Hi All,
It's my first post but I've been lurking for a couple of days now (just made a legitimate account though).
Here is my situation. I am 24 years old and have LOVED financial markets and investing since I was 10. When I graduated High School the US recession was in full swing and the idea of studying a subject linked to finance was immediately shot down by anyone I asked. I was advised to study engineering and now have a BS and MS in engineering. I have also been working in the engineering field for 4 years while applying to literally hundreds of jobs in fiance to no avail. I've been able to advance my career in engineering to a sort-of Project Manager but I dislike the work I do.
Is there any hope that I might get a job in finance (any discipline) or is it just a turd floating in the bowl? any insight from you guys is welcome!
Edit: Grammar.
Seems like if you really want to switch, the MSF/MBA routes seem attractive. It would give you a chance to rebrand, network, gain experience, and get an offer after about 12-22 months. I imagine there's a serious chance that you could spend that same amount of time just applying and get nowhere. Start networking regardless. I made the switch at the very end of undergrad, so it was a bit easier, but I do know what it's like to start with zero industry connections/relevant experience and make it happen.
That's a good point - here's my gripe with the MSF/MBA route. While I would love to go back, the prices are crazy high (for a mid-top tier school at least). While I don't mind taking a risk, going into +100k of debt while working full time isn't the dream. Did you end up getting a job after your undergrad?
So I'm actually still in my MSF (started last Fall straight from undergrad). I finish in December, but I start FT in Private HY/Distressed for an asset manager next month. My program's sticker price is around 38K. I was in music for undergrad, so I mainly just tried for internships before starting MSF.
*Edit: I would also add that I can understand the sentiment of not wanting to go back. I hate being in school and never thought I would be in it for as long as I have been. Also, the debt aspect didn't affect me due to low price and I got excess in undergrad.
MBAs like engineers, and engineers with quality MBAs typically find good roles in banks or F500 finance departments.
Your other options, which you are probably already working on, are networking or an internal transfer to the Finance group in you company.
I'm still mulling over the idea of getting an MBA +100k of debt could be brutal if it doesn't work out lol. If I do go for it I assume I would have to market myself as more of a project manger than an actual finance guy. I'm not too familiar with how big banks set their org charts up/the real responsibility of each role besides the BS stuff you'd see on a job posting. Are project managers even a thing in banking?
Once you get an MBA, preferably T20 (top 50 at the bare minimum if its a school with a highly regarded alumni network) you would be marketing yourself as an MBA with an engineering background, not a project manager. You would do an internship at a bank or a F500 company and then try to get that follow on offer.
But to answer your last question, the front office in a bank doesn't have "project managers". You will have "engagement leads" but thats just a more senior banker who interfaces with clients and leads the team.
Sweet, that clears a lot of stuff up for me. Would any of the experience I have as an engineer matter? At the moment I am pseudo managing a 16 million dollar project and I am doing QA/QC on 2 others (right around the 10MM dollar mark).
BTW you've been really helpful - thanks LeonTree.
MBA programs look fondly upon STEM backgrounds. Get a kickass GMAT score and go for a top MBA.
Gives you something unique to talk about when interviewing against your typical finance hardo. They'll remember you as the engineer who actually had responsibility (especially compared to the guy that was in the finance rotational program or tier 3 consulting firm).
If you actually find your way to the M&A group of an IB, it helps when building trust with clients. Many deals are private companies with strategics as a tier 1 buyer, with the difference maker being the technology. Several banks have token engineers on staff just to speak the language with the founder of the company.
This path is full of risk, as you noted earlier when saying 100k+ in debt, and its not for everyone. My suggestion is to apply and see where you get in and then evaluate.
It's very easy to get a job that will pay well enough to justify an MBA. STEM + MBA gives a lot of employers hardons.
Any field of finance specifically?
IB has the most structured recruiting at target MBA programs
Could go consulting or F500 as well
OP: You mentioned recession in your original post and that's what led you to do engineering over finance. Totally understand it. What no one else here has said is this: This bull market has been going on for over a decade now. It will end. No one knows when. Getting an MSF/MBA or whatever and graduating into the next one is a real risk (though, to be fair, it has been for the last few years).
That is a risk you want to consider. Also you say you love and have loved markets. Do you invest PA? Do you have trade/investment ideas? Do you know people in the industry you can reach out to? Might be worth starting that process now.
Good Luck
Yeah, I've though about that too. The US is in an odd place economically There are a lot of signs which point to an economic down-turn happening. How large is yet to be seen. Especially when you start to consider how MMT is going to effect the cycle. I'm not sure how far I want to go on this tangent in this thread though.
I do invest PA - in fact I have made some really great returns for the last 2 years. I trade stocks, options, FX and I got my feet wet with crypto back in early 2016 but I didnt take it too seriously. I mostly used crypto to hone my TA skills as I have really invested via FA when trading traditional markets. I do have a few investing ideas - but we could talk more about that via PM.
I unfortunately don't know people in the industry. But I am starting to attend finance networking events. (now I have some disposable income so I can actually afford to sign up lol)
When you're right, you're right. I shouldn't have started a sentence with "but".
Also the recession probably wasn’t considered “in full swing” in 2013, maybe that’s what he’s getting at.
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