Non tier undergrad, looking to break into finance
This is not trolling btw as I saw few people sh*t on OP, which legitimately seemed like they were trolling. Real life and need some straight up no bs advice.
I know there are many other posts with similar theme/ issue I describe below but I need some relevant answers to my specific situation, so I apologize in advance and I'm ready to get sht on. Give me the goods! At the same time, I ask for some constructive feedback versus just shtting on my situation.
Yes, you can probably tell based on my goal that I don't exactly know where I want to end up in finance yet but I know this... I enjoy finance more than accounting and I'm ready to put the time in - just need some solid advice to get on the right track and hopefully break in.
I'm ready to implement a 5-10 year plan to get there. Help me fill in the blanks. Thanks in advance.
Goal: Secure a job in finance, such as IB, PE HF or equity research. I know it's broad and I know the general route is IB>PE>HF or a variation but I just want to break in then go from there, wherever it may be. I specifically say equity research as that may be a long term goal as that is an area I find interesting
Issue:
Due to low GPA, I'm seeking alternative options since I went ahead to complete my CPA in hopes of demonstrating my ability to do well in a Masters program in finance.
I considered doing a BBA in finance (as ppl in IB advised) and hope to do really well but I didn't see the ROI in the case I didnt end up in top 10% of cohort - totally open to this option if it's the path of least resistance.
Question:
-Should I retake courses to boost GPA at all?
- Will the CPA aid in supplementing my low GPA?
-How high of a GMAT will I need to supplement the low GPA?
-What references are most valuable? I should be able to get references from past employers, clients or the Board of organization I volunteered with in past, perhaps even president of my uni as I served on the uni ambassadorial team.
- I'm indifferent about moving, so anyone know if I have a shot at any UK Based/ surrounding MSc programs? Will I be able to find a job after if not top tier?
Also is it true that Masters in finance is not as common for ppl to break into finance in Toronto? I heard it's mainly direct hire from tier 1 or 2 undergrad programs here. Whereas Masters in finance is more relevant in U.K.
Mostly MBA's and maybe UoT's MFE. Most people do MFin to teach or to do quant stuff from what little I've seen so take this with a grain of salt.
Thanks Shark. Are you able to share any insights on how to break in based on my current situation?
Obviously finish your CPA. Option 1: Then try to get ur CFA and network around in Toronto. The CFA is probably more important in Canada than anywhere else and you should consider the fact that Toronto has the highest CFAs per capita. I know people who lateraled from transaction services from the Big 4 into IB/PE (after getting CPA -> CFA) so that might be a path to consider. Option 2: Alternatively, you could focus on moving up in accounting and your leadership on the uni/cpa boards -> MBA. You could be a solid candidate for an MBA rotational program due to your leadership profile and accounting skill-set. Probably should do an MBA - you seem to have a relatively strong profile. Or hell if you can manage it, write the CFA as well lol.
maybe look into doing PWM. generally it's hardest for people right out of undergrad, given that they're literally building a book from scratch, but maybe you'd be able to do alright by utilizing any and all existing connections?
I've considered this and could have worked into this type of role in the private banking division at the bank, but I didn't want to since I would've been doing pure sales for 4-5 years before getting there. Path was retail acct mgmt > financial planner > private banking.
If you want to spend 5-10 years to get into Investment Banking, you have bigger problems that getting into banking.
Think about yourself and what you really want with your life. Do you want to do banking because your passionate about it, or because of how you think other people will look at you if you do it?
Use your talents, believe in yourself, and fuck what everyone else things. Make your own path.
Yes, I could see how most 20 something's would want to do banking for prestige or to show off. That's not my case. I could careless.
I have been working since I was 14 and I'm in my mid 20s now so trust me when I say that I have considered what I really want to do. I've worked in customer service, construction, hospitality, sales, social media marketing, accounting, office mgmt, non profit work - so a bunch of different jobs and considered all career paths. I could have done well in any of the listed career paths, but there's something in me that always wants a challenge and further use the analytical side of the brain.
Finance is something I have not tried and relates most to accounting from an analytical perspective. It is also more interesting as it's mostly forward looking.
I think a 5-10 year plan is realistic as it will take me about 1.5 years to pass CPA then one path is: to gain more leadership exp and progress in my career for a MBA, so add another 3-4 years or more.
So based on this, do you have any further suggestions on the path to breaking in?
someone on this board is an expert hold on @my name is goldstein
There's a few things you can do for sure, but first start by realizing that in a few years....no one is going to care at all what your GPA was when you were 20. It's like your 1st grade test scores, they just won't matter after a while. Your experience and what you do starting NOW, TODAY, that's what will matter as you change direction in your life. Also....changing course takes time and it's good you understand that, but also build in some hard deadlines. If you don't get a job by xyz date then you'll get ready to go to grad school, or something to that effect, so that you don't waste too much time. Ultimately.....all this is just a job, and you don't want to put real life on hold needlessly.
Here are some options to get you thinking:
Option 1: Ok so just get in the game first. Literally take any financey related internship, part time, temp, or whatever work you can get. After a month or two, go to a recruiter for BO/MO positions and tell them you're not picky. The goal is to get a full time job. Any job, at any bank. Then, once you're in, you have something on your resume. Once you have some sort of position, start racking up licenses, credentials, etc. I don't know what the situation in Canada is but I do know that in the USA, plenty of CPAs get MBAs and go into banking/research. You could also try to network around. So that's a doable plan within 4-5 years, or at least to get you moving. The trick is to get in the game, and then patiently leverage up each position. Be mindful of letting too much time pass before a jump though, as you don't wan to get too comfortable anywhere.
By the way, don't put your GPA on your resume. If people ask, just say you were an ok student who had excellent pre-college test scores, had family responsibilities that took you away from school sometimes, and was always working so you're more interested in letting your work ethic speak for you.....and then draw focus on work related questions in interviews. Ignore the people who are too hung up on GPA to take a chance, they're a waste of time IMHO, and you don't need someone's sad/weird degree fetish holding you back. Capece? Keep moving and you'll find people who understand that a college degree is merely one aspect of a person's history, or if you're lucky, forget to look too closely at it. Smaller firms are generally easier to slip through the cracks, so get your foot in the door somewhere, get some skills, then transfer based on experience.
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Option 2: Look outside of banks. Apply for a bunch of finance / corporate finance / financial analyst roles at non-bank companies and start there. Even look at small companies, get some experience, and then trade up to mind size, then larger companies. An FP&A analyst from a pharma company is often better positioned than an ops guy at GoldmanStanleyDeutcheMorgan. Alternately, look at consulting firms, especially the smaller ones (Stephanini for example) or non-finance (Aviva) that just want a college degree....stay for a while and then leverage towards something better. You're already not on the partner track at Bain, so take a look at the huge constellation of smaller firms out there that you might try to get a start at. Project Management shops are also good places to start, you'd be surprised at the level of responsibility they hand a junior. Hit people up on linkedin asking for a call/coffee meeting to ask questions about applying to their company and you'll be surprised at how many are helpful if you rub them the right way. And be patient, people are busy, so just keep talking to everyone.
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Option 3: Also realize that you might be able to just get a masters and reset your recruiting options. MFIN/MSF programs, professional MBA/CPA programs, these give you another crack at recruiting and while costly, will save some time. I'm not an expert on this but consider it and mine this site for info...but beware people arguing minutia. The goal here is to get into a good paying job, so stay focused on that. The rest will take care of itself.
Hope this helps
Can't even tell if you have a grasp what about finance or what type of job in finance interests you. I'd start there with a thorough research before planning.
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