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Started By
Message
Making big money in finance?
Posted on 5/23/19 at 8:28 pm
Posted on 5/23/19 at 8:28 pm
I'll start by saying that my main goal right now is to work up to making true, F-you money in finance. However, I don't know how to get there, so I'm looking for advice on the experience I need to acquire and the hard skills I need to develop at work (or outside of it) in order to move my career toward that goal.
A bit on my background: My undergrad isn't in business or economics, so I don't have the traditional academic pedigree, but I nevertheless have a solid analytical and quantitative background. In college, I took calculus 1&2, statistics, and a half dozen programming classes. After undergrad, I got a JD, spent several years in law (not finance related), and then got an MBA (finance concentration). I earned both grad degrees from very good, but not elite, schools (both top 25). I've spent the last year since MBA graduation working full time as a financial analyst and doing some part time legal work as a side hustle.
So what do I do now? I don't mind working pathologically hard - I'm currently working a full time job and a part time job, do 45 minutes of programming self-study most mornings, and do 30-45 minutes of finance self-study most evenings. But finance is such a massive field that it's incredibly easy to flail about and waste hours learning things that won't actually generate a monetary return. Knowing this, I'm looking for advice to make sure that I have a plan to reach my goal and am not simply working hard but stupidly.
Any advice from finance professionals on the proper next steps to groom myself for success would be much appreciated!
A bit on my background: My undergrad isn't in business or economics, so I don't have the traditional academic pedigree, but I nevertheless have a solid analytical and quantitative background. In college, I took calculus 1&2, statistics, and a half dozen programming classes. After undergrad, I got a JD, spent several years in law (not finance related), and then got an MBA (finance concentration). I earned both grad degrees from very good, but not elite, schools (both top 25). I've spent the last year since MBA graduation working full time as a financial analyst and doing some part time legal work as a side hustle.
So what do I do now? I don't mind working pathologically hard - I'm currently working a full time job and a part time job, do 45 minutes of programming self-study most mornings, and do 30-45 minutes of finance self-study most evenings. But finance is such a massive field that it's incredibly easy to flail about and waste hours learning things that won't actually generate a monetary return. Knowing this, I'm looking for advice to make sure that I have a plan to reach my goal and am not simply working hard but stupidly.
Any advice from finance professionals on the proper next steps to groom myself for success would be much appreciated!
21
Posted on 5/23/19 at 8:59 pm to businesssock
Why didn’t you go into investment banking after your MBA if you wanted to get on a clear pathway to money while working crazy hours?
Posted on 5/23/19 at 9:15 pm to businesssock
Get an IB job in NYC?
Become CFO of a company?
Become CFO of a company?
Posted on 5/23/19 at 9:17 pm to businesssock
Honestly, the guys I know (two people) who did this did IB for a couple of years, then got high level jobs in a medium sized company and worked their way up to 3rd-5th on the food chain.
Posted on 5/23/19 at 10:13 pm to businesssock
From everything I have read on the internet (take this for what its worth cause i know nothing about high brow finance and work in medicine), I thought the path was top notch undergrad or MBA, then somewhere like goldman sachs to work 100 hour weeks for a few years, then hedge fund type work, then form your own hedge fund, then buy 30 million dollar house in Greenwich. Right?
This post was edited on 5/23/19 at 10:14 pm
Posted on 5/23/19 at 10:22 pm to lynxcat
Probably should have tried harder to land an investment banking job, but my complete lack of finance experience hurt me.
In working in retail banking right now. I wouldn't mind jumping over to investment at some point, but I'm not sure how to get there.
In working in retail banking right now. I wouldn't mind jumping over to investment at some point, but I'm not sure how to get there.
Posted on 5/23/19 at 10:32 pm to businesssock
In my (nonbusiness) observations, these guys bullshite their way into the first job, and then bullshite from there up the ladder. I’m not saying they’re not smart guys, but they have the gift of gab, and the technical skills to do the job.
This post was edited on 5/23/19 at 10:34 pm
Posted on 5/23/19 at 11:02 pm to businesssock
Why limit yourself to finance? The big money at a young age is in tech. Focus on the programming, and work your way into a software engineering role
Posted on 5/23/19 at 11:17 pm to LSUTOM07
quote:
Focus on the programming, and work your way into a software engineering role
The guy has a law degree and an MBA but he needs more school and a complete career change?
Posted on 5/23/19 at 11:19 pm to LSUTOM07
quote:
Focus on the programming, and work your way into a software engineering role
I disagree. This guy has a JD and an MBA. He should be shooting for a CFO type job, or at least an in house attorney gig, not programming.
Posted on 5/23/19 at 11:52 pm to businesssock
You should look into Energy IB opportunities in Houston. Although it sounds like your off track for traditional MBA recruiting, you should reach out to recruiters.
Posted on 5/24/19 at 12:22 am to nugget
quote:
Complete career change
A JD + MBA + programming knowledge is a very valuable combo. Very few have this background. Positions like SWE, program manager, product manager, or in house legal specializing in product development/IP. Or someone can jump into the pool of thousands of other finance guys/gals with MBA’s and join the rat race.
quote:
shooting for a CFO type job,
Analyst to CFO. See ya in 20-30 years. Not to mention.. one CFO per company. Don’t miss your mark and dedicate your whole career just to end up as a mid level finance manager.
Posted on 5/24/19 at 4:54 am to businesssock
I'm not sure where you're living now but to get into the investment banking field you really need to be in NYC or a major financial hub. I was in finance living in Louisiana and there's just not a ton of higher paying jobs for finance field unless you've been in it for 20+ years. Banking jobs down here just don't pay with the industry here its all about chemical plants/refineries.
This post was edited on 5/24/19 at 4:56 am
Posted on 5/24/19 at 6:07 am to businesssock
That’s tough. How old are you? If under 30 and less than 3 years out of school- try applying as an associate or analyst at an IB. You will have to move somewhere around the globe. Keep your options open to move to NY/ London/ Hong Kong etc.
If you aren’t into moving and making that big change you could go into retail finance. You could become a financial planner at the bank you are with- gather up a large book of clients. Gain their trust over 10 years and then split from the bank to have your own practice after 10 years.
Both will require a lot of work. Just depends on where you are at with family and ability to move. The move inconvenient for you- the more $$ to be made.
I’d recommend working on presentation skills, public speaking, and executive presence. Get a mentor that can help you with these things. You’ve got the boxes checked to look good on paper. The executive presence helps you back it up.
If you aren’t into moving and making that big change you could go into retail finance. You could become a financial planner at the bank you are with- gather up a large book of clients. Gain their trust over 10 years and then split from the bank to have your own practice after 10 years.
Both will require a lot of work. Just depends on where you are at with family and ability to move. The move inconvenient for you- the more $$ to be made.
I’d recommend working on presentation skills, public speaking, and executive presence. Get a mentor that can help you with these things. You’ve got the boxes checked to look good on paper. The executive presence helps you back it up.
Posted on 5/24/19 at 7:28 am to businesssock
Networking. After degrees, it is the single most important trait to success.
Posted on 5/24/19 at 8:48 am to LSUTOM07
quote:
A JD + MBA + programming knowledge is a very valuable combo. Very few have this background. Positions like SWE, program manager, product manager, or in house legal specializing in product development/IP. Or someone can jump into the pool of thousands of other finance guys/gals with MBA’s and join the rat race.
To preface the following, I'm not in finance by any means, I'm in tech so I can only speak to that.
The quoted material is not a bad plan, particularly the last piece about specializing in product development/IP. One of the biggest issues in tech is the bridge between the analytics folks and the programmers/software engineers. If you have the capability to translate information between the two, you're going to be a valuable commodity. Everyone has different definitions of FU money, but that path is going to get you to $180-200k with annual bonuses. (if truly aiming higher, I'm guessing hedge fund route would be the best option but much tougher obviously as well)
You're not likely to end up in the financial sector following this route, but you'd end up in a lucrative, tech field for certain. Startups in particular pay ridiculous salaries, bonuses, and have crazy benefits but you're gambling with instability. Depending on age/situation, this would be the route I'd take if I had your background and credentials.
This post was edited on 5/24/19 at 8:49 am
Posted on 5/24/19 at 10:00 am to businesssock
quote:
However, I don't know how to get there, so I'm looking for advice on the experience I need to acquire and the hard skills I need to develop at work (or outside of it) in order to move my career toward that goal.
First off your financial modeling skills need to be impeccable, your law degree may come in handy after you move to PE but if you start in IB then you will be an excel jockey, nothing else. If they aren't great i suggest taking classes through WSO (wall street oasis) or other avenues. In general go to the website and spend a bunch of time on the forums reading.
Secondly you need to be in a top 10 major metropolitan area that has a big finance industry. NYC,Boston, SF would be your best options as far as volume of finance work with other large cities such as LA, Dallas, Houston etc. having regional specialties.
Thirdly you need to frame your resume in the best way possible, hopefully your law experience is somewhat related to corporate law or transactions. Your retail banking experience is pretty useless and will even get eye rolls as they tend to look down pretty hard on retail banking. I'll be honest, you missed your big chance to cross over in grad school. You will need to network like crazy and should focus on some boutique firms that are more willing to look at non traditional candidates.
Lastly, you need to understand WHY you want to work in finance. I'll be honest, the fact that you have a law degree, an MBA and now want to work in finance seems like you just keep going after all the things that sound like "cool" jobs and pay well in a vacuum. IB hours suck arse(your current work situation, even doing law stuff on the side is a cake walk compared to some of the sweat shops out there), you will have no life pretty much until you are a VP or a partner, even then its brutal. Also after VP its a sales job. PE is a pay bump and less hours but its competitive as frick. They are only so many spots available for promotion and you have to hope someone leaves or the fund expands to get promoted and thats if you are good enough to get promoted. Then once you are promoted you are tied to the fund for 5 years or so because of your carry and you better hope the fund is successful.
This post was edited on 5/24/19 at 10:04 am
Posted on 5/24/19 at 10:29 am to barry
As someone who works with private banks, I banks and funds, you need to get a gig as an analyst at an investment bank, VC shop or some other investment firm or investment bank and if you’re good you’ll work you way up to PM etc etc.
As someone mentioned you need to be in a major financial city. Boston, DC, Chicago, NYC etc.
While the money potential is good, it’s grind and highly competitive.
As someone mentioned you need to be in a major financial city. Boston, DC, Chicago, NYC etc.
While the money potential is good, it’s grind and highly competitive.
Posted on 5/24/19 at 10:32 am to GWfool
To add, as a JD if you could get into a big time firm with M&A or corporate securities practice groups you could move to private equity down the road. Entry will be difficult as well.
Posted on 5/24/19 at 10:36 am to barry
quote:
First off your financial modeling skills need to be impeccable, your law degree may come in handy after you move to PE but if you start in IB then you will be an excel jockey, nothing else. If they aren't great i suggest taking classes through WSO (wall street oasis) or other avenues. In general go to the website and spend a bunch of time on the forums reading. Secondly you need to be in a top 10 major metropolitan area that has a big finance industry. NYC,Boston, SF would be your best options as far as volume of finance work with other large cities such as LA, Dallas, Houston etc. having regional specialties. Thirdly you need to frame your resume in the best way possible, hopefully your law experience is somewhat related to corporate law or transactions. Your retail banking experience is pretty useless and will even get eye rolls as they tend to look down pretty hard on retail banking. I'll be honest, you missed your big chance to cross over in grad school. You will need to network like crazy and should focus on some boutique firms that are more willing to look at non traditional candidates. Lastly, you need to understand WHY you want to work in finance. I'll be honest, the fact that you have a law degree, an MBA and now want to work in finance seems like you just keep going after all the things that sound like "cool" jobs and pay well in a vacuum. IB hours suck arse(your current work situation, even doing law stuff on the side is a cake walk compared to some of the sweat shops out there), you will have no life pretty much until you are a VP or a partner, even then its brutal. Also after VP its a sales job. PE is a pay bump and less hours but its competitive as frick. They are only so many spots available for promotion and you have to hope someone leaves or the fund expands to get promoted and thats if you are good enough to get promoted. Then once you are promoted you are tied to the fund for 5 years or so because of your carry and you better hope the fund is successful.
This is the most on point advice you’re going to receive.
This post was edited on 5/24/19 at 10:38 am
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