Aspiring for a Career in Finance? Here Are Some Things that Would Help You Prepare

The Glitz and Glamour of Finance Beckons Many

Many management graduates and those preparing to join business schools aim to work in finance and fantasize about becoming an investment banker, a private equity expert, a stock analyst, or a pure-play banker in traditional banking.

Finance is in high demand as a career choice for many among the current generation of Millennials, thanks to the globalization of finance and the integration of the global economy.

This is also owing to the glamor and glamour associated with banking, with pictures of suited and booted bankers parading around on the world stage like "Masters of the Universe," as they are sometimes referred to.

Many prospective management students and grads, for example, see the sparkling and shining lifestyles of bankers and desire to become one of them to shine like stars, get plaudits, and make obscene sums of money.

Banking and Finance are not All Milk and Honey

However, prospective financial professionals should be aware that finance and banking are not all "Milk and Honey," and that there is a lot of hard work and legwork to be done, particularly in the first few years or a decade of a finance career.

Indeed, while Investment Banks swoon over fresh management graduates and pay them handsomely, the initial assignments are just as much about putting one's nose to the grindstone and working diligently on financial modeling and quantitative financial analysis until the recruits are ready to work on actual deals.

As an example, It is fairly commonplace for new Investment Bankers, Equity Analysts, Private Bankers, and Stock Traders to physically "carry the bags" (i.e., go to meetings with the information and papers they are carrying) and take notes on what happens.

If you think we're exaggerating, ask any seasoned financial worker, and they'll tell you that the early years in banking are difficult for anyone, what with work hours that continue till dawn and the expectation of being on time the next day, regardless of how late one worked the night before.

Prepare for Longer Hours, Fatigue, and Even Jetlag

Having said that, we are not discouraging you because almost any job requires some legwork and being in the background at first.

Even in consultancies and other executive roles, one must "earn the Spurs" before being permitted to go center stage.

The difference in finance is that, because it involves large quantities of money in the millions and billions of dollars, one must not only work hard but also remain concentrated despite the long hours and severe worldwide travel.

When it comes to travel, many aspiring professionals fantasize about eating breakfast in one nation and supper in another. While this is true, it is also important to realize that jet lag and exhaustion are prevalent. As a result, any aspiring financial professional would be wise to prioritize their physical demands and work out or avoid any addictions, such as drinking too much coffee or sweets.

Preparing for a Career in Finance by Starting Early

In terms of content and preparation for finance jobs, all individuals who are presently enrolled in business schools or who wish to enroll in one should read as much as possible about global finance and global banking.

Indeed, subscribing to premium finance and banking publications and websites such as the Financial Times, the Wall Street Journal, the Economic Times, and The Economist will provide you with a much-needed perspective that will serve you well later in your career in finance and banking.

It would also be beneficial if you could speak with and be mentored by seasoned financial experts until you are ready to reverse roles and serve as advisors for those who aim to be in the same or comparable positions as you.

This is one of the things that top business schools around the world do when they invite bankers and financial professionals to speak to students and mentor them in the hopes that the latter will be both inspired and practical about their career choices after speaking with the former.

Work on Quantitative Analysis and Modeling

Furthermore, if you are serious about pursuing a career in banking and finance, it would be advantageous if you could focus on quantitative financial analysis as early as your undergraduate years, as any employment in finance requires great mathematical abilities.

Indeed, many bankers are Chartered Accountants who have gone through the arduous process of becoming a CA.

For individuals who are engineers or do not have a business background, this advice will be extremely beneficial, since beginning financial modeling and quantitative analysis in business school will put you behind others who have previously mastered these abilities.

Start the Race with the Wind Behind You

Finally, concentrate on your résumé as well as your soft skills, such as linguistic fluency, especially if you want to work as an international banker or analyst since these positions are frequently situated in Europe and the Asia Pacific, where being proficient in a language other than English might be advantageous.

Apart from that, it is vital to highlight that banking and finance are professions in which the race is divided after a few years into star performers and steady performers, with those battling to keep up being left behind.

Finally, having the wind behind you would be beneficial before you start the race, so we hope you would consider the advice made here.

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