Changing Career Advice,

L

Lukcydog

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Hi,

I'm currently in the engineering field but want to change careers to the investment banking industry. I applied to the RMB ClassOf programme (of which I think they are the only people that provide an opportunity to change careers) but my application was unsuccessful.

- Does anyone have advice on how I can actually follow my dream?
- Would a course in business finance help?

LD
 
Do a CFP. Then apply to Asset Managers etc. They like people from non-financial backgrounds.
 
Banks like engineers in the programming areas. If you can program there is always a door open somewhere.
 
I would say the best route in to either an Investment Bank or an Asset manager would be to get some business finance or accounting qualification and then apply for a junior investment analyst position - these are the guys who analyse listed companies and make recommendations to the asset managers on the best companies to invest in.

Your engineering background would be very useful in analysing growth and future prospects for companies in the engineering, construction and possibly even chemical or general manufacturing sectors.
 
Lukcydog said:
Hi,

I'm currently in the engineering field but want to change careers to the investment banking industry. I applied to the RMB ClassOf programme (of which I think they are the only people that provide an opportunity to change careers) but my application was unsuccessful.

- Does anyone have advice on how I can actually follow my dream?
- Would a course in business finance help?

LD
Click to expand...

Just do it!!!

If your really passionate about your new career, then go for it, don't look behind and don't fear what lays ahead.

I did this when I was 30, did a career change and within 18mths I landed my dream job. My inspiration was my dad who only did this when he was in his late 50's.
 
If your Maths/Stats are pretty good, I know that Investec are looking for Quantitative Risk Analysts. You should be able to find details on their website.
 
If your engineering background required that you master a LOT of maths, you should look for a Quantitative Analyst (requires expertise in maths/stats) or Quantitative Developer (slightly less maths, but requires strong programming skills).

I made the move from engineering to finance a few years back. So far it's been pretty good.

Edit: I totally wrote that before I saw Jehosefat's message. :). Goes to the point that this is a lucrative aspect of finance.
 
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Not to sound negative but cant see there be a huge demand for equity analyst compared to developers /stats type jobs for somebody with an engineering background.If you really want a investment banking job go to London,the market in SA is so small
 
Equity Analysts are few and far between and its a highly competative game. Each segment typically has 8-15 of them and only the top 5 are rated so its a high stress job where if you are not rated you are worth a lot less and if you are rated you have a big target on your back. The hours are very long as well. I would not advise that field unless you are very passionate about it.

The international investment banking market is shrinking right now as well. Lots of companies are scaling back. I know of several retrenchments happening this year in the major investment banks and some have already happened. Since 2008 the regulatory side of things has really hammered down and a lot of the talent is actually fleeing investment banking. New talent that used to come directly to the world of finance is choosing other areas like green tech etc instead. I am in investment banking and I doubt I will end my career here as I see it shrinking and the salaries and bonuses vanishing. I am thinking about switching back to engineering so this is ironic actually.
 
Investment bankers have the lowest reputation in the world with regard to integrity. You should take it as a compliment that you wheren't successful in your app. They obviously thought you had too much integrity.

If you really want to get into it, set up a Ponzi scheme and get pensioners to invest. You'll be fighting off investment banks in no time. The cops as well, but they can be bribed, depending on where you operate.
 
Ponder? I'm not sure that investment bankers can be lower than our government officials? But thank you for the comments and advice. Engineering it seems has become more a configuration job than the engineering our parents did 30years ago.
 
Lukcydog said:
Ponder? I'm not sure that investment bankers can be lower than our government officials? But thank you for the comments and advice.

Engineering it seems has become more a configuration job than the engineering our parents did 30years ago.
Click to expand...

Dude, I did not make the comment, just laughed?

That I kinda agree with to a certain degree.
 
Lukcydog said:
Assumed that you only laughed, i had a good chuckle at the ponzi scheme idea as well...
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Bernie Madoff hit it big and he went for the upper crust, never mind lowly pensioners, so everybody can be conned.

Anybody got any ideas PM me :D
 
Lukcydog said:
Engineering it seems has become more a configuration job than the engineering our parents did 30years ago.
Click to expand...

What type of engineering do you do? If you are still keen on that path and are willing to move overseas, there are a lot of opportunities in the San Francisco Bay area (Silicon Valley), that still do very interesting ground up engineering. It also pays far better than SA (assuming that was one of your reasons for wanting to get into IB).
 
cguy said:
What type of engineering do you do? If you are still keen on that path and are willing to move overseas, there are a lot of opportunities in the San Francisco Bay area (Silicon Valley), that still do very interesting ground up engineering. It also pays far better than SA (assuming that was one of your reasons for wanting to get into IB).
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How does one get to go there though? (work visa stuff). I'd be on a plane tomorrow if i got a decent job on the moon for all i care, as long its a decent job where i can achieve something and salary decent unlike presently where i'm wasting away in Sa:erm:
 
krycor said:
How does one get to go there though? (work visa stuff). I'd be on a plane tomorrow if i got a decent job on the moon for all i care, as long its a decent job where i can achieve something and salary decent unlike presently where i'm wasting away in Sa:erm:
Click to expand...

The most important bits for the visa are: 1) A job offer, and 2) at least a 4 year degree (lacking that, you can replace 1 year of education with 3 years of experience, so for example, even if you have no degree, but 12 years of provable experience (the "self employed/contractors" tend to have trouble even if they legitimately have the experience), you would be eligible).

To get the job offer, I suggest applying to companies on their websites (they usually have job listings and job codes, and a place to submit your CV), websites like monster.com, and also linkedin (create a good profile, and apply for jobs through linkedin, and even mail company recruiters directly).

If your background seems relevant, most companies will at the very least schedule a phone screen (the large companies are generally not that concerned with relocation or visa costs, they already do tens to hundreds a year). The hardest part of the process is likely just being good enough - these companies tend to have high standards. If you consider yourself to be well above average in SA (and assuming you're not delusional :D ), you stand a reasonable chance of being picked up.
 
The number of good positions available is tiny and the number of high quality applicants is huge. I wouldn't say its impossible, but its definitely on the wrong side of plausible.

Waaib said:
Do a CFP.
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CFP will not get you very far.

bionic_twiglet said:
CFA maybe.
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Yes. He's 4 years short on relevant experience though for completing a CFA. Generally people do CFAs *after* they got a job at an invest bank. Bit of a catch 22.

The most plausible angle fielded in this thread so far is quant - there you've at least got a chance to leverage your engineering background a bit which might offset the distinct lack of CTA.
 
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