I’ve recently passed level 2 of the CFA exam and plan on taking level 3 even though I haven’t signed up yet. I have an engineering background (bachelors and masters in engineering, no finance classes whatsoever - a decision I regret big time), and have worked at 3 different asset managers since I graduated college and keep getting backed into a corner where I’m seen as the “only person who can work with IT” there fore that’s all my job boils down to - working with IT, being a business analyst, back office type stuff etc. Not very glamorous and I def want to move on. For your reference I’m 33 and have worked in the industry for 8 years now - so I’m not a millennial who thinks I’m entitled to something better haha
So I’m trying to figure out how to get myself out of these IT-related/support roles and I would love to work more with the front office (as in, join the front office now or eventually). At my firm, they’re pretty anal about Associates backgrounds and insist on hiring those who have i-banking experience for 2 years and ask them to leave after 2-3 years and get their MBA (which I don’t plan on doing). So I’m definitely lacking in that aspect, even though I don’t mind starting at the bottom and working hard to learn. I need to be taught but I’m sure I can catch on and do as good a job as anyone else with a credit background. My firm is super selective with Traders as well…they hired 2 traders in like 15 years or something.
I know engineers make the move all the time from engineering to finance, but I’m trying to figure out how to do it myself. I’m trying to network and express my interests to several people at my firm (tricky because I don’t want to be irritating) and in the city that I live in, but if anyone has more concrete advice for me or can share similar stories that would be helpful.
First of all, you technically are a millennial but that’s besides the point :). What part of the country are you located at? Have you tried applying for analyst jobs at manager-of-manager groups? Can you code at all?
You’re 33 and have 8 years of experience. You’re not an “engineer”. You are an IT/BO/Business Analyst.
Anyway, just to be realistic, most people in such a position will never make it to FO. This doesn’t mean you shouldn’t try, of course. The most common route is actually internal transfers, since outside firms have no reason to consider people with no directly relevant experience.
The question you should ask yourself is how you are perceived in the firm, how you can improve this perception (only the top 5% of non-FO have a chance to move over), or whether you should consider moving to a parallel firm that will be more flexible with internal opportunities.
Can you code? Why not move to a more quant-focused firm in a similar capacity and network within the firm after. That’s more feasible than staying somewhere that doesn’t utilize quants in its investment process.
Thanks so much for your responses, guys. This is really helpful info.
I live in Los Angeles and not really flexible to move since i am married, have a house etc. I know there are a decent amount of asset managers out here though not as much as NYC or SF for sure.
An MBA isn’t really what I want to do, given that I already have a master’s degree, am pursuing the CFA program and it will cost a ton of money (since I’m married, have a house, want to start a family somewhat soon, it isn’t just me I have to think of). But yeah, I totally think I would be a good candidate for an MBA and it would be a good catalyst for helping me move.
I can code although it’s been a while. I know SQL, C#, VBA…probably should brush up on my coding abilities. I didn’t think to look at quant-focused firms - thanks for the tip!
I had a good relationship with my PM here who really took an interest in me and convinced me that I was overqualified for these IT/back office type roles and that I could potentially be an analyst. Over the last year, he roped me in to as many things as he could so I def gained a lot of knowledge there. Now he has decided to retire and I feel like I’ve lost the one person here who took an interest in helping me develop my career and help me grow in a different direction. Anyway I gained a good mentor so all good experiences there. He’s openly encouraged me to look outside my firm because there’s zero chance of me moving on to bigger and better things here.
