Former soldier looking to break into finance - 8 years in USASFC
So, here's the deal. I am a former soldier who spent 8 years in USASFC. I got out of the Army in 2009, went back to school, and will be graduating with a degree in international affairs, economics, and a minor in business in May. Currently, I am working as a Banker at Chase and studying for the Level 1 of the CFA.
Needless to say, at 30 years old, I am definitely behind the 8 ball, in terms of getting my professional career off the ground, despite the military background, academic fellowships, top secret security clearance, etc.
In order to make up for 'lost time' in the military, what would be the next best step? My aim is to get in as an analyst, but even the entry level jobs still require 1-2 years experience.
is your current degree UG or graduate? If UG, start studying your GMAT and go to b school then OCR for associate positions is your best shot. Analyst @ 30 isn't realistic.
B-schools generally love ex-military, and is a great gateway into I-banking. Especially with your SF background, you already have a compelling story. Out of B-school your age shouldn't be an issue so much. You can also take the GRE for many top b-schools (NYU, Columbia, Harvard, MIT Sloan, Wharton, etc). I mention this cuz personally I think the GRE is easier.
chob, it's UG.
You could also try to find a headhunting firm that recruits for finance jobs that either strictly places ex-military guys or at least as a consistent track record of placements. My dad was a 2/75 Ranger and that's what he did... Not finance but I would imagine there's something similar.
glosed,
Any suggestions as to which firms? Most military recruiting fairs are low-skilled labor jobs like exterminators and chimney sweeps (Ok, maybe I am getting a bit dramatic on that one). Unless you want to work warehouse jobs, retail, or other shitty jobs, you are looking at contracting work (ie Triple Canopy, DynCorp, etc). Normally, I would go for it, since the money is good, but these jobs don't really help any long term career goals.
Sorry, mop. My dad did it 20 years ago and I have no idea which firms would specifically do that. He said that they were recruiting heavily and placing a TON in F500 corporate roles. My dad stuck with a smaller firm but the opportunity was there. Again it was a long time so things may have changed. Like a lot of these guys are saying, MBA schools love ex-military, the consensus is the military is about the best discipline/leadership skillset you can get.
SF will look amazing on a b school application. I would definitely consider doing business school and jumping in as an associate.
My roommate is in a similar situation. He is in the guard, wants to go sf, then business school to break into IB. Right now it's not realistic for him to try and get an analyst role with all the commitments he's made with the military.
Tell your roommate, so far, most places I've applied to don't give two shits about the military background. He's better off just focusing on professional development.
This doesnt sound right... I know many of my friends who are exmilitary and now in top consulting firms and I-banks in front office roles by attending top b-schools. Are you enrolled into U of Phoenix or similar 'military friendly' online degree programs? This is a legitimate issue with many ex-military trying to break into finance or a decent B-school. UoP and similar programs are worthless. If you are in it, then you first need to transfer to a real University asap.
Nah, I am in a real university (state school) that is a pretty damn good.
Great. I'm glad to hear that.
Then your best advice is to go to top 20 B-school ---> I-banking. You really wont have a decent chance to break into I-banking otherwise. From b-school, you will have no problems getting into finance as an associate.
As for the tuition, you prolly won't have any GI bill left after UG. So just take out a loan and don't think twice about it. Just make sure you are attending a top b-school, and you should have no worries.
When you say you want to get in as an analyst do you mean research analyst or IB analyst? You do not neet 1-2 years of experience to break in as an IB analyst.
From personal experience I don't agree that most places don't give two shits about the military. The issue is not being military it is being a much older analyst, large age differences are more common with associates. Most banks love military guys when they are fresh from b-school, but the 26-30 year old enlisted veteran graduating from undergrad that wants to break in IB as an analyst is a relatively new phenomenon due to the post 9/11 GI Bill.
The most important thing is to cast as wide of a net as possible, network and apply to as many banks as possible because it is almost entirely a numbers game. Use your military background to network, but focus on your interest in finance and banking during interviews......you don't want to come across as intimidating during any interviews because the interviewer needs to be confident that he can manage you the same way he will manage a 22 year old who doesn't have the same life experiences. It is a much more delicate balance to strike as a veteran coming in as an analyst rather than an associate.
Most places outside of Bschool not giving a shit about the military is actually dead on. The only way it helps you is if you network with other SF guys and leverage them to help you out. You don't need to be a leader to be an analyst in banking and, usually, people don't like the idea of a guy much more experienced (in life) and older than them being their analyst.
I know there are exceptions but this is by in large very true.
Going to bschool at this point is basically not going to help as you'll be ~35 when you're done. Networking your snake loving tits off and you'll find something.
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Thanks for the input, guys. It has definitely given me a lot to think about.
Use your military background to network, but focus on your interest in finance and banking during interviews...... you don't want to come across as intimidating during any interviews because the interviewer needs to be confident that he can manage you the same way he will manage a 22 year old who doesn't have the same life experiences. It is a much more delicate balance to strike as a veteran coming as an analyst rather than an associate.
I am a vet and have a bunch of buddies who have successfully transitioned to banking, which seems to be the path you are looking to trod. You are going to need to recruit for an entry level analyst gig, and I would suggest that you look to do so at a big shop that has a large training program.
I would suggest trying to get the contact info of a few vets (regardless of service) at various shops and ring them to ask advice. Ask advice, and you will get a job; ask for a job and you will get advice.
Do not bother with an MBA if you are not going to a top program, a shitty MBA will hurt you more than it will help. If you have specific questions, please feel free to message me.
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