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Probability of getting a job in investment banking

All,

I am new in the finance sector and trying to see what is feasible.

What are the hopes for a guy with following credential getting a job in investment banking - 

Bachelor’s and master’s in metallurgical engineering,

Work experience - 10-11 years in mineral processing in mines around North America,

CFA level 3 and FRM part 2 candidate.

Current package (engineering) - USD 120,000

Thanks

Phil

It is difficult. Also the job is brutal. For example 9am to 11pm everyday except weekends. You will probably never relax a second. You need to be smart and have a lot of soft skills additionally.

Las almas de todos los hombres son inmortales, pero las almas de los justos son inmortales y divinas.
Sócrates

Harrogath wrote:

It is difficult. Also the job is brutal. For example 9am to 11pm everyday except weekends. You will probably never relax a second. You need to be smart and have a lot of soft skills additionally.

”smart” is subjective. I’ve met a lot of unremarkable people in IB with regards to intelligence. I’d say you need to know excel pretty well, sacrifice your free time, and be a good ass kisser/bullsh@ter 

Thank you guys. 

Excel is not a problem. Sacrificing free time is also not a problem as long as compensation is there. It is good to know that level of difficulty in getting an IB job is high as that makes things interesting. 

So, how to begin? Just search for jobs under IB on job search website?

Will my experience be a problem?

I am 36 years old. Will age be a problem?

Thanks

Possibly your age could be an issue. I wouldn’t openly disclose that to be honest. You’ll still come in as an analyst regardless of your work experience. 

If you aren’t in a major finance hub be prepared to have a base comp of 60-90k with 40-100 percent in end of year bonus while working 80-100 hr weeks. Not sure why you wanna do this? 

Thank you for giving an honest opinion. I was looking for some reality check.

Just wanted to ensure that i am not suffering from any of the two phenomena - 

1) Grass is greener on the other side; 2) Pre mid-life crisis.

So, are you in IB?

Is IB your ultimate goal or are you looking at it as a stepping stone? Where do you see yourself in 10 years?

Financial Planner
BBA (Finance & International Business) 1998,
MBA (With a Global Perspective) 2011,
ChFC® 2018, CLU® 2019
Owns an Independent RIA/Insurance Agency
Series 65, Life, Annuities, Health (Expired 6,63)

Why on earth would you want to quit the glamorous mining profession? Not only are the girls in mining the hottest and sluttiest, but the metal is used to create crucial products, like Tanks. Tanks. 

“Visit the Water Cooler forum on Analyst Forum. It is the best forum.”
- Everyone

ohai wrote:

Why on earth would you want to quit the glamorous mining profession? Not only are the girls in mining the hottest and sluttiest, but the metal is used to create crucial products, like Tanks. Tanks. 

LOL

:-)

Is it referring to some kind of video game?

ohai wrote:

Why on earth would you want to quit the glamorous mining profession? Not only are the girls in mining the hottest and sluttiest, but the metal is used to create crucial products, like Tanks. Tanks. 

Is it referring to some kind of video game?

gwoods wrote:

Is IB your ultimate goal or are you looking at it as a stepping stone? Where do you see yourself in 10 years?

I am looking for something more challenging. I do not know the ultimate goal. 

You might find the work a little tedious with your background.  Call an I-banker and buy them lunch to pick their brain.  You might want to consider consulting work using your engineering background.  Call some Private Equity and VC guys  and interview them too.  Consider working in Leveraged finance and project finance for the engineering industry.  Even consider commercial business banking.  Also, you might be better off working M&A from inside an engineering and mining firm and then transitioning to IB or PE from there.  I’ve worked on some projects like that in West an South Africa. Even Jr. members get more respect on those deal teams.  Also, the work is more entrepreneurial and the hours are better. You’ll probably have a better chance of starting from the middle instead of from the bottom.  With your CFA and FRM, I’m sure the finance departments would take you on to analyze mining projects.  Consider related industries like Oil and Gas, etc. 

Either way, there’s no real glory there unless you have equity.  That means being the entrepreneur or the PE partner.

Financial Planner
BBA (Finance & International Business) 1998,
MBA (With a Global Perspective) 2011,
ChFC® 2018, CLU® 2019
Owns an Independent RIA/Insurance Agency
Series 65, Life, Annuities, Health (Expired 6,63)

gwoods wrote:

 You might want to consider consulting work using your engineering background.  

Thanks. I will save this message for future reference.

What do you mean by the line above: Consulting work in engineering? Or, Consulting work in finance with engineering background?

philstinnet wrote:

gwoods wrote:

 You might want to consider consulting work using your engineering background.  

Thanks. I will save this message for future reference.

What do you mean by the line above: Consulting work in engineering? Or, Consulting work in finance with engineering background?

Both.  You would have to do a market study to see what’s needed.  That’s what the lunch or coffee interviews are for.  Those guys can tell you where you might fit in.  Whatever you do, don’t sell yourself short.  10 years of engineering experience has value.

Financial Planner
BBA (Finance & International Business) 1998,
MBA (With a Global Perspective) 2011,
ChFC® 2018, CLU® 2019
Owns an Independent RIA/Insurance Agency
Series 65, Life, Annuities, Health (Expired 6,63)

I agree with this. Why would you want to move into IB and start with a lower salary? What is your bonus like on that $120k?

There are a lot of Natural resource private equity funds that would use your expertise and skills in a far more beneficial way and pay you more for it. I would look at decent PE firms above 1bn AUM who have a mining/metals focus and apply for a senior position there. Consulting is also a great way to enhance that experience. This will be consulting using your engineering experience to help improve/turnaround companies in that industry

NewAnalyst wrote:

I agree with this. Why would you want to move into IB and start with a lower salary? What is your bonus like on that $120k?

There are a lot of Natural resource private equity funds that would use your expertise and skills in a far more beneficial way and pay you more for it. I would look at decent PE firms above 1bn AUM who have a mining/metals focus and apply for a senior position there. Consulting is also a great way to enhance that experience. This will be consulting using your engineering experience to help improve/turnaround companies in that industry

I agree with this.

Thank you. 

I have saved this message in pdf for future reference. 

gwoods wrote:

philstinnet wrote:

gwoods wrote:

 You might want to consider consulting work using your engineering background.  

Thanks. I will save this message for future reference.

What do you mean by the line above: Consulting work in engineering? Or, Consulting work in finance with engineering background?

Thank you. 

I have saved this message in pdf for future reference. 

Both.  You would have to do a market study to see what’s needed.  That’s what the lunch or coffee interviews are for.  Those guys can tell you where you might fit in.  Whatever you do, don’t sell yourself short.  10 years of engineering experience has value.

NewAnalyst wrote:

I agree with this. Why would you want to move into IB and start with a lower salary? What is your bonus like on that $120k?

There are a lot of Natural resource private equity funds that would use your expertise and skills in a far more beneficial way and pay you more for it. I would look at decent PE firms above 1bn AUM who have a mining/metals focus and apply for a senior position there. Consulting is also a great way to enhance that experience. This will be consulting using your engineering experience to help improve/turnaround companies in that industry

Base - 120,000

Bonus - Depends on the copper and gold price. It can range from 2000 to 20,000.

Reason for moving:- more challenging role + getting the opportunity to live in a bigger city. Mining jobs tend to be camp jobs as most of the mines are in the remote locations. 

What is AUM in your message? I will follow your advice. 

Asset under management.

How much money a fund has to invest.

How you getting on Phil?

IB?? no no no….IB nowadays is for B level kids from reputable universities to become excel all stars and make minimum wage (per hour)….you, on the other hand, might have better chance at landing private equity or hedge funds focused in mining or focused in the energy sector….You don’t need excel skills or DCF or proforma skills…your skills are in your head - years of knowledge and insider information and technicality…

Be yourself. The world worships the original.