Hello. About to reembark on my higher education journey at 28. Will have the first 4 years of college payed for as well as well maybe 20 s/h elecs knocked out already. I have always been great at math and with people, and have recently been researching investing, finance, and economics. This has led me to find a new hunger and thirst for knowledge in these areas that I haven't had for almost anything in the last 10 years. I just don't know how broad or specialized of a degree is required for specifically career fields, or if double majoring is a better route. Looking at Certified Financial Adviser, Certified Financial Analyst, Certified Public Account, Strategic Planning Consultant (business analytics). Also any subset or branch of these is also fine. Accounting major? Economics? Business Management?
Potential earnings vs time invested?
Internships or on the job training?
Also are any of these viable as night or online classes? While I wait to start school I am getting into a Microsoft Technology Associate program to get certified as a MSCA OR MSCD. Maybe I should just pool my efforts on this.
Thanks for your help. It has been hard for me to find a mentor that is in these career fields that could give me guidance as someone who has been there!
Answers
David,
You are looking at a very broad field and your wide selection of careers reflects your need for further occupational research.
I encourage you to start with the resources on this website for both informational interviews and developing a mentor. You will find people and companies represented in all the areas you have identified.
In those discussions you want to identify the schools that will give you the greatest competitiveness for the field you want to pursue; some industries specifically recruit from specific schools and programs.
This should also give you a better idea of where you want to start and what possible future education or certifications will best support you in achieving your goals.
Best of luck,
Your innate skills of math and social interaction is the best foundation to build your career on. Practical application of education will be the hardest challenge. Try to obtain work experience with an internship or ground floor position while pursuing your education. I have found that self paced online courses are great for continuing or rounding out knowledge base outside of the scope of the initial degree &/or major(s). After all this career (as I imagine all are) is a journey not a destination. We never obtain our entire instructions from a textbook. In other words, there is no wrong choice.
Happy to discuss if you want to schedule a call. I've been a CPA for 40+ years, practiced as such for many, have been investment banker and CFO. First, if possible, I recommend attending a school large enough to have employers interview and hire on campus. One of the biggest benefits of a business degree (in any discipline) is the ability to obtain internships and permanent jobs upon graduation through employers hiring on campus. As it relates to the variety of disciplines, you may need to just start your education (which will include accounting and finance before you have to choose a specialization) to learn more. I can discuss and give you my thoughts if you would like.
Robert Half salary guide will show you higher paid specializations in financial services sector.
Ferris State University is a great school for finance majors. Google it and check it out! Otherwise email me @ mcduffib@gmail.com and we can talk!
David,
Others have provided good direction. What interests you; banking, insurance, finance or ..... . Where do you want to live? Write if you would like advice. Be prepared to tell me why you want to get into ___________ .
Casey.roach@gmail.com
Well im going to be honest with you. I work in the financial sector. The pay tends to be low, but better than minimum wage. Dont bother with economics; it is a complete waste to major in that topic. If you were going to do anything, then i would major in accounting and take some finance classes on the side. That should make you a robust candidate for something like credit analyst or something in that regard. That being stated if you want to be a pure commission employee, then there are some "financial advisor" positions you can apply. Keep in mind these positions are basically sales jobs and anyone can get them. More often than not your mind will not be stimulated and instead you are just dealing with the cogs of incompetent management and coworkers.
Dont think you are going to be wolf of wallstreet or anything like that. Most people in those positions already came from well off families.
Hi David,
Lots of folks here provide great advice and job opps. About a year ago I was in your shoes Army SPC with some school under my belt trying to break into finance.
While I dont pretend to have all the answers I can tell you about what I chose and why and can help you get you closer to an internship or job at my company. JPMorgan Chase.
If still interested email me at benitez.daniel.j@gmail.com
David, you have already received some great replies to your question. However, let me add my willingness to assist , should you still have a need. I had 43 years in the Financial Svcs. Industry before I retired ( AmSouth, First Union, Wachovia and Wells Fargo Banks). I have lender/ management experience in Retail and secondary mortgage lending, and 20 years in Lending Regulatory Compliance. I will be happy to share any information with you. chasec09@yahoo.com
Bank of Ameica, JPMorgan, wells fargo all have military hiring program and Mgr. In Training opportunities
Hi David,
Actually, working in the insurance business is a good way to start. I have worked for Banker's Life and Western-Southern Life. I would have stayed in that business but teaching high school math kept calling my name. Good luck on your selected career path!
Darlene
Hey David, great questions. If you really want to prepare yourself for college and open some doors, I would apply for the Warrior Scholar Project. Outstanding academic program for veterans that is held at top universities around the country. I attended the course and it was extremely beneficial.
I recently finished a finance degree and moved into consulting. I am wrapping up my contract with my current company and moving into a business manager/CFO role. I would be happy to share more about my experience if you are interested.
I'm curious if you are still interested in a call? There are so many directions to take and consider it would be best if we chatted to dial in what is really important to you.
Thank You,
Kit Lancaster
312-344-0999
Hi David,
I recently went through a similar transition, knowing I wanted to be in financial services, but lacking a strong sense of direction as to which sector I wanted to work in. I ended up in the more institutional side of finance and currently work as a Investment Banker covering Industrial companies at a large bank. I'm happy to jump on the phone or email about my path, why I went with this route, and my experience so far. Let me know if / how I can be helpful!
Thanks,
Tyler
Hi David:
As a 37 year veteran of the life insurance industry and a Vietnam Vet as well, I think I have the experience and credibility to provide you with some advice. A good conduit to a career in financial services is the life insurance industry. There are a number of great companies that have excellent training programs as well as methodologies to transition someone like you into a financial services career. I would contact the General Agent or General Manager of at lease three of the following companies that have offices in your geographical area:
1. Northwestern Mutual Life
2. Guardian Life
3. New York Life
4. Pacific Life
The first three are mutual companies, which means they are owned by their policy holders, not by shareholders. They have the benefit of a long view when it comes to operational strategy as opposed to having to chase earnings to satisfy shareholders on a quarterly basis.
Pacific Life is a great company that demutualized many years ago so as to take advantage of the capital markets to aid their surplus and allow for faster growth.
All the training programs are for three years and all will include a training subsidy as well as commission payments based on your individual performance.
Best of luck in your search and many thanks for your service.
David you should check out the Penn Mutual agency headquartered in Seattle. They have a solid management team and know what they are doing. Penn Mutual as a company is expanding it's field force unlike many carriers who seem to be continuing to weed many people out of the business.
Hi David!
I coach Financial Advisors around the US by phone to help them grow their clientele. Forward your resume to me and we can talk about setting you up to do some Informational Interviewing.
Jim "Da Coach" Rohrbach
http://www.SuccessSkills.com
Email: Coach@SuccessSkills.com
Networking is the key to opening doors in either financial or non-financial sectors. You might want to look at local economic development councils to find what is available at the local, area and regional levels. You have a number of techno giants in and around your area they will need to have those with backgrounds in financial management. Please do not overlook paid internships that could roll over into permanent positions.
Chief Kent T. Watson, US Army of America, Retired with over 35 years of proud service.
Mutual of Omaha is actively seeking veterans to work in financial services. You can find a complete listing of jobs on LinkedIn here: https://www.linkedin.com/company-beta/165078/jobs/
I am your age! My vote is for a CPA path. I am currently studying for the CPA exam. I have a Bachelor of Accountancy.
I don't really know why I chose this path, it all feels very natural, despite me being an infantry Marine.
Good luck!
David,
You got good resources and suggestions in the answers to date. If you'd like to email me we can set up some time to talk things through. andy@speakingvirtually.com The key first step is thinking about what drives you as a person - what type of challenges, what type of work, what type of rewards, what type of culture, what type of people. Math is a very useful foundation for financial services these days - the economics path could lead into research, the accounting path could lead to a CPA, the math path could lead to financial modeling or risk analysis, the people path could lead you into an advisor training program. Bottom line - mapping your academics to a career path is not easy. A way to start - go on LinkedIn and find people who do jobs you like and look at their pathways to success. As one of the respondents pointed out, it's not always a straight line. You can also (as someone already suggested) go to target company websites and review open positions that might interest you - see their requirements and map it your portfolio of knowledge, skills and attributes. It might help you craft your undergraduate curriculum. You can also think of four summers of dedicated internships in the financial services arena to expose you to a wide variety of jobs - or even a narrow path toward one type of job. That is still one of the best ways to open the door - that way they see what you bring to the table in real time vs. a promise of value in a job interview. Don't focus on the end goal - focus on the next few steps right in front of you. There are so many twists and turns in financial careers (example: electrical engineers morphing into portfolio managers) you'll drive yourself crazy trying to figure it all out now. Reach out if you want to talk. Andy
Happy to give you some ideas, feedback and guidance. When is a good time to connect by phone next week?
Kit Lancaster, CFP, AWMA
312-344-0999
David- As you can see by the answers already given, financial services is a very broad category. In addition to those areas mentioned, there are also regulatory jobs, broker dealer jobs, investment bank positions, etc. I think you need to determine what your interests are before you embark on a search. You can do some research online to help you decide. Review the websites various firms to see what career opportunities you are interested in. If your interested in the fields I mentioned, please feel free to email me.
David
David,
I am a CPA, currently VP of Finance for a group of staffing companies and in my past have held a variety of accounting roles including internal auditor, accounting manager and controller. I would welcome the opportunity to provide insight into the accounting/CPA tracks and if would be helpful mentoring over time. Please don't hesitate to reach out to me at lisacvecko@gmail.com.
Good luck to you!
Lisa
David - I have been an independent financial advisor and planner for the past 25 years. You have gotten a ton of good advice from the other responders to your inquiry. If you are looking to the retail side of the industry and build your own practice, I believe there are a couple of paths to take. First, with your education a solid business program is helpful, and focus on finance or accounting is good. While in school finding an internship in an area in which you are interested is essential. I would also suggest looking for an advisor who is looking to hire an associate with the intention of buying the practice over a period of time. Second, if you are looking to go into professional money management contact one of the large mutual fund companies or investment banks and find their recommendations. Feel free to contact me: bhunstock@everestfg.us. I am happy to answer your questions or concerns.
Bill Hunstock
Most of the major insurance carriers are trying to backfill all of the people who will retire over the next ten years. However beware that the five year retention rates are about 10%. That means when a carrier hires 100 people five years later they will have only ten people remaining. This varies considerably by agency. Don't be afraid to ask what their retention rate is. When you hear 20% of less don't walk-run. That is an indication of a bad system for bringing new people into the business. If you find an agency who is at 50% or higher that is a good indication that they have solved the fundamental problem of bringing new people into the business. Many companies have internship programs where you can get some experience however many of them are just a revolving door where they are looking at thousands to find a hundred keepers. Make sure you speak with people have been on board for at least two years before making any decisions. You can be a great candidate with the right skills and get started with the wrong agency and get flushed out of the business because they don't know what they are doing. Big carriers are making these mistakes every day. This can ruin a good persons career.
David - it is probably a good idea to speak to a few people in the industry to get a sense of what makes sense for you. I started in one finance career and ended up bouncing around until I found the "right" one for me. I didn't do enough research.
For example, do you like investments? If so, a CFA might be the right path but it is 3 years of hard work, and the concepts can be very mathematical
Do you want a more steady, detailed work? Perhaps a CPA then....
Feel free to call or email me, and I am happy to have a call or direct you to others that might be able to help
Hi David!
I would be happy to help! I am 31 and have been in the financial services sector for 11 years. Shoot me an email at Stephanie.klimoski@ms.com and I would be glad to give you my perspective. looking forward to it!
Steph
Hi, David!
While I don't have any direct experience that would help you, I do have a friend who is a Financial Advisor and is welling to offer any guidance he can. His name is Jeff Horwich, and can be reached at jhorwich@yahoo.com. Jeff has been a Trader on the Board Options, Board of Trade, as well as a Risk Manager, and a Financial Planner, so he has an extensive background. He is located in the Chicago market. I hope this helps!
Gail
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