Mike Wilson, Morgan Stanley's chief investment officer, has some advice for anyone looking to advance in their career: Take risks. Be bold. And don't fear being wrong.

"You've got to be willing to take a stand on stuff," Wilson told Business Insider. "Whether it's in a meeting, with people you report to or pointing out things you don't agree with, kind of making a firm stance."

But here's the kicker: Wilson believes real success comes from doing what most people won't – betting against the crowd.

Don't Miss:

• The global games market is projected to generate $272B by the end of the year — for $0.55/share, this VC-backed startup with a 7M+ userbase gives investors easy access to this asset market.
• This 12,000 RPM Spinning Battery With Over $100 Million In LOIs Could Be The Missing Link For Green Energy — Here’s Why Early Investors Are Flocking To Invest Before Funding Closes

Why Contrarian Views Pay Off

Wilson says taking "personal risk" is where you can find real rewards, especially on Wall Street. The real money is made with "contrarian views," he explained. But it's not always easy and involves "accepting the idea that you're going to be wrong along the way," he said. "Ultimately, how you deal with those consequences will determine whether you're successful or not."

In short: Play it safe and you'll miss the big wins.

Betting On Yourself

Wilson isn't just throwing out motivational sound bites. He's talking about taking risks that others shy away from. For him, being wrong occasionally is just part of the process.

See Also: Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Many are rushing to grab 4,000 of its pre-IPO shares for just $0.26/share!

The key is to stick to your convictions, even if it feels uncomfortable. "On Wall Street, personal risk often means taking contrarian views," he added.

That advice doesn't just apply to Wall Street, though. It's a mindset anyone can use to advance their career or investments.

Learn From The Best

Wilson isn't the only one offering top-tier advice. Wall Street heavyweights like David Kostin of Goldman Sachs, BlackRock's Rick Rieder and Bloomberg's Anna Wong have also contributed.

Kostin's advice? Show up. "I can't imagine how a young person is going to actually absorb all the dimensionality of what's happening … and not be in the office," he said.

Rieder, meanwhile, suggests focusing on the future. "The world's changing faster than anybody really recognizes," he explained.

And Wong encourages curiosity: "Constantly being curious, even if there might not be an obvious payoff to it."

Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — you can become an investor for $0.80 per share today.

The Takeaway

Wilson's advice is to Take a chance, go against the grain, be prepared to fail and not let that stop you.

For those willing to embrace risk, the personal and financial rewards could be worth it. As Wilson put it, personal risk often means being a contrarian.

Read Next: