Whatever great thing you have heard about the investment banking profession is most likely true. Apart from the fact that their monthly salary is amazingly attractive, the work environment, the nature of the job, the exposure are only a few things to savour about the profession.
Are investment bankers among the highest paid in Nigeria? You can be sure to rate them among the top 10. Experts in this field easily blend into different sectors and the dynamism of the profession has opened more opportunities for graduates in the field in Nigeria today.
In this post, we will take a look at how much investment bankers earn on the average and how to pursue a career in the field.
Salary of Investment Bankers in Nigeria
Investment banking is one of those lovely professions you go into if you want to make a lot of money in the professional sector. Investment banking is one of the finest and most alluring career choices for fresh graduates, especially those in the economics and accounting field. Investment bankers are vital for structuring various financial deals, especially when it comes to the economy.
These highly skilled experts advise companies regarding stocks and shares. They also advise clients on different options like mergers, acquisitions, joint ventures, and other related sectors. Investment banking is a specialized branch of banking, which limits its scope to the financial market and is basically concerned with the investment.
On average, a fresher in this sector can expect to earn between N300, 000 and N600, 000 per month. This does not include the bonuses, profit sharing and other allowances they earn per year. Also, investment banking is a highly lucrative job option as you get a chance to travel around the world.
Annual bonuses for top performers can even be millions per year, making investment bankers some of the top earners in the country. Their salaries and total bonus earnings often make them even compete with well-paid oil and gas engineers.
How to Become an Investment Banker in Nigeria
If you are looking to pursue a career in investment banking, here are the core processes you are expected to follow to become a professional.
- Be Certified: Usually, investment banking, like banking and consulting profession is a dynamic one that does not necessarily dwell in a particular career path. This means that any graduate with required degree can go into the field, although it is specially designed for accounting and economics graduate. You are required to have the obligatory SSCE certificate with at least a credit pass in the major course including English, Mathematics and three other core subjects, which include economics, accounting, and similar subjects. You then strive to be admitted in a University or Polytechnic to study Accounting, Economics or any related course by writing the required UTME examination and getting required cut-off mark. Typically, the duration for the course is 4 – 5 years depending on the institution. Note that there is no specific degree in Investment banking and graduates from various courses can still pursue a career in the field.
- National Youth Service Corps: NYSC is a one-year service year where you are expected to serve your motherland.
Investment Banking – What You Should Know About the Profession
Investment bankers can be involved in several of financial activities. They can be active in raising funds for numerous organizations and effort, work in an advisory service to individuals and businesses, or complete underwriting services. They can also be active in brokerage services, Forex trading, asset management, and financial portfolio development. As an investment banker, one can work in three major areas – trading, research analysis, or corporate finance. Corporate finance basically deals with corporate clients, providing merger and acquisition advice, managing corporate fund raising efforts, and consulting on debt and equity management.
Research analysts are involved in the complex study of stocks, and must have the ability to efficiently predict stock movements. Those execution-trading activities are involved in the trading of commodities and securities. Investment bankers put in a lot of their time into their businesses, with many putting in as many as 50 to 70 hours a week. It is certainly a field that necessitates drive and devotion in addition to skill and training.
It is essential to noted that entry into the field of investment banking is one of the most difficult tasks to be achieve. Regardless of having the best of the academic qualifications, one may not even get the best of the investment banks jobs. Essentially, it means that an applicant may not benefit much by choosing the college or university by skimming through the university brochure alone. It is very essential to identify and finish from a very good and reputable institution with a very reasonable grade (usually a minimum of a second class upper degree). This will essentially boost the chances of aspirants to getting a very great job in an investment bank. It is also essential to prepare well for the aptitude test and subsequent interviews.
Irrespective of the area in which an investment banker operates, the profession promises to be a really exciting one with lots of outstanding possibilities and is exceptionally lucrative. The investment banker’s salary in addition to the annual bonus earned makes it probable to maintain that job for many years and be relatively comfortable. Those who work for decades can see their long-term financial status exceed that of even the world’s top paid celebrities and executives.
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