Can I escape this back office trap?
Little background on myself. Mid 20s and got a degree in finance, MBA, and MS in Finance in 6 years consecutive from a generic public business school. Weak GPA of 3.12. As part of MS in Finance, I finished with a 4 month internship in regional wealth management capacity, which I loved and was asked to enlist in a lowly entry level position at the bank at the end of the internship. I made one of the worst decisions I've ever made by turning this down because of the small town location and figuring that I could find a better job.
Fast forward 3 years and I have a short term consulting position and almost 2 years of experience in my current position, fund accounting. I was promoted quickly and have predictably excelled at my job. I've managed to clear through CFA Level II Exam and am taking Level III in June. Knowing nothing about careers in finance at the time of graduation, I have lurked for the last year on forums like these endlessly, started networking, created a competitive resume, and applied for every entry level position that would give me experience needed for the CFA charter. In many ways, I've become stuck in a massive black hole since the day I declined an offer and walked out of that internship.
Does anyone have advice or able to share similiar experiences?
Stop taking the CFA. Seriously.
Here's the deal, if you finish the CFA you'll now be labeled as an expensive hire with zero experience in finance that is not going to fare well when you try to break in. Why? The CFA is not going to help you get up and running, plane and simple, level 1 alone should be good so stop and get to NETWORKING. Network hard.
Next topic... Did you contact the employer that offered you a job? No? Go contact them.
Next topic... yes you can break in still but you're going to need to stop everything and work the streets like a $10 prostitute in a Tijuana. In a more serious tone, you must find a sellable skill.
What overlap does you current position have with finance? 1. Sales skills? (Sales and trading may be better, pushing volume) 2. Numerical skills? (Double jump to financial consulting then to a low end finance job) 3. Sector specific (Hit equity research with specific valuable info on how to analyze the space)
So if you want to break in immediately get on linked in, try to link up with as many people as possible, start slipping into job fairs at your old university, do you know anyone on the street at all? Call them.
While you're doing this find a way to transfer your job closer to your end role... We will put up a long description of the best way to jump around but basically here are the buckets
This is not perfect (top guys in any of these spaces make good coin) but look at that numerical layout, ask yourself "which spot can i move my skills in and hit the hardest". Maybe its Wealth management, maybe not. Don't have your resume so do not know. At that point start working to your goal.
Good luck and yes, there are people who have broken in with your experience.
Summed it up quite well.
I managed to make this transition last year at 32. Was in the back office of a business unrelated to markets but still within a BB and made a decision back in 2009 to switch to Research either in a BB or an asset mgmt firm. Worst time to start looking for a career change with no relevant experience or qualifications and i wasnt young either. So chalked out a plan to network like crazy both within the bank and outside, get my MBA and CFA at the same time and apply to as many jobs as i could all while working full time in my Ops job. Was a painful 2 years (no life outside work as i was either studying or at events networking or apply to jobs) and all i heard was rejections ... you are too old to make the change, we need experienced folks etc etc. 2011 turned out to be different ... got my MBA (Booth), wrapped up level III and convinced Research folks in the bank to give me a 2 work experience. 3 months later i got a call asking if i would be interested in a full time role. 6 months into the job now, i am happier and enjoying my work .... but it was a difficult transition to say the least.
What strategies did you find particularly helpful for this? Did you get the majority of your hits from networking or point and click internet applications?
When asked of the challenges of switching from back office to front office in an interview, how did you respond? Did interviewers seem more receptive to you speaking of the struggle to transition or did you play it down and simply say it had been a goal of yours? I feel that there is a buyer beware attitude from the employer if you tell them you've been trying to make this switch for quite some time while in reality the market is just dryy and not responding much to hits.
Appreciate any insight. Thanks...
ms, mba and cfa were all waste of time in your case, rly? u should be late 20's
I would disagree with stopping your CFA. I recommend completing the CFA, but still networking hard while you are in the process of completing your CFA. If you manage to land something during this time, great. If not, then you can network harder by utilizing your new CFA designation after you've finished your CFA.
The key to all of this is networking very hard.
Occaecati dicta doloribus ut. Ab reiciendis qui tempora quia doloremque in dolorum. Beatae enim dignissimos necessitatibus impedit esse numquam debitis. Dignissimos est reprehenderit aspernatur culpa quam reprehenderit ut voluptas.
Accusamus ad ab porro sed sed. Qui qui sed doloribus. Voluptatum ipsum dicta qui nihil hic eaque. Laudantium ipsa nemo officia laborum sit numquam fuga.
Quia repellendus vel voluptas quos odit incidunt ab. Placeat quia dolorem nostrum dolorem possimus velit. Praesentium non distinctio rerum.
Tempore incidunt voluptatibus ex rerum. Vitae quibusdam placeat aliquam ex nihil sit. Enim eos culpa repudiandae veritatis. Porro eveniet sed at nostrum aut quia iure.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...