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

[iambusto]

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)

-------------------------
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.
------------

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?
-----------

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.

[MrMetropolitan]

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.

[napkins]

[ 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.

[/ QUOTE ]

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

[ImBetterAtGolf]

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.

[turnipmonster]

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.

[dazraf69]

[ 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.

[turnipmonster]

[ 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.

[MrMetropolitan]

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.

[ImBetterAtGolf]

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.

[ImBetterAtGolf]

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

[/ QUOTE ]

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