21 with no skills & knowledge. Want to get a job in finance.
I'll be blunt. I have a BBA degree which basically taught me nothing. I bunked all the classes so I have no background in finance or accounting. How can I get into investment banking/equity research or any related finance field? Basically I have to start with ground zero. I am thinking of clearing cfa level 1 and applying for an entry position. Is this a good idea? Any help would be useful.
CFA is useless for banking. Try to get a job at a very small bank or related field (ie valuations) or study hard for the GMAT and get an MBA
Starting from ground zero in finance, especially aiming for sectors like investment banking or equity research, requires a strategic approach to skill-building and networking. Here are some steps you can take to pivot towards a career in finance:
CFA Level 1: Clearing the CFA Level 1 exam is a solid step. It demonstrates a commitment to the finance profession and provides a strong foundation in financial analysis, ethics, and investment tools. It's recognized globally and can significantly enhance your resume.
Self-Education: Utilize online resources to build your knowledge base. Websites like Investopedia, Coursera, and Khan Academy offer free courses on finance basics, accounting, and financial modeling. The Wall Street Oasis also has courses and articles that can be very helpful.
Networking: Start building your network by connecting with professionals in the industry. LinkedIn is a great platform for this. Attend finance-related webinars, workshops, and networking events. Consider reaching out to alumni from your university who are working in finance.
Internships: Look for internship opportunities, even if they're unpaid. Experience in the field is invaluable, and internships are a great way to get your foot in the door. They also provide practical experience that can be highlighted on your resume.
Practical Skills: Learn practical skills such as Excel, financial modeling, and data analysis. These are crucial for jobs in investment banking and equity research. There are many online courses specifically designed for finance professionals that can teach you these skills.
Consider Related Fields: If breaking directly into investment banking or equity research proves challenging, consider starting in related fields such as corporate finance, financial planning & analysis, or accounting roles. These positions can provide relevant experience and a pathway to your desired field.
Resume and Cover Letter: Tailor your resume and cover letter for each application. Highlight any relevant coursework, projects, or extracurricular activities that demonstrate your interest and commitment to finance.
Prepare for Interviews: Once you start getting interview calls, prepare diligently. Understand the common questions asked in finance interviews and practice your responses. Be ready to discuss financial concepts, market trends, and why you're interested in a career in finance.
Remember, breaking into finance is challenging but not impossible. It requires dedication, continuous learning, and networking. Starting with the CFA Level 1 is a good idea, but complement it with practical skills, networking, and gaining relevant experience through internships or related jobs.
Sources: You don't know anything— 5 things to do about it, 22 Year Old Failure Seeks Advice re: Breaking into Finance, Recently hired IB analyst - why was this hard to break into?, Regrets Due to Finance, Is investment banking not as prestigious as most people think? Are kids that break in sub-par?
Youre cooked buddy
After my BBA, I felt lost too. Clearing CFA Level 1 sounds like a solid plan to get started in finance. It'll give you a good foundation. Networking is key too – reach out to professionals and show your eagerness to learn.
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