The investment banking industry has defensible economics and a resilient business model post the great recession period. Improvement of regulatory blind spots, whistleblower programs, and long-term sustainable growth changed the scenario a lot. Further, investment banking is already on the path toward data-driven digital insights, integrated experience, digital marketing, use of next-gen technology like scalable application structure, cybersecurity, and flexible IT infrastructure.
Moreover, the recent coronavirus outbreak and its resulting market instability will compel the investment banking industry to new realities, acquisitions, collaborations, and many more that could change the ecosystem. The growth will get focused on firms that use data, analytics, and advanced technologies to deliver improved consumer experiences.
At this juncture, investment banking firms will have new challenges in its attempt to jumpstart its economy while driving greater digitality. The investment banking firms will need more digital enablers for governance and innovative culture. In an age, where mobile devices can provide everything and customers expect cross-channel capabilities in real-time, digital talent management will become the rule in the future.
As a result, the prospective and aspiring candidates must have a new outlook during their preparatory phase to gain a competitive edge.
Get prepared for investment banking career of the future
Let us catch the new trends and see how you can prepare yourself to gain entry into the investment banking career.
Relearning accounting and finance
The use of robots will give analytics and trends. Critical knowledge and skills are necessary to put it into words for the client. You should be able to analyze the thought process behind the robots’ number crunching, drive business performance, and make critical decisions. Keep up with the speed of business by relearning and reskilling what you know about finance and accounting.
Commitment to learning
Studying requires time and commitment. You can look for online certification programs like investment banking certification. Putting into practice what you learned by considering the business from a strategic point of view is essential. Focus on business beyond the budget, plan, analysis, and reports. This will help you to have a bigger picture of the industry.
Programming and marketing skills
Expanding your awareness is highly recommended. Investment banking professionals are learning Python and using it for trading and risk management. Big data and crowdfunding will become an important part of deals in the near future. So, it is necessary to have basic knowledge in programming, big data, and blockchain-based crowdfunding to create successful exits of deals.
Patience for success
The survey says that in many of the firms, there is no promotion seen in the last couple of years. It is possible that you may not see a promotion for a few years as you join an investment banking firm. Having the right patience to move up the career ladder or switching the jobs often will decide your career success. In either case, patience is essential for survival and success as well.
Investment banking firms are outsourcing certain processes to low-cost centers – either off-shore or near-shore. It is essential to find the skills that cannot get replaced or off-shored. Learn those skills to become a nonreplaceable asset and maintain a permanent position in the investment banking firm.
Banks like Barclays, UBS, HSBC, Goldman Sachs are undergoing a technical revolution at a faster rate. They are automating several investment banking processes. The scenario will become the same for small investment firms too soon.
As investment banks reshape their businesses, they become more efficient to thrive in the industry. Get committed yourself to the vision of the investment bank of the future and prepare for it. Be aggressive and competent while seeking your career opportunity in investment banking.