Career Planner: Financial Industry

The Basics
Self-Reflection
Job Profiles – Management
Job Profiles – Sales Department
Job Profiles – Research Department
Job Profiles – Trading Department
Job Profiles – Underwriting Department
Selection
Training Directory

JOB PROFILES

The following are general descriptions of the five basic divisions within an average investment banking institution. Within each will be an outline of some of the main job positions that embody each said division, in addition to the general accountabilities & duties, key skill requirements, estimated range of salary, education, certification & licenses, and additional information that are generally necessitated by each position.

When reading these overviews, please consider them as a kind of realistic job preview that will help prepare you for making the career choices of your future. These overviews are by no means definitive and will likely be out of date within another few months (as the financial industry tends to evolve quite regularly), thus while we recommend using this guide to aid in your career choices, we also recommend reviewing secondary sources before you make your final decision.

Keeping this, as well as your self-reflection answers, in mind, we hope you find the following career planner section quite eye opening.

Management

This component consists of the all the firm’s decision makers who seize business opportunities, maximize available resources and capital, respond to market and competitor related changes and penetrate into new and existing markets.

Firm size and the nature of business dictate the organizational structure of the management level(s). Senior managers are more involved with daily operations in small firms and probably manage more than one area of business, in contrast to those who work for the large firms. There is no typical career path in management, not only in the investment banking industry, but also in the broad field of business. Some managers change their job titles every few years, others start in roles such as CFO or Credit Risk Managers. Some work their way up in an organization for an entire career. However, the general consensus is that your experience and expertise holds a higher priority than your qualifications in determining the seniority of your management position.

The role of management is necessary at each division/department of a firm. In general, there are 3 levels of management: Line managers, middle managers and executive managers.

COMMON TITLES

Line Managers

Project Managers, Associate Managers, Team Leaders, Supervisors, Office Managers and Management Trainees.

Middle Managers

Program Managers, Senior Managers, Departmental Managers and Functional Managers.

GENERAL ACCOUNTABILITIES & DUTIES

Line Managers

*Initiate the work assignments or projects by outlining costs, resources, time frames and any other related requirements, such as technical and functional specifications.

*Manage issues as they arise in the course of a project or within the team

*Ensure solutions delivered achieve the project’s stated objectives, analyze all potential solutions and recommend the optimal solution that will meet the project’s goals

*Provide consulting and guidance on project and team initiatives

*Monitor progress against plans and initiate appropriate corrective action when necessary for both short term and long term goals & objectives

*Provide support to Senior Director and Senior program managers

Middle Managers

*Review complex financial reports prepared by others with advanced financial skills and knowledge

*Prepare/research/present policy recommendations that are reviewed by the executive managers

*Conduct key analytics (data sourcing, analysis, testing) required to inform strategic recommendations (e.g., competitor benchmarking, market assessment and financial modeling)

*Effectively communicate key messages/recommendations to all managerial levels

*Make effective and persuasive presentations on complex topics to employees, clients, top management and/or public groups.

*Provide a supporting role in committee or board reporting

KEY SKILL REQUIREMENTS

Line Managers

*Strong organization and time management skills

*Able to build effective relationships within the project team and supporting areas of the firm, customers and vendor groups

*Ability to choose the most appropriate procedures and approaches to suit the circumstances of each problem

*Able to plan for own responsibilities where the nature is non*routine and of moderate complexity

*Knowledge of related industry common practices & procedures of project management to sufficiently apply and adapt appropriate standard practices

*Strong negotiation and facilitation skills

*Strong leadership skills

Middle Managers

*Working knowledge of several areas of external activities (financial and/or other industries, market and/or regulatory environment, or client business practices. Expert analytical, quantitative, and financial modeling skills

*Exhibits a working knowledge of core enterprise competencies, including knowledge of the enterprise’s business environment and products, understanding of the workings of the enterprises organization and procedures and proficiency in the use of standards, tools and methodologies

*Ability to establish conducive working relationships with managers across different business groups

*Ability to think strategically and to synthesize the business and financial data.

*Able to develop creative solutions using innovation and initiative to assist in delivery and issue resolution

*Expert skills in Excel and PowerPoint

*Solid presentation and relationship building skills.

*Outstanding analytical and conceptual skills and able to operate within a high level of ambiguity

ESTIMATED RANGE OF SALARY

Line Managers

*$50,000 to $100,000 annually for most cases, dependent on experience, nature, of work, qualification and the size of the employer

Middle Managers

*At least $80,000 to $100,000+ annually for most cases, dependent on experience, nature, of work, qualification, and the size of the employer

EDUCATION, CERTIFICATION & LICENSES

Line Managers

*PMP Designation for specialist in project management

*At least one of the following: Bachelors degree in Business Administration, Accounting, Finance and even Computer Science or Engineering for technology related work

*Canadian Securities Course

*Canadian Investment Manager (CIM), Fellow of CSI (FCSI), Financial Management Advisor (FMA) are recommended designations

*Chartered Financial Analyst (CFA), Masters of Business and Administration (MBA, or Master of Finance are all valuable assets for positions related to corporate financing, portfolio & wealth management, and institutional sales related work

Middle Managers

In addition to all the qualifications mentioned in the Line Managers sections, the following requirements/recommendations are listed:

*Program Management Professional designation (PgMP) for senior project management positions, such as program managers

*Chartered Financial Analyst (CFA), Charters Investment Counsellor (CIC), Chartered Accountant (CA), Masters of Business and Administration (MBA), and/or Master of Finance are required in many cases

Additional Information

Executive Managers

Most firms, regardless of their size, are usually headed by an executive committee that is responsible for most decision and policy making. They include senior executives, such as a chairman, a president, vice-presidents of all functional departments and executive officers, among others. However, management functions can vary substantially among investment firms, but nonetheless, they represent and govern their functional areas of the company. For some firms, the chairman is also the chief executive officer who plays a critical role in the management, whereas a chairman in other firms may act as a consultant.

Some of these executives belong to an elite group of individuals that earn the highest income in the North American society; thus, they have a wide range of different salary levels. It is safe to assume that they are making at least 6 digits yearly. Masters of Business and Administration (MBA) are very common among these individuals. All the financial designations mentioned in the Line Managers and Middle Managers sections are all required. Many pursue an International MBA (IMBA), Bachelors of Laws (LLB) and Executive MBA (EMBA). Some even hold PhD qualifications, as well as different Master degrees in their related field of work, along with multiple financial and accounting designations.