How to Build a Career in Financial Markets in India Series Mastering the Market: Investment Banking as a Career in India (Part 1)

1. Introduction: The Catalyst Behind Capital Allocation

Investment banking occupies a central position in the modern financial system, guiding firms through mergers and acquisitions, arranging both debt and equity financing, and crafting bespoke financial structures. In an information-rich global market, these banks analyze vast datasets to inform every deal, weighing risk, precise valuation, and long-term strategy.

For driven graduates, the sector promises challenging analytical work, visibility on landmark transactions, and a front-row seat to India’s economic transformation, all of which enrich professional development and personal ambition.

2. Industry Outlook: Global vs. Indian Perspectives:

2.1 Global Investment Banking Trends:

• Global investment-banking fees totaled USD 152 billion in 2023 and are expected to climb to USD 159.2 billion by 2024 (Burnett, 2025).
• Asia-Pacific accounts for USD 45 billion, expanding at 8.2% CAGR through 2028.
• Trends include green financing, digital IPOs, and cross-border M&A.

2.2 India’s Growth Trajectory:

• India’s IB sector was valued at USD 10.46 billion in 2023; projected to rise to USD 16.53 billion by 2025.
• Growth driven by private equity, startup IPOs, and structured debt products.
• Firms like Avendus and ICICI Securities challenge global leaders (Reuters, 2024).

3. The Human Capital Gap in Investment Banking:

Despite growth, the industry faces a critical talent shortage.

Decentralized Skill Shortage: Most trained talent is concentrated in metro cities. Tier-2 and Tier-3 cities lack exposure to corporate finance and ethics—limiting IB access.

4. Why Build a Career in Investment Banking?

• Strategic Impact & National Development: IB plays a critical role in India’s economic transformation by enabling capital access, M&A deals, and infrastructure funding.
• High Reward Potential & Mobility: High salaries, cross-border deal experience, and transferable skills to PE, VC, corporate finance, and public policy.
• Fast‑Paced Learning & Reputation: Exposure to top deals, global financial techniques, and rapid learning curve boosts career trajectory and credibility.
• Alignment with Policy & FinTech Innovation: SEBI and government reforms create demand for green finance and tech-enabled IB solutions.
• Timing & Demand: IPO boom, PSU disinvestment, and skill-based hiring trends make IB a timely career choice for professionals with credentials and analytics skills.

5. Skills, Education & Certifications:

6. Career Pathway: Roles by Experience

7. Top Employers in India:

• Global Players: Goldman Sachs, Morgan Stanley, J.P. Morgan
• Domestic Leaders: Kotak IB, ICICI Securities, Axis Capital
• Boutique Firms: Avendus, Ambit, Equirus
• Fintech & ESG: Cred Avenue, Re New, Green Investment Bank India

8. Conclusion: Is IB the Right Career for You?

If you are intellectually curious, perform well under pressure, and want to shape financial strategy, investment banking can offer a purpose-driven, high-impact career.

India’s path to becoming a developed economy by 2047 will depend on a strong financial backbone. Investment bankers—through skills, credentials, and dedication—can play a transformative role in this journey.

References:

• Burnett, J. (2025). Global investment banking trends and forecasts. Bloomberg Intelligence. https://www.bloomberg.com
• CFA Institute. (2024). Career guide: Investment banking & finance roles. https://www.cfainstitute.org/en/programs/cfa
• FICCI. (2023). Capital Markets Talent Study: Bridging the skill gap in Indian investment banking. Federation of Indian Chambers of Commerce and Industry. https://ficci.in/publication
• MRFR. (2025). India Investment Banking Market Outlook 2025–2035. Market Research Future. https://www.marketresearchfuture.com
• NITI Aayog. (2023). India @2047: Vision for a developed India. Government of India. https://www.niti.gov.in/india2047
• NISM. (2025). Certification examinations and e-learning programs. National Institute of Securities Markets.
  https://www.nism.ac.in,
  https://online.nism.ac.in//module/Securities%20Law%20Concept.html,
  https://online.nism.ac.in//module/Corporate%20Restructuring%20Concept.html,
  https://online.nism.ac.in//module/Merchant%20Banking%20Operations.html,
  https://online.nism.ac.in//module/Merchant%20Banking%20-%20Concept.html,
  https://online.nism.ac.in//module/Securities%20Market%20Primer%20(SMP).html,
  https://www.nism.ac.in/research-analyst-certification-examination/,
  https://www.nism.ac.in/securities-markets-foundation/,
  https://www.nism.ac.in/merchant-banking/
• Reuters. (2024, February). Indian investment banks challenge global players in M&A advisory. https://www.reuters.com