It takes courage to become an investment banker.
"I graduated in the early 1990s, a few years after the stock market collapsed,
with a degree in finance," says Marc A. Cabrera.
But the state of the stock market didn't scare him. "I was set on securing
a position as a financial analyst with one of the major Wall Street firms
because of what I had heard about the intensity and experience offered in
the two-year programs," he says.
This determined much of his future path. "A two-year experience turned
into a career. I started as a financial analyst...in the mergers and acquisitions
group and worked there for three years before being promoted to associate
-- a position typically reserved for MBA graduates," he says.
"In 1998, I founded a private investment banking boutique based in Miami.
Since then, I have been working with public and private middle market companies
as a financial advisor and investment banker."
He is very satisfied with his career for several reasons.
"For my clients, I assume a very critical role in their decision-making
process about extremely important corporate matters. Therefore, I am able
to influence the growth and future direction of companies and hopefully assist
in building value for shareholders," he explains.
"This role brings tremendous job satisfaction and allows me to establish
lasting business relationships. Also, the economic benefits of my career are
rewarding. Because investment bankers tend to directly influence shareholder
and company value, they are typically compensated well for their advice and
services."
Pamela P. Peterson took her attraction to finance in a different direction.
She's a professor of finance at Florida State University. She teaches investment
banking, among other topics.
"I enjoy finance quite a bit. I had an interest in all things finance starting
around eighth grade. I would keep track of some stocks' prices. In college,
I chose accounting as my major and I worked in the field of accounting after
graduating," she says.
"As an accountant, however, I found that I was always trying to explain
things, research explanations and instruct. When I decided to go to graduate
school to pursue my PhD, I shifted over to finance. It's a dynamic area of
study because it is always changing and you never know what's ahead."
The lifestyle of a professor suits her as well. Some people who work on
Wall Street routinely put in 60 to 100 hours per week. Her schedule is a little
kinder.
"One of the big advantages of being a professor is that our schedules are
flexible. It does not mean that we don't devote time to our jobs. Quite the
contrary, our typical workweek is much beyond 40 hours. The distinction is
that we can choose when to spend many of those hours."
James Lorimer is an investment banker. He has been advising middle market
public and private companies in various industries. His expertise runs from
initial public offerings to acquisition and divestitures.
"I chose this field because it is very fast paced and challenging. In addition,
I get to work with some fascinating companies and meet the entrepreneurs and
management making those companies work."
He feels that young people should consider a career in investment banking.
"In a short period, you get a broad exposure to a variety of interesting businesses,"
he says.
"Every day is different -- new challenges all the time. Great pay, lousy
hours. Good platform to other careers in the financial services sector --
research analyst, fund manager, venture capitalist."
Allen Kennard is an investment banker who doesn't care for that title.
He calls his company real estate merchant bankers. "The accurate term is 'agent'
or 'broker,' whether advising on a billion-dollar merger or selling a bungalow."
Peterson says that young people should consider this career because the
rewards are great. "The area of finance in general is interesting because
it is ever changing. Persons in this field are paid well because it is very
demanding, both in effort and intelligence."