I’ve been through this forum and google these last couple of weeks trying find some answers to my questionings.
I have found a lot of contradictory information, so I’m asking here.
I am a 29y-o professional working for a IT/technology consultant firm dealing exclusively with investment banks and hedge funds. I started to work for this company 3y ago, and became passionate for investment. I spend a lot of my spare time studying the thing for my own curiosity. I am now thinking about a career change.
I am not a money driven person, I just want to have a job I like… salary is secondary for me.
Ideally I would like to get a position as entry-level in the analysis field in few years. I know it’s a hard market, but I am ready to spend time and effort to enter it.
I can’t afford a top-tier university… So I was thinking going to a more affordable Postgraduate finance on a distance learning base. And then using the contacts I have made through my job to find an entry-level analyst position.
Am I realistic ?
I don’t think at this stage a CFA would bring me a lot, so I give this up for now…
Investments are about making money. That is the entire business…if you are “passionate” about investments…you are money-driven and the “passion” is about making as much money as possible. First step is to accept that fact. Second step, career wise it is better to stay in technology consulting…the finance industry continues to shrink in terms of employess even as capital being raised is increasing and seeing pre-crisis levels. There is more regulation on activity and salaries so less people are hired. Tech on the other hand continues to grow and there will continue to be expansion and opportunity in this field for years to come. However, if you’re dead set on this, you need to decide what kind of “analysis” you’re talking about? What field of finance? What asset class do you desire to work in? CFA is your best option so I don’t know why you’re giving that up right now. The distance learning thing from mediocre universities is not looked on favorably by the people with the money doing the hiring so no that is not realistic. CFA + Top10 MBA + networking with your currents clients. GO!!!
I understand and agree on the fact that the the technology consulting is more promising in term of growth and career opportunities. It’s just that I don’t like it anymore and feel bored of it… So there is just no point for me to follow this path.
I comfirm that I am not money driven. I don’t want to be trader or Portfolio manager. I am interested in research and analysis. I have prior experience in the industrial sector, the best for me would be to work with commodities, but I would be attracted as well by equity research in the industrial/new technology sector.
Apparently you think that CFA would be a good starting point to change career, it’s just that I’ve read that if you are not already working in investment, there is no point to take the CFA. For that I was thinking doing a postgraduate in finance instead. Top10 MBA would not be possible for me, I am working full time + fees are totally unreasonnable for my budget.
So if I understood the message, for my case CFA would be more relevant than a distance learning Msc… That’s actually more interesting for me… Can’t be bother with useless dissertation…
If you just want to have a job you like, but like investing, maybe stay in technology and invest for yourself. Most people in finance work long hours and under enormous stress of what will happen if they make a bad call with other people’s money, or giddy that their stock is up 10%, only to realize the rest of the market is up 15% instead, etc… It looks more glamorous than it really is, and a lot of people hate their jobs and are just in it for the money (not all, there are exceptions, but you’d have to ask them if they’d be willing to do the same thing for the 1.5x the median compensation of the country they live in, and I suspect the answer is no)
CFA is not the end all be all to break into the industry, i.e. you can’t just take CFA and have nothing else to offer if you’re not in the industry. Given you’ve provided tech to hedge funds and investment banking, you may have an angle…a tech guru with investment knowledge is desirable in this world that continues to increase its reliance on technology. Also, +1 to what BChad said…you could use your current career to fund your investing activities and research.
I think it is a good idea to research and invest for yourself full time, absolutly agree on that point.
But first I don’t have the fund, and second I think I need years of experience before lauching myself in such activities.
Yep, Im perfectly aware that it’s going to be tough.
The fact that I will have to sacrify all my evenings and weekends studying for the next 3 or 4 years for the CFA does not bother me at all. In fact Im already doing it during my spare time for my own pleasure.
Again, I don’t care about the money… I do that because I like it a lot… Which is much stronger motivation than working for a salary…
My main concern is more regarding my age… I will be 33/34 by the time I finish. Im seriously wondering if it’s the right age to apply for an entry-level job…
I should probably play on the fact of having an IT and industrial engineering background to differentiate myself…
Why does everyone say this? It’s just not true and actually hurts your case if you send that kind of line to an employer. They will just laugh because if you like investing…you care about money, the whole point is to make money…whether its research or managing a portfolio…the research is to identify a good investment (i.e. something you can sell for higher than you bought it). Also, you call it sacrifice and then say it is for your own pleasure…if it is for pleasure, is it a sacrifice? In reality, it would bother anyone to have to study for something for 3-4 years and not do more enjoyable activities. There are literally a million and one undergrads sending that exact line to employers and getting laughed at…kids who say “I will work for nothing as long as I can learn from you”…this kid is probably worth nothing if he will work for nothing and employers have their pick of the top minds in the world…and the top minds are not offering their time for free. You are not a kid…so first enough with the “I dont care about the money…I’ll do whatever it takes”…Good that your motivated, but saying it like this hurts you in the end so dont send that in a cover letter…second, yes use your quantitative background to your advantage. Take CFA, it can’t hurt you…only help you and the downside is you will lose social time.
No, I said “if you just want a job you like,” responding to the fact that the poster said he wasn’t in it for the money. My point is that you have to love the money to put up with a lot of the crap they throw at you. If you just want a job you like, then climbing the ladder as an investor in a shop is probably a bad idea unless 1) you’re brilliant at it from day 1 (very unlikely), or 2) you can’t imagine yourself being happy doing any other job in the world.
If you’re not in finance for the money, then you’re not going to do well at all in finance. You’re a big shot or you rot on crap assignments or get the boot. In a declining industry there isn’t really room for mediocre. Some guy insnanely money driven will kick you ass for every scrap of work.
Ok guys, I recognize I don’t come from the financial world,… so I don’t judge what people are driven by in this industry.
From what I know in the engineering sector, it’s not because you pay someone higher that he is going to be a better engineer… It’s just that people get their satisfaction from other things than their payslip…
Different mindset, but anyway,… everybody is different and the most important is to be satisfied with yourself.
Okay this is going to come harsh but I think you need a bit of roleplaying to shake up your thought process.
You know you are older so there is a huge gap between you and your goal.
you refuse to bridge the gap by use of a career accelerant
-> no desire to do a worthwhile MBA
->no desire to start CFA
you have no direct experience in the roles you want
You can’t invest because you don’t have the funds
You don’t love money this is just a passion for you, well an employer’s going to think, what if your passions change and you don’t care anymore, our investment in this guy is completely wasted? Why would i trust this guy’s research if he doesn’t care about the outcome of the decision? Are we supposed to just believe he wants to be the best and it’s some sort of a game? How can we trust him with any of our money?
Why would I hire a guy with no CFA, no MBA, no inkling of desire or hunger, isn’t even motivated by money, no direct experience over a young, hungry, motivated and determined recent grad?
You say you are wililng to work for it but your post shows no conviction at all. Answer these questions for yourself, not us. We dont’ care if you make it or not, but you should.
Apparently you have not read the thread from the beginning…
Anyway…
To sum up my own experience…
I am everyday in contact with Investment bank and Hedge fund…
So many kids coming from the same top-10 MBA, knowing the same thing, being the same model,
Of course for them the competition is so hard … because they are all the same model…
I’ve seen so many successful fund manager coming from Physics, Philosophy, History, Music, Literature, Biology, …
Of course for those “financial models” kids coming from the same top-MBA in finance, the competition is hard, because they have nothing to differentiate themselves…
You need to be someone special…
Having different experience…
Anyway… keep like you are… If you are satisfy with youself,… that’s fine,
I don’t think you are reading my post in the correct tone. Are you familiar with the tone ‘devil’s advocate’?
So you are in contact with investment banks and hedge funds daily, you stated you are on the tech/IT consultancy side. How does this translate to experience? You’re saying this is your advantage because you have a different experience?
Be defensive all you want, but I’d rather face these hard questions on an internet forum than get ripped to shreds in a board room fighting for my dream job. At least here you get some prep before you answer.