How do I become a trader / investment banker?

move to manhattan or london. first step. try getting an internship at one of the big banks, citi, merrill, etc. but good luck, they are laying off lots of people because of the credit mess, etc. plus connections help ALOT. get to know the right peeps.
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i live in nyc…

If you are majoring in finance, then you probably have a huge connection to get you started…professors. These guys know guys who know guys and gals that are worth knowing. You will need to decide what you want to do; as the role "investment banker" involves an entire field of specialists that work in two separated but linked worlds: trading and advisory (M&A).
It is commonly joked in London that M&A is the House of Lords and the trading floor is the House of Commons. M&A advisors are much more diversified in their activities, and have considerable room for growth vertically and for lateral transitions into other careers. To get into this field you should really work to get an internship (and perhaps start by working with a professor on a topic that involves some aspect of the process – as M&A gys are quite a bridge between academia and business).
If you are wanting to go trading then you need to determine if you want to go institutional (trading the bank’s and institutions’ money) or retail (which is much easier – liek a Financial Advisor at Morgan Stanley or something). This requires very solid knowledge of economics, advanced math concepts, and a quick thought to produce actions. Also, it requires quadruple bypass surgery by the time you are 30 because your work will be as hectic as running a marathon distance over a series of many many 100 yard dashes…day after day after day. You will no doubt make a lot of money (assuming you don’t lose money for the bank or client that is) but you will sacrifice a good portion of your life. You will also need a high tolerance to alcohol, as clients will take you out 2-3 nights per week. Now you might see the difference.

It sounds like you have a college paper or quiz question by looking for "two" answers; and I’m afraid that my answer might be too practical for that context. However, I hope it helps you a bit in getting some direction.
Cheers,
SJM
References :
MSc International Finance
Management Consultant

Well, I’m 22, majored in communications and have been successfully trading in the stock and options markets for four years.

You can try to work at an investment bank, but I don’t know of one that’s hiring now. Just look at the market, they don’t have any money.

I can’t imagine working for one of those big investment banks. I have enough stress trading my own account, let alone worrying about a boss or getting fired. Geez, forget it.

Learn to trade, trade to learn.
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You’ll have to break into the investment somehow, someway.
Visit with major brokerage firms, try to get into their trading r department or corporate financial area or institutional sales.
Visit with banks’ main offices (not branches) try for their corporate trust, institutional departments, or their brokerage arm.
Visit with Mutual Fund companies and see what openings they may have open.
Be prepared, you have to get licensed (the firm will assist you with this), you must be licensed if you’re going to deal directly with the general public.

A trader actually buys and sells securities, they may use the firm’s money as a backing. There income is usually partially salaried while some on profit (loss) sharing.

An Investment banker will handle institutional or large corporate accounts and guide them with investment strategies.

You state your 20 years old, but you did not mention if you did in fact graduate from college. Although a college degree is not necessary, most firms will require it.
Regardless of what job you go after, the more you put in a resume, the better, so if you can pick up your masters – go for it.

In this industry can do or be whatever you want to be or do.

Go for it, and good luck
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been there, done that