Too late to switch into finance

[bachan]

Hello guys,

I'm new to this forum. I currently have an bachelor's degree in Electrical Engineering and completed my MBA back in 2008. I have been working in the engineering industry for the past eight years and have been looking to switch into finance for the past two years to no avail. Is it too late to for me to even think about getting into finance. I haven't touched programming since I graduated from back in '02 so I did not apply to quantitative analyst type of job.

I'm open to any suggestions as to what I should be doing going forward.

Thanks--Barry.

 

[Connor]

It's never too late to try!

What kind of job do you want in finance? Quantitative? Non-quantitative?

Is your MBA in finance?

You will probably need to show an interest and basic knowledge of finance to employers; you can do this through self-study and/or taking the CFA.

 

[physEcon]

I don't know what your financial and family situation is but have you considered doing a one-year finance masters (if youre not necessarily looking for a quant position) as a way to kick start your switch?

 

[bachan]

It's never too late to try!

What kind of job do you want in finance? Quantitative? Non-quantitative?

Is your MBA in finance?

You will probably need to show an interest and basic knowledge of finance to employers; you can do this through self-study and/or taking the CFA.

Hi,

After graduating in 2008, I started out applying for quantitative analyst position but after a few calls with the employers, they mentioned they would like to have seen me in a programming role at my current position so that didn't work out too well. Afterwards, I focused my attention into applying for positions like research analyst where I can make use of my technical background. I have yet to get a single call/interview since I shifted my attention to this.

My MBA is in finance. I considered taking the CFA but wasn't sure if it going to help me at all. I'm afraid I will be in the same situation as I am in right now.

But I'll put some thoughts into taking the CFA again. Thanks.

 

[bachan]

I don't know what your financial and family situation is but have you considered doing a one-year finance masters (if youre not necessarily looking for a quant position) as a way to kick start your switch?

I could try to go back to school again for a financial engineering degree but I am not quite sure if I want to be programming on the job everyday. I took a few programming course back in college but software never interests me.

 

[MSFHQ]

If your MBA is outside of the T20-30 schools and you do not have relevant finance experience in your past I think you will have a hard, if not impossible time breaking in. My best advice would be to network hard and look at boutique or regional shops.

 

[physEcon]

If your MBA is outside of the T20-30 schools and you do not have relevant finance experience in your past I think you will have a hard, if not impossible time breaking in. My best advice would be to network hard and look at boutique or regional shops.

Pretty good advice I'd say. What city are are you in bachan? THe region can determine a lot about what type of finance firms are accessible.

 

[mbagradperson]

I am in a similar situation. Graduated with MBA in finance from McGill in 2007 gpa 3.65, went back to engineering because my fiance was accepted to a masters in anesthesia program in Cleveland. So it was engineering for 3 years, MBA finance, then another 3 years in engineering. I passed CFA level 1 two years ago and applied for finance jobs like crazy but got very little interest.
I applied for many jobs in various metro areas outside of Cleveland, so I believe distance is one factor. Cleveland has a few finance related jobs with key bank, victory capital management, and formerly Nat City but those are far and few between.
I failed level 2 a year ago band nine and considered retaking this summer.
After reading numerous threads regarding this subject and reading questions from numerous people that are looking for a career change into finance with little experience and no contacts, I concluded that the field is just way to saturated. You need to have really good networking skills or get into a good MFE school and then use their career center. McGill was only good for getting finance jobs in Toronto.

 

[TraderJoe]

Lot of jobs in IT and Risk. Also in Fixed Income. But you will not be able to move to FO later on.

 

[bachan]

Anthony -- Thanks for the advice.

PhysEcon: I graduated from St. John's University in NYC. I work in Long Island, NY for an engineering firm.

mbagradperson- Sorry to hear we are both in the same situation. Hope you pass the CFA, level 2 exam. I really regret that I got into engineering when I got out of college. I had more chances of getting into finance when I got out of college in 2003. O wellz, I waited too long and chose the wrong path at the beginning.

TraderJoe -- I've applied to those as well but it went no where.

 

[kso]

Hi All...

I am new to this forum... AND I am on the same boat...

I am a Engineer but working only as a Technologist for a local municipal government.
I am Chinese Canadian in the Toronto Area by the way,...
I am 30, and I am so desperate to switch to finance as I have developed this strong interest a couple of years after I started as an Engineer...this 'flame' or what triggers me is my work environment, everything has to do with business/finance and most importantly, this is where the money is, and I like paying close attention to IPO Issuance, M&A news, stocks, investing and etc..

The thing is, I only have experience in Maintenance Engineering, and my first degree GPA is low, it's like a C+ average. I have asked so many people but none of them or there are just no guarantees that I can successfully make the switch as long as I work hard.

Should I start with tempting the CFA I, then figure out whether I should get an MBA?
OR should I start with the MBA?
Since my First degree GPA is not so good, perhaps I should try passing CFA I cuz Top Tier MBA school won't accept me even I smoke the GMAT (I need some help on the GMAT too) then presumably I pass CFA I, then I am thinking of an MBA from a so-so school, then complete the CFA II/III along the way, then pursue a MFE or Master in Finance from a Top Tier School.

In the meantime, try my very, very best to get my foot in the door......
Hopefully this so-so MBA with CFA will get me somewhere... I just think that this is a workable plan and I can adjust as I go along.....

Comments? Advice?
Anything would help......

I personally think, especially in Canada, Employers are very conservative, so without the academic background or work experience, one can forget about getting into a field...
I was thinking of the US or Asia,,,,but I grew up in Toronto, and as we know the U.S Econ is still in bad shape right now (hopefully it will come back in a few years) and it's impossible to get a job there....

Anyway, thanks for all your help and I am one of ya...


Cheers,


KS

 

[Connor]

Whether to go MBA or MFE depends on your career goals and interests. If you want both then I think you are better off doing them at the same time in a dual MBA/MFE program.

You're low GPA will matter less since you have a decent number of years experience, and you can offset it somewhat with a great GMAT/GRE score.

Having passed CFA I probably won't help you that much in admissions but it could be useful when applying for internships/jobs.

Top tier MBA programs do accept people with below averages academics because those people can offer something else to the program, such as a unique background/perceptive/experience.

Check out this site for some interesting insights into MBA admissions: PoetsandQuants.com

 

[clinicw]

I think my situation is even more complexed than you ....I got MD, BA of finance, being a Ph.D student now majoring in Biochemistry, yet is applying for Col U' MSFE this fall...

Believe in you to follow your heart! Never say too late!!