Hi NL
Am an undergraduate studyin Finance in the university.I'd like to build a career in investment banking,am so passionate about it. Please i need advice and enlightment on how to build a career in my chosen career.
Also,i'd like to know the Proffesional exams one can write apart from CFA?
Finally,does investment bankers deals with Private Equity(PE)?
Your response wil be highly appreciated.
Thanks in advance.

love_killz: Hi NL
Am an undergraduate studyin Finance in the university.I'd like to build a career in investment banking,am so passionate about it. Please i need advice and enlightment on how to build a career in my chosen career.
Also,i'd like to know the Proffesional exams one can write apart from CFA?
Finally,does investment bankers deals with Private Equity(PE)?
Your response wil be highly appreciated.
Thanks in advance.

Hi,

I assume you are in Naija, although these hints can work anywhere in the world, especially in North America.

First, do your best to graduate at the very top of your class. This is especially possible if you are currently in your second year of studies or below.
Second, apply for an internship at any of the investment houses in Lagos. These investment houses periodically accept interns, and the good thing is that you can do your internship with any of them during the short and long holidays of your 4 years of university education, thereby raking in approximately 2 years of solid work experience even before graduating from the university. This is great! It is great because experience is always KEY, any day, anytime and anywhere in the world. More experience is a good thing because employers won’t have to spend thousands or millions training you. Just like many ladies, employers want prospective employees who are ready made. That is why you see job adverts quoting ‘we want a minimum of 3 years work experience in this and that’.

To be specific, there are many investment houses that like to hear from undergraduates who are keen on building a future career in securities analysis, equity research, asset management, investment banking and so on. ARM is one of them. Afrinvest is one of them. CardinalStone Partners are one of them too. There are many others. Go to their websites and apply to be considered for Easter and summer and December internship positions. I am almost certain that they will invite you to sit aptitude tests.

Immediately after your NYSC, start applying to any and every boutique investment house in Lagos. You may not even need to do this because the firm where you interned would have made you a full time offer if you were indispensable while with them. The internship experience will always help you beat most people your age during job competitions. You will find that almost all fresh graduates you are competing with will be clueless and will therefore have no other choice than to view you as one genius. Don’t toil with this counsel. Try the strategy and enjoy the positive amazement that comes with it.

For professional exams, the most respected ones in Asset Management/Investment Banking/ Brokerage etc in Naija are CFA, CIAI, and CIS. ICAN, ACCA, FRM, ERP and others are also good. However, they are not directly linked to a career in investment management/banking. Even the CFA is not that required for a career in investment banking, though it should help you if your aim is to build a career in buyside/sell side investment management. Depending on how much you have in your pocket, you may try one of CFA/CIS/CIAI immediately after graduating or during your NYSC.

Deenee will hopefully answer your question on Private Equity. Hope he finds time to read your post and respond.

Regards,
T22

PS..I regret any typos. I managed to respond.

@ T22
yes am in niaja & am really grateful 4 d response . . .thanks a bunch.I will not toil with the advice.
As for the PE question i hope denee will soon come around to answer me.
Thank u.

tanimola22:


Hi,

I assume you are in Naija, although these hints can work anywhere in the world, especially in North America.

First, do your best to graduate at the very top of your class. This is especially possible if you are currently in your second year of studies or below.
Second, apply for an internship at any of the investment houses in Lagos. These investment houses periodically accept inte






rns, and the good thing is that you can do your internship with any of them during the short and long holidays of your 4 years of university education, thereby raking in approximately 2 years of solid work experience even before graduating from the university. This is great! It is great because experience is always KEY, any day, anytime and anywhere in the world. More experience is a good thing because employers won’t have to spend thousands or millions training you. Just like many ladies, employers want prospective employees who are ready made. That is why you see job adverts quoting ‘we want a minimum of 3 years work experience in this and that’.

To be specific, there are many investment houses that like to hear from undergraduates who are keen on building a future career in securities analysis, equity research, asset management, investment banking and so on. ARM is one of them. Afrinvest is one of them. CardinalStone Partners are one of them too. There are many others. Go to their websites and apply to be considered for Easter and summer and December internship positions. I am almost certain that they will invite you to sit aptitude tests.

Immediately after your NYSC, start applying to any and every boutique investment house in Lagos. You may not even need to do this because the firm where you interned would have made you a full time offer if you were indispensable while with them. The internship experience will always help you beat most people your age during job competitions. You will find that almost all fresh graduates you are competing with will be clueless and will therefore have no other choice than to view you as one genius. Don’t toil with this counsel. Try the strategy and enjoy the positive amazement that comes with it.

For professional exams, the most respected ones in Asset Management/Investment Banking/ Brokerage etc in Naija are CFA, CIAI, and CIS. ICAN, ACCA, FRM, ERP and others are also good. However, they are not directly linked to a career in investment management/banking. Even the CFA is not that required for a career in investment banking, though it should help you if your aim is to build a career in buyside/sell side investment management. Depending on how much you have in your pocket, you may try one of CFA/CIS/CIAI immediately after graduating or during your NYSC.

Deenee will hopefully answer your question on Private Equity. Hope he finds time to read your post and respond.

Regards,
T22

PS..I regret any typos. I managed to respond.

Very well said.pls I am also so very much interested in investment banking.but I am a mathematics graduate.I didn't study banking and finance.pls do u advice or think I shld go on in d pursuit of my goal.reply urgently needed.thank u.

This investment banking fad will soon run its cycle.
Soon it will be back to a regular ol' banking career for everyone. I doubt the superstar status will hold out for much longer, as the world's economy continues to head south.

Internships! Internships!! Internships!!!

It seems most Nigerian undergraduates don't know how important this is. Most foreign trained guys know the power of internships and you wd now think they are being favoured in the recruitment process.

Concerning the IB trend growing stale, it might shrink, but would never become extinct, as long as people earn money, they would want to grow it somehow!

It won't go extinct because some Americans would want to keep their jobs.

omidan21:

Very well said.pls I am also so very much interested in investment banking.but I am a mathematics graduate.I didn't study banking and finance.pls do u advice or think I shld go on in d pursuit of my goal.reply urgently needed.thank u.

Your math degree is a plus. Just try to read books on investing and then read equity research reports prepared by established equity analysts like Muyiwa Oni (Stanbic), Esili Eigbe (Stanbic), Pabina Yinkere (Vetiva), etc. Read macroeconomic reports too and try to follow the world’s economic events as they unfold. Send emails to these analysts and ask to arrange dates when you can interview them and ask them questions about their jobs and how they got to where they are. They will help you get a grasp of salient things that relate to a career in investment analysis. Relationships will also be built so that you can easily leverage on this relationship to ultimately get your investment banking job in the future. In the world of finance, relationship is another KEY factor. Go ask any established analysts or associates or VP or MD. You will hear the same stuff.

Some of us work as securities and research analysts for boutiques, yet we had our first degrees in the physical sciences and engineering. Even one of the aforementioned analysts studied chemical engineering at undergrad level. Being a math graduate is not a disadvantage!


T22

oneblacboi: Internships! Internships!! Internships!!!

It seems most Nigerian undergraduates don't know how important this is. Most foreign trained guys know the power of internships and you wd now think they are being favoured in the recruitment process.

Concerning the IB trend growing stale, it might shrink, but would never become extinct, as long as people earn money, they would want to grow it somehow!

It's the megabucks trend that will shrink. After all these global screwups?
No kalokalo again. Expect the pre-WWII banking regulations to return. I don't see any more abracadabras happening.

oneblacboi: Internships! Internships!! Internships!!!

It seems most Nigerian undergraduates don't know how important this is. Most foreign trained guys know the power of internships and you wd now think they are being favoured in the recruitment process.

Concerning the IB trend growing stale, it might shrink, but would never become extinct, as long as people earn money, they would want to grow it somehow!

@oneblacboi, pls kindly reply to my post on this thread https://www.nairaland.com/740444/mckinsey-first-round-interview
Cheers!

@ Ajanlekoko
am still waiting for your advice sir. .
Plz i need your 2 cents on this issue.
thanks in advance

@ oneblacboi
could you please shed more light on the 'internship'.
Thnks in advance

deolub: @tanimola et al.....I am a 2-1 graduate of civil engineering from a reputable uni in Nigeria finished serving otober last year....since then...I find it difficult to be gainfully employed and I have tried several scholarships as well..its not just working......I want to know if its not too late for someone like me to consider a career in asset management and investment banki ..please kindly guide

@tanimola, Ajanlekoko pls help address this

Are the Internship offers really available?

omidan21:

Very well said.pls I am also so very much interested in investment banking.but I am a mathematics graduate.I didn't study banking and finance.pls do u advice or think I shld go on in d pursuit of my goal.reply urgently needed.thank u.

I think getting an MBA with emphasis on finance, or getting MSc Finance should guide you in that direction. These routes has worked well for all your non-business people who yearns to dabble into the world of investment banking. Your mathematics background will come in handy when it comes to number crunching, statistics and others...and should be an asset.

Very well explained T22. Indeed one cannot overemphasize the need for internships. I am a typical example. When I finished my MBA (Information Systems & Finance) in Australia, found it hard to beat other applicants for plum investment banking jobs at the world's global financial powerhouses despite being close to what you can call genius. Those that were previous interns were favored more. The exams T22 listed are very key especially the CFA, FRM, ICAN & ACCA. For the guy who studied mathematics, all I can say is that you have Gold in your hands only if you know how to use it. Becoming a Quant[quantitative trader] will be the way to go. Most of the algorithmic/quant designers in big banking institutions have advanced degrees[PhD] in Mathematics, Statistics, Financial engineering and Quantum Physics. You must work very hard too. Investment Banking isn't for the lousy. Wishing you the best.

tanimola22:


Hi,

I assume you are in Naija, although these hints can work anywhere in the world, especially in North America.

First, do your best to graduate at the very top of your class. This is especially possible if you are currently in your second year of studies or below.
Second, apply for an internship at any of the investment houses in Lagos. These investment houses periodically accept interns, and the good thing is that you can do your internship with any of them during the short and long holidays of your 4 years of university education, thereby raking in approximately 2 years of solid work experience even before graduating from the university. This is great! It is great because experience is always KEY, any day, anytime and anywhere in the world. More experience is a good thing because employers won’t have to spend thousands or millions training you. Just like many ladies, employers want prospective employees who are ready made. That is why you see job adverts quoting ‘we want a minimum of 3 years work experience in this and that’.

To be specific, there are many investment houses that like to hear from undergraduates who are keen on building a future career in securities analysis, equity research, asset management, investment banking and so on. ARM is one of them. Afrinvest is one of them. CardinalStone Partners are one of them too. There are many others. Go to their websites and apply to be considered for Easter and summer and December internship positions. I am almost certain that they will invite you to sit aptitude tests.

Immediately after your NYSC, start applying to any and every boutique investment house in Lagos. You may not even need to do this because the firm where you interned would have made you a full time offer if you were indispensable while with them. The internship experience will always help you beat most people your age during job competitions. You will find that almost all fresh graduates you are competing with will be clueless and will therefore have no other choice than to view you as one genius. Don’t toil with this counsel. Try the strategy and enjoy the positive amazement that comes with it.

For professional exams, the most respected ones in Asset Management/Investment Banking/ Brokerage etc in Naija are CFA, CIAI, and CIS. ICAN, ACCA, FRM, ERP and others are also good. However, they are not directly linked to a career in investment management/banking. Even the CFA is not that required for a career in investment banking, though it should help you if your aim is to build a career in buyside/sell side investment management. Depending on how much you have in your pocket, you may try one of CFA/CIS/CIAI immediately after graduating or during your NYSC.

Deenee will hopefully answer your question on Private Equity. Hope he finds time to read your post and respond.

Regards,
T22

PS..I regret any typos. I managed to respond.

Here is my two cents worth.
Im an investmeent banker based in EU (mainly Amsterdam, London and Luxembourg). I have been in banking since 1993. The field of IB is very vast and actually ther is no ONE EXPERTISE of IB. Also, what section you work, back office, Mid Office or Front Office (client facing) varies. I think that the main thing believe it or not is the ability to understand concepts and issues quickly as well as manage relationships. Certificates and diplomas are nice, but I have seen MDs who had degrees in Art History beleive it or not. Dont get me wrong a basic understanding of economics helpsm but its an on the job learning process that can be depicted or described in text books. Also what some mentioned on internshipo so very true. This is still one of the best ways to get in and IB has a high bar when it comes to get a job in it.

As for whether the field is dead, I would say not as its needed, how else will corps be able to fund and as long as we have billion dollar/Euro corps we will have IB, though more tightly regulated and less free market flexibilty.

Hope this helps and if you have any questions feel free to ask and I will try and answer what I know.

PBundles: Here is my two cents worth.

As for whether the field is dead, I would say not as its needed, how else will corps be able to fund and as long as we have billion dollar/Euro corps we will have IB, though more tightly regulated and less free market flexibilty.

I was referring to the 'fad', not the profession itself. Investment banking can't die, for obvious reasons.
The point is, most young people, especially young Nigerians, are drawn to the profession due to the purported high bonuses and wages, and the celebrity status most top bankers enjoyed some years back. It's the fad that I think will soon be dead.

With the current market factors, expect tighter regulations. Only the very serious and well-established players will likely remain. My view.

You are spot on then my friend. It has its perks dont get me wrong and the pay is very good, but its not for the lame hearted. Actualy it never was. I can tell you that I NEVER do 8 hours days NEVER, approx 50/60 hrrs a week and while on leave or vacation business is still going. Luckily fam and most importantly, wife undersstands. If you cant stand the heat, not a nice place. Competition is killing and the motto is WHAT HAVE YOU DONE FOR ME LATELY, meaning last years targets dont count.

AjanleKoko:

I was referring to the 'fad', not the profession itself. Investment banking can't die, for obvious reasons.
The point is, most young people, especially young Nigerians, are drawn to the profession due to the purported high bonuses and wages, and the celebrity status most top bankers enjoyed some years back. It's the fad that I think will soon be dead.

With the current market factors, expect tighter regulations. Only the very serious and well-established players will likely remain. My view.

AjanleKoko:

I was referring to the 'fad', not the profession itself. Investment banking can't die, for obvious reasons.
The point is, most young people, especially young Nigerians, are drawn to the profession due to the purported high bonuses and wages, and the celebrity status most top bankers enjoyed some years back. It's the fad that I think will soon be dead.

With the current market factors, expect tighter regulations. Only the very serious and well-established players will likely remain. My view.

Hmmm thats quite insightful.....Kudos baba...

investment banking as the name implies is quite fun but very tasking and demanding. i, am an investment banker by profession. I hold B.sc in economics and an M.sc in Investment Banking also looking at M.sc in Computational Finance and Risk Management to balance my career.

Very good advice all round especially from T22. I dont want to repeat all the good advice already shared but let me add a couple uncommon ones based on my experience in investment banking for many years. Let me summarise the picture of a typical investment banker:
1. Ability to balance intelligence and excellent social skills. The job requires long hard hours, so as a VP i never recruited "geeks" that would make the office any more boring/stressful than it already was. You must enjoy hanging out with the boys after work, socialising, mixing (without being lousy). Its a tough balance but whoever interviewing you must see that you a bright but balanced individual.

2. Show passion for investment banking combined with an enterpreneurial spirit in your CV. So before you graduate, start a small business you can talk about in an interview - e.g. publishing a monthly investment journal for your faculty, or an investment blog/website. I looked out for enterpreneurs when hiring my team back then. It didnt matter if the business failed but we wanted graduates who were thinking ahead of their peers in university.

3. Start working on your communications and presentation skills. IB requires you to talk sharply and confidently. A quavering voice with a lack of confidence will get you nowhere even with a 1st class.

4. Invest in a conservative suit, tie and shoes for your interview (no pointed shoes and shiny suits please!!!). Real investment bankers MDs/VPs deal with CEOs/companies that want to raise billions. They dont want junior colleagues that will attend business meetings dressed like Dbanj (no offence to the great dbanj)

5. Broaden your mind - attend as many free seminars, talks,events as possible etc. Invest in buying a paper like BusinessDay everday and visit financial times website daily to understand whats going on in the global financial markets.

6. To really understand the world of investment banking - read "Liars Poker". Its not an academic book, but every investment banking colleague i had in the UK had a copy on their desk. Good luck.

AjanleKoko:

I was referring to the 'fad', not the profession itself. Investment banking can't die, for obvious reasons.
The point is, most young people, especially young Nigerians, are drawn to the profession due to the purported high bonuses and wages, and the celebrity status most top bankers enjoyed some years back. It's the fad that I think will soon be dead.

With the current market factors, expect tighter regulations. Only the very serious and well-established players will likely remain. My view.

I would not call investment banking in Nigeria a fad, considering the dynamics that continues to play in our economy. I believe the investment banking is still at an infancy stage and will later evolve into a more complex, high growth market. This is premised on the role our population will play in attracting more markets and the dynamics of structural financing in facilitating such deals, complex funding opportunities within stock and private markets, general mergers and acquisition, Oil and gas/power project finance, impact of GDP debasing, role of regulations and others.

Influx of PE into the African market (mostly Nigerian market); announcement of $500 million PE funding from Carlyle group, about $300 million PE funding from the carl Ichahn group, about $900 million from KKR. South Africa private equity, Indians and other countries have launched their equity company in Nigeria.

I do believe that this industry has more room to grow and will not fade out. I agree that it will face cyclical shocks similar to other developing economies during turbulence times and the more established players will likely remain during that period. After that shock, the industry will rebuild again and new professionals will emerge and the cycle will continue.

Ah where would we be without Liars Poker.....Big Swinging D..ks...still holds true....

Ijebulogic:
6. To really understand the world of investment banking - read "Liars Poker". Its not an academic book, but every investment banking colleague i had in the UK had a copy on their desk. Good luck.

PBundles: Ah where would we be without Liars Poker.....Big Swinging D..ks...still holds true....

....Yes o!!!!

Sometimes, especially if ure in England as applied in my case, you may get in at the bottom ( assistant, trainee, temp) depending on ur area of interest. Im an AVP Compliance for one of the biggest AM firms and got in as a KYC temp and then assistant compliance officer. But then continued CPD courses ( the Chartered Institute of Securities and Investment is a well recognised institution here).I read Economics and Financial Economics for my masters. Now starting a part_time PHD programme sponsored by my firm. -nternships like others have said are also very handy.

I ve always had an interest in investment banking......though i m an old experienced hand in another field entirely (engineering)
what advice would the IB guru's in the house give someone who has spent donkey years working in engineering above 30's not yet 40's years of age and wanting to get into investment banking?

To be honest its a bit more complicated in your situation BUT NOT IMPOSSIBLE. The thing is with IB you always start at the bottom no matter your pedigree. Harvard grad 4.0, dude you will be making presentations and doing analytical work the coming monts/years supporting the VPs/directors/MDs. Hence they want young blood, but in your case you have an engineering degree so you are valuable ( depending on the type or eng degree of course) in that you understand certain aspects of the business model much better simpluy because its your field. My advice would be: try and get an MBA from a reputable school, when I say reputable I mean one where you will LEARN something and not just BUY yr MBA. Then try to get into Portfolio Management/credit management on say the Integrtated Energy side. Also a nice option, which seems boring but has been proven to work is to go thru Risk. Most ppl dont like Risk, mostly desk work, not client facing and not always liked by us FO, because you keep telling us what we CANT DO (toungue in cheek). The thing is that you will be able to see a lot of structures and be able to understand how funds are structured and obtained (syndicated market, cap raising etc) and then you will be be very valuable in a move towards IB. Most likely you wont have to start at associate but possibly Associate Director or such. Just my thoughts, others feel free to chime in.

akin101: I ve always had an interest in investment banking......though i m an old experienced hand in another field entirely (engineering)
what advice would the IB guru's in the house give someone who has spent donkey years working in engineering above 30's not yet 40's years of age and wanting to get into investment banking?

thanks man i do appreciate the informative reply........
looking forward to other informative posts......

@Pbundles and other IB guru's what Bschools do you guys consider top notch to learn this stuff
and what other path do you guys see to get to the top in IB

My pleasure.
On the schools, I heard that LBS ( Lagos) is very good actually. Im not to knowledable of schools on the African continent. As for outside, they can be found via Global Rankings. Now there is a lot of polictics in these rankings as salary base is one of the important factors, but you cant go wrong. I have attached it for you. Most banks will look to see where you studied.

akin101: thanks man i do appreciate the informative reply........
looking forward to other informative posts......

@Pbundles and other IB guru's what Bschools do you guys consider top notch to learn this stuff
and what other path do you guys see to get to the top in IB