Career Switch: Need advice/guidance on starting down a new path in life.
Hi everyone!
Brief background: Moved to the UK alone at 16 to play at Liverpool FC, and to pursue professional football (soccer). Got arthritis had to stop playing after my first pro contract offer (League 2 team at the time). Went to one of the Uni of London school's for my undergrad in Business Management (didn't know what else to study and always had an interest in business/entrepreneurship, little did I know that's not how it works). Graduated with an Upper 2:1 (second best grade possible, only a first is higher).
Had to move back to my home country immediately upon graduation despite having a UK grad work visa as I had to help my family through a very extreme time. For this, I took the first job that fit the description where I could help my family which was as a Marketing Manager for a large agrochemical company in the region (eventually helping with exports etc) for 2 years.
I left the job in January. I've applied and gotten into Masters of Commerce Extension (Finance) at UNSW, and I really I hope I get into USYD as well for the same program. As I understand it, you can't go wrong with either and being in Sydney helps more than Melbourne (Master of Management Finance isn't as good a course it seems, and not eligible for Master of Finance Enhanced). Though I would've preferred Melbourne personally (I like colder weather and city looks nice).
Questions:
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From this point onwards, what can I do to ensure maximum success for a career in high finance? (end goal is ideally Venture Capital, as I've tried and failed a few businesses during my time at uni, and seems like the next best thing). I understand the VC landscape is small in Australia, but that's not to say I can't go down the IB route and perhaps work in a different country like the UK later on in VC).
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What hard, technical skills should I be aiming to build during the next two years to supplement my masters? (For e.g, specific math skills, specific finance skills etc). Will Masters of Commerce Extension (Finance) be sufficient on its own? Worth noting I haven't done math since I was 16, as for my high school I studied sports not conventional subjects during my time at the football club. Not to say I suck at math, but I will need to learn all the basics that will be required on the job.
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When I get to Uni (June-July), when should I start applying for internships?
The last two and a half years took everything out of me mentally and physically (my elder brother lives in the States and couldn't come, therefore leaving all responsibilities to me. I don't regret it, but I certainly am glad to be done with this chapter of my life and move on to the next).
ANY help, any guidance, any mentorship would be HIGHLY appreciated.
Navigating a career switch into high finance, especially with an end goal of venturing into Venture Capital (VC), requires a strategic approach. Here's a comprehensive guide to maximize your success in this field:
Maximizing Success in High Finance:
Building Technical Skills:
Timing for Applying to Internships:
Remember, transitioning into a new career path, especially one as competitive as high finance, requires dedication, persistence, and a willingness to continuously learn and adapt. Your unique background, combining sports, business management, and international experiences, can provide a diverse perspective that is valuable in the finance world. Embrace your journey, leverage your experiences, and stay focused on your goals.
Sources: Career in Finance - Reality or Reach?, Ask CompBanker, Some thoughts about luck in your career, Keys to Success?, How to start a career in finance?
I’m a student at UNSW currently so take what I say with a grain of salt and maybe try and find more experienced advise. Finance is still in its infancy here, less than 100 IB interns are hired nationally for the bulge brackets. There are plenty of firms that do M&A Advisory in Australia, but if you’re looking for a name brand a couple things are preferable:
- 80+ WAM
- Australian citizen
Without the above two your chances of getting into IB at a big name are fairly slim. I understand your eventual goal is VC but IB isn’t an easy stepping stone here and online publications (mergers and inquisitions to name one) have stated it can be twice as hard to break in here as opposed to in the United States or Europe.
Sorry for the depressing reply but just wanted to give it to you straight, if your goal is VC it’s going to be a grind and a lot of luck. I used to have my sights on investment banking / private credit, but it’s for this reason I started to look at other career paths and stumbled upon something that really genuinely interests me. I wish you the best of luck, but I’m not sure australia is a place you’re gonna want to stay given your desires.
Hey man, thanks a ton for your reply. Very insightful. Fortunately, IB is not end all be all for me. I just want to break into the industry and understand it is always possible to work your way up, especially when you have a slow start like mine. Perhaps you can shed some light on career paths I could look at that could lead me to my end goal anyway? Ideally I always thought I'd go into business but having tried and failed a few times, I figured best thing for me to do for the next couple of years is build a concrete skillset (in this case finance) and a few years of experience before I try again. I'd be equally as happy with something that gives me work life balance with decent pay.
Also, based on the Australian point system, I should qualify for a PR one year out of uni if I secure a job. I believe that should solve that problem.
How difficult is achieving an 80+ WAM in Australia? A 70+ was a First in the UK, you had to work for it but honestly as long as you worked above average and were good at picking up what you're learning, totally possible without breaking your back.
Could I ask which career path you've chosen?
Seeing as VC is essentially a fund management role (just for early stage companies), I would reccomend you trying to go for something that offers a similar skillset. I won't tell you to try and stepstone your way there, I think if you can apply and get into a VC out of university that would be great. But if you're looking for maybe a less direct way in I would try and target an Australian funds manager, this could be one of the super funds (retirement funds), or maybe a credit fund, there are plenty out there you just need to find one. Another option is Big 4 due diligence / transaction advisory (maybe someone with more exp can corroborate this?) But the skills you learn in conducting due diligence and preparing reports is, I think, a good skill to have when it comes to conducting that diligence on companies you want to invest in. Big 4 valuations is also on the table and is essentially IB 'Lite' if thats the type of work you feel like doing.
An 80 WAM is hard. Past a 75 the marginal difficulty increases with every point. For example, going from a 70-75 is a lot easier than going from 80-85. Reason is because they can't give out high scores for free, past a 75 the instructor / TA / lecturer needs a reason to give you those higher marks (this is more the case for the non-quantitative classes where you need to write essays / research reports instead of answering MCQ's) so this is where your participation in class comes in, your willingness to ask questions, how well they know you etc. TBH you should be fine with a 75 as its considered 'distinction' but in recent years its become so competitive with the concentration of these jobs in Sydney / Melbourne that an 80 would be needed to put you in the safe zone.
For my specific path I wanted to work for a company that had a clear physical impact. I was at a Big 4 doing due diligence work for the past year as a part time intern and all I really learned is that doing that type of work day in day out for 12-14 hours a day was going to kill me one way or another. Absolutely no hate on people who do it, its tough, and I can see the appeal, but it wasn't for me. I've started to get very interested in commodities. More specifically oil trading and ship brokering. Obviously I'm still two years out from graduation so there's time to think about it but thats what I have my sights set on so far.
No problem at all that you're interested in VC, I would implore you however to expand your horizons. Not telling you to look at another industry but like I said before VCs are essentially fund managers, so broadening your scope to include all types of fund management might open more doors to you, give you the skills you need to eventually end up in VC, and you may even find a specific niche that you enjoy more than VC work. Either way I hope it all works out for you and I wish you the best.
P.S if your brother can get you sponsored for the US then take that route after University, a lot more VCs / Deals happen there and there will be more opportunities for you. While I'm a U.S citizen myself I'm probably not going to go back but thats because I've spent my whole life in Asia and am willing to sacrifice career progression to stay here, for you on the other hand, given your desires and goals, the US would be the best place for you at the end of the day.
Your elder bro was in the states and couldn’t help the family, but you were in the UK and could?
Tell your selfish bro to take you in after you graduate, the US offers the most opportunities in finance.
Your bro sounds like a douche so far.
Hey man, yeah he had to stay for his visa or whatever, I didn't stay in the UK, had to come back even tho had my grad visa there. It is what it is, in the past now. I know the US offers the most opportunities, but as an Indian there's just no way realistically for me to stay long-term there. One layoff and I'll be gone. Also, have lived there twice and don't think I want to either anymore.
Any advice for me though? Skills I should be focusing on now that I have a 2 year masters to get cracking and switching my field?
If you were at Anfield you will probably have some great stories to tell from your time there (did you get to train with the 1st team at all?). You would probably have a great career in sales as there are a lot of footy loving clients in the business.
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