I am a Researcher working in the field of Computational Sciences in academia. I have a Ph.D in Engineering. 36 yrs old with family and salary around hundred grand.
Recently, I have become highly fascinated with financial markets and I am purely attracted to EQUITY RESEARCH part of the finance and value investing. I am planning to take some online financial accounting courses first, but now feel that CFA would be best for the knowledge.
I am wondering about the best paths to break into finance. My long term goal is to continue invest my own money and If I am successful or any better, then to manage others money in future.
While, I am truly passionate about finance and investing, I am trying to understand if this means making a career switch, or just continuing in my current field with investing as a passion and hobby.
I have the follow dilemmas in front of me and I will greatly appreciate your comments and advice.
1) To keep working in my current field as a Researcher/Faculty in industry/academia, which would give me a steady stream of income, stability, flexibility, and security and continue my learning through CFA exams (I, II, and III), and mainly investing my own money to develop a track record.
2) Or pass CFA Level 1 and/or 2 in a year, quit my current job, and look for entry level Equity research associate positions even for a substantially lesser salary to get into the field.
3) Quit my job now, and get into MS Finance from top school with CFA partner program. This option will be costly, I will lose income, and pay for education. And could be stressful.
4) With a computational modeling background and PhD, I may get Quant positions if I try very hard and then once I break into finance, then do CFA, and go back to Equity research.
Option 1 - looks very safer for me. Also life in academia is very flexible and less stressful. But again safe options never amount to anything meaningful. So I am trying my best to understand.
Option 2 – seems to be reasonable. But not sure if I can get a job with just CFA I and/or II.
Option 3 – Cost and stress with a family could be high with this option.
Option 4 – It seems a round about process.
I will truly appreciate any comments, opinions, advice, and suggestions. Especially from those already in finance, equity research, CFA candidates and charterholders.
Thanks.
It sounds look transitioning into traditional equity research will be pretty tough, but never say never.
Getting a MS Finance is probably not very helpful. If you look at the placements from these programs, they tend to be for quant positions at banks, hedge funds, or maybe trading roles. It may happen that some people get into value investing and equity research, but I think it's uncommon and certainly not a reason to pursue the degree.
I suspect your best bet is to retain your current job and look for opportunities that interest you while also studying independently for the CFA and building a track record. If you can reach out to people you know in the industry and maybe utilize your university network, you can get in touch with firms about whether you could realistically take a stab at working for them. Try finding smaller places, as they're more likely to be convinced of an unconventional hire than a big bank, I think.
Also, why not try getting a job as a quant? It's not equity research, but it's a step in the right direction and will probably make networking and convincing equity research shops of your interest in finance much easier.
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