This article discusses the current salary structure of investment bankers in Nigeria as of 2023. Due to the attractive monthly compensation, engaging nature of the work, pleasant work atmosphere, and other factors, investment banking is such an interesting profession.
Due to the dynamic of the industry, investment banking professionals may readily fit into a variety of sectors, making it one of the highest paying careers in Nigeria today. According to Investopedia, investment bankers assist clients in raising funds through the sale of debt or equity in their businesses. Helping customers with mergers and acquisitions (M&As) and advising them on special investment opportunities like derivatives are just a few of the responsibilities of the profession.
Investment banking has given recent financial sector graduates in Nigeria the chance to earn more money than regular bankers. Although this opportunity is not as straightforward as it may seem, those who really succeed on the job receive really generous pay cheques as monthly salaries.
We will provide you with the answers and further details you need to know about investment bankers salary in Nigeria if you have ever wondered how much investment bankers make in the country as salaries per month below.
INVESTMENT BANKERS SALARY STRUCTURE IN NIGERIA 2023
Investment bankers starting salaries in Nigeria range from ₦300,000 – ₦600,000 per month currently in this year 2023. Profit sharing and bonuses are not included, nor are allowances and incentives. Your guess is as good as ours that their monthly wages will be even more outstanding after all of these things are taken into account.
It is crucial to keep in mind that top investment banking employees may receive annual bonuses totaling millions of Naira. With just this evidence, it is safe to say that investment bankers are among the highest paid workers in the country. Their salaries can match NNPC salary structure, as well as the salary structure of Chevron workers in Nigeria.
When making judgments about various financial transactions, especially those that have an impact on you and the economy, investment bankers are crucial. They provide companies with stock and share advice. They also give their clients advice on other choices, including mergers and acquisitions, etc. Their main interest is finding ways to use their knowledge to help their clients raise money.
HOW TO BECOME AN INVESTMENT BANKER IN NIGERIA
The following are the steps to take if you want to become an investment banker in the country.
Basically, anyone with a degree in any discipline can enter this sector of work as long as they are motivated to succeed in it and have the desire for it, just like the usual banking and consulting professions are ever-changing professions. Investment banking was once only open to people with a background in accounting, economics, or any other social science degree; however, more and more graduates from non-social science subjects are now observed entering the profession. If you want to work in this industry, you should make an effort to finish secondary school and earn your SSCE certificate. You should also make sure that you pass three other core subjects, such as economics, account, and related subjects, in addition to English and mathematics.
If you are a commercial or arts inclined student who plans to enroll in a university or polytechnic, you should target studying accounting/accountancy, economics, or any other related course. However, you must first take the JAMB UTME and achieve the required cut-off mark. You will be given provisional admission to your course once you have completed both of those steps and successfully completed your post-UTME. Be aware that graduates from any school may work as investment bankers, and there is no specific degree required.
NATIONAL YOUTH SERVICE CORPS
Upon graduation, you are mandated to go for your NYSC which is is a one-year service to your fatherland after which you are qualified for employment in the country.
THINGS YOU SHOULD KNOW ABOUT INVESTMENT BANKING
Investment bankers have a variety of responsibilities in the financial industry, and one of their main objectives is to make sure that money is raised for their clients. They actively raise money for a variety of causes and provide advice to both individuals and companies.
Brokerage services are provided by investment bankers, who also work in the building of financial portfolios, asset management, and foreign (FX) trading. Trading, research analysis, and corporate finance are the three main areas where they are most effective. In corporate finance, deals with corporate clients are made, and these clients receive assistance with managing corporate fund raising, merger and acquisition advice, and consulting on debt and equity management.
As an investment banker, you should be aware that you will need to devote a lot of time and effort to your profession because it is quite demanding and requires intense concentration. Simply put, it is incredibly demanding, and you will undoubtedly be expected to perform after receiving large salaries each month.
Investment banking is a competitive industry where only the strong survive. You must enroll in some of the top universities in the country and get good grades, a second-class upper-division degree should suffice. This will put you in a good position to get employment, but keep in mind that you need to ace your aptitude test in order to land the job. Get acquainted with the GMAT so you can be ready if a potential employer asks you questions from that perspective.
Just keep in mind that if you land the job and perform admirably, you will put yourself in a position to receive incredibly intriguing monthly compensation. Your bonuses will increase your monthly salary even further. It is feasible to keep up your career as an investment banker and advance professionally through promotions and on-the-job experience with a lot of effort and discipline.