Quite a number of young people are facing a hard time making it through their first years in the banking and financial industry. It is one of the toughest career to take up. Fortunately, there are a few gurus from the sectors to share their experiences and advice others on how to make it. Here are their pointers:
2) Be Indispensable
May Busch, a former CEO of Morgan Stanley Europe, strongly recommends this. May says that a young professional needs to show their employer that they cannot do away with them. Develop this concept by creating successful teams through excellent management of tasks and people.
3) Be Influential
“If you cannot influence people, then you better question whether you are in the right career,” warns Jonathan Rowley, chairman of M&A for EMEA at UBS. The accomplished banker advises dealers to be partly salesmen and somewhat lawyers. These are vital qualities.
4) Avoid Office Politics
When you fail, you are likely to be bombarded with various opinions and suggestions on how you would have done it right or differently. Trader-turned-comedian Raj Mahal suggests that you put a deaf ear and revisit your project. Take the time to plan and take a shot at it again.
5) Loyalty Pays
“Clients like loyalty and consistency. You can develop long and complicated relationships before business comes into fruition. It takes years to build trust”, advices Camillo Greco, head of M&A advisory at JPMorgan.
6) Concentrate on Quality Versus Quantity
You’ll make an impression on a job well done. Mark Hatz, a former M&A associate at Goldman Sachs and Perella Weinberg Partners, advises professionals to concentrate on the quality they produce rather than quantity.
7) Be Passionate
Passion is everything in banking and trade just like in every other career. Being passionate about your job will drive you to tackle challenges and get innovative, which is a recipe for success.
8) Challenge Yourself
Whenever there is an opportunity to work on a new project, do not hesitate. The worst that can happen is that you’ll get to learn from your mistakes, according to Ziad Awad, a former Bank of America Merrill Lynch managing director.
9) Always Network
“Networking is not only about building relationships, it will also help you to realize how your team fits into the entire organization”, says Erika Coleman, vice president of campus recruiting at Goldman Sachs. It’s not enough to be good at your day job; your success should influence and impact the entire organization, even the interns.
10) Keep Your Privates Private
No matter how close you are to your boss and colleagues, do not make the mistake of crossing the line with personal issues. They may or may not be polite enough to show some sympathy. “In a large organization, they have a business to run, and you need to make your life fit around that, not the other way around,” remarks Ziad Awad.