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Thread: Transitioning to a Career in Finance...

  1. #31
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    Re: Transitioning to a Career in Finance...

    @Murthy:-

    CFP is mostly for personal finance.If u hv a CFP degree then you can work for a major bank and focus on retail personal banking. Also, you can hv ur own personal finance firm & can help clients.

    CFA is most for investment firms, MFs, I-Banks; large corporations.

    MBA is on general management. By doing MBA, you learn to look at and analyze a wide range of business issues, such as strategies, organizational behavior, leadership,finance etc.

    I, hope, that now you must be clear about ur goal :P

    Sonali Gucchait

  2. #32
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    Re: Transitioning to a Career in Finance...

    Dear Ganti,

    Let me first start by saying that there is nothing called as a secure career and we have history to prove that for us. We have seen Dotcom bubble burst and now we are witnessing worst financial crisis of our times. Every sector/industry goes through Growth as well as decline phases.

    What I can tell you from my experience is that you have to be a constant learner, be flexible in adapting to different situations and develop the skills in order to ride the future boom early on


    What you should pursue is one question you need to answer yourself (Believe I cannot stress it more, no one can answer it for you better than yourself),


    In general career in finance is considered to be high paying on but we also need to understand that it is all a function of demand and supply. If your bank balance goes up at a exponential rate so does the stress in a lot of these careers. So you need to have your utility curves set in order to decide which career you would want to pursue

    That said let me give you a brief on the career paths :


    CFA- This degree is a must in case you want to be in the Investment management industry.CFA in future will be a bench mark and would change from a "good to have" to a "must have" degree. It covers both equities and Fixed Income in extreme depth which you cannot get via a MBA. However CFA program is a self study degree requiring dedication andcommitment.

    CFA is a low cost and better option compared to MBA specifically for careers in Equity research,Investment/portfolio/asset management (equity and fixed income)

    MBA - MBA incase you want to focus on Finance you have to be in the Schools which are "Finance focused" - meaning have greath variety of offering in Finance domain. Some schools that are well known for offering a good variety are NYU,Harvard,Wharton,Chicago Booth. MBA .The advantage of an MBA is that the knowledge obtained in the program is valuable in other industries outside of the investment world.

    So this is a high cost option but specifically useful for careers in Investment Banking (Remember IB is not Investment management) and Corporate Finance functions (Liability side of balance sheet),planning ,analysis and forecasting.

    CFP-The Certified Financial Planner (CFP) designation indicates that you have expertise in developing financial plans for individuals or organisations

    Specifically useful for careers in Financial Planning,Insurance, Investment Planning,Tax Planning, Retirement Planning

    Again this is just an opinion and you can be a successful Investment management professional without an MBA,CFA or a CFP

    I would say with this information you should follow a 6 step approach mentioned below and this can help you.

    1) Look at the career options that I have mentioned at the end of each degree
    2)Explore the job descriptions of these careers
    3)Assess your skills and expertise
    4)Evaluate your own utility function
    5)Evaluate your personal and professional life requirements
    6)Make a decision

  3. #33
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    Re: Transitioning to a Career in Finance...

    Shiva,
    This is grt post by you. Specifically it will clear the doubts of non-finance background guys.

    As for me, I am an IT guy with work ex. of around 1.8 year. I am currently working on an ERP (Oracle-PeopleSoft) on HRMS module. I am planning to shift to Finance area asap, as I like to work more on the Quant side of the finance.
    I need your advice on this:
    1) Having IT background help in getting into Finance area?
    2) I am preparing for CFA L1 for coming december. Will clearing CFA L1 help me getting into IB's or other Financial Institutes?
    3) Is it possible to clear CFA L2 in June'11, if I clear CFA L1 in dec'10? 8-)

  4. #34
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    Re: Transitioning to a Career in Finance...

    Thanks Shiva for the useful post.
    What is your profile and where are you working now?

  5. #35
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    Re: Transitioning to a Career in Finance...

    Shiva are you there.

  6. #36
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    Re: Transitioning to a Career in Finance...

    Thanks guys I am glad you found the information useful.

    Please find answers to your question below Nidhi

    What is your profile and where are you working now?
    I completed my Engineering in 2003 and joined Infosys Technologies.I worked with Infosys for 4.5 years and after having some good international exposure and leadership experience I started my MBA journey at Texas A&M Business School.

    I graduated from my MBA (Finance) in December 2009. I did my internship at SKS Microfinance in hyderabad where I worked on Valuation analysis for their IPO. Currently I am working as an Analyst at PIMCO in California.

    About PIMCO: The Pacific Investment Management Company, LLC (PIMCO), is an investment company and runs the Total Return fund, the world

  7. #37
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    Re: Transitioning to a Career in Finance...

    Awesome Post!
    This is one of the most finest post I have seen. Thanks Shiva.

    @Shiva: Currently I am dealing heavily with databases and sql in my current profile as Associate Consultant in People-Soft (ERP) in Wipro Tech. Moreover with PeopleSoft I get to know the complete business transaction of an Organization.
    1) So do you feel that after clearing CFA L1 & L2 with technical background, will I be able to get entry into IB's?
    2) In what position do IB's generally recruit a technical guy?

    Since you also worked in a major IT company, I want to know how admission committee for MBA look at an IT guy without any International exposure. By the way currently I have 22 months of Exp and planning to go for MBA approx. after gathering 4 years of Work Ex. and CFA degree.

  8. #38
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    Re: Transitioning to a Career in Finance...

    Thank you Shiva for the wonderful post.

  9. #39
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    Re: Transitioning to a Career in Finance...

    Shiva,

    Looking for your suggestions on some of my questions.
    We hope to get some more wonderful post from you

  10. #40
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    Re: Transitioning to a Career in Finance...

    Shiva,

    You have mentioned that you did an MBA...do you think that after an MBA you'll still need a CFA?
    Which one will give a better understanding of finance concepts?

    Neetu

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