Engineering to Portfolio Management
Background: I graduated '06 w/ a BS in Mechanical Engineering. During my work as an engineer in Aerospace, I've decided I want to get into portfolio/asset management. At this point, I don't have a long track record for my own account but I find the work very gratifying and I can sustain interest in it much longer than my current line of work. I applied to some various business schools but only got into UCLA Anderson full-time. I chock it up to lack of work experience (2 yrs at time of app, 3 years today), extracurriculars, and timing.
Q1: What's the best way for someone with no finance experience, to get into a portfolio management role? My plan was to do MBA to some sort of buy-side analyst position, difficult straight out of school with no WE?
Q2: If MBA is a good way to go, would delaying a year or two to hopefully get into a more reputable school make much of a difference? Or would good hard work at a place like Anderson open the same doors?
Q3: Also, anyone that went to Anderson want to touch on the good/bad in their first hand experience?
“Q1: What's the best way for someone with no finance experience, to get into a portfolio management role? My plan was to do MBA to some sort of buy-side analyst position, difficult straight out of school with no WE? “
MBA is the easiest way. Anderson is probably a good enough school. The lack of experience isn't that big of a deal. Your engineering background helps. I know for a fact that T. Rowe Price targets MBAs/MSFs with engineering and mathematical backgrounds. You are better off with an engineering background than liberal arts + investment experience for certain finance functions.
You could get a buy side or sell side (which could lead to buy side) analyst role coming out of the MBA with no experience.
Short of the MBA, the best thing you can do is take the CFA and network, network network. If you get lucky, you won't need an MBA. That said, the outlook is not rosy. A lot of shops are still sitting on cash and probably have no need to hire. You might be searching for a while. Even if you get an MBA, you will want the CFA as well. I think the CFA is a must for your career path. Take LI in Dec and LII in June.
"Q2: If MBA is a good way to go, would delaying a year or two to hopefully get into a more reputable school make much of a difference? Or would good hard work at a place like Anderson open the same doors?"
Yes and Yes. You applied too early. I'm impressed that you were able to get in to Anderson at that junction of your career. Anderson is top 15!!! I think an acceptance at Anderson this early indicated an acceptance at top 5 or 10 in 2-3 years, assuming some career progression.
Look at the Anderson career placement report. They are probably very strong out west. I’d be shocked if PIMCO didn’t actively recruit. My take is this: You could wait 2 years, and get in at a more prestigious school, but only marginally improve your career prospects.
Do you mind if I ask what your GMAT and UG GPA were?
Thanks for the advice, you make me feel more optimistic about it than I have been recently.
I think I'm going to entertain the idea of waiting.
GMAT was 770 last August, GPA 3.675 at UCLA. I was an underachiever in UG... did not put in the effort I should have. Despite that, GPA was lowest in freshman year and progressively rose... Also, barely got into UCLA, had been on the waitlist since the 1st round and was admitted after third round deadline; I suppose as a result of their enroll yields being lower than anticipated?
Regarding waiting for top 5-10 and career placement at UCLA; unfortunately, the employment report I'm looking at lists "Top Recruiters" and a raw list of every recruiter but does not correlate that with jobs at these companies. Beyond that, there is a percentage of full-time hires that are classified as "Research/Portfolio Management" function (5.9% for 2008), but I don't know if these students had some prior experience or sourced them through prior network contacts, etc. In sum, I'm having a difficult time trying to evaluate the benefits of enrolling vs. waiting to apply elsewhere.
If I were to enroll this year, I would graduate in two years time which would hopefully coincide with new investment into the money management firms and the consequential ratcheting up of their hiring. =)
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