Pursue some research on the financial businesses within your community and you will realize that these establishments have been around for decades together. In fact, the banking sector has been around for centuries and continues to be a prominent member of the society in general. The sustainability of the industry and the positive outlook that helps generate opportunities for careers in investment banking,are not the only advantages of considering this path.
Before understanding how to get into investment banking, here are a few reasons why investment banking is the ideal career choice for young people –
1.The Pay Scale
While the figures vary depending on the academic background of an individual and the experience he or she holds, the starting salary of investment banking positions for candidates with a bachelor’s degree ranges between USD 100,000 and USD150000 including bonus. Most major banks within New York City offer starting salaries between USD75000 plus a starting bonus of about USD15000. It is expected that an associate level banker can bring home a bonus that ranges anywhere between USD70000 and USD190000. Analysts can make bonuses averaging USD32000.
2.On the Job Benefits
In addition to a rather sustainable starting salary, investment bankers also receive a host of other on the job benefits. For starters, it includes standard health-care, dental vision and prescription-drug benefits as well as the 401(K) plan. However, many investment banking firms may not offer a pension plan.
3. Lifestyle Incentives
Young investment bankers value a host of lifestyle incentives such as a access to the corporate gym, discounts on a host of entertainment options and access to car and meal services for employees that clock in longer hours.
4.A Promising Career Path
It is common for investment banking firms to hire analysts right from their pool of summer interns. While advancement to the post of associate investment banker positions takes 3 years, the journey is well worth the while and fruitful. People that enjoy the challenges of taking on a lot of responsibility early on into the career find the job of an investment banker to be extremely satisfying. This career allows employees to acquire a lot of hands on training and skill set development that contributes to their role within the organization.
5.Academic Advancement
Investment banks also tend to offer programs to assist educational development and tuition. Acquiring a master’s degree or pursuing continuing education can prove to be extremely fruitful for a career in the banking sector. In fact, many banks use the “up or out” policy where entry-level investment bankers are either terminated or promoted every 2-3 years to maintain the flow of opportunity for newer talent.
All in all, investment banking offers a fulfilling environment for young people trying to make it big in the financial sector.
