Banking still a good career option
THE financial sector has been hard hit by the ongoing global recession, but banking is still a good career option, certainly for those looking to life after the current economic slump.
It is on this basis that ID Your Career looks this week at investment banking through the eyes of Lissant Mitchell, who has spent 16 years in the field. Mitchell, 37, is the senior vice-president of treasury and capital markets at Scotia DBG Investments.
The holder of a first degree in Accounting and Economics from the University of the West Indies and an MBA in Finance from the University of Manchester, Mitchell worked at Pan Caribbean and Jamaica Money Market Brokers before joining the Scotia Group in October 2007.
Who is a banker?
I am more of an investment banker, which is somewhat different from a pure commercial banker – albeit the fundamental principles remain the same. At Scotia DBG Investments my current role mainly includes managing the investment banking operations of Scotia DBG (which involves) managing the portfolio of financial assets and loans, as well as various client investment liabilities products of the firm, along with foreign exchange and stock brokerage activities. All this is done within regulatory internal compliance and risk framework governing our operations. In addition, I am responsible for the management of our discretionary and non-discretionary client investment portfolios, such as various pension funds. A critical function is the management of the firm’s liquidity. Fundamental to banking is the assurance that sufficient funds are always available to meet our client obligations, as well as investment opportunities for the firm.
What is the value of the work that you do?
I consider my job very critical to the business as the areas for which I am responsible contribute to over 85 per cent of the firm’s revenue. In addition, it is very important so as to maintain our advantage in our market, especially in this intensely competitive environment.
What prompted your entry into the field?
I have always enjoyed the field of accounting and finance. I became even more interested in finance in the early ’90s when there was significant excitement generated in the local financial market as a result of the boom in the equities market, and I got my first summer job at a local stock brokerage firm.
What are the challenges involved in being a banker?
The main challenge is to try and navigate through the local and global challenges while at the same time being ready and prepared to identify opportunities. Due to globalisation, our local economy and financial landscape is far more susceptible to international shocks and fallouts than, say, a decade ago, and as such it is fairly challenging locally, given the impact of the international financial meltdown now being experienced. In this profession, it is also a challenge for us to reduce the level of nervousness and uncertainty that is pervasive across the market during this period. It is our duty to offer solid and dependable personal financial advice to our clients and the general public that is grounded on facts and sound analysis and not rumours and sensationalism.
What are the academic requirements for getting into banking?
It varies. You can have a degree in banking and finance and an MBA in banking and finance or other professional qualifications. For example, you can enter the field if you are a certified financial analyst.
What other skills are required?
Investment and portfolio management in addition to credit assessment and general risk management skills. You also need to be an analytical person and somewhat of a visionary to assess the landscape and make the appropriate strategic decisions long in advance. It is also important to have people-management skills and to be able to interact with all persons across the organisation, as well as in social settings. Being a good communicator is also important.
Given your training as a banker, what other employment options are open to you?
With this kind of training, you could also enter the field of accounting, auditing, business management and consultancy, personal financial advisor, and forensic financial auditing.
How much can a banker earn on an annual basis?
This can vary widely and is dependent on the level of employment, the organisation, the structure of the organisation, etc.
Why would you advise young people to get into investment banking?
It is an interesting and exciting field. You get to meet and interact with a lot of persons from various backgrounds, and it gives you a wide perspective of the entire landscape. You have to be on top of your game and have information at your fingertips.
What does the future hold for this career?
It will continue to grow and develop, and also some amount of changes in the way the business is managed coming out of the lessons learnt from the current financial and economic challenges, both locally and internationally. Product and service offerings are expected to change over time in keeping with improved and enhanced risk management strategies by financial firms, including Scotia DBG.