Prospective Career Changer
I am in the process of switching careers from intelligence analysis to IB and am requesting constructive advice on the most efficient path fwd whether that be CFA, MBA, or applying for entry level trading positions for Prop Trading firms.
Disclaimer: I have 10 years of experience in an unrelated field, with an MS in Applied Intelligence Analysis (worked in intelligence analysis for the USG) and realize that there will be a huge commitment in terms of time and likely money to do this correctly and efficiently regarding time commitment, not to mention getting past folks who won't bother with my resume at all due to the unrelated experience. So, that aside, I would like to know what my best course of action might be, apart from the necessary networking to gain some inroads -
Entering Bschool with a concentration in finance?
Prepping for the CFA to show commitment to the new field as a career changer?
Applying for a slot at a prop trading firm as a trainee (unsure if this is even realistic given the lack of MBA)?
Or is my most realistic/only course of action # 1 -- MBA?
All CONSTRUCTIVE feedback is appreciated.
Respectfully
JimmyD
Do a bit more research? You are thinking of IB, yet you are also thinking of applying to a prop trading firm as a trainee. Completely unrelated fields; unless you are talking about prop trading at an investment bank, but by the look of it you mean IB as in banker M&A, DCM, ECM, etc.. type of stuff.
If you are talking about prop trading in IB (if that's what you mean). It's a dying job. GSPS shut, MSPS shut, JP prop shut, Merryl prop shut, CSPB barely anything left same with UBS PB... You get the picture...
So: chose one - trading or banking; and do some research. CFA = won't help, it's 3 years + You will be retiring by the time you are done with all levels. MBA = might re- networking (specialising in Finance won't change a thing...) Networking is the only thing that matters.
Many thanks, Disjoint.
I'm leading more toward trading and possibly with a prop trading firm, whether in Chicago or NYC. From what I've read about M&A, it doesn't sound quite as interesting, the hours are insane, you have to be at someone's beck and call almost 24 hrs a day, and it appears as though unless you get into a boutique firm, you might be out of luck at my age (mid-late 30s) trying to get a slot in a larger traditional investment bank.
I'm more interested in following and trading the equities/futures markets. In light of that, would I absolutely need the MBA and networking to get into a prop trading firm? What are the barriers to entry? etc.
Again, thanks for the feedback.
JimmyD
hi, I was in a similar situation 2 years ago - 8 yrs workex in retail banking, bored to death and desperate to break into S&T with zero prior experience and already touching 30 years of age.
So after talking to several people, chose to go the MBA route. Did an internship at a BB and obtained a full time offer after the internship - just started at a BB in London a couple of months ago and now moving into quant trading next week. It'll be prop + agency trading (dark pool), and hoping to have a good time.
Although it sounds simple, it was extremely difficult to break in- applied to 53 firms, met over 25 people and must have networked with over 100.
If you want to really break into sales/trading, an MBA per se is not required at all, but it is essential because most BBs recruit unexperienced people as a part of their associate program which is aimed at MBAs. I doubt any BB will spent their time/money training someone like you (no offence and I was in your shoes 2 years ago) unless you are a part of the MBA program, wherein your costs are borne by HR and not the respective desk. If you decide to directly apply, you will also have to compete with 25 year old kids with more relevant experience, and hence they will be considered smarter than you - I still face this challenge on the job. Also, I think trading at a BB will be easier for you to get into than prop trading shops (at least in London - I am not so aware about the US market).
Barriers to entry are only your own degree of motivation and desire. I am starting to trade at 31 and am the oldest guy on the floor, but in terms of trading experience the most junior! If you feel you can't accept this and have younger people teaching you, maybe you should consider sales or research.
But I enjoyed my internship and am looking forward to the potential upside in training - both in terms of money and intellectual challenges.
Comments welcome!
Archie
Glad to see you succeeded. Shows that your tenacity was finally rewarded.
I'm certainly motivated. I've begun the MBA open houses already and am still researching options in the interim. There's a CFA course beginning here in July and I may get my feet wet there. We'll see.
Thanks for sharing your experience. It certainly does give me more incentive to keep pushing toward my goal.
JimmyD
Before paying a CFA course - do some research. I used the Scheswer review for level I from a friend, and passed. Only had to pay the entrance fee to the exam. If you have the motivation you should manage to study for the CFA level I by yourself.
If you have the CFA but no relevant work experience, it won't help you.
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