Onwards and Upwards

For Armin Heuberger, success in investment banking has always been about forging your own path. As the former Managing Director and Head of ECM at UBS Germany and Austria, he built a career on versatility, judgment, and a relentless focus on understanding clients. Armin is now the Co-Founder of SuperAnalyst. In this interview, Armin reflects on his journey, shares practical advice for aspiring leaders, and highlights the importance of authenticity in leadership.

A Career Built on Versatility

Armin didn’t follow a conventional path in investment banking. Instead, he focused on creating opportunities to learn and grow. Early in his career, he sought out experiences across departments, working alongside counterparts in different teams and participating in rotation programs.

“Exposure to different facets of the business isn’t just good for your career—it sharpens your judgment and gives you a broader perspective,” he explains. This focus on versatility set the foundation for his success and gave him the tools to navigate complex deals.

Armin’s advice to young professionals is simple: “Take the time to explore different areas of banking. You’ll not only develop a wider skillset but also gain the ability to see how everything connects.”

Clients, Experience, and Judgement: The Pillars of Success

For Armin, there are three core ingredients to success in investment banking: clients, experience, and judgment. He emphasizes the importance of truly understanding client needs, as every transaction is unique.

“Every deal has nuances—small but critical decision points that require judgment,” he says. Armin believes that by focusing on the client’s objectives and mastering the details of execution, bankers can build long-term, trust-based relationships that open doors to future opportunities.

Finding Your Flow: Origination vs. Execution

Not everyone is suited to every role in investment banking, and Armin is quick to point out the differences between origination and execution.

“Origination is for those who thrive on creativity and uncertainty, while execution is better suited for individuals who prefer structure and certainty,” he explains. The key to excelling, he believes, is to play to your strengths rather than fixating on areas where you feel less confident.

“People get into a flow state when they focus on their strengths—it’s what drives performance and job satisfaction.”

Leadership with Authenticity

As Armin transitioned into leadership roles, he realized the importance of defining a personal leadership style. For him, leadership is about balancing mentorship with accountability and being true to yourself.

“Authenticity is key,” he says. “Whether you’re more of a mentor or a micromanager, find the style that works for you. The answer is usually somewhere in the middle.”

Building a great team, Armin believes, starts with chemistry and diversity. When people enjoy what they do and feel a sense of camaraderie, the results follow. “Skills are important, but enthusiasm and teamwork are what drive exceptional outcomes,” he adds.

Advice for VPs: Relationships and Focus

For Vice Presidents aiming to progress to ED or MD roles, Armin’s advice is to understand what you enjoy most about transactions and focus on those areas. “By this stage, you should have clarity on what excites you and where you want to make your mark,” he says.

He also emphasizes the importance of building relationships, particularly on the corporate side, and honing leadership skills to prepare for more senior responsibilities.

Managing Demands Without Burning Out

In a demanding industry like investment banking, balancing client expectations with team well-being is a constant challenge. Armin recommends setting clear expectations with clients about timelines.

“It’s about asking clients what they need and when, rather than assuming everything requires an immediate turnaround,” he explains. This approach not only improves client satisfaction but also ensures teams can perform at their best without burning out.

Lessons from the European Market

Reflecting on the European investment banking landscape, Armin notes that Brexit’s impact was minor compared to the changes brought by COVID-19. “The pandemic fundamentally altered how we work and interact, creating challenges but also opportunities for innovation and collaboration,” he observes.

Onwards and Upwards

If Armin could offer advice to his younger self, it would be to explore opportunities outside of investment banking, like private equity, to gain a broader perspective. “I wish I’d taken the time to see what was on the horizon,” he reflects.

Today, Armin lives by two personal mantras: “The answer is always convertible, so what’s the question?” and “Onwards and upwards.” These phrases encapsulate his approach to life and career—a mindset focused on adaptability, optimism, and continuous growth.

Armin’s insights remind us that success in investment banking isn’t just about deals—it’s about understanding clients, embracing versatility, and leading with authenticity. For those willing to take chances and play to their strengths, the opportunities are limitless.