Career Advice on Investment Banking in Nigeria

Dear Jarus,

I trust all is well with you.

I want to start by saying thank you for exposing me to the corporate world. It was through your blog I found out about KPMG Undergraduate Internship where I  had an experience that made me more than just an undergraduate, giving me practical insights into business operation and the corporate world.

I recently graduated with a First Class Honours in Accounting and I am already a member of the Institute of Chartered Accountants of Nigeria (ICAN), having the AAT and ACA qualifications. (I am yet to take part in the NYSC program).

After my experience at KPMG, I discovered that I am more drawn to finance and investment banking than Auditing and Regulatory Services.

I would like to know how a regular chap like me can break into the investment banking world, and more importantly, I would like to know the top firms that are very open with their graduate trainee / entry level role and recruit all yearly. I hope to, if possible, have my NYSC program there. I anticipate your kind response.
Thank you very much

Patrick

morgan stanley

Dear Patrick,

We are happy to know we have been helpful in a way to your journey to date.

We have discussed investment banking thoroughly on this platform which you can search for, but what I have highlighted below may still be helpful:-

  1. I will classify investment banking companies into 3 tiers. Tier 1 are the international ones like Goldman Sachs, JP Morgan Chase, Morgan Stanley, Credit Suisse etc. Tier 2 are also international but not at the level of Tier 1 and they include Renaissance Capital (RENCAP), Citigroup, Rand Merchant Bank (RMB) etc. Then we have as Tier 3 Nigerian or African ones like FBN Capital, StanbicIBTC Capital, Vetiva Capital, UBA Capital, United Capital, Cardinal Stone, Afrinvest etc. Then there are also the investment banking divisions of regular commercial banks like Access, Diamond, etc.
  2. To get a job in the international ones, you might need a top MBA from UK or US, or in rare cases, watch out for their internship windows which they open for Africans from time to time.
  3. For the guys in Tiers 2 and 3, I think you have what it takes to get jobs there. They normally like academic high flyers, and you’ve got a good CV with First Class degree, ACA and KPMG internship experience.
  4. I think all of them covet merit, the only slight issue is, most of them don’t really advertise their openings. CV submission through referral does a lot there. Most of them recruit in trickles all year around.
  5. So I would advise, your create a great CV and circulate. Go to their websites, send your CV and well crafted cover letters to them. You may even pay a visit to some of them, especially those in Tier 3, to submit your CV. some may turn you down, but no harm in trying.
  6. Try to connect to their executives on LinkedIn and politely ask for opportunity to have them submit your CV in their firms. investment banking1
  7. Scavenge the internet for email addresses of people that work in these companies and humbly ask that they help submit your CV.
  8. Recall your seniors or just anyone you know that work in these companies and ask they help drop your CV in their company or companies they know
  9. While you can try all of these before NYSC, don’t worry yourself too much if you don’t get the opportunity before or during NYSC. Just serve anywhere you are posted. The real deal is after NYSC.
  10. Finally, don’t limit your options to these investment banking institutions alone. Try KPMG, PwC, Ernst & Young, Deloitte, Accenture etc too, just any good brand to start your career, before the opportunity to move into Finance comes.

All the best.

 

Jarus

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