For all we know, you may be married to the idea of pursuing a career in investment banking, or you may not be confident about investment banking as a potential career choice. Both ways, you have landed in the right place. Through this blog, we will try to answer the “why” of investment banking and try to assess what qualifies it as a reasonably attractive career by critically examining the pros and cons of being an Investment Banker in India. Let’s start with the cons:
CONS OF BEING AN INVESTMENT BANKER IN INDIA
You can never be too sure about a career before knowing its cons. Sometimes the hardships overpower the positives, and this is why it’s best to know what you’re getting into, before you get into it to a point of no return. So here we are, listing down all the possible cons of an investment banking profession in India:
1. An Investment Banking Career means long exhaustive work hours:
Rumors circulating over the internet grossly project the work hours of an Investment Banker as approximately about 100 hours per week. While this is far from true (and next to impossible and potentially illegal), the nature of the job is such, that it will require you to work a lot more than any other profession. You will be asked to do overtime and be on the job every time the occasion calls for it. This means sacrificing your evening, your weekend, and sometimes even holidays and vacations!! If this is something you are not cut out to do, a job as an investment banker is just not for you.
2. Never ending competition is a real thing in Investment Banking:
Bankers are expected to not just compete, but they are also expected to compete non-stop as part of their daily routine. We all know that. But what we don’t know (or choose to ignore), is that this unending competition does more harm than good. It fosters ill will among co-workers. The fear of being outperformed and sidetracked by a co-worker makes the workplace extremely stressful for an Investment Banker. Such a work environment is more volatile than it is stable, and is thus, not beneficial or productive in the long run. This is a factor that you should definitely take into account if you are serious about pursuing a career in Investment Banking.
PROS OF BEING AN INVESTMENT BANKER IN INDIA
If you are catching cold feet about pursuing a career in Investment Banking by now, you are probably right in feeling this way. After all, Investment Banking is not for everyone. However it isn’t wise to make career choices based on its cons alone. An insightful knowledge of the PROS of Investment Banking can help. So here is a list of the sweetness that comes with associating with a Career in Investment Banking.
1. Investment Bankers earn handsome salaries:
The monetary aspect is a factor you cannot ignore, especially when it comes to making informed decisions in life. It is wrong to underplay the importance of money when it comes to making sound decisions about something as important as your career. After all, the world runs on money, and the “kaching” is what really helps you get through a hard day, especially, when you have made up your mind about a profession as challenging as investment banking.
Glassdoor: According to Glassdoor.co.in, the average salary of an investment banking analyst in India is INR 902,800 per annum. This is shown in the info-graphic below:
Here is a list of the Company-wise salary of an Investment Banker in India:
2. The training you receive as an Investment banker will never end:
While this may not particularly seem like much of a pro, it is, when you truly sit and assess what this means for you in the long run. An extensive an unending training means greater exposure and a more focused refining of your skills as every minute of every day, you will not only be expected to be on your toes which will help you stay focused and sharp. What this also means is that you get a real chance at getting better at what you do, not only in your job, but in other fields as well. As an investment banker, you will get the chance to acquire a whole new set of skills, depending on how far you are willing to go, and how hard you are willing to work. This will range from accounting and financing, to networking and improving your “people skills”.
3. An Investment Banking Job opens doors that others job won’t:
Clichés are clichés for a reason. The infamous saying “rich people get richer” has never sat truer for investment bankers. If you are lucky enough to work for a big investment bank, you will have the chance to meet some truly interesting people. These banks usually have huge accounts, consisting of either large companies and well off individuals. What this means is that you will get the chance to make connections that others can only dream of, which is to say that the role of an investment banker transcends their immediate job requisites and is surprisingly, and pleasantly, varied. This is highly rewarding in the long run because the pedigree of people you meet, and the kind of contacts you make in this career will help you easily transition to a new job, must you choose to retire from this profession early on.
Investment Banking, like any other profession, has its fair share of pros and cons. It is seen as a highly attractive career in India. But let’s not confuse ourselves here. The profession is not all rainbows and butterflies. It is hard work and sacrifice. It is for the determined and the strong-willed. It is for the daring and the ambitious. It is for those who are ready to put in the hard work. It is for those whose determination is unwavering.