Breaking In: What Aspiring CAs Should Know About Investment Banking

2 Min 10 Sec Read | 550 Words

Investment banking is one of those careers whispered about in lecture halls and shouted about on LinkedIn.

For many aspiring CAs(SA), it’s the holy grail: six-figure salaries, international postings, and the chance to say, “I worked on that deal” at dinner parties. But behind the gloss lies a career path that’s as demanding as it is rewarding and one that accounting students are surprisingly well-prepared for.

But what does an investment banking career actually look like and no the answer is not Wolf Of Wallstreet, and how should accounting students position themselves to break in?

🧠 Fun Fact:
The term “investment banker” was popularised in the early 20th century, but the roots of modern investment banking trace back to the Medici Bank in 15th century Florence, which pioneered merchant banking activities like underwriting and lending.

What Investment Bankers Do

At its core, investment banking revolves around capital raising and deal-making. The work spans:

• Mergers & Acquisitions (M&A): Advising companies on buying, selling, or merging with others.

• Capital Markets: Helping businesses raise funds via IPOs, bond issuances, or private placements.

• Advisory: Providing strategic financial advice to corporates, governments, and institutions.

For CAs, the technical skills from auditing and financial reporting translate well into financial modelling, valuation, and due diligence, which are staples of the job.

Those long audit hours squinting at spreadsheets?

Congratulations, you’ve been training for discounted cash flow modelling without even knowing it.

Why CAs Are in Demand

Globally, CAs and CPAs have increasingly transitioned into investment banking because of their analytical rigour and understanding of financial statements.

In South Africa, the CA(SA) designation signals a blend of technical excellence and resilience, traits highly valued by investment banks…even international ones.

Consider this: while MBAs are common in investment banking, CAs often stand out for their hands-on financial grounding, making them effective at spotting red flags in deals and structuring transactions efficiently.

The Lifestyle: Perks and Pressures

There’s no sugar-coating it. The hours are long, especially at the junior analyst level. A typical day can stretch well beyond 12 hours, often including weekends when deals are active. But in exchange, professionals gain:

• Exposure to C-suite decision-making early in their careers.

• A steep learning curve in modelling, strategy, and negotiation.

• Attractive compensation packages. With salaries & bonuses usually clearing the $100k mark as a junior analyst, and international mobility.

How to Break In as a CA(SA)

1. Leverage Articles: Your articles experience gives you credibility. Highlight valuation, audit, or financial modelling exposure.

2. Upskill: Consider short courses in corporate finance, M&A, or CFA Level 1 to signal interest.

3. Network: Attend industry events, leverage LinkedIn, and reach out to alumni in banking roles.

4. Start Local, Think Global: Many South African CAs move into local corporate finance or advisory teams, then transition to bulge-bracket banks in London, New York, or Dubai.

Roundup

For aspiring CAs(SA), investment banking isn’t just a career path, it’s a crash course in how money moves, industries consolidate, and value gets created. Sure, the hours are long, but the toolkit you build can take you anywhere: private equity, corporate strategy, or even your own entrepreneurial venture.

At the end of the day, it’s not about the prestige but it’s about whether you want to spend your twenties building models that never balance until they suddenly do. And honestly? That’s a skill worth having.

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