Thanks to all alumni who shared your experiences. As the banking industry does not allow employees to disclose their names, we cannot list their names to show our gratitude. Contributors are from different positions in major local and international banks and financial institutions.
As suggested by our alumni, one should know what different areas of banking consist and what one is interested at, we encourage our current students to do research and have a good grasp of the banking and finance industry.
Banking and Finance: A General view
A career in Banking and Finance requires a strong foundation in hard and soft skill training. While the university provides students with hard skills, our alumni share with you some of the important soft skills.
When you are still in university, conduct research on banking and finance and talk to people in the industry. It is essential to know the job nature and career path of different departments and how they are related to one another. Think about which area you want to work in and equip yourself accordingly. Good presentation and interpersonal skills is important in the industry; practice your communication skills and asking experts for advice.
If you are not interested in banking and finance, or you ‘may’ be interested but you did not do any research, you need to think twice before applying to any job in the industry. It is not hard to imagine a life doing something you do not like in an intensive way on a day to day basis. To be a satisfied staff, one must like the job, interested in the financial markets and enjoy learning new things.
At first research work in an I-Bank seem to only require crunching numbers and writing reports, but later one will find out that there is more. As a research analyst, one has to go on site visits, interview people/experts to gather information, put together the financial model, write up a report, and present the idea to clients. The most rewarding part would be observing idea unfold, and the markets move in the direction as predicted. The whole process itself is also very interesting.
Investment banking is an especially volatile business with very short boom and bust cycles. Banks hire and fire very quickly, working hours can be very long but rewarding in both financial terms and job satisfaction.
For investment and finance in general, students should develop extensive knowledge on issues other than finance. Useful knowledge you can learn in college are,
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Marketing or cooperate strategy,
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Proficiency in excel.
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Financial accounting, managerial accounting, cost accounting and taxation additions for specific different posts.
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Acquire knowledge of trading strategies, equity research and characteristics of different financial product, eg. follow blogs about the financial market Bloomberg or Thomson Reuters, or Factset.
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Knowledge in programming is valuable asset for job searching and makes work more efficient and time-saving.
For current affairs and other areas, students should read more books while in college as most finance jobs have long hours and time for reading is limited.
The job and,
yourself:
Fully commit and perform with your best abilities. People’s willingness to coach you depends on your attitude to work and willingness to learn. Intellectual capacity is a prerequisite; soft skill is the differentiating factor.
Develop an all-rounded skill set, understand how the industry works, ask for advice from different people in the industry, and build your network as quick as possible.
It is important to pay attention to details. Small mistakes can stack up into big ones, or result in completely wrong conclusions; be very careful and detail oriented. Make sure to double check everything and, carefully read every important email to be sent to your boss and teammates. These will help you win trust from your seniors and build your reputation.
At the beginning of your career, do not hesitate to seek guidance from colleagues and supervisors when necessary. Don’t be overwhelmed by flattering comments and always treasure others’ feedbacks, positive or negative. It is a luxury to have someone pointing out your mistakes as people can simply turn a blind eye to your failure.
Manage expectation properly. Setting the bar too high makes it difficult to fulfill, setting it too low may project an image of mediocrity.
A smart colleague/sub-ordinate is not one who only raise questions and let others know what have not been done, try to provide solutions and concrete help.
If you don’t know the answer or you are not completely certain, do not pretend you know the answer in front of your team.
Be Open, observe and learning opportunities are everywhere.
There are many challenges from people or environment but have some self-confidence and try your best. If you cannot get what you are interested in as your first job, start with something else, improve yourself and wait for the right opportunity.
your team:
Share necessary information. As a team-mate you should point out other’s mistakes but in a polite way. Since everyone has their own view, you need to respect others.
Try to do more than your job requires when requested – the experiences will be your valuable assets, but be realistic of the amount of work you can handle.
When you are super-efficient in finishing tasks, do not report to your supervisor each time you finish a job if it is not necessary, he has his own work to do.
Do not bother your boss with too many details. Results are more important.
Be independent. Since everyone is busy, try to solve problems before asking questions. Discussions or Q&A should be held only when necessary.
However, if the work is crucial and time sensitive, do not waste time but ask for help after a few trials. It is an art to strike a balance between seeking help at the right time and work independently. It is fine to make mistakes as a junior, but do learn the lessons.
Listen broadly. Seek from your heart what you really want to do.
With experiences in both offshore CNH market in HK and onshore CNY market in China, and experiences in other Asian & developed markets currencies & cross-border solutions, I enjoy the the two gap years in micro-finance and social enterprise projects the most. I believe economics should improve people’s lives and I follow this belief.
Develop your strengths and improve your weaknesses. Appreciate the present moment, what you have and what you can do; as well as the teammates around you.
“Leadership is communicating to people their worth and potential so clearly that they come to see it in themselves (Stephen Covey).
When we appreciate the good in lives, the good appreciates (Dr. Tal Ben-Shahar)
Advice to junior bankers
Changing jobs:
There are things easily achieved within the same organization than across organizations, lateral transfer and promotion. For example, by having Mid-Market client coverage experience, it is easier to apply for an internal posting to Large Corp client coverage (same bank, cross-function) than seeking a similar job in another organization (cross-bank, cross-function).
Hopping between entry level jobs in different sectors may be a waste of time unless you are trying out what suit you best. To minimize an inefficient process, try to make friends with people from different sectors, especially more experienced people, to understand the different job nature before fully committing yourself to the job.
There are always pros and cons in different roles; therefore it is better to know all the options before moving onto next stage of life.
Employers are likely to use an attractive corporate culture and career advancement opportunities rather than competitive salaries to recruit and retain talent.
Career Advancement:
As the saying goes, “do not fall into your comfort zone.” Keep an eye on opportunities and knowing your market value is essential for career advancement. If an organization can no longer offer you the learning potential and career advancement, by all means, take on a new challenge with a different organization. But it is also important to maintain the goodwill with everyone left behind. You never know when someone you have worked with few years ago may eventually help your promotion/job application by giving a positive recommendation to your future boss. Reputation is built bit by bit.
Know your own competitive strengths and devise an achievable medium term (3-5 years) career plan. Evaluate and take the best immediate step as a means to your end.
Pay attention to the company, the industry’s development, and factors affecting the industry.