Options for breaking into high finance
Hi everyone,
M (35) I'm just looking for some guidance on how to break into high finance.
A little bit about my background, I have a BSc and an MSc in Computer Science from a top 10 Russell Group university. I worked in a software testing role for approximately five years before realizing it wasn't for me and then did an MSc in Management to try to make a career switch. I didn't have the time or money to pursue an MBA otherwise I would have done that.
I've worked as a Business Analyst for approximately two years and am currently in a PMO role (not a role I chose but rather something that became available and since I'm trying to switch to a project management role) at a fairly well known IT consulting company.
I wanted to ask what my options are to break into high finance (if any)? I've thought of the following so far:
1) Try to get experience on a finance related project for my next role at my current company in either a PM or BA role. Try to get the CFA part 1 in my spare time and then try to apply for a PM or BA role at an investment bank
2) Try to get a BA or PM role within the digital department of big strategy consulting firms which might complement my technical background. There might be an option to learn Power BI in my current role and apply it to a business improvement project which may bolster my technical image somewhat
3) Try to get a BA or PM role at a fintech or cryptocurrency firm and then try to get a role with an investment bank
4) Probably the least viable option for me but I've seen on this subreddit many people recommending doing an MBA from a top university and trying to get into IB from there. I could consider it but finances really are the limiting factor for me here, despite being in a better financial place than I was several years ago. And tbh my age too.
I should also mention that I'm thinking quite seriously about doing a project management certification such as Prince2 or PMP to increase my credibility for getting a project management role.
I realize my chances are probably very slim but I'd be really interested to hear what you all say.
Thanks a lot for reading
Hey there!
Based on the most helpful WSO content, your background in Computer Science and Management, coupled with your experience as a Business Analyst and in a PMO role, can indeed be leveraged to break into high finance. Here are some thoughts on the options you've listed:
1) Gaining experience on a finance-related project and pursuing the CFA part 1 could be a great move. The CFA is highly respected in the finance industry and could open doors at investment banks.
2) A BA or PM role within the digital department of big strategy consulting firms could indeed complement your technical background. Learning Power BI and applying it to a business improvement project could certainly bolster your technical image and make you more attractive to these firms.
3) Fintech and cryptocurrency firms are booming right now, and experience in these areas could be very valuable. This could be a good stepping stone to a role with an investment bank.
4) An MBA from a top university could indeed open doors in investment banking, but as you've noted, this is a significant financial commitment. It's worth considering, but it's not the only path to breaking into high finance.
In addition to these options, you might also consider roles in Private Wealth Management, FP&A, or Corporate Finance. These areas of finance can be more accessible to those without a traditional finance background, and they can provide valuable experience that could help you transition to a role in high finance down the line.
Lastly, a project management certification like Prince2 or PMP could indeed increase your credibility and open up new opportunities.
Remember, the path to high finance isn't always a straight line. It's about leveraging your unique skills and experiences, networking effectively, and being open to opportunities as they arise. Good luck!
Sources: Lesser known MBA career options? Looking for advice on what to do post-HBS., Finance Career Path & List, Best way for an accounting major to break into finance?
In the UK an MBA isn’t valued as much as ut is in the USA, if you are going to geg an MBA then would do from LBS, HEC etc a top european school only.
Can I ask what your targetting specifically in “Finance”. It’s a pretty broad term there are M&A roles, DCM, ECM, AM etc.
I think for your background CFA would be helpful and try breaking into entry level AM roles. We often use coding in our models and data analysis so its helpful.
Another thing you could do is get another masters this time in financial engineering.
Let me know what your targetting specifically and I can help you out and can PM you if it makes it easier.
Hi,
Thank you so much for your response, I really appreciate it :)
And I'm looking to target M&A roles specifically so your thoughts either here or over PM would be very helpful.
Thanks again
Well in light of this have a few things to say.
M&A will be quite difficult to move into simply because you don’t have a relevant background for it. Therefore, the only way would be via an MBA so you can rebrand yourself. CS and coding isn’t really valued in M&A unfortunately, the most important skills in M&A from a technical standpoint at least are accounting, FS analysis & modelling (DCF, LBO etc). Therefore, you’d have to go via the MBA route it’s the only way to re brand yourself and join as an associate (you’re a bit too old for the analyst class now).
Another thing, the CFA isn’t valuable whatsoever in M&A, I’d still recommend doing it but only for the knowledge, it will teach you a lot about finance, economics etc but just know when it comes to recruiting it simply won’t be valued. CFA is only valued in Long Only AM and I suppose some hedge funds, but is useless for M&A. Plus to even get the charter you have to have 4 years of relevant work experience (i.e. in finance), which you unfortunately don’t have. It’ll give you good knowledge and if you get past CFA L2 a lot of the top MBA programs don’t require you to do a GMAT. Only problem is MBA’s aren’t perceived in the same way in the UK and Europe as a whole but there are still specific MBA recruiting programs you can try for (from what I’ve seen it’s mostly internationals trying to break into the M&A scene in the UK).
Maybe even an MSF may be useful for you gives you a year to recruit and you can apply to off cycle stuff.
If financially that’s not possible honestly I don’t see how else you could do it aside from applying to any of the BB/EB tech divisions and AGGRESIVELY networking your way into FO, but this would also be quite difficult because you lack the technical skills to be a banker atm, so would need to build that up.
Another thing that popped into my head was recruiting for MBB strategy consulting (for example PMI consulting) and lateralling from consulting to M&A. You have a background in the Tech space anyways so you can make a story (for example state your specifically interested in TMT teams because of experience).
Honestly, I’d also question why you want to do M&A at your age too, do you really want to work 70+ hour weeks at this stage in your life?
To summarise, I’d say you have 3 options: MBA/MSF at top business school and come in as an associate, join a banks tech team and network your way in to FO (extremely difficult but may happen), recruit for MBB consulting and lateral in after you get a year or 2 experience (may still need an MBA though).
Hi, Thank you so much for all the useful information again, I had no idea for example that attaining the CFA Level 2 could be used as a waiver for the GMAT at the top MBA programs. It certainly provides an added incentive for me to try to get Level 1, if for nothing but to gain some much needed knowledge of finance if I am to enter this field.
Of all the options you listed I think trying to get into an MBB and lateraling into IB is probably the best option for me. I wanted to ask, if I were to do this, would I apply as an experienced hire, and if so, to what extent would the quality of my undergraduate degree and/or transcripts play a part in the recruitment process? I'm concerned that since I performed quite poorly in my undergraduate degree, this might be a hindrance. If this is the case are there things I could do to negate this, such as becoming technically proficient in a skillet that MBBs consider highly and have high demand for?
And re: your question about why I'd want to work 70 hours a week at my age, I'm really just striving to reach financial independence someday and I thought a career in finance might be a good route to get there. If based on everything I've told you, you think I might have a better chance of achieving my goal by trying to get into FAANG (which I appreciate is still an arduous task), please let me know.
Thanks
Perhaps you can do it through professionals from some platforms.Maybe you can try to use uSMART, new account opening users have zero commission transactions, which is really super cost-effective~
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