My dream job would be to become an Investment Banker, however although the benefits of the job are spectacular so are the drawbacks. Investment Banking is different from Commercial Banking, which is what most people think of when they hear the word bank, commercial banks serve as managers for deposit accounts for businesses and individuals, whereas investment banks speed up the purchase and sales of bonds, stocks and other investments. Investment banking mainly involves “helping companies and governments issue securities, helping investors purchase securities, managing financial assets, trade securities and providing financial advice” (Careers-in-Investment-Banking, 2011). There are many roles an Investment Banker plays in a company, including …show more content…
They tend to work from 10:00 am until 2:00 am on a regular weekday (Joule, 2015). For most investment bankers the hours aren’t the problem, it’s the unpredictability of the work. You seemingly lose control over your life and are perpetually on call, a call that you must answer whatever the hour or holiday. Most bankers find it easier not to plan too far ahead for fear of having to cancel at the last minute due to work (Joule, 2015). Investment Banks are usually located in the financial centers around the world, one of the largest being in New York City, around Wall Street and midtown Manhattan. Leading banks today include “Goldman Sachs, Morgan Stanley, Citigroup, Bank of America Merrill Lynch, Deutsche Bank, Barclays, Credit Suisse, and JPMorgan Chase” (The Editor’s, 2012). Investment bankers also have to be willing to take on a considerable amount of risk, if they miscalculate the price of a stock in terms of public interest, they could stand to lose a ton of money, but if all goes well they could stand to make a substantial amount of …show more content…
A great deal of the training comes from the employers themselves, since investment bankers are meant to be experts in their respective fields, depending on their company, training can vary. Typically, new graduates start out in analyst positions and are required to go through training before beginning their job. “These training programs can last several weeks and introduce new analysts to principles of accounting, risk, markets, financial statement analysis, and financial modeling” (How to become an Investment Banker, 2015). During this time analysts also pick up important skills like negotiation, communication, and presentation. Technically for a an entry-level investment banking analyst position it is only required to have a bachelor’s degree, however in order to be competitive, many investment bankers also attain graduate degrees, the cost common of which being an MBA. “Once they are employed, investment bankers must register as a representative of their bank with the Financial Industry Regulatory Authority (FINRA), and depending on their job responsibilities, investment bankers must pass an examination on a specific “series” in order to qualify for registration (How to become
The novel Liars Poker by Michael Lewis is very interesting firsthand account of an inside look into the investment banking world, in particular bond trading at the firm Solomon Brothers in the 1980s. Lewis took an interesting and roundabout way to end up on Wall Street, studying art history at Yale and bombing his interview with Lehman Brothers but he eventually found himself at Solomon Brothers through a lucky encounter with two managing directors wives. Through his book Michael Lewis conveys the inner workings of investment banks in the 1980s to the average person using his own experience at Solomon Brothers. The book goes into Lewis’s own rise in the firm as well as the rise and fall of the entire Solomon Brothers Mortgage department.
Recruitment is the very first part of becoming an investment banker. The typical profile of these new recruits are very privileged, elite university graduates who are primarily Euro-American. Although there are some African Americans, Asian Americans, and women found in Wall Street; Ho sees that the higher you climb, the less diverse it tends to get (Ho, 78). Firms pull from 5-10 of the most elite universities such as Harvard, Stanford, Yale, and so on and it is these new recruits that are seen as the best and the brightest with the most “smartness”. Part of this has to do with the fact that a persons pedigree is seen to legitimate how that investor will do in the market. New recruits that are fresh out of college are expected to hold the future of corporate America in their hands even if they do not have much real world experience straight out of college. When it comes to social status in Wall Streets’ elite community, it is these great pedigrees that are the ones smiled upon. “They are the elite of Wall Street. Their offices are furn...
Education has always been a necessity as it has been a tool to survive the world and can also be a tool to oppress the student’s critical thinking and knowledge possession. As the teacher discourages the student to be self-thinking student and be allowed to use their creativity. The information is put into and you do not why you are learning this information. The teacher would make you a sponge for information but ignore other aspects of the student and teach where none of your aspects of your life matter in the class just the subject in the classroom. This type of education system is banking education. Banking education is a system that oppress the student to lack critical thinking because the problem with banking education is that it makes
My goal is to become a personal financial advisor. A personal financial advisor interviews clients to find out their income, expenses, and future plans. With this data the advisor will help the client pick the best possible route to get to their goal. A financial advisor also informs clients on financial benefits which include stocks,bonds, and insurance. The bottom ten percent of personal financial advisors only make up to 40 thousand dollars a year, which is the equivalent of $19 an hour. Although the pay at the beginning of your career is not humongus, the pay of being a financial advisor can reach up to 190 thousand dollars a year. To make 190 thousand dollars year you would have to make $90 a hour. Not only is the pay good, but being a personal financial advisor allows me to help people with their financial problems and to reach their goals, Being an advisor would be a very satisfying job to see people get to where they want to in life all because of me.
When I was looking for a company to work for one thing that mattered a lot to me was company values. I wanted the company to have positive values because I wanted my personal values to be the same as the companies. One company that shares similar values is Wells Fargo. The vision of Wells Fargo is “We want to satisfy our customers’ financial needs and help them succeed financially.” (The Visions and Values of Wells Fargo) Being a Private Financial Advisor follows the same vision, the purpose of being an Advisor is to ensure your clients financial stability and to make sure the customer is satisfied. They are also a very well established company with over 15,000 Financial Advisors. (Wells Fargo Our Advisors)
The American investment banking industry has come long ways since its emergence during the Civil War era. In essence, investment bankers are corporate financial advisors interested in assisting their clients with raising money in capital markets, involving themselves heavily in mergers and acquisitions activity, and they also offer different types of financial advisory services. Investment banks are very useful for companies looking to expand or to fund major projects, for example, if company X decided they wanted raise capital by releasing an Initial Public Offering (IPO), they would seek out investment bankers in order to price their new stock price precisely in order to make it as attractive to public investors as possible. The more attractive
Recently I have been thinking about many different career choices. However, one stands out above the rest. I would like to be a financial advisor for a company such as Edward Jones. I am interested in this field for quite a few reasons. I enjoy working with, talking to, and getting to know people on a more personal level. This job takes a lot of hard work and commitment, but it pays off. My Uncle Doug owns his own Edward Jones office in Maryland. I see how well he has done for himself with this career and all of the opportunities it provides. I chose to research this career because I am very interested in learning more about becoming a financial advisor and to see if this would be a career I would really enjoy.
Financial liberalization is a process whereby restrictions on financial markets and financial institutions are eliminated which involves the removal of controls by the government namely, credit and interest rate controls. In the early 1970’s, the research on financial liberalization was initiated by McKinnon and Shaw (1973) who argued that state control of credit, interest rate and other financial variables was responsible for the retarding economic growth in the world economy (Abiad, Detragiache & Tressel, 2008). McKinnon and Shaw (1973) emphasized that allowing market forces to determine economic variables
Growing demand for investment banking: The knowledge of investment banking is increasing among investors and they are diversifying their investment into many sectors besides trading. It can be seen by looking at the number of mergers and acquisitions, various projects in the countries and the level of Sensex in the
Finance is a field that had always fascinated me right from my undergraduate college days. What make me interested in this particular field of study are the art of finance and the complexity of investment market which would allow me to employ my personal skills, such as analytical and communication skills, along with my personal characteristics such as dedication and compassion for what I do. As one of the most important sector in the world, I believe it would provide me with a broad range of career options.
Things are even worse in investment banking. One former banker comments on the workload in investment banking: “It's insane because even under normal conditions you could be clocking in 100-plus hours per week. Often I'd suddenly get up out of bed an hour o...
This career peaks my interest since in this role I will have the opportunity to construct my future and I will never stop learning. The constant innovation in finance is commonplace and it creates a work-day that is fast paced and so with this career, I see a promising future. This career interests me also because I will have the chance to practice what I have learned in school and the career places a premium on consistent results, rigorous analytical ideas or thoughts,
Banking is one of the most important sectors of the world economy as it influences investment and other business activities. Furthermore, banking has a strong impact on the circulation of money. Offshore banking, provides a unique opportunity to individuals, business people and companies to access the international market for their capital raising endeavours through offshore banking. Furthermore, offshore banking encompasses stronger privacy and security features. That is to say, the activities that you launch through your offshore private banking are more confidential and secure. Moreover, you will be able to offer the same privacy to your customers together with other related benefits.
There are four stages to the evolution of banking from use of commodity to a modern free banking system. George Selgin's article "The Theory of Free Banking: Money Supply Under Competitive Note Issue" explains the four stage process; starting with, the storage of commodity money, development of banks, issuance of notes, and the formation of clearing house associations.
It is a known fact that the banking industry plays a huge role in today’s society, the industry has grown rapidly of many decades and still growing. The banking sector is that sector of the society that is actually responsible for the handling of financial assets for other sector of the economy, they do this by investing the financial assets in order to create more wealth in the society while regulating all the activities involved in the process. (What is the banking Sector 2015)