Building new skills is important at every stage of your career. It does not matter if you ended up in a job that isn’t right for you, or you’re just itching for a promotion or new role. It is not easy to gain those new skills. Work piles up. Bosses and mentors have their own responsibilities and may not have the time to help you grow. How do you find a way to develop the skills you need to advance? While the answer depends on your specific situation, one rule always holds true: it’s up to you to take the steps necessary for advancement.
Try to spend time with people who do the job you want. If you are on a desk and want to be a banker, take advantage of your extra hours at the office to get to know your peers on the banking side. Can you help them with their work? Ask questions about what they’re doing. Friends may be willing to help you learn the modeling. Supplement that ad hoc experience with a course in financial modeling. While it’s not the same as working on a live deal, it’s a start.
If you want to originate business, seek out the people already doing that job. Volunteer to help and observe how the process of originating business works. Learn how bankers make their initial contacts and seek approval to go to conferences yourself so you can start to make connections. Over time, it will be easier to understand client needs. If you build relationships with the people you meet, they may reach out to you when there is an actionable situation.
Not all roles offer free time to explore professional development, of course. For bankers who want to become investors, use your deals to consider how an investor might view a transaction. Don’t think of them as deals, but as investments. Given the opportunity, would you put your money into your deal? That is a different mindset that takes some time to acquire.
For a junior investor looking to advance, spend some time talking with more senior people to learn more about their investment process. Ask them how they make connections. Use that information to start identifying and establishing your own relationships.
A good rolodex is helpful in developing your skills. If you come from a non-target school, or otherwise don’t have the list of contacts you want, identify ways to expand your list. Attending conferences and networking events can help. Consider going to a top 5 business school where you can connect with people you might not have had the chance to meet during your undergraduate years.
Regardless of your role or your goals, we recommend paying attention to what’s going on around you. Don’t just think of your job as a list of tasks to get done. Consider the implications of your work. Think about how employers at your target job would look at the work you’re doing now.
Take charge of your learning process. Do not wait for others to come to you. They are busy too. Reach out to people, volunteer to take on work, and ask the right questions. If necessary, change positions so that you can get access to the resources and people that will enable you to reach your goals. Though it may not always be easy, it is always possible to take steps forward in your pursuit of the role you want.
