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Career in banking and stock market

CA Manoj Kumar (Chartered Accountant) (462 Points)

22 February 2014

Hello Experts....

I am a CA final student and my Final examination attempt will be November, 2015. I have to work in Banking & Stock Market. As I have enough time for my Final exams, so I am thinking to start some other course which can help me to achieve my goals. Some of my friends suggested to do CS but I think it will not help me much. Please suggest me some short term course which I can help me.

waiting for Experts opinion.

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6 Replies

CA Sourav Yadav (CA) (91 Points)
Replied 22 February 2014

Do cfa if u love finance

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SamTK (Chartered Accountant) (194 Points)
Replied 23 February 2014

Manoj,

First of, I'm assuming when you mean "Banking" you're talking about Invesment Banking, since Investment Banking is related to the Stock Market which, in common jargon, is called Sales & Trading. So I'll be focussing on Investment Banking and Sales & Trading.

If you want a career in Investment Banking & Sales & Trading at a leading Investment Bank, the only way you'd be able to break-in, is by getting an MBA from a leading business school, like IIM/XLRI/ISB.

A CFA isn't really a sought after qualification in many Investment Banks. A CA should generally suffice for the knowledge part, as is evident, after having a look at the profiles of leading Investment Bankers in India.

If you take a look at indigenous I-Banks like Avendus Capital, Veda Capital, etc., you'll see that most of the individuals comprising the Executive Team/Lead Team have a Chartered Accountant's designation with/without an MBA from a leading business school.

The question is, those with just a CA take a whole-lot more time to break into I-Banking, and it depends more on luck. If CA's are lucky enough to land a role at an I-Bank and they get promoted into a position of I-Banking, they'd be able to make a career in it.

If you choose to follow a fast-track route into I-Banking, your only savior will be an MBA.

My Final Attempt is due in November 2014 as well. I'd love to get into I-Banking/ Sales & Trading as well. The only way I think it'll be possible for me is to get hired on the Campus for a Financial Services firm like JM Financials, Credit-Suisse, Deutsche Bank. Work in the back-office for a while, say 2-3 years, prepare for CAT and get into a top notch Business School. After having completed MBA, go back to your old Company and apply for a front-office I-Banking role there, or sit for Campus and test your luck in getting hired by an I-Bank. Either way, it's a lot more simpler to find a way into I-Banking after having completed your MBA.

With just a CA, you could only make a career in I-Banking/.Sales & Trading if you have a strong network of relatives already working in one of the leading Companies or by sheer luck.

Anyways.

I hope you found this information useful.

Cheers
Sam

1 Like

CA Manoj Kumar (Chartered Accountant) (462 Points)
Replied 23 February 2014

Thankyou very much... Sam TK bhai for useful information and guidance.

Krm91 (Student) (782 Points)
Replied 23 February 2014

other than mba which courses should be done for i-banking?

SamTK (Chartered Accountant) (194 Points)
Replied 23 February 2014

Manasi,

You'll always find people with a couple of odd degrees getting into I-Banking, but that's an exception, rather than the rule.

There is no specific course made for getting into I-Banking. The only course which grooms you well is getting an MBA.

Bear in mind, an MBA course from a leading business school is nothing but a collection of experienced individuals from varied background coming together and sharing their views, beliefs, thought-systems and vision. That is all to an MBA. People don't end up learning much from an MBA. In fact, I can guarantee you, knowledge-wise, a fresh Chartered Accountant would outcompete his peer who has an MBA in Finance, since Chartered Accountants are groomed to work through that variety of roles that Finance offers, while MBAs in Finance consolidate their pervious experience with their new-found ability as a visionary to manage and lead roles that are otherwise not suitable for a fresh Chartered Accountant.

There are other qualifications, a variety of professional courses, but if you're doing Chartered Accountancy, it should suffice.

If you're really into I-Banking, become a CA, work for a couple of years, go to a business school, and apply for a front-office I-Banking role. Remember, people say a lot of things, but the average working experience in IIM-A,B,C,K etc., XLRI/ISB is generally north of 3-4 years. Do not expect to sit through CAT and get into an IIM with no work experience at all. I've seen 99 percentile-holders not getting called by IIM-A,B,C etc.

Cheers,
Sam