2.2 in Economics with Econometrics, want to start a career in Finance.

[Pita5]

Hi everyone,

As the title says, I want to start a career in finance. What a time to do this I know - credit crunch! I really need some advise, because it's very difficult to find entry level jobs.

First, a bit of background:

I'm 22, white male.

Qualifications:

Studied BSc Economics with Econometrics (2.2) at Kent University (UK).
Achieved four A-Levels, Economics B, Maths C, Philosophy A, Physics D.

Work Experience:

I've had no Finance related work experience, except working as Financial Secretary for University Badminton Club. No internships.

I'm currently working as a Teaching Assistant at a Local Secondary School, I earn about £850 a month, my only expenses are my dad's rent money (£200). Can easily save for professional exams. I have no car or driving license.

The school wants me to do a PGCE in Maths to become a maths teacher. I am tempted for the job security, starts in September. I really want a career in Finance though.

Skills:

I have programming skills in C, Java, and for the Mac (Obj-C and Cocoa). But no professional qualifications, I did achieve 80% in two programming modules in my first year, and wrote my dissertation contrasting Artificial Neural Networks and Contemporary Econometric Error Correction Models on UK money demand (awarded 75% for this work).

Overall, I slacked at University, I could of done allot better, instead I (stupidly) chose to work on things that interested me instead (doing well at it... but to the detriment of my overall grade).

What can I do now to improve my chances to get my first job in Finance? I have read about doing qualifications like, CFA, SII, IMC, what's the best way to do these? Are there any jobs recruiters that will be helpful to me? What job roles should I specifically be looking for which can lead to good career progression?

Thank-you for reading this, it's very much appreciated.

 

[Skill Leverage]

Myself and a few other people on here see the phrase 'I want a career in finance' and immediately alarm bells start ringing.

Do you want to be an accountant? An actuary? A salesman? Do you want to work in real estate, for an insurance company, or an investment bank? Front office, middle office, back office? You get the picture. I'm assuming, since you're here, that you have an interest in trading. If this is the case, T2W is a good place to start.

Basically, saying 'I want a career in finance, help me' is like putting 5 different degree subject choices on your UCAS form - you don't do it, because it shows a complete lack of focus. Before you even think about paying to sit exams, or even sending off a CV, you need to know what it is you want to do; if the answer is 'I'll do anything as long as it's finance', you need to improve your understanding of the industry - there is a huge spectrum of people who say 'I work in finance', and some of those jobs are a whole lot better than others. That said, what's great for one person would be dull for another.

All I would say to you besides this is that you're 22 and, while you might not have a glistening record in terms of quals/experience, at 22 anything is possible. Think about what it is you want, and people here will be in a better position to help you; there are a lot of people on here with a lot of experience in a variety of fields and, if you're lucky, you might catch their eye.
SL

 

[Pita5]

Myself and a few other people on here see the phrase 'I want a career in finance' and immediately alarm bells start ringing.

Do you want to be an accountant? An actuary? A salesman? Do you want to work in real estate, for an insurance company, or an investment bank? Front office, middle office, back office? You get the picture. I'm assuming, since you're here, that you have an interest in trading. If this is the case, T2W is a good place to start.

Basically, saying 'I want a career in finance, help me' is like putting 5 different degree subject choices on your UCAS form - you don't do it, because it shows a complete lack of focus. Before you even think about paying to sit exams, or even sending off a CV, you need to know what it is you want to do; if the answer is 'I'll do anything as long as it's finance', you need to improve your understanding of the industry - there is a huge spectrum of people who say 'I work in finance', and some of those jobs are a whole lot better than others. That said, what's great for one person would be dull for another.

All I would say to you besides this is that you're 22 and, while you might not have a glistening record in terms of quals/experience, at 22 anything is possible. Think about what it is you want, and people here will be in a better position to help you; there are a lot of people on here with a lot of experience in a variety of fields and, if you're lucky, you might catch their eye.
SL

Thank-you Skill Leverage! Since joining here it's been great I've read so much, you are totally right I do have a lack of focus and I've realised that now since my original post.

At the moment I'm considering applying for a trainee accountant role to become a financial accountant? Everyone I've spoke to (including my girlfriend!) says it's the most boring thing in the world, but in my view it's only a step down from the decision makers like banks and stockholders, so obviously I'de have some interaction with these people and I can gain some insight.

I figured though, in a time such as ours, where obviously there is and will continue to be far reaching ramifications to the poor risk assessment of assets, that starting a career in credit or asset risk management would be a great idea. Though I need to look more into this, I have no idea how to start a career here.

I have since had some feedback for a sales based role, a Financial Adviser/Stockbroker role. Dad's advised me against it, they haven't even offered me the job - but I'm still left wondering if the job is for me, is sales a good place to be in during a credit crisis?

I've been reading allot about Spread Betting (Financial spread betting diary trading FTSE 100, S&P and Dow Jones.) and I hope that once I've saved enough money (maybe £5000) and gone through all the simulation programs and understood a good strategy to SB'ing I can make my own trades. I would really appreciate any associated books or reading anyone can suggest.

Thank-you for replying to my post SL, you're right on the money! And perhaps the lack of focus has been picked up by potential employers already =(

 

[A Dashing Blade]

2.2 in a second division uni in the middle of the biggest recession since the 30's?
Not a chance.

Btw, what's your skin colour got to do with the price of bread?

 

[Pita5]

thanks but that's not helpful.

 

[Technically Fundamental]

2.2 in a second division uni in the middle of the biggest recession since the 30's?
Not a chance.

Btw, what's your skin colour got to do with the price of bread?

My banksy is better than your banksy

 

[PualoP]

If you want to work in the city your best bet is here:

McDonald's Careers Website

The one at Liverpool st trades 24 hours!!

 

[MrGecko]

Pita, there are plenty of ways to make a living in the financial markets. Working in a front of house role in a Legacy IB isn't the only way.

I am reminded of something grantx said - "the city may be racist, sexist, anti-semetist, age-ist, and qualification-ist )?), but above all it is CAPITALIST". Your education and qualifications (or lack thereof) are not conclusive proof that you won't be good at what it is you choose to do. You will just have to do it yourself, and ignore everyone else.

 

[Pita5]

Thank-you, everyone for your honest opinion. I wasn't expecting anyone to say this was going to be easy, at least I know now the reality of the situation straight from people in the industry.

I'm comforted that there are those like GammaJammer whom have started with first degrees like mine. I would be interested to know what you did, GJ, after graduation - how you ended up being a successful trader.

I will continue to stay upbeat, and look for opportunities. I'm looking for trainee accountant vacancies. I might not be an accountant for the rest of my life, but it's a good place to start, and there's lots of jobs out there in this department.

In terms of professional qualifications, thank-you for the encouragement. I'm going to do the the CFA. It may take a long time as you say GJ... but it looks the best for me. Going through the topics "CBOK", I'm comfortable with at least the first 3 sections, so lets see how the rest goes!

Anyway - a little explanation why I didn't reply so soon (apologies for this), I had a knee surgery. I'm off work for the next week, I have some time for reading and a little spare cash. Can you recommend me a good book or essential reading for trading strategies?

I just bought a good book on Algorithmic Trading, like you said GJ programming skills are useful - so maybe it's time I put them to good use!

Thank-you again for you advice.

PS

MrGecko, I loved your quote.

here's one for you:

"Banking was conceived in iniquity and was born in sin. The bankers own the earth. Take it away from them, but leave them the power to create money, and with the flick of the pen they will create enough deposits to buy it back again. However, take it away from them, and all the great fortunes like mine will disappear and they ought to disappear, for this would be a happier and better world to live in. But, if you wish to remain the slaves of bankers and pay the cost of your own slavery, let them continue to create money."

Sir Josiah Stamp, Director of the Bank of England (appointed 1928). Reputed to be the 2nd wealthiest man in England at that time