IT starter trying to switch to Consulting or Investment banking

[Z060049]

Hello everyone, I need some advice in how to switch industry in my early career period. Any advice would be greatly appreciated.

I am a fresh graduates and now working in IT department in a bank. I've just been working for few month. My current job pays well considering I'm a fresh graduate. But my big dream is to enter into more lucrative industry such as investment banking(Strategists, M&A) or management consulting.

Now I am holding a Electrical and electronic degree from NTU with a minor in Business. I understand that front office only takes in graduates from top schools in USA and management consulting firms presfers MBAs from US.

Personally, I don't think I can afford a master in US in 2-3 years and studying master s or MBA in Singapore is considered a waste of money. So I decided to study CFA and Cima for now. And hopefully could join a hedge fund or consulting firms as a intern after 2-3 years.

My question are: 1. Would a CFA be helpful in applying for investment banks or hedge fund?
2. What is the most important attributes/qualification in investment banking (accounting knowledge for example)?
3. Is there any way I can make this switch faster? Any firm in particular?

Thanks a lot

How old are you ?

25-27 yrs ?

[Z060049]

I'm 23 yrs old

[lazyplane]

stay in what you are doing and try to do some trading IT software projects.
If you can show you can understand the business requirements fast and have quick IT mind, maybe you can learn and do some programming like algro trading which is really the "in" thing now for banks.

algo trading throws out all the previous concepts of the banking structure apart.

[Z060049]

Thanks a lot. As a matter of fact, I am now working on IT infrastructure for the bank. Things like upgrading windows XP, configuring iphone stuff. I can not get my hands on algo trading software development. I will try to work towards that direction. I've also read your post on "do trading courses really work?". I'm really a noob in this area and hopefully you can help shine some light in how to develop a career in trading?

[lazyplane]

Trading is simple. Making money out of trading is another matter.

If i were you, this is what i will do :

1. Start with local equities markets. Pick up one of those finance/investment books which teach you how to understand financial statements, ratios etc. Or do a CFA for the reason of learning. CFA gives a good grounding of basic economics, accounting, financial matters.

2. Do your current job well and use it build a good network of people. Since you are doing IT "support" service, you will frequently get calls of help. Use that opportunity to be really helpful/resourcesful. People will know when you deliver your good or bad service. Do lunches with them (front/middle/back) office people. Ask what they do and understand how a bank operates and the kind of compliance structure etc it works with.

3. Do some small time trading when you have some spare cash around. Nothing beats paying for the experience of winning/lose on trades. Check yourself after a few rounds of buying/sell (around 10 trades) to see if you understand how to manage your emotions when trading. Eg, do you get super high when you make money, super low when you lose money.
Imagine that stress level multiplied by 10x if you are doing for a corporate and ask yourself can you handle it.

Within 3 years in your role, you should have been given at least some opportunity to move out of just IT support. Use the experience above to ask yourself if you really want to do trading or ?

Remember, there are many ways to make money.
Trading may not always be the best way regardless of what others say.

Originally Posted by Z060049

Thanks a lot. As a matter of fact, I am now working on IT infrastructure for the bank. Things like upgrading windows XP, configuring iphone stuff. I can not get my hands on algo trading software development. I will try to work towards that direction. I've also read your post on "do trading courses really work?". I'm really a noob in this area and hopefully you can help shine some light in how to develop a career in trading?

[Z060049]

Thanks a lot.