Six Figure is a biweekly PiggyVest series that focuses on how real Nigerians achieved dramatic income growth that made them millionaires.
For this week’s episode of Six Figure, we spoke to an Investment Banking Analyst who went from ₦5k/month to earning £5,800/month (₦4.9 million) in 6 years. In a recent conversation, she tells us how she achieved this massive income jump and the financial advice she swears by.
What was your first job?
I was a retail sales associate.
What did that entail?
I was speaking to customers to build trust and drive sales.
Interesting. When was this, and how much did you earn?
It was in 2015, before I entered the university. The salary was ₦5k.
[Laughs] I didn’t mind it at the time because I was a fresh secondary school graduate and didn’t want to be idle. I also earned commissions whenever we generated high profits.
What do you do now?
I’m an Analyst at a multinational investment bank and financial services company.
How much do you earn?
My base pay is £5,800 (₦4.9 million).
Whoa! That’s a jump.
Please share your income progression over the years.
After my internship in 2016, I didn’t work until 2019, when I got to work as a digital marketing trainer earning ₦30k. Afterward, I interned in the accounting department of a popular church. This was an unpaid position, and I did it for 3 months. Subsequently, I did a consulting internship at a Nigerian big 4 and later at a venture firm. I earned ₦50k and ₦60k in both roles, respectively.
In 2020, I interned at the company where I currently work. I got paid and did the internship for three months before moving to an asset management firm where I worked as a Product Developer earning ₦100k.
During my time at this job, I saw a vacancy for the summer analyst role at my current company and jumped on it since I had a prior relationship with them. Thankfully, I scaled through the interview stages and landed the job. I got promoted after three months.
Your journey is inspiring.
What are your most valuable skills?
My analytical thinking and resilience. I can quickly understand and apply complex pieces of information. I can handle pressure too. For this reason, the long hours, intense pressure, and high stakes associated with investment banking don’t stress me.
How has this helped your career?
Being analytical and resilient made me succeed in my internship. My manager loved me because of my impressive record and recommended me when I was applying for a full-time position.
What financial advice do you swear by?
Always list your financial goals and a realistic plan for achieving them.
And what’s your piece of advice for anyone trying to earn six figures?
All careers aren’t built equally. So research well and choose a career path that can easily generate six figures. I’m earning six figures because investment banking is a lucrative path.
You should also look for a career path where you’re likely to make millions easily. Once you figure this out, upskill as appropriate and focus on building a great network.
- Do your work well. Our subject landed her current job because of her prior performance as an intern. That’s how much being proactive can accelerate your career. Similarly, you can multiply your earnings if you do your current job excellently.
- Research adequately before choosing any career path. As our subject advised, you should consider a career path only when you’re certain to earn handsomely. Else, you risk wasting your efforts. Here are high-paying careers to check out.
- Have financial goals and an action plan. Beyond earning well, our subject has financial goals and plans for achieving them. This is how she has managed to maintain her millionaire status. Similarly, have income goals and a SMART plan to help you achieve them.