Young business owner trying a career change

jmel11's picture
Rank: Senior Chimp | 26

I own a small business that I can sell and want a career change to Wall Street. However I lack the experience and did not graduate from a prestigious school. ( I attended a D3 liberal arts school for 3 years before transferring to Kent state) my BA degree is not in finance. Are the IB courses worth it? what certificates should I go for? All advice is welcomed.
my neighbor is a former CEO of a small bank in Ohio who would help me if I asked but I want to save that as my last option.

Comments (17)

Feb 10, 2018

I should mention I'm 25

Feb 12, 2018

Have you considered doing an MBA? That's probably the path of least resistance assuming you can get into a good program. That of course largely depends on the kind/success of the business you're running now (i.e. your professional experience thus far).

In the near term, perhaps the best approach is to reach out to local/regional boutiques and see if you can secure a spot as a first-year analyst and try to move "upstream" later on. To that end, make sure to study the relevant technical and basic finance/accounting ahead of time. The courses aren't really going to move the needle unless you're having trouble self studying. Similarly, there aren't any certificates that would be very relevant here

Feb 12, 2018

I've considered going to grad school but i just graduated two years ago so i didn't know if that was too soon. The schools near me aren't the most prestiges and i just paid off my liberal arts school debt, but if that's what it takes it'll be worth it.
You're right that my best chance would smaller local firms.
What would you reccommend to consider when seeking employment? What concerns me is just taking any job in finance or is that my mistake. I just want to make sure i try and get the best fit possible.

Feb 12, 2018

Well it depends in part on what you mean by "Wall Street". Taking investment banking as an example, I would try to reach out to small investment banking advisory firms in the area to see if there might be any opportunities for you.

Feb 12, 2018

what LAC are you from?

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Feb 12, 2018

Washington & Jefferson College

Feb 12, 2018

What bidness do you own?

Feb 12, 2018

I own a small ice manufacturing and delivery business. Then my parents own a grocery store with a gas station connected to it.

Best Response
Feb 13, 2018

How big was the business? Did you sell it? What happened to it? Why did you quit? How many employees did you manage? Did you have a website? Is it still active?

I'm asking because I also owned a small business before switching to finance and your success in getting into finance is largely going to depend on how successful you were in running your business. I know how hard it is to start a business and that it takes time and hustle before it takes off, but the people interviewing don't really give a shit, they just want to know if you have been successful in the past.

As most mentioned, I believe the best way to break into finance would be to try to get back into a decent school either doing a masters or an MBA.. anything to get back into the recruiting cycle. Get a good GPA and learn everything you can about finance through guides/websites/informational calls with people in the industry. Make sure you have your story down as to why you decided to switch to finance and learn all the technical questions.

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Feb 13, 2018

Not trying to hijack, but would like a reality check on: how old is too old to get into this level of finance/business/accounting? Have I totally missed to boat at 50?

Also, if I have one of my 3 children who are in college choose to go this rout, where should I direct them? Not trying to push them into a career, but want them to see the opportunities out there. both are smart enough. One's a double major in EE and Comp Sci, while the other is getting ready to start biz school in accounting.

Feb 13, 2018
dm100:

Not trying to hijack, but would like a reality check on: how old is too old to get into this level of finance/business/accounting? Have I totally missed to boat at 50?

Also, if I have one of my 3 children who are in college choose to go this rout, where should I direct them? Not trying to push them into a career, but want them to see the opportunities out there. both are smart enough. One's a double major in EE and Comp Sci, while the other is getting ready to start biz school in accounting.

you should probably start your own thread....

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Feb 13, 2018

Not so much. 12 comments on this thread, very little applicable to the OP. Plus, my question was rather a segue from the OP, not a completely different question.

Regardless, if you think this should have been posted elsehwhere, I won't argue. Still somewhat new to this board so etiquette is different than many of the other boards I'm used to: Seeking Alpha, NASDAQ, Bogleheads,....several others.

Such is life. Anyone not interested in posting a resonse is free to not do so. I will be crushed, but will move on to post again.

Feb 13, 2018

I can't directly speak to breaking into investment banking for someone in the middle of their careers.

With regards to your children, you can direct them to either WSO or to the previous site. Besides that, if there are any alumni in the field they can meet or investment banking organizations on campus they can join, that might give them an idea of what's out there.

For your EECS kid, a potential industry he can look into (should he be interested and good enough) could be algorithmic/high frequency trading. These positions generally have better hours and higher pay than traditional finance, but require a very solid statistics background from what I understand.

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Feb 14, 2018

I always think that it's best to seek professional advice when looking to make a big career change. Professionals have seen it all before and can help let you know what is and isn't worth your time, effort and money and what you are and aren't suitable for. It's also useful to check what skills and qualifications you can gain online easily that will help increase your chances of applying for a new job. I've done this before and found great advice from Sussexbusinessschool (dot com) and 'career advice'.

Feb 14, 2018
Comment
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