Breaking Into Finance From Non-Traditional Backgrounds: Advanced Degrees
Despite all the news of market turmoil and firms collapsing left and right, I've received a lot of questions lately from people with advanced degrees looking to break into the finance industry.
While their persistence is admirable, this is a tough market by anyone's standards and I'm almost tempted to tell them to give up and try again in a few years.
But then people would accuse me of being unhelpful, so I'll do the best I can.
If you have a doctorate degree or other advanced, non-business degree, there are two paths you can take to break into financial services:
A typical story would involve stating that although you really enjoy the subject matter and topic you did your research in, you realized the pace is just too slow for you and you have become much more interested in finance recently.
The obvious objection they would have here is the old, "Ok, so why didn't you realize that within the first 5 years of your program rather than at year 7?"
And that's the tougher question to answer. I would still suggest some variant of the above story, but it would help immensely to have a very specific, life-changing event you could point to - a revelation from a close friend or family member on why business was really the right path for you all along would be required here.
I've very rarely heard good answers from these types of candidates, because it's fundamentally a very difficult question to answer and a poor can show some lack of thought into one's career.
Another possible approach is to move to an industry research firm, like Gartner, or a firm that provides valuation services or buyside research; something on the periphery of finance that contributes to the industry but which is not specifically investment banking, private equity or a hedge fund.
With a deep background in a particular industry, such as medicine, you could more easily position yourself for a job at one of these firms by touting your expertise in a given field.
With that kind of experience on your resume, it would be substantially easier to move into finance as well - it's easier to jump from doing market research to investment banking vs. going straight from a doctorate program into banking.
If you go the business school route, you still have to answer the tough original question of why you're making such a dramatic career change so late in the game.
It's a bit easier because admissions committees understand that many go to business school for this very reason, but you still need a solid story, especially if your stated goal is finance.
There's no magic for breaking into finance if you come from an unconventional background, especially if you have an advanced degree. Think small and consider firms on the outskirts of finance at first, and go for smaller firms and boutiques. And if it's necessary, go back for (yet another) degree and take advantage of business school recruiting.
Mergers & Inquisitions (http://www.mergersandinquisitions.com) is a career advice blog dedicated to those who want to break into the jungle of finance and swing through it while maintaining their sanity.
But then people would accuse me of being unhelpful, so I'll do the best I can.
If you have a doctorate degree or other advanced, non-business degree, there are two paths you can take to break into financial services:
- Attempt to go directly to a smaller firm (boutique or middle-market) and come up with a really good reason for why you're switching.
- Go to business school or get the equivalent degree and come up with a really good reason for why you're switching.
A typical story would involve stating that although you really enjoy the subject matter and topic you did your research in, you realized the pace is just too slow for you and you have become much more interested in finance recently.
The obvious objection they would have here is the old, "Ok, so why didn't you realize that within the first 5 years of your program rather than at year 7?"
And that's the tougher question to answer. I would still suggest some variant of the above story, but it would help immensely to have a very specific, life-changing event you could point to - a revelation from a close friend or family member on why business was really the right path for you all along would be required here.
I've very rarely heard good answers from these types of candidates, because it's fundamentally a very difficult question to answer and a poor can show some lack of thought into one's career.
Another possible approach is to move to an industry research firm, like Gartner, or a firm that provides valuation services or buyside research; something on the periphery of finance that contributes to the industry but which is not specifically investment banking, private equity or a hedge fund.
With a deep background in a particular industry, such as medicine, you could more easily position yourself for a job at one of these firms by touting your expertise in a given field.
With that kind of experience on your resume, it would be substantially easier to move into finance as well - it's easier to jump from doing market research to investment banking vs. going straight from a doctorate program into banking.
If you go the business school route, you still have to answer the tough original question of why you're making such a dramatic career change so late in the game.
It's a bit easier because admissions committees understand that many go to business school for this very reason, but you still need a solid story, especially if your stated goal is finance.
There's no magic for breaking into finance if you come from an unconventional background, especially if you have an advanced degree. Think small and consider firms on the outskirts of finance at first, and go for smaller firms and boutiques. And if it's necessary, go back for (yet another) degree and take advantage of business school recruiting.
Mergers & Inquisitions (http://www.mergersandinquisitions.com) is a career advice blog dedicated to those who want to break into the jungle of finance and swing through it while maintaining their sanity.
