Sorry if this is a boring question, I didn’t have any other option rather than posting on the forum( tried a career counselor and spent lot of time googling). Please let me know your thoughts quick into Bachelors in electrical engineering ( from India). MS in computer engineering( from US university, low GPA 3.2). worked for 8 years as DBA ( never really interested in the job). Appeared for level 3 CFA exam this june/2010 ( Didn’t do the exam well, 99% sure that I will fail the exam). GMAT score 730. I am really interested in getting into equity research. After passing level 2 I thought I can make it into a local firm as analyst. After messing up the level 3 exam, I did a reality check and came to a conclusion that age matters. At 31, most companies wouldn’t consider me for an entry level job. One option is to get into business school and start as an intern. but considering my age, grad GPA and GMAT score and irrelevant experience, I am sure that I will not make it to top 50. If I get into a 2-tier business school will it really help me. Is it really worth it to blow up all my savings and get a MBA degree from a 2-tier B school.If I start my MBA at 32, by the time I come out I will be 34/35. I have a strong desire to get into equity research or any banking job and am willing to start as an intern, but reality kills everything. Any advice ???
It’s not really one to give advice but my reflections anyway: - When you jump ship you might need to take it in two steps, by making as full use of your DBA skills as is possible, this can perhaps be done by looking for companies on the asset management systems list at http://www.bobsguide.com/. If you drop your e-mail address I can mail a name and suggestions toward some such company but won’t do on an open internet forum or chat room. - At 35 you’ll still have some 25 to 30 years of work ahead of you, and, if you’re like Warren Buffet you’ll have even more working years ahead of you. - Aim for smaller shops where the CEO does the hiring himself and you will not necessarily be screened out by a professional recruiting firm or blocked by the fact that most jobs are announced internally only. At a small shop your disparate skills (including IT/databases) will not necessarily be irrelevant experience. - Most of my colleagues (in other country) have an MBA degree insofar I know, so I’m not convinced it’s critical to have one. They’re all into research; some in equity, some in FI, some work with derivatives. - Isn’t a GMAT score of 730 extremely good if you don’t have English as your first language? That’ll probably put you in good stead if you aim for a non-US firm assuming now that the US firms don’t necessarily regard fluency in the English language as an asset in itself… - Wouldn’t blow my entire savings on a MBA degree just like that. Try to look at people who have managed to break into the business by sidling in from other backgrounds. Like that guy, Ian Rushbrook (http://news.scotsman.com/obituaries/Ian-Rushbrook.4587421.jp). - Since you’re background is not standard, you can’t break into the business as if you were ‘standard’ ie starting with an internship etc.
MehdiOchre Wrote: ------------------------------------------------------- > - Since you’re background is not standard, you > can’t break into the business as if you were > ‘standard’ ie starting with an internship etc. Great post mehdi, but that one line particularly jumped out at me. I second what you said. If you want to get the conventional pedigree as best you can, albeit about 10 years after a lot of “typical” candidates get it, go for it! As Mehdi pointed out, you’ve got another 30ish years of work ahead of you. No point in not taking a swing at something you really want. However, you’ll need some luck and a plan. You’re probably not going to be able to do the typical ascension that analysts take, so try and figure out what your tactic is going to be.
Yes, I shouldn’t have used the word “can’t”, that was careless. Point being if you have a background that is different, it may pay off to draw on that difference.
anything is possbile man. Pauly D from Jersey Shore was 29 when he went on the show.
^LOL. I say go for it. I know someone that made a big career change from being in the medical field to being a lawyer at age 50. I also know someone that went from being a pianist-aspirant to being one of the top dogs in business valuation. This change was done at a fairly young age though. There are many examples of more common changes from lawyer to finance / accounting and vice versa. But extreme examples are fairly uncommon.
Ocean Mist Wrote: ------------------------------------------------------- > ^LOL. > > I say go for it. I know someone that made a big > career change from being in the medical field to > being a lawyer at age 50. > > I also know someone that went from being a > pianist-aspirant to being one of the top dogs in > business valuation. This change was done at a > fairly young age though. > > There are many examples of more common changes > from lawyer to finance / accounting and vice > versa. But extreme examples are fairly uncommon. 31 is young. If you are ready to re-start to get into something you love, do it now and do it @ any age. Don’t sit there and wait for something – and if you start @ entry level but show you have a strong p*mp hand, they should/will/hopefully see it and promote you appropriately.
Lots of MBA’s who graduate in their mid 30’s. Thats actually the ideal age for an MBA IMHO.
lowonmemory- 31 is young, especially if you know what you want to do with your life. The important question, Is equity research where you want to be? It sounded like you know the answer to that question. As for Level 3 I am not feeling too good about the exam either. Wait till middle of August and we might just get lucky!
Sorry, I didn’t mean to insinuate that 31 was old. 31 is young. When I meant “young” I was referring to like teenage. The only caveat that I’ve heard is that Stanford actively considers people in their twenties that are entrepreneurs and your chances for entry hurt if you’re not in this age bracket.
marcus phoenix Wrote: ------------------------------------------------------- > Lots of MBA’s who graduate in their mid 30’s. > Thats actually the ideal age for an MBA IMHO. True!
Just curious though, Level 3 has nothing to do with equity research at least when I took it, so why would failing that prompt you to rethink your idea?
It’s true that investment firms rarely consider a 31 yo for an entry level job. So either you network like crazy and have the ability to win people over with your passion for investing and charm; or you try the MBA route. If you play your cards right, your background is good enough for top 30 if not higher. An obstacle would be to how going into investment/banking is a logical next step from a career in DBA.
- 31 is young age, good that you realized what you want to do. 2) For normal people entering in ER 31 is old, but you are not normal(given the fact that you realized you want to go in ER at 31…after 7 years of DBA job), so go ahead and carve your own path. Network, cold call…just try hard. It took me 9 months to find a job, without switching fields, so start from today itself. MehdiOchre has given some good suggestions in his post. 3)You have decent GMAT score, no risk no returns… at least try getting into a top 25 business school. Everything counts, even your 7 years of DBA experience, present yourself well. If you think your DBA exp is garbage what do you expect others to make of it? 4) You can take CFA L3 again, and again. It would not have made difference since your charter also depends on work experience. 5) Good luck!
FrankArabia Wrote: ------------------------------------------------------- > anything is possbile man. Pauly D from Jersey > Shore was 29 when he went on the show. +1
First of all, 31 is not young. Anyone telling you otherwise is lying to your face. You’re competing against people 10 years younger than yourself, and hiring managers may be younger than you. 31 is not too old, but it does make things harder for you. At the entry level, managers are looking for someone that’s young, sharp, and hungry. You can be at most two of these, so endeavor to portray yourself as sharp and hungry. Second, knowing how to model is a small part of getting a FO job like banking or ER. You need to be well-rounded/polished. Some aspects are obvious, like being socially intelligent and writing well, but basic things like hygiene and dressing well are important too. It’s likely that you (obviously I’m stereotyping here), coming from IT, need to work on many of these aspects. The MBA seems to be the obvious next step for you. You need the pedigree, you need the network, and you need the material. Undergraduate GPA is not that important at your age, and your GMAT is solid. Do your best with applications and go to the best school you can. Most people go into debt to get an MBA, and you don’t look hungry without some sacrifices.
justin88-> Dayam. Telling it straight up style. I like that.
30 not bad for career change i had people in my MBA who where in their 40s. They are more screwed.
^Does top 25 MBA accept a sizable amount of “more experienced” folks? Been wondering that.
Thank you all for your inputs. I am inclined towards getting MBA. Will try if I can get into a good B school Also I am boosting up my programming skills to try out on the quant side. Just want to check if anyone is currently doing financial engineering. Again, thanks for taking time and replying to the post