There are a very specific and special set of attributes and talents that you’ll need in order to be successful in a banking. As a result, we’ve put up a list of the top 8 attributes for a career in banking that you’ll need to succeed as a banker, from the academic requirements for hard talents to the soft abilities that will make you stand out as a candidate for a banking career.
These are the qualities you’ll need to have if you want to work at one of the best banks in the world and earn serious money!
1. Analytical skills:
Regardless of which sector you are working in and the nature of your role, it’s a simple truth that you won’t advance very far in banking and finance unless you possess the analytical skills needed to identify trends, pattern and definitive conclusions from realms of data you’ll have expose to.
This goes beyond simply being knowledgeable about Excel and adept with Python, while these are technical abilities that will undoubtedly be useful. You must be aware of what you are specifically searching for in the data and how you can use it to achieve a competitive advantage.
2. Attention to detailed information:
Another requirement for the banking industry is having a good eye for detail, whether it be identifying unique trends or activities or creating detailed financial reports for top executives.
The capacity to recognize anomalies or, perhaps more crucially, simple errors is a requirement for many finance roles. Even if it may be simple to disregard a few extra digit, your boss won’t likely be pleased if it results in a surprise $35 billion transaction. Therefore, paying close attention to detail could help you avoid errors and mistakes, which will help you show that you are a reliable employee and a value to the organization.
3. Commercial awareness:
A successful banker can sometimes be distinguished from a failing one by their capacity to foresee global financial trends and future commercial developments. After all, anticipating market developments could be crucial for either growing or defending a specific region of your bank’s portfolio.
Having background knowledge of different industries and keeping up with the newest trends, developments and changes in the banking world and beyond will be integral to your success. Your commercial awareness could be the determining factor in bagging a big client or landing a promotion.
4. Work ethics:
Similar to this, investment banking is not for the unmotivated or sluggish. It is well known that bankers put in long hours. Junior bankers at Goldman Sachs did in fact claim that they were required to work 100-hour workweeks, which resulted in severe burnout and high levels of stress. Bankers, especially those who are just starting out in their careers, are expected to have a flawless work ethic, despite the fact that this severe work culture and lack of work-life balance should not be accepted.
Therefore, as an entry-level professional, you will need to be ready to dedicate the time necessary to establish yourself within your role. If you don’t possess a relentless work ethics as a basic minimum, then you should probably consider another career.
5. Technical expertise:
You’ll base a large part of your decisions, like the majority of businesses in the digital age, on data analysis. Therefore, you’ll need to be tech-savvy to access and process that data, communicate with other stakeholders, find information, and carry out pretty much every other duty that will be expected of you in a typical working day.
Take advantage of every opportunity you have during internships or placements to learn as much as you can about the software program that bankers use. Learn everything you can about Excel in your spare time, especially model building.
6. Stress management:
It’s not surprising that the banking industry is seen as having a high level of stress given the lengthy working hours, incredibly high pressure environment, and the enormous weight of expectation placed on you to perform. You must have a strong tolerance for stress and effective coping techniques in order to succeed in it.
Also not optional is this. Burnout, physical health concerns brought on by stress, and other mental health problems are common among bankers. This may not be the best job decision for you if you are easily stressed out and have trouble working under pressure.
7. communication skills:
In the workplace, communication is a crucial skill for any career, including banking. How you engage with people will have a significant impact on the success of your career, whether you’re writing and collecting in-depth reports, presenting difficult financial concepts or procedures to non-financial clients, or learning to communicate professionally at management level.
Make sure your verbal and written communication abilities are strong before you enter the banking industry. You should also be able to convey instructions confidently and clearly.
The first five years are the hardest in corporate banking and finance, but once you’ve shown yourself, you may start to reap the wealth and rewards. You will therefore need to be resilient to get there considering all the disadvantages previously mentioned, such as the long hours, high expectations, and competition.
Grit your teeth, stick with it, and be ready to prove to everyone that you have what it takes to succeed by staying the course and responding positively to anything that is thrown at you.
As you can see, not everyone is suited for a career in investment banking. Bankers must make many sacrifices and give a lot in return, despite the fact that the financial benefits are a pretty attractive carrot.
However, if you believe you have these abilities and you have a strong academic interest in mathematics, business, or economics, you should absolutely think about a future in this rich and undeniably fascinating sector.
What more abilities do you believe a banker needs? Please provide your feedback in the box below.