Career Change at 38
I am currently 36 and wanted to make a career change into finance. I was on my way to making a career in the Army, got injured and was medically discharged (so there goes my retirement from that). By the time I graduate with my Masters in Finance I will be 38 ( my bachelors is in film...yea I know...useless degree). Do you think it is too late to start a career in finance/investing/banking? Why or why not?
What kind of finance? Wealth management could be a good route because success is very tied to your ability to build a book of business.
Also, the business networks for vets are huge- USE THEM. If there isn't a veterans club in your MSF specifically, there most definitely is one in your school's MBA program. Reach out ASAP and get connected - these guys have all been in very similar situations as you and will be able to give you the best guidance.
Definitely not too late.
Try to narrow down what specifically you'd like to do in finance/investing/banking. It's ok if you have 3 or 4 different interests, you can even change to something completely different later on - the point is to have a dart on the board. From here, network with people in those jobs. Learn about what they do, what your potential path would look like, what sucks about their job. This will give you a better target to focus on.
Veterans coming into finance is still a relatively new and unknown asset. Many banks have veteran hiring initiatives but, at least in my experience, they've felt like a check-in-the-box type program, however, that is changing. The feedback from managers is reaching HR, saying that veterans are able to meaningful contribute to their teams from day one. You'll likely have to start out in a quasi-entry level position but with your confidence, maturity, and aptitude, your career path will be accelerated.
If you go high enough in any finance field, it eventually leads to sales in one form or another. As a veteran, you benefit not only from being on a similar age tier as clients, but this isn't your first time talking with decision makers - I was enlisted Navy so I would brief O4's and O5's which helped when I would get in front of the CSuite and be able to have a normal conversation with them, because it wasn't my first time.
Things that helped during my transition
American Corporate Partners (mentor program)
Networking (it's a dead horse but someone has to beat it)
Being open to new ideas - it's not all IB or bust...
Being humble - You'll be a great asset to any team, but no one is going to pay top dollar for an unknown/unproven asset
Networking plug.v2 - when networking, don't just hit it and quit it. Gasp! you can be friends with people you network with! It doesn't have to be an uptight coffee meeting where you're both trying to feel out how to best take advantage of each other.
Feel free to PM.
Thanks so much for the feedback. I was also an enlisted Intelligence Analyst and had to give weekly briefings to our O-8's and 7's on a weekly basis trying to convince them my information was right and why they should listen to me when it comes to their decision making from using hard data or predictive analysis. I think I'd like to explore Investment Banking Analyst and see where that takes me. I love analyzing things and picking them apart and making a best guess decision.
Luckily, there are a lot of sub-fields that include that analyst-type environment that you're describing. I probably won't be able to list them all and/or some hardo will blast me for miscategorizing a job like I just insulted their mother, but here goes:
IB Analyst - for obvious reasons. No lie, at 38ish this sounds like a nightmare. You'll be classed with fresh college grads who still need their hands held when getting dressed in the morning. IMHO, not an ideal landing spot.
ER - analyzing to form an opinion is the name of the game. I believe when you first start out, it's pretty much writing call notes.... but a similar level of work is to be expected wherever you go.
PE - Kind of a tough sell to get into as a first gig, but try to find veterans in PE if this interests you. Sounds super fun and interesting from my outsider looking in perspective.
Corporate Development - I think there's a better term for this but it's escaping me since I'm coming down from a six coffee afternoon blast. Basically, you forecast company needs and performance - with a focus on growth by acquisition.
Commercial Banking - BIAS ALERT - this is my field and I happen to think it's a darn good choice. Most likely, you'd start as a credit analyst - analyzing risks of a company and making recommendations as to loan structure. This work runs the spectrum from $20MM companies to $2bn companies. Using myself as an example, when going on client calls, I'm more relatable to the client since I'm not 22 years old, trying to figure out if Sally is ghosting me or not. Here's where previously talking with O7's and 8's comes in handy.
With any of these, or any that I left out, choices, the key is networking. Sign up for LinkedIn Gold - you get 12 months free as a vet - and find veterans working in finance. If you're in or near a big city, meet them and get their take on things.
Good luck.
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