Mid Life Crisis, 26 Years Old Civil Engineer - Do I transition to IB?
First post here, and I do not really know exactly what to write but anyway, I am interested in transitioning into IB (I think) and need someone to tell me I am either stupid or ....
About me: I am 26 years old, qualified Civil Engineer from a University in Ireland worked in Construction Project Management since graduation in 2015. Moved to USA in 2017 from Ireland. The main roles in my job are managing projects and managing the company; hiring, firing, scheduling people/jobs, managing cash flow, managing assets (trucks, equipment, property equaling about $15mil ), dealing with clients etc.. So it's not very 'civil engineer' like, however, the company itself install pipelines, so I do use my technical skills also, just not 100% of the time. I make $145k salary, and +- $20k bonuses annually. Company turnover is about $25mil this year. I am very good at what I do, in 2017 I started on $80k and $0 bonuses, for a company this size that is a large increase. I invest about $50k of my cash (I love trading). I find the finance industry in USA very interesting, I constantly watch youtube videos on finance, GDP, investing etc. I am currently 1/2 way through an online course ''The Complete Financial Analyst Training & Investing Course'', just because I am interested in this industry. My motivators are as follows, ranked: (1) Being highly successful (2) Money (3) Being Indedependant/being my own boss, or atleat be high up in a company.
Why do I want to leave this industry? I work very hard, and the job is not really that difficult; I am basically comfortable. I am very driven and I do not see myself in this company in 2 years because I get bored of the same routine and not working in a more technical field. I like crunching numbers, dealing with money, what is best to invest for the company in terms of assets etc.
The questions I have:
- How do I know if IB or another type of banking is for me?
- Can I go from construction project management to IB or similar?
- Do I need a masters in finance or an MBA?
- My salary is decent, so I am going to be taking a pay cut if I transisiton, how long (if you are good) to get back up to that salary again?
I am sure I am missing questions here, I will add as we are going along. Do not be afraid to be critical, I am thick skined. ;)
Bump
Ib is not investing. Hf and pe are the routes you are probably inclined to look at, and ib can get you there. Given your background, you would probably have to go back to get your MBA or a masters in finance to recruit. Money is good for associates in the us(can't speak on behalf of other countries). 200k to 350k depending on the firm, but the hours can be brutal and job stability for associates are worse than analysts in a downturn. Also, going from associate to pe or hf is pretty fricking hard.
Yes, my wording was not the best there. That is another problem I have, seeing as I did not actually study finance or econimoics; so this post is a start to actually get a better understanding on what is best suited. What is the issue going from associate to PE or HF?
Network. Find people on linkedin in every type of banking role (IB, CB, FP&A, real estate, trading, research) and get on the phone with them. You sound like you're more interested in S&T, research, HF so look into those as well. Ask about their role, why they chose it, frame it as looking into career options but you're creating a network that you can eventually circle back to when you're seriously looking at jobs.
Unlikely without an MBA MBA. Top 15-20 will get serious IB looks. Non-target MBA is a questionable investment given that you already make six figures. Caveat here is you are presumably not a US citizen and some banks are not sponsoring visas at all - European MBA/London or EU IB may be an easier route. As an IB associate (after 2 years of MBA) your starting salary is 150k base + ~100k bonus. This goes up to 400-500k total within a few years if you stay in IB. Your comp will definitely catch back up.This all comes with the caveat that IB is a shitty lifestyle with ~80 hours a week for the comp, plus you'll need to pay 200k+ for the MBA. You sound like you're doing well, if your comp is continuing to trend upwards engineering might be a better long term option.
Eveniet aliquid sunt quis doloribus odit maxime non. Illo consectetur enim ut eos iste officia. Ut voluptatem voluptatem rerum delectus eius. Totam occaecati ut nam qui labore quo dicta.
Aut molestiae laboriosam voluptatem rem commodi nemo cupiditate ex. Hic consequatur soluta occaecati hic ullam aut qui. Voluptatum corrupti repudiandae facilis nobis quaerat optio qui voluptatibus. Aut velit dolores accusantium.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...