The hub of the financial industry is within the walls of the famous Wall Street. From Goldman Sachs to JP Morgan Chase, you’ve got the heart of the financial industry bustling down the roads of Wall Street. However, there are no hard and fast rules to setting foot in a wall street firm.
If finance is your forte and you want to leave a mark through ground-breaking organizations like America Merrill Lynch, you’re in the right place to get started.
As your career coach, I recommend you go through this article to create the perfect roadmap to your success.
How to Get a Job on Wall Street
We have identified the important aspects of the recruiting process to land a position on Wall Street. They are explained in 6 steps and in grave detail for your understanding.
College majors often matter
Wall Street Firms hire you with any college degree. However, applicants with bachelor’s degrees in finance, economics, or business administration are preferred. Portfolio managers look at your grad school and bachelor’s degree to assess the quality of skills acquired.
Prospective employers prefer if you have a degree from a financial background over degrees like English. If you’re still deciding on your major but know that your dream is to work on Wall Street, this is your chance to opt for an MBA in finance or business school.
Internships are an important way to get your foot in the door
Experience is another important aspect that even small accounting firms look for. Having an internship experience in the world of finance provides you with an upper hand.
When prospective employers see that you have internship experience, they believe your skillset to be of greater value as you have on-ground experience.
Identify the kind of work you want to do with a list of potential employers
Wall Street has many firms with different kinds of specialties and missions. From investment to underwriting firms, Wall Street has the entire financial world in its hands. So it’s important to choose the list of firms that perfectly match your career goals.
Ask yourself these questions, does this firm have the job title you want?
If so, are the responsibilities under this title similar to the work you want to accomplish? and lastly, whether there is scope for your career to grow under this firm?.
Once you answer these questions about every firm, you will have narrowed it down to a few prospective firms. This list will clarify the kind of job and firm that is perfect for you.
Maybe working under investment teams is your forte, or your passion lies in pension funds, hedge funds, or mutual funds.
Apply for a variety of open positions
Once you’ve got your list of prospective positions and employers, you must apply now. For the application process, be sure to alter your resume so that the skills your employers are looking for are highlighted. Your resume and cover letter are meant to show you as a perfect candidate for the job in the best light possible.
Be sure to apply for different open positions; you never know if your skill set can get you a higher-level job under another title.
The financial industry has countless positions under its wraps, from fund managers, investment bankers, security analysts, administrative assistants, asset managers, and even sales assistants.
So, dip your feet into every pool before deciding on your career.
Expand your network
The financial world runs on two things, money and connections. Communication skills are one of the most important skills you need to survive on Wall Street. Knowing your way around words will help you build a strong client relationship.
Expand your network by participating in events produced by many organizations, meet like-minded individuals, and build a connection with the alma mater.
A career center is a good place to sharpen your networking skills. Get in touch with fund managers and investment bankers, and talk to them to understand investment strategies first-hand.
Expanding your network will sharpen your analytical mindset and give you a good story to impress your portfolio manager.
Prepare for interviews
Setting foot in investment banking requires you to pass numerous interviews that will slowly eliminate other applicants in the process. Getting a job in finance requires you to impress your recruiters in all your interview rounds.
The first few would be over the phone or on a video conference. The next round will require you to come on-site. Do your research regarding your interview and be prepared.
Be sure to showcase your best qualities and be confident in your presentation.
Education and Certification for wall street jobs
Having the right educational qualifications or relevant certificates to work in this field will allow you to easily cross the barriers of the recruitment process. The first thing that a recruiter looks for in your application is whether your qualifications and skillset are in accordance with the job.
Having an educational background in finance and business administration is a plus point for a job on Wall Street. However, the educational qualification for each job title differs according to your daily responsibilities under this title.
The Best Wall Street Jobs
Wall Street generally has the best firms in the finance sphere set up with its roots. Nevertheless, there is always the best among the best, even on Wall Street.
Financial Industry careers to explore
The financial industry is a dimension of its own as money runs the world. There are various finance career options that you can explore in this industry.
The top 10 highest-paying careers in this industry are listed below.
1. Private wealth manager
2. Insurance and claims officer
3. Equity research analyst
4. Personal financial adviser
5. Business and Finance Professors/ Scholars
6. Chief financial officer
7. Mutual fund analyst
8. Venture capital analyst
9. Hedge fund analyst
10. Portfolio manager
Top Financial Industry Jobs
The financial industry is a huge area with countless opportunities for people to kickstart their careers.
This industry has its pros and cons like every other industry, and the main pros are the amazing job titles that give employees an extraordinary boost to grow their careers.
Investment bankers are professionals that use their knowledge of the financial services sector, analytical prowess, and compelling communication skills to assist institutional clients in tasks like mergers & acquisitions and capital raising.
Since an accomplished investment banker can benefit from high pay, plenty of networking possibilities, and the opportunity to play a prominent role in business success stories, this profession is frequently sought after.
A Stock Trader or Stockbroker
A stockbroker oversees and carries out share purchases and sales. You would require a stock broker because private investors cannot purchase shares straight from the stock market. The equities you would like to invest in will be bought and sold by the broker.
A financial examiner ascertains if financial transactions and businesses adhere to the law. These examiners check balance sheets, evaluate bank administration, and assess the riskiness of financial loans.
Additionally, they report on a company’s financial stability and keep an eye on loan activity to make sure borrowers are treated properly.
To assess investment prospects, financial analysts examine financial statements. For investors to locate profitable assets, create financial modeling. Encourage people to make individual and group investments. Analyze the performance of bonds, alternative investment options, and equities.
A fund manager is in charge of carrying out the investment strategy for the fund and overseeing its trading operations. They manage analysts, do research, monitor mutual funds or pensions, and make crucial financial decisions.
We answered some frequently asked questions about jobs on Wall Street to rid your mind of any doubts.
What qualifications do you need to work on Wall Street?
To work on Wall Street, you don’t need a certificate in economics or finance. Considering there would be numerous people who spent the last four years of college learning the principles of investing, you do need to have a strong understanding of the economic and financial fundamentals. You must also possess the critical thinking abilities essential on Wall Street, which is significant.
Is it easy to get a job on Wall Street?
If you are an outsider, finding employment on Wall Street is difficult, if not impossible. Additionally, regardless of how many books you have read, if you are still in school and have no experience working on Wall Street, your chance of getting that job is pretty slim.
How much does a job on Wall Street pay?
Investment banking associates at the entry-level perform rather well for themselves, frequently earning $100,000 or even more in their first year. Investment bankers with experience moving up the levels can easily earn $150,000 to $250,000 in four to five years.
Does Wall Street only hire Ivy League?
The easiest way to acquire a terrific job on Wall Street right out of college is through contacts and a degree from an Ivy League school. Even though these advantages may open doors, others without them have found success on Wall Street.
Many Wall Street CEOs came from modest backgrounds, attended public schools, overcame obstacles, and climbed their way up through the ranks.
Is Wall Street stressful?
The tension that traders experience, where huge sums of money can be earned or wasted in a couple of moments, is not something that most people can relate to. Bankers experience different kinds of stress due to frequent deadlines, intricate projects, and agonizingly long hours.
Is working on Wall Street worth it?
It is a rewarding job that allows you to start to retire early and accumulate wealth through investments. Therefore, if you receive a job offer, I suggest working on Wall Street.
What are the highest paying jobs on Wall Street?
The highest paying jobs on Wall Street are in the field of corporate banking and corporate investment.
Which degree is best for the stock market?
The best degrees you can get for working in the stock market would be in finance, accounting, and economics.
Do you need a Ph.D. to work on Wall Street?
Having a Ph.D. is not a must to get a job on Wall Street. However, a few advanced positions do require this. These high-level jobs require you to have a Ph.D. in a particular field so you become eligible to apply for the job.
Can you get a job on Wall Street without a college degree?
It is really hard to get a job on Wall Street with a regular college degree, so getting one without a degree is nearly impossible. You must have excellent experience in the field and amazing connections to get in.
Do you need an MBA to work on Wall Street?
Having an MBA is not a requirement in general. However, the degree you need differs from the position you have applied for.