What this life looks like
You help companies raise money and execute transformative deals. Investment Bankers advise corporations and governments on mergers, acquisitions, initial public offerings (IPOs), and bond issuances — transactions worth millions or billions of dollars. It is one of the most intellectually demanding and financially rewarding careers in business, and Africa's capital markets are growing rapidly.
What she actually does
You analyse companies and industries, build detailed financial models to value businesses, prepare pitch books for client presentations, advise on transaction structure and pricing, coordinate teams of lawyers, accountants, and advisers through deal execution, and manage the relationship between buyers and sellers or issuers and investors.
Where you can work
| Sector | Places in Africa |
|---|---|
| African Investment Banks | Rand Merchant Bank, Stanbic IBTC Investment Banking, Chapel Hill Denham (Nigeria), EFG Hermes, Imara |
| Development Finance | African Development Bank, IFC Capital Markets, African Export-Import Bank, DBSA |
| Global Banks (Africa) | Goldman Sachs Johannesburg, JPMorgan Africa, Citi Africa, Standard Chartered Africa |
| Boutique Advisers | Renaissance Capital, Vetiva Capital (Nigeria), SBG Securities, Africa Capital Alliance |
Why it matters in Africa
African companies are increasingly accessing capital markets — the Nairobi Securities Exchange, Johannesburg Stock Exchange, Nigerian Exchange Group, and Cairo Exchange are all growing. Cross-border mergers and acquisitions are increasing, and development finance institutions are structuring ever-more-complex transactions. Investment banking talent is in short supply.
Your pathway in
- Excel academically — investment banks recruit from top universities globally and across Africa
- Study Finance, Economics, Accounting, or Mathematics
- Master financial modelling and valuation in Excel — this is the core technical skill of the profession
- Apply for investment banking internships at the end of your second or third year of university
- Pursue the CFA (Chartered Financial Analyst) qualification alongside or after your degree
Skills you will need
- Financial modelling and valuation
- Deal structuring
- Pitch book preparation
- Client management
- Attention to detail under pressure
- Commercial awareness
A woman in this field
Arunma Oteh
Nigeria
Arunma is one of Africa's most celebrated finance leaders. She served as Director-General of the Nigerian Securities and Exchange Commission, where she transformed Nigeria's capital markets, and later as a Vice President at the World Bank. A Harvard-trained lawyer and financier, she has been at the forefront of African capital market development for decades and is consistently listed among the most powerful women in African business.
Take your first step
- Learn what an IPO is, how it works, and study a recent African IPO — research Jumia's NYSE listing or any NSE IPO
- Build your first discounted cash flow (DCF) model using a free YouTube tutorial — this is the foundation of investment banking
- Read 'The Accidental Investment Banker' by Jonathan Knee for an honest insider view of the profession
- Research which investment banks have offices in Africa and what their graduate analyst recruitment process looks like