Three Books Every Aspiring Banker (Or Experienced One) Should Read.
None of these books are about financial theory or how to get a job in the industry.
It’s about something way more important, and it all starts with what’s in your head.
Are you good at selling yourself?
When the world “sales” is brought up, most people think of a snake-oil car salesman or guy knocking on the door trying to sell you a vacuum cleaner. Yes that's true, but Steve Jobs was also a salesman. Barack Obama too. When you talk to your MD, interview with HR, or talk to clients about a potential IBD deal - you're also being a salesman.
How do you present your story and do you understand what the client, managing director, or potential girlfriend/boyfriend is looking for?
Do you have the social intelligence to tell when they are disagreeing with you, objecting with what you’ve said, or aren’t even paying attention at all? If not, you will just be an empty suit, another terrible first date, or employee that doesn’t get a glowing review at the end of the year.
Sales is difficult and it doesn’t come easy - there is a large about of empathy and self-development required to master this skill-set. But whether you are in banking or not, selling is a basic aspect of human life that greases and moves our world. Since leaving the industry in 2013 to start my own business (#BALLER Leather), this is the #1 skillset I wish I had learned when I was younger. So why should you learn sales?
For The Aspiring Banker:
How do you stand out from the thousands of candidates applying for the same job?
How do you increase your chances of landing an interview?
How do you break through to people who are too busy to take phone calls?
For The Junior Banker:
How do you get traction in the company to fast track your career?
How do you network internally with clients, colleagues, and competitors to create opportunities?
How do you make yourself a linchpin in the organization?
For The Experienced Banker:
How can you deepen your client relationships to bring more business?
How can you stand out from the competition?
How do you bring in more business this year and achieve your department goals?
Book #1: The Psychology of Selling by Brian Tracy
This book is the first one you should read. It breaks down the sales process into an exchange of money for value, as you are providing a benefit. Most of us are logical creatures but people buy with emotion and rationalize it with logic later. Stating that you have an MBA or CFA in an interview is a logical answer. Who gives a shit? There are thousands of alumni from your school and hundreds of others who have the CFA.
Sharing a concrete example on how you are a team player in a high-pressure situation, while being able to deliver results and build relationships with clients is what matters when you're interviewing with most MDs. In the preliminary HR interviews, you'll have to tweak your story as what they're the initial filters for the company, worried about hiring a bad candidate that wastes the company's time, money and energy.
You need to figure out what the prospect wants and identify what matters to them. This book shows you how and the type of questions you need to ask. It came out in the 1980s, but it's bedrock of most legit business books today. I’d recommend the audiobook version as you can listen to it over and over on the subway, airplane, or in the car.
Book #2: Influence: The Psychology Of Persuasian by Robert Cialdini
Influence is a classic on persuasion, but not in the shady or magic trick sort of way. There are six universal principles that you can use to become a skilled persuader: reciprocity, commitment, social proof, liking, authority, and scarcity. Do you know why Costco gives free samples or pet stores allow you to take home the puppy and try it for a weekend?
They are deeply rooted psychological principles in action and whether you’re an aspiring banker, junior level employee, or senior managing director there is something you can take to influence people to do what you want them to do.
Book #3: Spin Selling by Neil Rackham
Spin Selling is a book that focuses on high-level transactions at the B2B level. This could include buying industrial equipment, office property, or large corporate transactions. Sales like these are rarely a one-time deal like buying groceries at the supermarket. The lead time is often very long, taking weeks if not months.
For those involved in IBD or large transactions, this book is a must-read. Learning how to extract value, magnify it, and make the prospect understand the impact is what you will learn. It’s a bit dry from some examples as theres tons of academic research - but nevertheless it’s a great book to keep in your arsenal.
Hope this helps and best of luck. If any of you guys want to look sharp, presentable, and have a great wallet that fits right into your front pocket or jacket, check out my online store here.
2 was required reading my sales class in uni (marketing major), great read for anyone, these principles apply to almost everything in life
Hi, apart from "selling" yourself books, are there any self-help books that will boost one's confidence and one's way of carrying himself/herself?
The Happiness Advantage by Shawn Achor 7 Habits of Highly Effective People by Steven Covey
exercise, diet, and sex help too. if sex isn't an option, exercise, diet, and alone time work fine. also sports.
HTWFAIP is the hands down best book on human relations ever written.
Echoing this, Dale Carnegie really knew his stuff.
Dale Carnegie's book on public speaking is also phenomenal, and it really helped my storytelling in general - which is tremendously useful in sales and/or social relations.
Going to plug 'To Sell Is Human' by Daniel Pink. Read it front to back on a plane trip and it was an exceptionally useful read. Would recommend even if you are not in a sales role.
http://www.amazon.com/To-Sell-Is-Human-Surprising/dp/1594631905
http://www.amazon.com/Getting-More-Negotiate-Achieve-Goals/dp/0307716899
Getting More by Stuart Diamond. He teaches Negotiation at Wharton, and the book is fantastic. Easily a help to bankers, and certainly a good read for anyone else as well.
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