Anyone in Banking or Finance who can give me career advice?

[Ashtualised89]

Hey guys, I'm trying to break into the banking and finance industry at the age of 30. I used Leo's brute force method and passed the CFA level 1 exam in June with less than 6 months of training and no prior banking and finance background. I need some structure or advice from someone who can empathise with a 30 year old dude trying to make a career change. 

My freestyle vision: 

* To work in a investment management firm or a financial services company to master managing funds and portfolios for the next 6-10 years. 

* To build network and contacts within the industry. 

* To build other revenue streams by investing some of this investment banking/asset management money. 

* To have my own clients who I can serve and make a decent living and not stressing out like bankers, traders etc. 

* To make $150k a year, then use this money to invest and open other revenue streams, and use these returns (whatever they add upto) to support my growth and exploration process of this world. 

* It's a rough vision I have so far. I will make it happen. 

 

Why banking and finance?

I wasted 5-7 years of my life in doing mundane, boring and repetitive work at a company where I was not valued at all. I want to use all my energy and apply it in an industry that will reward me financially... plus the self-satisfaction of cracking a tough industry like investment banking/asset management through sheer will and hard work while being fully detached from the result. 

It's a skill that'll always bring in money and provide a safety net and perhaps fill in some voids and gaps inside me due to childhood trauma and social conditioning/bullying. Obviously, I am not trying to hide behind money but just want to have a skill that'll help me secure myself financially. I want to grow as  a person, read books, travel to countries, explore consciousness, explore the world, and keep pushing myself. 

 

What was I doing all this time?

I wasted my 20s I think. This is probably due to over-protective parenting and the idea of ''conforming = good'' that I internalised very early on as a child, both due to strict Indian parents and due to the societal sheep herd mentality. All this manifested again in my job that i absolutely hated but was stuck in because the employer was sponsoring my visa. 

I discovered Leo in 2018 and my life is getting on track. I'm making changes to my routines and taking action. I am finally fixing my life. I don't really have any mentors or people that I can talk about this to so if there are any financial wizards out there, please help a brother out with some information. 

 

***I hope I didn't sound negative. I'm just being real and honest. Peace***

[flowboy]

On 29-9-2019 at 7:19 AM, Ashtualised89 said:

Why banking and finance?

I wasted 5-7 years of my life in doing mundane, boring and repetitive work at a company where I was not valued at all. I want to use all my energy and apply it in an industry that will reward me financially... plus the self-satisfaction of cracking a tough industry like investment banking/asset management through sheer will and hard work while being fully detached from the result. 

It's a skill that'll always bring in money and provide a safety net and perhaps fill in some voids and gaps inside me due to childhood trauma and social conditioning/bullying. Obviously, I am not trying to hide behind money but just want to have a skill that'll help me secure myself financially. I want to grow as  a person, read books, travel to countries, explore consciousness, explore the world, and keep pushing myself. 

None of those reasons have anything to do with banking and finance. You don't actually answer your question here, you're just listing your emotional baggage and needs.

Edited October 2, 2019 by flowboy

[d0ornokey]

Wish I could help. But what I can say is that it's very doable to hit 150k. i have several friends ages 22-24 making that much so it's definitely doable 

[flowboy]

I commend your effort and determination! It is amazing that you were able to brute-force yourself through passing that certification!

 

However, your plan is to be all about banking and finance for the next 6-10 years, AND after that manage portfolios. You better be passionate about it, if you're going to do it for that long.

You write that you expect financial security out of it, and to be respected and valued.

Only you can respect and value yourself.

I'm saying, definitely go through with this plan, because it is what you feel is best for you. But if you want to last, you better take serious steps to work through your childhood trauma. Running away doesn't work.

[Michael569]

I'm currently in a state when I try to get away from corporate & finance sector but since I had to break in at one time as well, here are few tips I found helpful; throughout the years

Try to get a good internship in high ranking company, probably one of Fortune 500 if you can. You may need to work for free for half a year before you will be either recruited for full time or let go. Even if let go, you will already have your initial business experience. Working for free sucks but the initial experience is a must.

Attend a lot of career affairs and collect as many flyers and business cards as you can. Speak to recruiters, get their business cards and most of all, have your own professional business cards to share

Polish your Linkedin really really well. Neat professional photo in a suit, nothing fancy. Don't put too much detail on your job history but not too little either. Same goes for CV. One page MAX, no bullshit. Focus on achievements instead of writing essay about how amazing you are. Don't copy anything you find online, especially not the popular CVs that appear on Linkedin but create your own unique style. 

Make sure you add any personal achievements on your CV. Most of the recruiters were more impressed by my sports accomplishments in martial arts than my university degree or past experience. 

Don't lie during your interviews. A good recruiter will catch you quickly. There is nothing wrong with slightly exaggerating your accomplishments but if you start making stuff up such as listing projects you have not worked on, you will be caught up quickly. 

Add a tailored covering letter to every opportunity you apply for. Check it 3 times to make sure there is no reference to any previous job. There is nothing as offputting as seeing covering letter that is a copy-paste from another application. Recruiters hate this. If you were in room with 30 other candidates for the same place, why should they choose you? Think of few reasons then put them on your covering letter. 

 

In the end, I have to mention this even though you didn't ask. While there is amazing money to be earned in the corporate sector, it is an very vicious and traitorous place where people are dishonest, greedy and ruthless. They are not evil people but this is the way they have to be to survive in this game. You may be setting yourself up for an environment where you have to suck up to people to be successful and even that doesn't guarantee anything. So be absolutely sure that this is what you want to get into and be prepared for an environment that is anything but kind and respectful. 

 

 

 

Edited October 3, 2019 by Michael569

[Ashtualised89]

I checked into the forum today and saw your replies. Thank you all for the advice and support, guys! I really appreciate it.

I found myself an entry level role at a mid-sized investment firm doing client relations. This now gives me a chance to get to know the industry, make contacts, learn the tricks of the trade and push for CFA level 2 and level 3 in the years to come. With time, I can move from client relations to different departments and grow holistically... well, that's the plan and I'm sure I can make it click. 

 

Once again, I appreciate your advice guys. Good to see the actualised community caring about other members. Peace and love!