Thanks for taking the time to read my posts. I have gotten a great answer from 2 prominent monkeys!
Please feel free to ask me if you have any questions.
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The only thing banks care about is whether someone they might know likes you or is interested in you. Credit analyst job is a clear signal that the answer is no. You're better off acting like some tech guy that is merely interested in trasitioning into finance, who thought IB would be a great fit.
Thanks for your response. I'll definitely re-think about accepting the credit analyst position.
Switching Industry: from IT (sales) to IB: advice / am I a dumbass? (Originally Posted: 03/03/2017)
Hi everyone,
First time posting. I've been on the site for a few months now. Good stuff
Let me give you a quick background: - grew up in the deep south - went to a SEC school and got my undergrad in business mgmt - from the time I was a teen until end of undergrad, I worked as a project manager for parent's construction firm (family death caused me to take on more responsibilities and actually run it and make huge decisions vs just having it on resume) - because of this I never had any finance internships - graduated and at the time had no worthwhile job offers so I followed up with a very affordable and worthwhile MBA at same school.
-after MBA I went to go work for a leading IT company and moved to Atlanta. The name has weight on a resume. (not bragging its just anyone can say they work at an IT shop nowadays due to "startups") I work in software sales regarding cybersecurity. I interact with clients f2f in the financial services industry. I wine and dine C-Suite execs and consult them on what they need for them to protect and expand their business. End of the day its sales and it's the most vague job I've ever had. I can work from home and the company has zero culture so it really puts yourself on an island when you're not at client meetings.
-- nearly 2 years later and I'm not happy. I feel like its never gonna get better and I'm truly never going to settle in and get into my stride.
I need a change. I've done research on this site as well as others and I need to be in finance. I'm 25 and I'm in that "fuck I haven't done shit yet" stage due to not having a purpose. The money doesn't justify me staying there long term but it does pay for rent, taxes and the occasional fun purchase.
I could go on and on. I'm not trying to make this a woe is me post but I'm wanting to get insight from insiders like y'all. I love researching companies, understanding / evaluating their performance and helping clients maximize their potential. I have a small equity portfolio on the side just for fun and folding money. I enjoy that but without other people's money it'll only be a hobby. Sales / being in front of the client doesn't bother me. I can pitch to clients all day. Its just I want to work in a more traditional work environment / culture that you would find at an investment bank. (no I'm not thinking hollywood bro i.e. models and bottles- I'm thinking a team of smart people that you can work with on projects together and rely on instead of being on an island.) working from home is not all its cracked up to be
What should I do? Advice wise for getting into IB? I have interview prep and technical courses. So far so good. I also have a connection at a boutique.
Am I a dumbass for wanting to leave a prestigious company, entry 6 figure salary and in the most hot spot for tech ( cyber security)? Maybe it's just because I'm in my 20's but I feel like my life still hasn't started yet and I'm gonna get left behind. Go easy on me! :)
Tech sales pays a shitton of money and is going nowhere.
What is wrong with that? In fact I know of people that have ditched IB for tech sales.
Top IB comp is what top software salespeople make, with a lot less hours...
I'll take your job if you don't want it :).
I dunno man. It's "easy" as far as hours go aka I can work from home and kinda slack off / work in my underwear if I want but I'm the type of guy that can put in a lot of hours if I'm motivated. If I'm not, I mentally check out. I know its a great place to be but I just don't see myself hitting my potential. I feel like I'm chasing rabbits. Also- with this certain tech firm as well as others, there's a threshold that sellers tap out at (unless you're absolutely destroying your numbers and even then you pay for it next year). Basically they tell you unless you're a high level exec you're never gonna make above X. Doesn't matter if you're 35 or 55. And this company is so big that it's easy to disappear into a mid level manager spot barely making a couple hundo. I might be rambling but that age old tale of the grass is always greener always applies.
Transit from IT to IB (Originally Posted: 12/20/2009)
I have 3-years exp (still employed) from a top IT comp.
I can do excels and powerpoints like crazy. (plus i did finance for minor in my undergrad) (Not to mention all the other programmings and softwares thats around)
and heres the question.
What are the career options for a IT professional in the Investment Banking biz? I'm thinking of Tech-related-analyst type of job but Pure-IT work is fine as well.
Thanks in advance!
for an IT division u might be good, but going to IBD division will be hard
let me tell you that if IT is what you want ,you might be better off being in top companies like google,microsoft,oracle. Good performers are paid pretty well by these firms..much more than what you earn in BBs(technology group),unless you do exceptionally well.If you want to transition to IB,it will surely require an MBA.Otherwise its very tough.
NuK85, you getting technology R&D mixed up with IT. Companies like GOOG, ORCL, MSFT, etc, hire top engineers who dream up the technology that will hit businesses and consumers 24-48 months from now. Working in IT is an operations role, you are essentially keeping all the technology systems at a company running. Also I don't think he spelled out that he wants to do IB for the money, he may want it for the challenge or the industry exposure in ways that none of the companies you listed would provide.
thinkpad, I am sure you're good, but the only way to break into IB will be via a top business school. Most of the BBs have a technology track but the work you do won't be much different from what you're currently doing, if anything you'll experience negative social comparison costs because your team won't be the "stars" of the company. If you want tech exclusively, I don't really know if going to a bank to do it is the best move.
Duck is right, you will likely be treated as a 2nd class citizen in IT at a bank but at tech companies like oracle and whatnot you run the show.
Hmm .. What about tech-focused boutiques like Quatalyst, etc? Anyone got any ideas?
First of all its Qatalyst. Second of all, they take experienced bankers mostly. I don't think you should be looking at Qatalyst if you have no banking experience. Tech IBD is nothing like tech jobs. It is still IBD first and foremost. You can take a TMT banker and have him do M&A or LevFin or Consumer/Healthcare or even Energy and Real Estate. But you cannot take some Google guy and throw him on a road show or have him spread comps and build models. Make sense?
Best IT job for career switcher to IB (Originally Posted: 12/15/2011)
I'm considering applying to B schools next year. My goal is to switch from engineering(currently a software engineer in big technology firm.) to IB.
While I have about a good 1.5 years to begin school, I'm wondering what experience would put me in a (relatively) best position for ib interviews while at school. 1) Front office software role in an IBank like GS,MS etc 2) Quant/software role in HFT hedge fund 3) Software engineer in big corp like Google,Microsoft,Apple etc.
My guess is #1 is best option as though its a non-finance role, since its an investment bank at least there would be some exposure to finance(say Trading since that's where I can go as a software guy.). Though IB and Trading are very different, still there is some finance exposure and also a BB name on resume.
For Bschools for admissions, which one is better? I guess #3 is better there? My real interest is #1 or #2 as my current role is similar to #3.
Sorry for naive questions, I'm a total newbie, please throw in your opinions, that would be very helpful to me.
Go with option #3 and position yourself for a role in an IB's tech group.
What is a front office software role?
Techbanking, Thanks. Kinda surprised that you would favor #3 over #1. But good to know.
Flake, There are some positions where you program trading strategies or work on trading systems. I believe almost all FO software is in algo trading/HFT.
In any company being in a role that supports the company's core mission is the best possible job (for entry level). That means in an investment bank you work as an investment banker, in an engineering company you work as an engineer and in an IT company you work in an IT role.
As far as MBAs go, option #3 is the best imo. If an adcom looks at the tech guy from a bank, he/she is going to assume the prestige of your job will be less that of the guy/gal who got that front office job.
Otoh for Google/MS/AAPL the most competitive jobs are in their software groups and if you get one of those jobs, the adcom will think favorably of you.
Not sure about #2.
From IT to IB (Originally Posted: 01/05/2012)
Hello, How could I break into Investment Banking from IT with no financial experience.
I am being working in IT industry as software developer for 4-5 years and now looking to move on and switch careers. I see CFA as a good option but it requires financial experience of around 4 years.
I also want to know if its worth switching over to investment banking after working in IT for 4 -5 yrs. The money is exciting.
-Sum.
I have a similar case and from what I have learnt from this forum and friends etc 1. CFA is of no use in IB other than showing your interest. Somewhere I even read that CFA is not viewed postively. CFA is good if you want to go down ER/HF track (disclosure I am pursuing CFA) 2. The best option is to go for MBA ( best to change career) 3. MFin/MFE from europe/US are good only to get you an analyst position.
However not sure if it is easy to break in IB after 3-4 years of exp in IT . would like to know the thoughts of fellow members regarding how IT exp and age(too old for job) is percived in IB.
Your best bet is a top MBA. CFA is of little use in IB. Getting into IB is very competitive and with 4 years of non finance experience, it will be difficult. But there are people who have made it, so don't give up right away. Worth it or not? Well if you do not absolutely love working in IT, then yes it is worth it.
I am planning to join a Masters prog at LSE/Oxford etc (pre exp MFE etc). Will the brand name help me in anyways ?
I don't see where everyone gets the idea that a CFA is of little use in IB. The actual charter / title, maybe, but the knowledge is extremely useful. Not everything, but a significant portion is used frequently.
The switch from IT to IB would be tough. As zombie and dream mentioned, MBA would be a key step in making the transition, as well as gaining some good financial and modeling knowledge.
CFA isn't exactly relevant...you don't need it for the time it takes to study. You want to go for a top MBA program...that would be your best option.
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