Investment Banking is an Apprenticeship Model
One of the most frequent challenges my banker clients encounter is how to efficiently teach juniors the art and science of their craft. It’s not just hard because of time limitations, it’s because you are trying to get juniors to absorb the thought processes going on inside your head – which are invisible.
Like a plumber, you work in an apprenticeship model. The only way to really learn the trade is by doing. There is no vocational training that can replace being on the floor and being part of a live deal. But unlike a plumber, who can train their apprentice on handicraft and power tools, you are a knowledge worker and there are fewer opportunities for ‘showing’ rather than ‘telling’.
There is a well-researched, structured approach on how knowledge workers can teach their expertise.
Try McKinsey’s Cognitive Apprenticeship Model for Experts:
Modeling: Verbalize your thought process and logic behind decisions.
Scaffolding: Provide support resources such as previous pitches, financial models and identifying potential help.
Coaching: Regular check-ins, guidance, and course-corrections; stimulating questions.
Fading: Adapting support based on the development of junior's skills.
Already doing this?
You probably are, however I found that conscious, regular and specific reference to the model helps to ensure you are not skipping steps. For example, did you provide the resources but forget to coach? Did you remember to think out loud and provide coaching, but forgot to fade back to build the skill of independence?
The most important principle in an apprenticeship model is: everyone learns, everyone teaches. Always, regardless of level, that responsibility never ends.
Let me know if keeping this model in mind helps you to build stronger juniors.