How to Break into Finance for a Mechanical Engineer?
I'm a mechanical engineer and I've been out of school for about four years now. I'm looking to break into finance but I can't even apply to entry-level positions at the major banks. I graduated from an Ivy League university with a 3.4 GPA but my alma mater won't allow me to join the recruiting process since the current seniors are also looking for jobs.
Sending my resume through the banking websites seems to be a black hole. Can anybody offer any advice? Particularly engineers who were in a similar situation?
from engineering to wall street full time
For an experienced engineer looking to break into Wall Street, there are a few avenues that our users recommended.
The first option would be to go and get an MBA at a top school. Going back to school will allow you to pivot into the financial services industry as all the top banks recruit associates out of MBA programs.
Alternatively, our users shared that the OP could pursue project management and engineering focused job paths such as risk management, financial technology, and trading platforms at major firms. However, other users noted that this could result in you becoming pigeonholed into those career tracks if you want to find yourself in a more traditional front office career track.
Check out a video below about moving from engineering to finance.
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Hey,
I'm a fellow engineer. I'd recommend looking for position that tends to be more project management and engineering focused: risk management, financial technology, and trading platforms.
These may be a good "in" for you and leverage your skill set. Have you considered CFA/CAIA/FRM?
Happy to help brainstorm. Shoot me a msg.
-K
You will most likely get pigeonholed if you break into the roles listed above. It all depends on what you did for the past four years. If there is some relevant work that you can use to get into a front office role, then there's going to be a shot for you. If not, then I would say you should get an MBA then break in. Getting an MBA will give you time to network as well as show your interest in the field. A top 10 MBA will give you an excellent shot at a role in front office.
Again, depends on what your work experience is like.
My work experience has zero relation to finance.
I actually applied for my MBA two years ago but was rejected. I'm currently applying to a Masters in Finance program at some of the top schools. If i get rejected from there as well, its back to applying for my MBA.
Hardest part about MBA is getting extra curriculars and writing the essays (although I think I'm going to hire a consulting agency for that if it comes down to it).
dude stick with engineering ....finance isn't all that what its cracked up to be =/
What type of company/companies did you work for? What was your GMAT? If, for example, you did mech engineering at Raytheon for four years, then it might be your GMAT that's holding you down. You've got a decent undergrad background, so I think the majority of this board would agree with me that you would need a GMAT of at least 700. Parlay your experiences into why finance/MBA, then you should have a solid application going into the process. Problem is, I'm almost positive MBA applications are close to being over, so mull over some other options while you're waiting and position yourself as best as possible for next year's applications.
MBA for sure.
Hey guys!
I am in Big 4 consulting but in a similar situation looking to get more into the M&A side of things or at least industries that are more capital market intensive. I was wondering what you managed to find out, and if you made a move or if you are interested in start up as those are also considerations I am making with a similar background in engineering, public sector and M&A experiences for high tech, aerospace and defense.
Crane, Kevinnyc, donkey business, Harvard or bust would appreciate any insights you might have.
I think you were probably rejected from MBA programs due to having too little work experience 2 years ago. Try again this year with 4-5 years and you'll probably get in, unless your essays/recs/gmat scores are really bad.
as an Ivy League engineer, that kind of GPA indicates to me:
but if you absolutely MUST work in finance NOW, TODAY (or whatever today is when you graduate), go into something quant. A lotta places actively seek hard science and engineering majors rather than finance majors. Think quant prop firms and hedge funds (like Renaissance Capital, etc.). You could also look at Financial Engineering programs as well. They're dying for domestic (no need for a work Visa and thus help their placement states) engineer with the math chops.
Career switching from Engineering to Finance (Originally Posted: 10/05/2011)
I am an engineer working for a municipal government in Toronto, Canada. I really wish to switch careers from engineering to finance, especially investment banking, M&A, IPOs, capital markets, equity research and etc.
I was told that if I pass CFA I, I can start looking for jobs but without a solid finance background, it's really hard to get an interview. Will an MBA be useful? Mind you that I am already 31 so I am afraid that I am too old but I still have the drive and motivation to make changes in my life.
I am really dissatified with my career right now. It's deadend and there aren't many good jobs out there, either they require relocation and the future is just not there.
I need some advice here to figure out a way and have a solid game plan to make this switch a success.
Best regards,
Calgary is your answer for Job Opportunity..And, I realised this is very old thread
Move from Engineering to Finance (Resources related) (Originally Posted: 01/01/2012)
Hi All,
I'm doing research for a potential career change in the long term (say 5+ years). I am a Mechanical Engineer with post graduate qualifications in extractive metalurgy and I have been working as a project manager for capital mining projects in Latin America for the last two years, almost entirely gold and silver related. I have developed and managed projects in more than 10 countries. I have an intimate knowledge of the cultures and mining related laws and regulations of many Latin American countries. I really enjoy my job, but I work away from home in harsh conditions for the majority of the year (>80%) and I can't see myself doing this indefinitely.
The reason I am writing is that the field of finance interests me and I would like to find out more about the career options I might potentially have in this industry. I am hoping to use my experience working in capital mining projects in Latin America and technology development in a finance related role.
At the moment I'm not really sure what sort of jobs my skill set would be suited to... I have the knowledge to evaluate junior mining companies and the projects they have. I have always been involved in the start up phase of projects, and I have a good handle on evaluating the probability of a sucess for a mining project. I have a network of contacts throughout the mining world, but densly concentrated in LATAM. I have also worked in a technology development/ comercialisation role and have a very strong technical skill set for evaluation of new technologies.
At the moment, it's just an idea to move into finance. I want to find out what sort of roles I could potentially move into and to find out what I'd actually be doing in those roles. When I get some idea of the types of roles I could get into and what's involved, I'll start to look into the transition process in more depth.
So... what sort of roles could I potentially move into?
Any help and comments much appreciated!
.
Any ideas?
Go for Project Finance groups, they look for people with engineering degree and experience (mining/coal etc.). I work for a PE/Project Finance house, if you have any questions PM me. PF teams can always leverage somebody with technical understanding and experience as it might get fairly complex on a technical side of it.
Engineering to Finance - Phd in Engineering (Originally Posted: 01/31/2012)
Hi, I have a Phd in Engineering and currently make about 100k. I see that the salary growth prospects are quite limited being in engineering field. I plan to change my field from engineering to finance by clearing the CFA examinations and using that to obtain good placement in reputed Wall street companies. Is this a good decision to make considering the current situation of financial companies? What will be the salary boost I can expect to get with my qualification?
Thank you for the help!
What engineering field? Are you in academia or a research roll?
In a Mech Engg R&D position in industry.
The easiest way to transtition would probably be within to cover your sector in equity research or even move to Financial Planning & Analysis role within a growing company that is doing a ton of M&A. I'd find another Phd just like you and transitioned and get some career advice from them.
I know several guys that after a couple of years working in engineering switched careers, got there mba or law degree and have done well.
Thanks for the advice.
Making the Switch From Engineering to Finance (Originally Posted: 02/26/2012)
Currently I work as a Civil Engineering Consultant and would like to make the switch to I-banking. I have an engineering degree and past internships in sales, marketing, and wealth management. After networking, I have a phone interview for this upcoming Friday. I do not know that much about finance but I am looking for a front office job on the sell side. Can anyone help me out and give me some advice on how to prepare in one week and what I should expect?
All advice is welcomed. Thanks.
Buy some guides for the technical questions and behavioral ones, too. Also, read the WSJ. They may test your interest by asking you, "What is happening in the markets right now?"
Good luck.
Hi Tdetore, I know this post is already one year old, but I am very interested in your case. Did you finally make it?
Engineer switching to finance (Originally Posted: 06/07/2012)
Hi Everyone,
I am an engineer, about 2 years out of the university. Currently I working at a big bank but not on financial side. I want to make a switch over. I was thinking ER or something along those lines.
I was considering getting a CFA level 1 and then start applying to jobs. Has anybody made a similar switch from engineering to finance? Can you share your experience? Was CFA useful or MBA is preferred?
Any advice would be much appreciated.
CFA is preferred, I know a guy from my school who was IT before getting a CFA and is now a portfolio manager
Again these one of those a-guy-I-know stories. Has anybody gone through this personally?
Did this personally, albeit it was back in 2006 when the industry needed people. Did it via CFA program. Passed level 2 to secure interviews. Not sure if my experience applies anymore.
I am sure it still applies. Were you able to get any interviews with level 1 CFA? And how do people in the financial industry look at engineers working in the field? Are they sought after?
Also, any advice on switching fields will be greatly appreciated
How to shift from Engineering to finance ?? (Originally Posted: 09/06/2013)
Hi all, I am a fresh college graduate working for SMC, as a service engineer. Although I have done my Bachelors in Mechanical Engineering but I am a lot interested in switching over to the field of financial research.
I am a bit confused as per what I should do. Should I prepare for GRE and join a Masters course in economics, or should I join a banking firm and gain exposure in the field of finance and then go for masters. Please suggest.
you might try to gain some leadership experience and apply for an MBA with good gmat score. Or you could look at a Masters in Finance program in London, not all of them require prior finance background.
Why are you attempting to make the transfer to finance? Are you doing so to try and make a lot of $$$, or do you have a genuine interest? I have engineering friends who absolutely love their jobs - good pay, they actually enjoy their work - and finance friends who like their job strictly for the paycheck. I would recommend joining a banking firm so you can get a taste for the work. If you actually enjoy it, then GMAT --> msf or mba.
Deferring any analysis of “why” you’re making this move, the best bet for an engineer at a no-name company is to study the fuck out of every GMAT book in existence and gear up for an MBA recruiting cycle in a few years. Finance, unfortunately, relies on a lot of proxies for quality steeped in hysteresis. Specifically, your pedigree is going to be a major impediment (assuming you weren’t a 5.0 Course 2 at MIT) to your foray into ER at a bulge-bracket firm (which, I’m assuming) is your endgame.
IMHO, it is a LOT easier to craft a compelling B-School application, because unlike the Analysts screening your resume and ignoring your CL, AdComs invest the time to reading any prose you create. Writing an essay from the heart that chronicles your Midwestern tribulations with gut-wrenching pity and earns a spot in the AdComs’ hearts is a lot easier to execute at nights after your day job than it is to network your ass off with big-city ER analysts who may do more harm than good to your particular case. Good luck, and let us know how it turns out!
@GOLDMAN BANKSTER : well i dont want to end like an investment banker, just making loads of money . I want to pursue a research oriented career, maybe joining a University as faculty and leading innovations.
anyways thank u for your advice. My current job frustrates me so much that I may sound a bit desperate to switch and join something I am much interested. Do you think any part time course in finance will help in b-school application ??
Another Switch to Finance (from Engineering) (Originally Posted: 01/29/2014)
I've been helplessly wandering around this site trying to gather as much info as possible over the last few months and now I think I'm ready to jump in the fire...
I'm one of those typical engineers (~5 yrs.) that is tired of engineering and is now switching to Finance. I'm getting my MBA from a semi-target school in NYC (which probably means non-target everywhere else) and I currently have a 3.92 GPA in Finance. I work for an F500 company as a "project engineer" which means that I'm a project manager and technical lead overseeing my own projects.
Although at this point I'm trying to break in any which way I can within the next few months, I'm interested in PE, PWM, management consulting, or corp. dev. I've come to this conclusion based on a combination of [probability of hire / salary / work-life bal / career opps] info I gathered while on this site. I may be completely wrong in my choices but like I said, I'm just trying to break in for now.
Anyway, please take a moment and let me know why or why I won't be ripping my hair apart trying to make the switch...
Another person looking to lateral into finance! I've literally just replied to someone who was looking to get in at the age of 35. Atypical parcours, but doable none the less. Again you are way too generic. The other guy was looking at HF, PE, VC. You are looking at even wider a bracket. Seems that you just grab whatever jobs in finance give you money and put them on the list. Do some initial work to decide what you really want to do in Finance. PWM and Management consulting are like apples and oranges. Once you have a clear idea of what you want then start asking questions about it.
No one cares about GPAs anymore, you've got plenty of work experience that's enough. PE and Management consulting can have shi.t work life balance, are you sure you did your homework?
Not trying to be a dick, but if you are not more specific can't help you.
Disjoint is always on the money.
Not being a dick at all, those are all very valid points:
To clarify, I am looking at PE and Management consulting because I am genuinely interested in the line of work. Of course the salaries have a big impact on my decision and I don't mind traveling or working 12 hour days, just not every day. These two areas seem like the hardest to get into and the most challenging day-to-day. I like challenges.
I am interested in PWM because of the level of ease it would take to break in, compared to the rest. I love dealing with clients and maintaining a client relationship. From what I can gather, the work-life balance is better than average.
Lastly, I'm interested in Corp. Dev. just because I like to have an impact at a higher-level. Of course I am assuming that this line of work would lead me into senior management a lot faster and give me more exposure.
I've read my share of threads and articles to know that I'll have a sufficiently hard time breaking into Finance coming from a non-finance background and a non-target b-school. But right now I'm focused on getting my foot in the door...
Anyone else have any input?
//www.wallstreetoasis.com/forums/wso-investment-banking-resume-template-for-college-students-released-to-the-public
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