game lies - Most preferable path - CAT - 99.99% - IIM A,B,C & Tier 1 B School - Enjoy the F.OOther ways - Certifications - CFA, FRM, CISISDistance MBA or Executive MBA for Tier 1 B schoolHopefully following these might get you into IBThanks
Does a business/finance degree guarantee a well paid job at the end of it...?
A degree in business/finance will not "guarantee" you a good paying job necessarily, but it is considered one of the "safer" sectors of the business industry to get into—meaning, chances are you will most likely find employment after earning your degree. This is because just about every company and organization needs someone to manage and take care of their finance department. In fact, according to the U.S. Bureau of Labor Statistics, employment opportunities for those in finance are predicted to increase by 20%, creating 49,000 new jobs in the market during the next decade. If you happen to find employment in an actuary firm, bank, or an investment firm, your pay will be greatly influenced by your level of education, local and previous experience, but you can expect to earn anywhere from $40,000 to $70,000—naturally the larger scale will go to those who work for larger and more prestigious firms. If you have an advanced degree (a master's or PhD) you might possibly earn a higher salary as well. With that said, some specific job titles you can earn are, but not limited to, the following: actuary; financial advisor; financial analyst; or financial controller. To learn more about these career choices, click here http://www.bestcollegesonline.com/business/online-finance-degrees/
How do you get into investment banking?
I'm a high school junior now and my dream is work my way into investment banking since if i want to go into a career that i absolutely love and go into student loan debt i might as well go into the highest paying career in my field :) I want to go to UPenn, NYU, Emory, or GA Tech. I'm debating whether to major in accounting or finance. Heres my opinions about both: Accounting: it's the language of business. Plus its an easy way to get my foot in the door for a job straight out of college, even if it isn't in investment banking. I know that accounting majors can do a lot more jobs than finance jobs, and the starting salary is typically more generous than finance (i'm talking about bachelor's degree). After getting a job and some experience, i want to sit for the CPA exam. Side question: how much money do accounting majors from ivy league schools typically make? Finance: there's not much money with just a bachelors in finance. So i definitely would need to get my master's in finance. Through my research it seems that finance majors can make more money than accountants down the road. Plus, investment banking is finance. I also read that accountants can do finance jobs, but finance majors can't do accountant jobs. I dont know what would be more lucrative, bach in accounting then cpa, or bach in accounting than masters in finance. that way if i dont make it into i-banking, i can still be an accountant/financial advisor. Can majoring in accounting help me get into i-banking. and for anybody who has been an i-banker, do you love it?
Which bank jobs pay highest salaries?
I've worked for and with banks for many years. The best paying jobs in banks tend to be those positions that bring people either into the bank as new customers, or existing customers to get them into new lines of business. Good personal bankers and customer service reps that are able to successfully cross-sell products do well here, but with some years of experience. Successful loan officers, branch managers, and other officers tend to do well as well. With your background in business/accounting, I would deepen your knowledge with American Institute of Banking (AIB) classes from the American Bankers Association (ABA). Which banks pay more? It depends. With all major banks, if you're comparing position to position between them all, they're all pretty much the same at the entry. A small independent agricultural bank with five staff may make better salaries than the mega-bank on the corner of a big city with the same five staff. You really need to sell yourself in this area; do you have a specialty they're looking for? Bottom line, work on these items if you want the big bucks in banking: education, experience, personality, management (of people and/or risk), and who you know. Remember to never, EVER, date/sleep with/marry your colleagues.