Considering Career Change - Young

Water Cooler Careers
#1

I’m 23-years-old with an undergraduate degree in economics. I currently work for the Department of Defense as a cost analyst in the field of contracting. I’m getting to the point where I’m beginning to get bored of my job and think I need to do somethign else. After spending some time researching different career paths, I really think I would enjoy the field of finance.

Working as a Portfolio Manager or even a Wealth Manager sound like a fulfulling and challenging career. I think I would even enjoy being a Research Analyst; basically a job where I can perform my own research, do my own analysis, and present my conclusions.

I’ve been looking into getting a dual degree in MBA/MSF. MBA with a specialization in Accounting and MSF with a focus in Financial Analysis and Management. After I graduate (or before), I was hoping to get into the field and take the CFA exams while working in the field. Essentially, getting the required experience for the charter while studying/taking the exams.

However, given the above, I’m getting somewhat concerned that this path may not be well-advised. The master’s dual degree program will take 4.5 years at minimum and the CFA will take an additional 4 years as well. That would at a bare minimum put me at 31-years-old.

1.) Given the above, is this dual degree program too long and unnecessary? I’ve read that a lot of MSF programs overlap with CFA material; especially those with the “accredidation” from the CFAI. Should I consider taking the CFA before grad school re-order any of the above?

2.) Would it be wise to wait to do my MBA later in my career?

3.) Should I do the MBA program, drop the MSF, and take the CFA after I finish the MBA?

I’m just looking for some general advice and experience from those who have already done these things. I’m planning on paying for school out-of-pocket, so money is not an issue. It’s just basically an issue of whether or not I’m making the right decision here.

Note: I currently live in Denver, CO. I’m from the LA area and moved to Colorado about a year ago. I have no interest in moving back to LA or any major financial center for that matter. I don’t know if that makes a difference at all, but I just figured I would put it out there.

#2

I would skip the CFA, BUT your last paragraph mentions you don’t want to be near a major financial center - you may want to reconsider this.

I’d also recommend going to some conferences and listening to finance speakers to get a better idea of what day to day would be like and if you really want to make the switch. I have no idea if there are financial conferences in Denver often.

Accounting might be a good fit, but for CPA you need 5 yrs 150 hours I think (masters program you mention may work nicely). Definitely an easier move to accounting, still good pay too.

#3

As far as living near a major financial center, it’s mostly an economic and personal financial decision. Most financial centers in the US (New York City, Chicago, San Francisco, Los Angeles, and etc) are extremely expensive to live in and several impact your quality of life. Being a millenial, these are important considerations for me. However, there are places like Dallas and Atlanta, which are much more forgiving. I’ll keep that in mind and consider my options, but in the near term Denver is probably going to continue to be my home.

Any types of organizations I should look out for when it comes to conferences? How would I go about looking into these conferences and finding which ones I should be attending?

I don’t think I’ll be able to get my CPA. I won’t have the required units to be eligible for the CPA. Unless there’s some exception I don’t know about, I’ll be like 4-5 classes short of being eligible. Any additional thoughts there?

Thanks for your advice, please keep it coming.

#4

Forever young

#5

You are pretty young, I’d study for the GMAT and get into a decent one-year MSF program and look for a career switch after. You can also study for the CFA at the same time while studying.

#6

Go work for a defense firm and build up your niche and personal brand.

#7

Just do a high-reputation MBA with a concentration in finance and the CFA. Your analysis that “you will be 31” neglects the fact that you will be working parallel with a lot of these activities. As for accounting, I honestly don’t see the appeal of wasting time there. CFA level 2 will expose you to all the accounting you’ll need.

#8

work your way up the DOD and move to a big defense firm = $$$$

work your way up the DOD while doing CFA, go to a defense firm, then move into ER = $$$

work your way up the DOD, move to a big defense firm, then back to DOD, then back to a defense firm = $$$$$$$