What should I do.... achieve the goals I set?
I am a Mechanical Engineer in the GTA, Ontario, Canada. I have worked as an Engineer for almost 10 years now (guess you will know my age) and to me this job/career leads to no where unless I go seek for job at the white desert (Alberta Oil sands) because manufacturing is on a decline AND it's something to do with the nature of my role - I am in maintenance & reliability so it's not something forward looking here in Ontario or pretty much anywhere in a metropoliatan. I mean I will have a job maybe for a few years more but what's down the road?
Anyway, with that being said, I realize I have to do something now before it's too late (I am kind of late already), so I eyed on getting an MBA, so I attempted the GMAT back in 2009 (I got something below 550) and for some odd reason, I got this drive that I can do it....so back in Sept 2013, I went for the GMAT again. This time I got so nervous, so I chickened out - cancelled score reporting....
I have also eyed on getting the CFA, so attempted the CFA L1 last year, but unfortunately I failed the L1. My score was bad (below band 5), and I know the problem = not prepared! This year I come in again and wishing to get it, however, due to life problems and other goals I wanted to achieve this year, I just can’t make it in to do my studies as planned. I was in the Final Review class (mind you I only signed up for the review) and I am lost. Should I withdraw or else? My question is, if I fail again (not to say even I pass and who knows about L2 and L3), what’s the impact on me as a candidate?
Then last night I asked myself this question: What exactly do I want? Here is what I want in summary:
I want to get into Private Equity and Venture Capital, but I am in Canada, I am pushing mid-30s and I don't have the education background and network.
I just want to vent but I need some directions, advice and a map on how to get there....
There really isn't a roadmap to private equity for mid-30s maintenance engineers. It honestly sounds like you read about this stuff on the internet like a year ago and decided it was your dream job. And I feel bad saying it, but the career goals you have are pretty unrealistic, and, from the sound of it, a little unhealthy. Just reading your post made me think of some balding Asian dude jerking it to Goldman TMT WSO threads at 3:30am. That's a little sad for a college freshman, but like, kinda frightening for someone several years older than me.
I'm not saying this to be a dick, but to make you realize just how crazy this all sounds to the outside observer.
You're an idiot.
@so_ken_you:
I think that it's obvious you need better guidance. You need to better leverage your strengths here - if you've been an engineer for 10 years, how do you stand out in that field? Use that to your advantage.
Career milestones such as obtaining important certifications or moving into management positions will make you stand out when presenting your qualifications.
People will also ask why you want to leave the field and, more importantly, they'll want to know why you want to work in finance. Bear in mind that the CFA is not something that will make you stand out if PE or VC is your goal.
Have you considered research? Sell side ER, asset management, etc? I think that it's fair to say that you'll be able to use your current skills to much greater effect in that arena (and the CFA will be a more important tool there).
Lastly, with regard to what my friend in quotes above may have been trying to say: you should be certain to evaluate how serious you are about doing any of this. Scoring that low on the GMAT and writing the CFA without understanding the nature of the benefits it provides should serve as 2 distinct warning signs to yourself that you may not be hitting the mark in some aspect of your pursuit (be it preparation, dedication, etc).
My recommendation for where you should go from here: network with people. You need to meet people in the industry and have them opine on what your strengths and weaknesses may be. If you're so weak a candidate that you aren't worth even spending a few minutes on, you'll know this when you reach out to people.
Final thought: if you're really serious, do an MBA.
Edit:
I think that it will pay off for you to be realistic in your effort; always remember that it could be a long time before you're able to make the switch.
Thanks Kassad for your detailed advice. I truly appreciate it. You have actually said what I have in mind - dedication and be serious about this career change proposal. The thing is, there are no guarantees or a roadmap that this (what I think from above) would work 100% or not even 20%. It's hard to dedicate and devote to something that is not going to succeed, not even a 10% chance? It's like investing a lot of time and money on something that you don't think it's going to work at all. That's why I tried a few things to test the water but I picked the wrong stuff I guess...The thing is, there are no real answers out there unfortunately or unless I am lucky enough to get a mentor...
I agree with you that if I am really serious and willing to take chances - good MBA from a pretige school, but that means GMAT is what I need to focus on and I need change my mindset - no gurantees at all but do I still want to take my chances????
Thanks for your comments although I find it a bit racist - especially about balding asian dude jerking it.... ' I got your point... I appreicate the fact that you just want to tell me the truth and the reality.
You will almost definitely need to go back to school to build a network. Without the course work or work experience the CFA is very daunting. You will need to obtain internships in order to break into the field, so full time is a must. It is possible to get into VC but you will be working for people younger than you and you need to be prepared for that. It just matters how hard you're willing to work to put yourself in front of the right people.
Thanks for your comment. I know I have to go back to school but is that a gurantee? I doubt it, but I don't think there is one that gurantees, not without a good MBA, outstanding GPAs, network, economy plays a factor, age and like others said: how much time and effort I can put in, EQ and IQ and more. The matter is it's a lot of financial burden on my other half if I have to go for internships and etc., there is just a lot to think about.
Again, I truly appreciate your feedback....Thanks : )
OP,
It sounds as if you're having doubts about whether you should commit yourself to switching careers.
If that's your concern, I can be the first to tell you that anything less than 100% won't cut it. As a matter of fact, even 100% will only get you half way there.
You need to disappear for a while when studying for the CFA. Some people can do L1 without studying for more than a week or two, but if that isn't you, then stop compromising. Like the skinny guy who goes to the gym and has to begin with 15 lb. dumbbells, you need to sit down and study. If that means having no social life, then that's what it will take.
If you aren't willing to do what it takes to succeed here, then why bother? You say that you're "just" a maintenance engineer; is there something better that you think you should be doing? Why aren't you doing it?
I think a pattern has surfaced here. Drawing from this and your other post, it seems as though you may have a problem with setting goals and achieving them. Perhaps it's due to a fear of failure? Either way, the reasons don't matter - you need to recognize why you're failing and remedy the issue.
You said yourself that you're past 30 years old - you have zero time to waste. Decide on what you want to do and do the research that will yield a path for you to transition into that job. Then follow through on your plan. You didn't mention what hours you work, but know that people in finance often work 12 days as the norm; if you aren't already doing that between your job and studying, how will you manage once you do get a job in PE or VC?
Just food for thought.
Thanks Kassad with your advice and comments there. You are right on the point that it's a committment thing and if I can't manage it (either disappear for a while or what not), how can I expect to take on jobs in VC or PE? Which is something that I need to evaluate and consider given the fact that there is no time to waste...
Thanks again....
Sit est dolore rerum. Pariatur debitis ut quo beatae. Ipsa odit voluptatem natus quia doloribus. Soluta earum nam recusandae vero. Vitae quisquam sunt aliquid explicabo. Qui culpa repellat non dolores dolores hic.
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...