Would like a little advice...
I would appreciate anyone's input on this. Throughout my research, I am coming to no solid conclusions and I am seeking to determine what options and routes I may truly have so that I can narrow my research down and start working a 5 year plan.
First, a little background:
-35, mid-career military officer
-BBA in Finance and Marketing from Central Arkansas (no name school, but great education)
-Civilian and military experience in Logistics and Engineering Operations, Project Management, cross-divisional management, and contracting (including international experience)
-Currently working on a MS in Operations Management since it supplements my current career and I wanted to bump my GPA for a solid B-School. (looking at a 3.8+, possibly a 4.0 on graduation)
-Very analytical: Quantitative and Qualitative skillsets; I can do business valuation better than almost anyone
I am thinking about jumping from the military in a couple of years and trying to make the move into finance. I had originally been driving to try to work my way into the E-suite through operations at a Fortune 500 Company, but now I really am seeing what my natural talents and abilities will bring to the table elsewhere.
When I first started exploring finance as a career again, I first thought that corporate finance and possibly comptrollership may be the path that would allow me to leverage my operational experience the best. I am now trying to see what else may be out there and what I might need to consider with each field. Venture Capital, Trading, and Asset Management all seem very interesting and challenging. I have also considered looking into Real Estate finance with my engineering/contracting background, or even looking into becoming more of a Quant/Financial Engineer leveraging technology within the field.
Being in the military I have two real options for education:
-Pursue an executive MBA: This could be a strong option if I were to be able to be located within a reasonable commute of a top school such as Columbia, Carnegie Melon, UPenn, WUSTL, etc. With the military schedule and the fact that I move, this can be a bit of a risky prospect as I do not have stability to ensure that I am going to be in the local area to complete the degree or be able to commute if I am a bit further away. There seem to be some solid programs out there, like Indiana and NC, that have fewer residencies which may be a solid option.
-Pursue an online MBA: The problem is that there are not many big name schools. Lehigh, Hofstra, Penn State, Syracuse, and Northeastern seem like the most promising choices. This works around my schedule but may not have the name to push my resume to the top of the pile for more competitive positions.
I can either outright move a different direction or I can supplement a MBA with a Financial Engineering or Quant degree. Carnegie-Melon, Columbia, Northwestern, Berkley, and a few others seems to have reasonable low-residence/online programs that may help boost things a bit. Would it possibly be better to go this route and grab a top MBA based on where I can be located after I make a move using this degree? I am technically minded, so this area really does not scare me like it does a few who I know.
My major concerns are:
-Making enough money to support my family. I am making decent money now (not a huge amount) and most entry-level jobs are going to start decently lower. I have experience, but not in the fields that I am considering, so I am certain that the salaries will not meet my current salary. A drop in salary could have a negative effect on my family.
-How to find the right educational path which will allow me to get somewhere that I can actually compete for top jobs. I know my capabilities. I would never claim to need a degree from a top 5 school to perform well and show them that I am worthy of their consideration. I know that once I land a job, I can prove to be a tremendously valuable asset with potential for much growth within the organization. I am also a realist and I understand that a good name on the degree, plus an active alumni network can have a larger impact than the degree itself. I am not ignoring the value of the education, particularly when you get a chance to interact with those who are considered the best and brightest. I just understand myself and how I have been able to become just as strong as those with degrees from top schools.
I am basically trying to figure out the positive and negatives aspects of making a move to finance and what fields and education options may be best suited for me. When you research these things online, everything lists every reason why X is the best option. It's hard to get beyond the marketing machine and get a real point of view, especially when I do not have a mentor that is in the field. I will be leaving behind a relatively solid paying career with great benefits and a solid retirement to make this move. It's daunting, but I feel the risk could be worth it in the end. I have no aversion to living anywhere. NYC, Chicago, SF, overseas, wherever is fine by me. I do like smaller cities, but understand that top positions are going to be in the hubs and major markets and my ambition drives me to want to push to the highest level I am capable of achieving through hard work and performance.
I value anyone's input. I apologize for being a bit broad and seemingly under-researched. I have thoroughly researched all of this but I felt the broadness of this approach may permit for a wider spectrum of advice and answers. I know what my gut is telling me, but I am not certain that my gut feeling has this one correct.
naaaaa bro! I aint reading all that shit! good luck finding some advice!
A couple of things.
If you're going to go for an MBA, go for the exec MBA (does the GI bill cover it?) but only if someone pays for it (not you). It's too expensive to pay for it on your own given where you're at in your career and life (and family situation) - typically the exec MBA programs are even more expensive than full-time programs. I wouldn't do the online MBA unless it was free (full scholarship) - as you guessed, the value is in the credential itself and not the education.
When you switch careers, EXPECT to take a pay cut initially. This isn't just in your situation, but for anyone mid-career. Financially, you need to set you and your family up for that scenario where you'll initially be making less (i.e. build up some extra savings).
Speaking of money and family. Yes you say you will move anywhere, but realistically, the likely best bet for you is anywhere BUT the big cities (NY, SF, LA, etc). because of the incredibly high cost of living (especially when it comes to raising kids and schools and all that). Yes, your compensation will be higher, but it can also financially be a lot more stressful as well. Of course, this is all value judgment here, so you (and your spouse) have to figure out how important your career really relative to your family.
Given what you wrote, I think your best bet is to work in finance at a F500. For example, large multinationals with operations across the globe need to manage their cash reserves (and there's jobs where folks are managing a company's currency hedging strategy: manufacturing, consumer products, etc.). Or oil & gas, where the finance group within those companies tend to have a lot of influence. These jobs tend to be relatively stable, they can satisfy the quant/analytical challenges you may want, you get good benefits (important for families), and you're not always in the highest cost cities in the US. This is where you may have an advantage as well: a lot of the younger, prestige-minded business professionals (lots on this WSO board for example) strongly prefer or will not live anywhere but NYC, SF, Boston, LA, etc. and would avoid Pittsburgh, Dallas, Houston, Indy, Minneapolis, Atlanta or even Chicago (for the ultra coastal snobs). Yes, these places aren't as exciting or culturally enriching as the coastal cities, but they are less stressful to live and to raise a family: it's all about tradeoffs and priorities.
You could work/live abroad as an expat for a large multinational too, which can be a great experience for you and your family. That could also happen via #4 above (i.e. you work in the US at first, before being shipped off to another country to run their business there).
MBAApply,
Thank you for the reply. I am sorry that it took me so long to reply, but I am deployed and I have been moving and shaking a bit around here.
GI Bill will cover an EMBA. My major concerns with an EMBA are if I can not work the schedule, or if I get a year into a good program and then move. Traveling is not always an option with a military schedule, so it could happen that I could start a program and not be able to finish it. This is why online is really on my radar. I could easily move, deploy, travel, be locked down without the ability to travel, etc and still be able to work on my degree. I really do wish I had a better manner to pursue a top school. If I knew for sure I would remain in NY after I finish this deployment, I would try for Columbia or NYU, or at least maybe CMU's online program with all the residencies it requires. Would I potentially be better off choosing a solid online quant degree from Northwestern or Berkeley, or maybe an online MSF from Georgetown, Miami, Villanova, or Indiana and then pursue the best EMBA I can once I get settled somewhere? I could do this with low to no debt.
Fortunately, my family does not spend extravagantly and we should be able to save and make changes to take a hit financially. Then again, it may not be as much as I expect. We make decent money in the military, but I am definitely not knocking it out of the park either.
While I love NYC, I could live anywhere any be happy. I am completely open to living anywhere else frankly. I would rather pursue the right job and career path than be locked on a location.
I think that you are right here. Would it be worth staying in the Army a bit longer while pursuing a degree and building a more applicable resume? I am an Engineer Officer, but I could potentially switch into Finance in about a year and potentially attend the Army's Comptroller program at Syracuse as well as gain some experience working as a Comptroller and in Resource management. This would probably put me at 40 when I was able to look at the civilian World again, but I would also potentially have a more solid resume. Any suggestions on how to pursue corporate finance? Everywhere I have looked, it seems like they would prefer CPAs for the entry-level jobs or require a dramatic amount of experience.
I definitely would like to spend some time working overseas. I think it would provide my family with a unique perspective on the World and help enrich my children's lives as well.
Stopped reading after the "I can do business valuation better than anyone" comment
+1
Realistically, it's too late for you to ever end up in high finance (investment banking, private equity, Asset Management, venture capital, hedge funds). I'm sure there are exceptions who networked their way in, but you're competing with much younger candidates with elite resumes and institutions affixed to their names.
I wouldn't waste another 5 minutes on pursuing high finance. As MBAApply said, maybe you could end up in a F500. Since the GI Bill will pay for your education, I'd make damn sure that the degree you're choosing will lead to the job you're pursuing. If you have illusions that getting an EMBA is going to help you break into high finance, drop those illusions now.
If I were you I might consider getting a master's degree in accounting and start pursuing the CPA license, or figure out a desired degree that the federal government wants/needs. I know the FBI loves CPAs. You could possibly even pursue law. Since you are free from the albatross of student debt, you could go into federal service or something similar with a law degree.
High finance? Nope. Don't waste the GI Bill resources on pursuing an unrealistic goal.
Asperiores aut voluptatem dolor saepe voluptatum ut. Sed voluptatem quidem voluptatem totam animi excepturi eligendi. Omnis aliquam iste quia impedit blanditiis.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...