How to choose
OK, I'm aware that this is a fairly vague question and thus a questionable premise for a post, but here it is:
How did you choose which path to pursue in finance? How did you pick finance out of all the other options you had?
I ask primarily based on two main reasons:
1) I'm finding that my military background is a handicap when it comes to knowledge of various career options in finance and beyond. I can do a deep dive and read up on IB, for instance, but I don't know how IB compares to every other great career in business. I suppose that I could obsessively research every possible career, but that seems like a "boil the ocean" approach. What's my 20% solution that will tell me 80% of what I need to know about career choice in finance specifically and business generally?
2) The Curse of the Competent. This works as follows:
You: "I'm not sure I want to do Career X for the rest of my life."
Coworker: [incredulous] "But why not? You're so good at Career X!"
The reality is that you could be excellent at any number of things, so why did you choose the career you're in, and how do you know it's the best option?
If anyone can provide insightful responses to these questions, I would be both impressed and appreciative. I'm also expecting a fair amount of sarcastic answers and monkey poo.
if you divide it up in terms
if you divide it up in terms of big picture, finance is either sell-side or buy-side. i.e the client vs client services. start there and then narrow it down
I flipped a coin.
I flipped a coin.
"A man generally has two reasons for doing anything. One that sounds good, and the real one." - J.P. Morgan
Connor: I flipped a
I flipped a coin.
beat me to it
Who are you going to believe, me or your lying eyes?
This is where networking
This is where networking comes in. Networking isn't just a means to get a job. By speaking with professionals in different niches of the financial services industry, you can get a really good perspective on whether their sector (AM, IBD, PWM, Risk, CM, etc...) sounds like a good fit for you and a career path you could pursue.
I largely determined what I wanted to do by lots of reading and talking to people about their experiences.
double post sorry
double post sorry
Analysis Paralysis. It's
Analysis Paralysis.
It's great to analyze what you want to go in to before you actually do it, but ultimately the deciding factor is going to be how you like it when you're actually 'in it'.
In other words, you can spend 6 months analyzing what IB is like and whether you would like it. But then when you start, maybe it only takes 2 weeks to determine that you absolutely hate it.
The WSO forums are great, but I would also recommend reaching out to some alumni in each field of finance and asking them A) how they got to their position B) what their day to day is and C) why they like it/don't like it.
You'll find when you ask general questions like these, you'll often get honest answers.
But like I said, you never really know what it's like until you're actually doing it. If I were you I'd put more time into landing a position than analyzing it. If you can get a few positions in different aspects of finance under your belt in your first few years, you'll be light years ahead of your peers in knowing what profession you wouldn't mind doing for the next 20-30 years. Once you have this security, excelling at your job becomes MUCH easier.
rothyman: Analysis
Analysis Paralysis.
It's great to analyze what you want to go in to before you actually do it, but ultimately the deciding factor is going to be how you like it when you're actually 'in it'.
In other words, you can spend 6 months analyzing what IB is like and whether you would like it. But then when you start, maybe it only takes 2 weeks to determine that you absolutely hate it.
The WSO forums are great, but I would also recommend reaching out to some alumni in each field of finance and asking them A) how they got to their position B) what their day to day is and C) why they like it/don't like it.
You'll find when you ask general questions like these, you'll often get honest answers.
But like I said, you never really know what it's like until you're actually doing it. If I were you I'd put more time into landing a position than analyzing it. If you can get a few positions in different aspects of finance under your belt in your first few years, you'll be light years ahead of your peers in knowing what profession you wouldn't mind doing for the next 20-30 years. Once you have this security, excelling at your job becomes MUCH easier.
Now that you mention it, that logic holds true with my past work experience. I think doing the research is helpful in that it allows you to get an overall idea of whether you'll enjoy the work, but at the end of the day you actually have to get in the game to know for sure. I'm definitely going to use the tip about those questions for alumni. I wasn't really sure what format I would use but was going to go with "what's a typical day in [your job] like?" I think adding how they got their job and whether/why they like/dislike it will be very useful as well. Thanks.
Good advice. I've essentially
Good advice. I've essentially been trying the "boil the ocean" approach and it's not working. I would approach my alumni to tackle the problem but after an extensive LinkedIn search of my schools alumni, I've found that most of our finance majors are "Tellers" at banks.
All American Reject: Good
Good advice. I've essentially been trying the "boil the ocean" approach and it's not working. I would approach my alumni to tackle the problem but after an extensive LinkedIn search of my schools alumni, I've found that most of our finance majors are "Tellers" at banks.
If I were you I would focus on another group or network that you're a part of and try to leverage those connections/potential connections. For instance, as a Vet I can reach out to other Vets. If you're not part of a group that allows you to do this, create that opportunity by becoming part of a network that is likely to penetrate the space you're looking to go into. If there are any reputable schools in your area, enroll in a part-time graduate or professional program. Just as an example, in the DC area where I live Georgetown is huge. I would almost guarantee that anyone enrolled in a graduate program there could leverage the alumni network to get a great job. I think cost of tuition is well worth the networking bump that comes along with the new network and name-brand affiliation.