Other Finance Careers Beyond Banking

Fin Acct

by abacab (Senior Baboon, 193 Points) on 11/18/09 at 8:53am

Financial Accounting is a weed out class in my school. If its the same case in yours, I'd not give up all hopes right away for merely a B/B+.

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If you aren't excelling at

by Ovechkin (Senior Monkey, 77 Points) on 11/19/09 at 2:45am

If you aren't excelling at financial accounting, can we assume you're not a quant? Should we rule out actuarial sciences?

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You can look at some JPM

by 1styearBanker (Senior Orangutan, 495 Points) on 11/19/09 at 3:58am

You can look at some JPM roles. Bear Stearns was great in not caring about target schools and JPM is kind of the same since they even consider Baruch a target. You probably won't get front office but you seem to be interested in other things so how about operations at JPM?

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Yep.

by juklano (Baboon, 163 Points) on 11/19/09 at 3:15pm

Yep, same grade too. After graduating, you get on their FMP (financial management program). Then you go into their CAS (corporate audit staff) which supposedly has excellent exit opps. Most of the execs at GE come from CAS.

Here is a link:
http://www.wallstreetoasis.com/forums/ge-fmp-to-consulting

*Read the 3rd from the last post. One guy did it and then left for a MM IB associate position. Its a gritty job, but you make a nice buck and get to travel while you're young.

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Def. not as competitive as an

by juklano (Baboon, 163 Points) on 11/19/09 at 6:11pm

Def. not as competitive as an entry level position at an IB or PE, but you do want to put your best foot forward. Get internships, get involved in clubs, and focus on your highest gpa.

The FMP program is hired out of undergrad and from then on, their focus is to retain you. Auditing is done at every company, but GE CAS is used as a catapult internally. As far as I know, this is the only one like it.

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In regards to GE, do they

by econ (Senior Orangutan, 382 Points) on 11/21/09 at 6:42pm

In regards to GE, do they only take business majors? It sounds like a good gig (assuming the exit opportunities are as solid as you guys say), but I didn't major in business (I majored in econ, minored in math, currently a grad student in econ) and am wondering if they'd take someone like me.

To the OP, I've been asking a similar question lately: If someone can't get a desirable finance job immediately after graduation, how do they set themselves up to be competitive for that job a few years after graduation? Unfortunately, I don't get many answers, so I'm assuming the people on WSO don't know how it's done. Don't take that to mean there isn't a way, just that people on here don't seem to know exactly how it's done. I'm not putting down the users of this forum, since they've helped me tremendously in the past month. Rather I'm saying that maybe they don't know because a lot of them are students, or maybe because a lot of them broke into finance right after graduation, or maybe it's a rare path so they don't know anyone who's done it, etc. I truly believe there has to be ways for us to get the jobs we desire (IB in your case, AM in mine). That doesn't mean you'll necessarily get to work at Bear Stearns, but I believe there has to be a way for you to break into IB at a small regional firm. I don't know exactly how you'll do it (since I'm largely in the same boat you are, that is, confused and seeking questions) but there has to be a way. What is the way? I don't know, but I'll take a couple stabs at it. First, you should try to get an internship. If that means you have to transfer schools, or live in another city for the summer, so be it. Second, begin trying to build a network early. The more people you know in the industry, the more likely you are to get a job. Third, find out what less competitive jobs will give you the chance at breaking in a few years after graduation, in case you can't find a job right away. There has to be jobs that are useful for a career in IB. There have to be cases in which IBs take analysts who already worked for a few years and let them start at the same position and pay as people fresh out of school. There has to be cases where 2-3 years of experience in accounting, finance, or valuation put you in the same pile as people from targets.

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non target - building network

by kimbo (Senior Chimp, 28 Points) on 11/24/09 at 1:21am

Sorry about the lengthy post.....worth reading for non targets and please disregard spelling errors, its getting late.....

I've been following this site for a while now and it has helped me tremendously throughout the years. There is a lot of great info, as many are more than willing to help out if you're sincere about it. When I read your post, I felt my experiences could benefit you, so take it with a grain of salt.....

I graduated from a no name, non-target university amidst obviously a terrible job market. Believe me when I say this, "wall street" firms weren't recruiting at my school. My network was non existent (didn't have family, friends, neighbors, etc whom are VPs/MD at firms). I too got a B in financial accounting, but that didn't stop me from graduating with a Finance degree with a 3.9+ gpa. Yes, grades are important, but its not the end of the world. Sometimes, you must make the most of your opportunities. My advice.....BUILD YOUR NETWORK....here is how:

1. Join a fraternity - first and foremost, it's a good time. Second, don't forget about the alumni network. I found that most of my fraternity's alumni were quite successful in their fields and more than willing to help out. First, identify them (attend alumni golf outings, linkedin, etc) then reach out. If you have a number, call them and leave a vm. "I'm so and so, graduating in so and so and looking for career advice and to learn about your career, etc." You can send an email, but ONLY if you don't have a phone #. You'll find that successful people will appreciate persistence because they've probably been in your shoes, they'll give you a shot. I ended up having lunch with several alumni, whom reviewed my resume, offered advice, and provided other contacts to reach out to.

2. In school, focus on your studies, but also be very active on campus. You can join a finance/investment club, habitat for humanity, whatever, just join and strive for a leadership position. As for myself, i joined the finance club and a group that managed a part of the school's money....I learned a lot, but also met alumni in IM/PWM and various other fields. Sure bet, go ahead and contact them for advice as well.

3. Professors - When alumni come to campus to recruit or if there is an opening, they often ask professors for referrals. Identify those professors connected to alumni or those with previous industry experience and build a relationship. If you have a good reputation, perhaps your name will get passed along.

4. Internships - Start early, try to focus on fields you're interested in or want to test out. I started in real estate, then commercial banking of a F30 company. Great experience, leadership opportunities, great recommendations, but learned that commercial banking was not what I wanted to do and decided not to go full time upon graduation. The experience gave me something to talk about during future interviews...

5. Prep for interviews - I'd highly encourage purchasing the WSO guides on interviews, both behavioral and technical. Good investment if your career center isn't up to par.

6. Get CREATIVE in building your network - I felt I had done everything in my power to help my cause, including studying for CFA level 1 but unfortunately it wasn't enough. After graduating, I decided to get creative. On the internet, I found an unpaid opportunity for a political campaign. The candidate was a top 10 MBA, I figured if I busted my a$$ it could lead into a networking opportunity. It did and I ended up working as an interim strategy analyst at a consulting firm. Keep in mind, it wasn't at MBB, but you got to remember that it doesn't have to be. I did not have an interest in consulting, but figured itd be a great learning experience, a resume builder, and an opportunity to network. It was, my manager was able to open up his network.....Nearly 6 months post graduation... countless HR hiring freeze stories, no offers, not enough experience, etc, an opportunity did fall in my lap...

The general theme I'm trying to convey is that the process is a numbers game. Of course, id be nice to come out of H/W/S and work at GS, but you can't dwell on the past. Make the most of your opportunities and pursue your "ideal" finance job. You can always give other fields a try... rotational programs at F500, commercial banks, RE, consulting, bus devp....if you aspire to IB/S&T/Corp Finance/Consulting, you can always go get your MBA, CFA and transition later on.

"Our greatest glory is not in never falling, but in rising every time we fall."

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