The five-year anniversary of the collapse of Lehman Brothers has led many in the industry to check back and reflect at the events that took place around the period and what has changed since. Recently among those people which were in the market during the time, these kind of secular changes and the question of "why investment banking careers" have naturally been a major talking point.
One funny person remarked that five years ago, individuals were saying "we're all going to lose our jobs", whereas now everyone is saying "we're all planning to leave our jobs" ;.
Yes, it had been funny. It had been funny since it reflects the problem that a number of seasoned bankers are now actually faced with. In today's environment, most work longer and harder, in tougher market conditions than before, face far tougher capital and regulatory requirements. They also enjoy fewer perks to be in the work, get hold of less pay than previously and to top it off, in many jurisdictions they pay an increased rate of tax on what they do take home. These specific things are leaving us to question what most of us should be doing.
Apples to apples
But all this needs to be put into some kind of perspective. Pre-crisis comparisons look pretty unfavourable in most industries. Careers in investment banking and financial markets remain attractive and rewarding in absolute and relative terms, and are likely to continue to be for the foreseeable future.
Moreover, the problem for investment banking graduates, in accordance with those in other industries, is a lot more attractive. In comparison to more senior positions, the declines in compensation have been for less pronounced. Being an analyst your income will still be more than many of your classmates, your bonus will still mostly take cash and despite overall job cuts, the road remains showing its desire to keep the young blood walking through the door.
With this particular in mind, it's important offshore banks for sale not to approach your job search half-heartedly. Since investment banking remains a stylish career, you need to make sure that you commit fully to it and try as hard as you possibly can to have a benefit over other candidates. Early you start preparing, the more of a benefit you will be able to gain.
What will my friends think?
But think about how becoming a banker will undoubtedly be perceived by others? A number of students we've spoken to are involved by this. We really wouldn't worry. All of us have many friends outside the industry, and frequently meet new individuals from other walks of life on a regular basis. In all honesty, our profession has never truly been an issue. Many people are curious about banking and financial markets, reflecting the overall insufficient comprehension by the wider public of what are the results there and what in investment banking is obviously like.
Besides, do you genuinely wish to associate with people who judge by your occupation anyway? Of course, some banter is inevitable, and in the event that you don't have an expression of humour then an investment bank may not be the place for you really to work.
Most importantly, make sure that you research thoroughly. network effectively and prepare adequately for interviews. You'll need guidance from people who've been there and done it. It's also important to keep abreast of developments in financial markets. A number of years ago we were in the position of getting to find jobs. Through effective networking and preparation we were able to secure multiple front office offers between us, and still suggest investment banking and financial markets as a vocation choice.
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