planning on switching my career to finance. how to go about it.
 

cliffs notes: I want to switch careers into finance. Have no background in economics/accounting/finance. How hard is it to pass CFA level 1 just based on their materials. or should i go first to some community collges and brush up on accounting, take some bachelors finance courses and then start studying. or just pursuing an MBA in finance would get me there ? but does it have to be only ivy league (or top colleges in CA like USC or something)

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Background:

* Have an M.S. in Comp. Science and working as a web developer for 4 years at a big company in So. Calif.

* Have no background in Finance/economics/Accounting.
* Cant quit my current day job until i get a finance job. So all studies would be part time.

I am not necessarily looking to work for Goldman Sacs/Merrill Lynch (given my background its a long leap for now), just trying to equip myself for a good career in finance.
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Track 1: I get an MBA (at evening)
Pros: If i don an MBA with Finance electives, it would be a great way to make the switch to a career in finance.
Cons: Very expensive ($80000) for even good univ (I checked USC Marhsall school of business that has a MBA.PM program). for a regular cal state univ though its probably $30000 but is the degree worth it or is just worthless?

Track 2: Study for CFA level 1 then try to get a job at a financial services firm and try to work on level 2 and 3 while working there.
Pros: Ultimate certification to get if you want a career in finance. Much cheaper on personal finances too than an MBA.
Cons: Very hard to get especially if one doesnt have a background in accounting/finance. but is it impossible?
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Things to do:
1) Should i first take a few accounting courses in community colleges and then take some BS in Finance classes (security analysis, investment courses) at the local Cal state univ to do the groundwork for my study for CFA.

2) Directly apply for mba after taking the GMAT or study for cfa

3) MOST IMP. QUESTION:
What would be the best way for a NON finance/accounting person to pass level 1 in CFA. Is studying the course materials by CFA Institute/Study prep is sufficient enough ?


thank you so much for your advice.

Re: planning on switching my career to finance. how to go about it.
 

What school did you receive your undergraduate degree from? If I were you I would get a job as a developer working for a financial firm. Then you can gradually make that move into a more business related role. If you completely stop working to go back to school, you are going to have to start from the bottom when it comes to getting a new financial job. I think a good career path for you would be to get a job with a financial firm as a developer then gradually make the move towards being either a business analyst or a developer at a trading desk. Both of these lines are things you can work towards with your background and will allow you to transition to a role with greater business exposure while not forcing you to take a major hit on salary.

Re: planning on switching my career to finance. how to go about it.
 

[ QUOTE ]
What school did you receive your undergraduate degree from? If I were you I would get a job as a developer working for a financial firm. Then you can gradually make that move into a more business related role. If you completely stop working to go back to school, you are going to have to start from the bottom when it comes to getting a new financial job. I think a good career path for you would be to get a job with a financial firm as a developer then gradually make the move towards being either a business analyst or a developer at a trading desk. Both of these lines are things you can work towards with your background and will allow you to transition to a role with greater business exposure while not forcing you to take a major hit on salary.

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whoa this is like 1000% my current situation, working as a developer now hoping to get to the trading desk at some point

Re: planning on switching my career to finance. how to go about it.
 

Unless you have some easily identifiable outstanding skill, this is a tough one. As MrMetropolitan wrote, becoming a developer in the financial industry can substantially improve your chances. Best spot would be as a developer actually sitting on a trading desk. Probably will be tough for you to land, so also look for something where you are working on trading or risk systems and in contact with actual traders. You probably have to relocate to NY.

Re: planning on switching my career to finance. how to go about it.
 

I am a developer also and I recently switched industries from music to finance, I think taking a job in the technology side of finance would definitely make for an easier transition. you may have to put in some time as a developer once you get there though.

Re: planning on switching my career to finance. how to go about it.
 

[ QUOTE ]
Track 1: I get an MBA (at evening)
Pros: If i don an MBA with Finance electives, it would be a great way to make the switch to a career in finance.
Cons: Very expensive ($80000) for even good univ (I checked USC Marhsall school of business that has a MBA.PM program). for a regular cal state univ though its probably $30000 but is the degree worth it or is just worthless?

Track 2: Study for CFA level 1 then try to get a job at a financial services firm and try to work on level 2 and 3 while working there.
Pros: Ultimate certification to get if you want a career in finance. Much cheaper on personal finances too than an MBA.
Cons: Very hard to get especially if one doesnt have a background in accounting/finance. but is it impossible?

[/ QUOTE ]

I been asking this question on this forum for a long time. Curious to see where this post goes.

Re: planning on switching my career to finance. how to go about it.
 

[ QUOTE ]
Best spot would be as a developer actually sitting on a trading desk. Probably will be tough for you to land,

[/ QUOTE ]

good developers are very hard to come by, I agree it might be more difficult to get than other programming jobs but it's definitely doable. I would talk to some recruiters that specialize in finance as well. I don't think where you went to school will matter all that much, but your mileage may vary of course.

Re: planning on switching my career to finance. how to go about it.
 

I am an IT recruiter in NY. The company I work for is a boutique firm and 90+ % of our clients are either the major banks, brokerage houses, financial software development firms or hedge funds. This is actually a topic I know about ( I usually just lurk hoping to pick up something from all the smart people who frequent this forum but not BBV). Even if you get an MBA you are not going to get very far getting one in finance with your undergrad. Computer science is extremely desirable. You have not made clear what type of financial career you are hoping for which will make a difference in regards to what you should get your masters in. I do believe that best way for you to get more business though is to start applying to work for financial firms. I do not know your background or what language you develop in but as an example, Goldman Sachs has something called Sec DB which is their proprietary language. They say it gives them a competitive advantage over other firms (who knows if this is true or propaganda). What they do is hire junior and intermediate level developers who are strong with either C++, Java, or C# (winforms not webforms) and teach them Sec DB. They then put them in heavy business areas. So that is the tradeoff for learning this language, you get the business. Now the one negative is depending on what job they give you or how long you stay there, your development skills can deteriorate due to lack of use and therefore your ability to move to a different firm is hampered because Sec DB is only used at GS. This may be something you want to consider looking in to. I would be aware though that I probably do not want to stay at Gs for greater than 3 years for fear that I could no longer leave because your C++ or Java development is now kind of weak.

Re: planning on switching my career to finance. how to go about it.
 

OK Mr. Metropolitan, how does he go about finding that developer job?

The idea is a good one, but the other paths can work, too, the odds just suck.

Re: planning on switching my career to finance. how to go about it.
 

[ QUOTE ]
I am an IT recruiter in NY. ... Goldman Sachs has something called Sec DB which is their proprietary language.

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By the way, I can't believe SecDb worked its way in here. Mr. Metropolitan's thoughts on it are sound.

Re: planning on switching my career to finance. how to go about it.
 

I work for one of the big name investment banks, and I've been in the game for a long time.

Take my word for it- getting hired for a half-decent job with no experience whatsoever is an utter pipe dream in this environment.

Wall street is firing right now, not hiring.

I'd spend the next 6 months to a year planning and networking.

The CFA is very tough by the way, even for a very smart person.

Re: planning on switching my career to finance. how to go about it.
 

There are lots of finance career options besides working in investment banking. Take a couple of finance/accounting classes at community college. With your computer science background, you should be able to get a job as a financial analyst. Play up any database work you've done on your resume, and learn Excel, VBA, etc.

Re: planning on switching my career to finance. how to go about it.
 

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Take my word for it- getting hired for a half-decent job with no experience whatsoever is an utter pipe dream in this environment.


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A lot of us hold that "pipe dream" as the foundation towards greatness.

Disclaimer: I am a math teacher who is also making a career shift towards finance and also has the same conundrum.

OP regardless of anything, I think your desire accompanied by action will utterly move you towards your "dream job". The key there being action. PM me if you would like to exchange thoughts as I have been researching the same for a very long time. We have similar desires but different backgrounds both considering an MBA(and its high cost) and the CFA exam. One other thing to consider is College MBA forums. I know Berkley has one that may help with some of your questions. The link escapes me at the moment.

Re: planning on switching my career to finance. how to go about it.
 

[ QUOTE ]
[ QUOTE ]
Take my word for it- getting hired for a half-decent job with no experience whatsoever is an utter pipe dream in this environment.


[/ QUOTE ]

A lot of us hold that "pipe dream" as the foundation towards greatness.

Disclaimer: I am a math teacher who is also making a career shift towards finance and also has the same conundrum.

OP regardless of anything, I think your desire accompanied by action will utterly move you towards your "dream job". The key there being action. PM me if you would like to exchange thoughts as I have been researching the same for a very long time. We have similar desires but different backgrounds both considering an MBA(and its high cost) and the CFA exam. One other thing to consider is College MBA forums. I know Berkley has one that may help with some of your questions. The link escapes me at the moment.

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I like your optimism but unfortunately it is not realistic. The market is saturated with highly educated individuals not just from America but from China and India as well. They have advanced degrees in things like Physics, Math and Economics on top of their computer science degrees. Then they have practical experience using these skills for a financial firm. I agree that action will lead to results but the actions taken in pursuit of a "dream job"( in my opinion this is an oxymoron but whatever) should be done with your eyes open and a willingness to be realistic about what is going to get you where you want to go. Also, you have a BA in math education I am guessing? What type of work do you want to do for a financial firm? And what type of advanced degree did you want to get?

I would like to hear more about OP background technically and education wise as well as what he is hoping to do specifically for a financial firm.

Re: planning on switching my career to finance. how to go about it.
 

Maybe I wasnt too clear on my original post.

* By job in a financial services company I dont mean working as Trader or Financial Planner. I am mostly interested in a job like Equity Analyst.

* I have read different sites and realise how tough it is to crack the CFA exams. But the idea i am getting from most that an MBA with a finance degree wont help me get through in a financial services company. I looked at the curriculum of some MBA (finance) programs and they have courses like Investment Analysis, Portfolio Management etc. These are not
good enough ?

* I was under the impression that people from non business/finance undergrad backgrounds can always get an MBA in Finance (ie people from engineering/arts backgrounds) and still get their foot in the door in a financial services company.

Re: planning on switching my career to finance. how to go about it.
 

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Also, you have a BA in math education I am guessing? What type of work do you want to do for a financial firm? And what type of advanced degree did you want to get?

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I am a BS in Math with a minor in management sciences, an MS in Education and 6 yrs experience running a successful restaurant/bar in a struggling city. We at one point were the only business turning a profit. I am currently a math teacher in the Bay Area. My goal is to become a Financial Analyst for a bank, but its hard to say if thats my dream job until I actually do it.

I hold OP opinion on the use of an MBA. It is a door opener into the corporate world for people outside of the business world. I also believe their is a desire for individuals with a diverse background in the field of finance. In a recent discussion with a Professor at UC Berkley (I am in the process of applying), I asked what chances a math teacher would have in getting into their business school compared to say an engineer student. His claim was that the market was in need of change. That the change would come from a new generation of well diversified group. He claimed the market has been flooded with students tracked through similar programs with very little knowledge of business applications. And most were "highly skilled" professionals with backgrounds in advanced math/physics ect. But they were people who could not get things done. He was far more articulate but I think you get the idea. For me ( I have a bias opinion since i am a math teacher [img]/images/graemlins/tongue.gif[/img]) teh argument made sense and was inspirational.

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I agree that action will lead to results but the actions taken in pursuit of a "dream job"( in my opinion this is an oxymoron but whatever) should be done with your eyes open and a willingness to be realistic about what is going to get you where you want to go.

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I will agree with your statement. I also agree about the current market for finance being what it is. On the other hand, I think an MBA or a CFA or any other acronym means nothing with out ability. In other words, book smarts does not translate into success in the real world. Someone once told me "dream in the clouds and work your ass off getting to them". I may be naive then, but I believe my self to be more able than the competition I have met. [img]/images/graemlins/grin.gif[/img]