Changing Career

[get better]

Hi Everyone,

I'm interesting in hearing your experiences in making a career change and what it took/what sacrifices you had to make to make that change as well as any words of wisdom you may have for someone looking to make a career change.

To give you a bit of background about myself, I'm 26 and have a background in Engineering and have transitioned into a more project management focussed role in the manufacturing/construction industry. Lately, I've been finding that although I'm very good at what I do and the pay is great, I don't enjoy it quite as much as my endeavours into learning more about the markets/investing etc. I generally stay up late on most nights reading about investments, trawling the ASF, designing systems (both fundamental and technical) and expanding my knowledge on everything finance/economics. I have since realised that I'm fascinated about and thoroughly enjoy everything finance/economics and am now contemplating on making a career change.

One of the obvious areas to move into is Financial Planning but from my research this feels more like a sales type role than someone performing any actual analysis into markets etc. This leads me to asking a couple of questions:

• Are there other kinds of analyst type roles that exist in the finance industry?
• What kind of qualifications would you suggest as a potential stepping stone into analyst type roles?

Any words of wisdom/suggestions would be very much appreciated!

 

[luutzu]

Hi Everyone,

I'm interesting in hearing your experiences in making a career change and what it took/what sacrifices you had to make to make that change as well as any words of wisdom you may have for someone looking to make a career change.

To give you a bit of background about myself, I'm 26 and have a background in Engineering and have transitioned into a more project management focussed role in the manufacturing/construction industry. Lately, I've been finding that although I'm very good at what I do and the pay is great, I don't enjoy it quite as much as my endeavours into learning more about the markets/investing etc. I generally stay up late on most nights reading about investments, trawling the ASF, designing systems (both fundamental and technical) and expanding my knowledge on everything finance/economics. I have since realised that I'm fascinated about and thoroughly enjoy everything finance/economics and am now contemplating on making a career change.

One of the obvious areas to move into is Financial Planning but from my research this feels more like a sales type role than someone performing any actual analysis into markets etc. This leads me to asking a couple of questions:

• Are there other kinds of analyst type roles that exist in the finance industry?
• What kind of qualifications would you suggest as a potential stepping stone into analyst type roles?

Any words of wisdom/suggestions would be very much appreciated!

Just my humble opinions...

I don't think companies and recruitment agencies work on the "changing career", give me a shot, business.

They look for experience, and unless you have experience, you won't get through. Heck, they even look for experience in new graduates.

If you go back to uni, do exceptionally well, make a friend or two... sure, I guess. Then start at the bottom.


For my money though, changing career may be "easiest" if you start your own business. It won't be easy, it's risky and you may have to cut holidays and weekends... But if you want to do something you love and get pay for it too, doing it from scratch for someone else... Don't think it's possible in finance and investment. I mean, those guys do nothing but learn jargon, goes to meetings and buy everything that's out there and make lots of money no matter what happen. You got to be very handsome or gifted or have a rich uncle or something to get in midstream.

 

[CanOz]

Join a prop shop, you should be just the type they're looking for, young and keen. There's quite a few now, Propex, Aliom, Epoch, MW Markets, Star Beta and more...

Some of these guys are making 7 figures a year, especially in a volatile bond market.

 

[get better]

I don't think companies and recruitment agencies work on the "changing career", give me a shot, business.

They look for experience, and unless you have experience, you won't get through. Heck, they even look for experience in new graduates.

If you go back to uni, do exceptionally well, make a friend or two... sure, I guess. Then start at the bottom.

Yeah, I kinda figured this was the case. I was thinking of specialising in Risk Management to help with this but even then, it is a completely different industry than finance. Perhaps I'm just hoping that my pipe dream actually exists out there somewhere and I'm clutching at straws but it was worth a try!

The business idea was one I was floating but the conclusion I came to was that I'd need years of experience and track record for that to work - something that's still a work in progress.

Thanks for the feedback, it's always good to get brought back down to reality.

 

[get better]

Join a prop shop, you should be just the type they're looking for, young and keen. There's quite a few now, Propex, Aliom, Epoch, MW Markets, Star Beta and more...

Some of these guys are making 7 figures a year, especially in a volatile bond market.

I tried searching for prop shops in Adelaide but didn't have much success. Unfortunately for me, moving to Sydney/Melbourne isn't really an option so I had to put this one to the side .

This was actually my first preference but having to move interstate killed it for me - are there online variants of prop shops?

 

[dead trader]

There is an online prop firm called TopStepTrader. If you are an elite member of Big Mike's Trading forum, you can register for a discount code for a trading combine, which is how they evaluate traders.

 

[skc]

Hi Everyone,

I'm interesting in hearing your experiences in making a career change and what it took/what sacrifices you had to make to make that change as well as any words of wisdom you may have for someone looking to make a career change.

To give you a bit of background about myself, I'm 26 and have a background in Engineering and have transitioned into a more project management focussed role in the manufacturing/construction industry. Lately, I've been finding that although I'm very good at what I do and the pay is great, I don't enjoy it quite as much as my endeavours into learning more about the markets/investing etc. I generally stay up late on most nights reading about investments, trawling the ASF, designing systems (both fundamental and technical) and expanding my knowledge on everything finance/economics. I have since realised that I'm fascinated about and thoroughly enjoy everything finance/economics and am now contemplating on making a career change.

One of the obvious areas to move into is Financial Planning but from my research this feels more like a sales type role than someone performing any actual analysis into markets etc. This leads me to asking a couple of questions:

• Are there other kinds of analyst type roles that exist in the finance industry?
• What kind of qualifications would you suggest as a potential stepping stone into analyst type roles?

Any words of wisdom/suggestions would be very much appreciated!

GetBetter,

I started my career as a civil engineer in 1999. Similar to you I found myself good at my job but not really enjoying it. I wasn't so much interested in investment/economics but I was interested in business and management. Anyhow, without giving away too much details, I quit my job (about 10 years ago), got a post grad degree in the field, got a new dream job in that industry, and hated (and sucked) at that, quit that, started trading (with no plan or knowledge) for myself, and turned trading prop about 3 years ago. So anything is possible if you put your mind to it.

But yes, you have to be prepared for a economically disadvantaged period during the transition, and perhaps immediately afterwards. Plus, you have to be prepared that what you transit into might be worse than what you just left behind. As the old saying goes... the greeness of the grass always appear superior on the side! It took me 3 attempts to find the right destination. But I can't imagine what life would be like if I didn't give it a go.

You are not the first person who wants to pursue a career change and I guess there are heaps of resources on the internet about it.

All the best.

 

[luutzu]

Yeah, I kinda figured this was the case. I was thinking of specialising in Risk Management to help with this but even then, it is a completely different industry than finance. Perhaps I'm just hoping that my pipe dream actually exists out there somewhere and I'm clutching at straws but it was worth a try!

The business idea was one I was floating but the conclusion I came to was that I'd need years of experience and track record for that to work - something that's still a work in progress.

Thanks for the feedback, it's always good to get brought back down to reality.

Again, just an opinion.

I think it would be quite miserable to work at something you do not like at all. You might come to like it, but if you're certain it's not for you and another path is... I'd take that path.

But as SKC said, you have to know the risks that come with that, and be prepared to live with it. Something that may be easier said than done; something that need a lot of courage personally, and a lot of perseverance and someone who really loves you to hang around and encourage you. Well, it's one way to find out if the person you're with loves you, so it's a good thing, haha.

---

In terms of finance/investment as a career. There's obviously two ways - one is to do it on your own and the other is to be employed as an analyst, get paid while you're applying your knowledge and get to play with other people's money.

The latter could be done through getting another university degree in finance/economics/MBA.
May be less riskier if you were to take an MBA course, then use that to talk yourself into some finance job as a graduate or junior analyst... and if that fail and finance is to wait, you can always use the MBA to get work in your current field.

I've read a while back some American fund manager did something similar... He got a degree in IT, work in IT, then get a business degree and apply to a fund management company where they get him to analyse the IT industry given his business degree and IT experience.

Don't know if that would work, but ey, you ask for opinions.

Regarding Financial Planning. It's more of a sales job; and if you don't want to sell and push products, you'll be advising people on all sort of products and other aspects of their financial life - such as Trusts, Estate planning, insurance etc.... So it's not just about investment analysis in terms of studying stocks and companies.

----

 

[skc]

The latter could be done through getting another university degree in finance/economics/MBA.
May be less riskier if you were to take an MBA course, then use that to talk yourself into some finance job as a graduate or junior analyst... and if that fail and finance is to wait, you can always use the MBA to get work in your current field.

IMO... if you want a job in finance, do a Master of Finance. If you want to job in management/business, do an MBA.

 

[luutzu]

IMO... if you want a job in finance, do a Master of Finance. If you want to job in management/business, do an MBA.

Yea... But either is fine, you don't learn much with one or the other anyway

 

[get better]

Thanks for the insight skc/luutzu, it has been very helpful. It sounds like there are a few realistic options:

1) Start my own business (will need to build credibility/reputation/track record first for this to work)
2) Get an MBA and move into finance - management/business (good thing about this is that I can get my current employer to pay for this )
3) Get qualifications in finance and move into financial planning (Diploma in Financial Planning crossed my mind)
4) Start prop trading (online prop trading - TopStepTrader as mentioned by greasy_pancakes)

I'll have to spend more time reflecting/planning this all out to maximise my situation. Again, thanks so much guys for the feedback and insight.

 

[luutzu]

Thanks for the insight skc/luutzu, it has been very helpful. It sounds like there are a few realistic options:

1) Start my own business (will need to build credibility/reputation/track record first for this to work)
2) Get an MBA and move into finance - management/business (good thing about this is that I can get my current employer to pay for this )
3) Get qualifications in finance and move into financial planning (Diploma in Financial Planning crossed my mind)
4) Start prop trading (online prop trading - TopStepTrader as mentioned by greasy_pancakes)

I'll have to spend more time reflecting/planning this all out to maximise my situation. Again, thanks so much guys for the feedback and insight.

Don't you have to stay with the employer for a couple of years if they fund your education?

But then you're in engineering, so it might close shop by then. haha...

Good luck.

 

[ChaosHedge]

Hi All,
I thought I'd post this here as my situation is very similar. I'm a qualified mechanical engineer and have always had a keen interest in finance. When I get free time I like reading books on bond trading strategies and I go through periods of sim trading to test ideas but I've found it difficult to pursue further as my current work requires long hours.

I do enjoy studying so I wouldn't mind completing further qualifications if necessary but the main thing I'm not sure about is whether or not the type of work I want is available in Perth - relocation is not an option for me.

Maths and problem solving are my main strengths so I'd be looking for a quantitative role but it seems like most of these jobs are based in Sydney or Melbourne. Keen to hear thoughts from people in the industry - Do these jobs exist in Perth? and would employers even consider someone without financial industry experience, regardless of their technical skills?

Thanks