This guide outlines the essential knowledge, skills, and mindset required to succeed in investment banking and strategy consulting, particularly for those entering the field from a non-traditional background.
A. Core professional knowledge
To command credibility in this space, your financial and strategic foundations must be rigorous:
- Valuation mastery (Valuation): This is non-negotiable. Read McKinsey’s Valuation or study Aswath Damodaran’s materials (easily accessible online). For immediate, practical skills, complete the two Valuation courses from Wall Street Prep (www.wallstreetprep.com).
- Business Strategy:
- Academic foundation: Study Robert Grant’s Contemporary Strategy Analysis for a structured framework.
- Market disruption: Master the principles of Blue Ocean Strategy to understand market creation and differentiation.
B. Industry and market intelligence
The value of an advisor lies in connecting specialized knowledge with broad market context.
- Financial acumen: Regularly visit financial data sites like CafeF and Stoxplus to understand the financial health and key metrics of major companies.
- Competitive advantage: Read the Annual Reports and strategic presentations of leading Vietnamese companies (e.g., Masan, Vingroup, Vinamilk) to clearly define their competitive advantages and unique business models.
- Strategic trends: Follow McKinsey Insights to stay current on global management, strategic, and product innovation trends.
- Capital markets: Read DealStreetAsia and Techcrunch to track fundraising activities, major investment deals, and shifts in global investor sentiment.
- Legal frameworks: Study corporate law and securities law. While document drafting requires senior counsel, you must understand the basic legal structure of M&A and capital markets. A diligent person can master the basics in about one week.
C. Essential soft skills
Technical knowledge opens the door; communication and aesthetics define your credibility.
- Presentation skills: Study Steve Jobs’s product introductions. Learn to structure a narrative that is simple, captivating, and directly addresses the audience’s needs.
- Writing skills: If you have an MBA or PhD background, recall how to write a concise and impactful executive summary. Every communication must be focused and brief.
- Document presentation: Learn how to format professional documents (Information Memoranda, strategy consulting notes, teasers). This requires a blend of aesthetic sense, logic, and scientific rigor.
D. The mandate for general knowledge
Your client base consists of C-level executives (CEO, CFO, etc.) who are highly intelligent and knowledgeable. They will not waste time with anyone who lacks general awareness.
You must be deeply specialized but broadly educated. You must constantly track global events and their impact on Vietnam’s economy. Failure to read about global and national issues (e.g., the U.S.-China trade war, expert assessments of Vietnam’s economy, the reality of the 4.0 revolution) shows a lack of commitment.
Clients want to converse with peers who share their strategic concerns. They will sign contracts with advisors who can engage in intelligent, broad-ranging conversation.
E. The advisory experience (Getting your hands dirty)
- Involvement: You must “get your hands dirty.” Be ready to assist senior management (often defined as “carrying bags” or “serving”) and volunteer for every transaction. Do not use the excuse, “I’m too busy.”
- The learning curve: The most rewarding stage is strategy formulation and negotiation. You will learn:
- When to make a genuine concession and when to feign retreat.
- When to be prepared to “walk away from the game.”
- How to manage client expectations and advise clients against their own greed (in M&A) or unrealistic goals (in strategy).
F. Inspiration and mindset
- Inspiration: Watch films like Pretty Woman, Barbarians at the Gate, and Wall Street (both versions) to understand the high-stakes financial world. Study the series Suits for lessons on litigation, structure, and negotiation tactics.
- The Snowball Effect: The greatest reward of consulting and investment banking is continuous self-improvement. Your client base consists of highly accomplished individuals from whom you constantly learn. With every difficult deal, you gain invaluable experience. Like a snowball, the more you roll, the larger and more resilient you become.
This career path elevates you to a new level of competence and opens doors to countless other opportunities, even if you eventually leave the field.
Good luck!
