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Thread: Engineering into CFA

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    Default Engineering into CFA

    Wondering what everyone's thoughts on the ability to transition into a financial industry from an engineering background. I have little experience in the financial sector, but seeing how engineering jobs are slim to none, I was considering moving into the finance sector.

    With little to no background in finance, but a strong interest in personal investment and budgeting, I want to explore the possibility moving over.

    Any engineers out there who moved over? Would a CFA help?

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    Networking is key. The CFA definitely helps. The engineering to equity research or A&D path is well trodden.

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    Personal investment and budgeting = CFP.
    Investment analysis = CFA
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    I think it's a good idea. Can probably knock it off over a long weekend.

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    what kind of eng are you? with what area of expertise? it could give you an edge.

    budgeting and personal finance.... sounds more retail so a CFA won't give you much on that end.

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    Originally posted by Buster
    I think it's a good idea. Can probably knock it off over a long weekend.

    Doubtful even if you graduated with honours in Finance, let alone most eng having no idea what debits/credits mean and how they fit into statements.

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    Originally posted by jwslam


    let alone most eng having no idea what debits/credits mean and how they fit into statements.
    I graduated from engineering, with a minor in business. Not sure what engineers you've talked to, but contrary to yours, my experience was the finance and accounting courses we took were significantly tougher on the actual business students in our classes than they were for us silly engineers. My semester of 6 business courses was the only semester I ever got straight A's


    OP, start networking now, and that will help you decide if/what to go to school for.

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    Regardless of the choice i'd say do a CFA level one as it will challenge you in new ways and you'll learn a lot of good basic information that you'll likely not ever go out and read about in your spare time.

    Best way to learn sometimes is to be forced to

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    I think if you want to make a transition into finance you need to be leaning on your engineering experience pretty heavily for the first little while to get your foot in the door. A&D, evaluations etc. to start with. Can branch out once you are established and learn the business. Otherwise you might as well be starting at ground zero as an into analyst and can throw your engineering degree and experience down the drain.

    I say get started and do level 1 ( I know a guy who did all 3 levels without a university education, its doable though maybe a bit more than a weekend of studying. Keep in mind that failure rate for CFA exams is VERY high for a reason. ) and start trying to talk to people in that area of the business and ask THEM what they want to see out of your for qualifications. Then when you come to them prepared and with the right background they can see you are serious. Fitting in is a huge part of those kinds of roles from what I hear due to the sheer amount of time you spend with your coworkers.

    Other option is MBA if you want to spend the $$$ and dedicate 1-3 years of your free time to making this transition.
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    guessing who I might be, psychologizing me with your non existent degree.

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    For some reason, the CFA has gained a reputation as a "door opener". It's not really what it is meant to do. The CFA is a designation for people who have or are pursuing a finance career in a much narrower range than is appreciated. Outside of that, it's utility is limited, and the information isn't really "skill" based as much as just a ton of stuff you need to know.

    Also, a CFA requires relevant work experience, and often benefits people who are on a particular career path and are being sponsored to do it. In short, the CFA is meant for people who are already dedicated and on a career path to be a portfolio manager, or otherwise involved in investment decisions on an institutional level. It's utility beyond that, while not absent, drops off significantly.

    Also, saying "finance industry" is a bit general. Is a retail teller at a bank in "finance"? Do you want to work in the capital markets? In commercial banking? Corporate banking? Do you want to be in accounting or work for the valuations department of KPMG/MNP/EY etc?

    If personal investing is your thing, do you want to go get your CSC or go work for a wealth management/ wealth advisory?

    This whole CFA thing is so tired.

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    As small as the O&G industry is here, investment banking is even smaller. Like others have said, continue to network as that is really your best shot at making the transition; more often than not someone knows somebody that knows you who will help you connect or may be a resource for an arms length reference in the future.

    Try to grab a coffee or beer with individuals from all facets of the industry to get their take on what they do and whether or not it interests you. Every group operates differently and one might be more appealing than another; most are collaborative, but like E&P's, some operate different than others (i.e. big banks vs. boutiques).

    A CFA would help if you are looking to get into certain parts of the business like Investment Banking; it would have less value in A&D based on my personal experience. With an engineering background, you'll likely have a better chance landing in Research or A&D like Super_Geo noted above.

    If you are considering Research or A&D to leverage your engineering background, some considerations are what industry/part of the industry you have experience in (i.e. in O&G, were you working upstream, midstream, downstream?), which company(ies) you've worked for (small, mid or large cap?) and what experience you have acquired to date.

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    Originally posted by Illusive 4-2
    As small as the O&G industry is here, investment banking is even smaller. Like others have said, continue to network as that is really your best shot at making the transition; more often than not someone knows somebody that knows you who will help you connect or may be a resource for an arms length reference in the future.

    Try to grab a coffee or beer with individuals from all facets of the industry to get their take on what they do and whether or not it interests you. Every group operates differently and one might be more appealing than another; most are collaborative, but like E&P's, some operate different than others (i.e. big banks vs. boutiques).

    A CFA would help if you are looking to get into certain parts of the business like Investment Banking; it would have less value in A&D based on my personal experience. With an engineering background, you'll likely have a better chance landing in Research or A&D like Super_Geo noted above.

    If you are considering Research or A&D to leverage your engineering background, some considerations are what industry/part of the industry you have experience in (i.e. in O&G, were you working upstream, midstream, downstream?), which company(ies) you've worked for (small, mid or large cap?) and what experience you have acquired to date.
    The CFA is not particularly useful or encouraged in the ibanking world.

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    Originally posted by Buster


    The CFA is not particularly useful or encouraged in the ibanking world.
    Agree, but based on the O/P's background as an engineer, it would at least help show some sort of interest in this industry if they were to complete CFA level 1 and show that they are willing to put in the time and effort to work through it.

    After that, from what I've been told by colleagues, finishing levels 2 and 3 are geared more towards portfolio management and research positions. A couple of guys I work(ed) with in iBanking have their CFA designations, but most do not.

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    Originally posted by Illusive 4-2


    Agree, but based on the O/P's background as an engineer, it would at least help show some sort of interest in this industry if they were to complete CFA level 1 and show that they are willing to put in the time and effort to work through it.

    After that, from what I've been told by colleagues, finishing levels 2 and 3 are geared more towards portfolio management and research positions. A couple of guys I work(ed) with in iBanking have their CFA designations, but most do not.
    I don't disagree. But banking and the interesting areas of "finance" are, in my opinion, the ones where you have to demonstrate a couple of critical skills: a) an overwhelming desire to generate profits (which I think is different from most engineering careers), and b) the ability and desire to sell/communicate/manipulate. There are areas where highly technical activities can also be interesting and profitable, but they are more niche.

    While the CFA shows you can pound out the hours on some books, it doesn't necessarily demonstrate the things that people are interested in within financial services.

    Honestly if you spent the 1000 hours or so networking, instead of worming through some chapter on derivatives, you will probably be better off - while ALSO demonstrating the type of skill that actually is useful in most of the finance world. Again, it depends on your goals, and what type of work you want to do.

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    Originally posted by Buster


    I don't disagree. But banking and the interesting areas of "finance" are, in my opinion, the ones where you have to demonstrate a couple of critical skills: a) an overwhelming desire to generate profits (which I think is different from most engineering careers), and b) the ability and desire to sell/communicate/manipulate. There are areas where highly technical activities can also be interesting and profitable, but they are more niche.

    While the CFA shows you can pound out the hours on some books, it doesn't necessarily demonstrate the things that people are interested in within financial services.

    Honestly if you spent the 1000 hours or so networking, instead of worming through some chapter on derivatives, you will probably be better off - while ALSO demonstrating the type of skill that actually is useful in most of the finance world. Again, it depends on your goals, and what type of work you want to do.
    Yep, that sums it up quite well. You're right, most engineering careers aren't profit oriented, highlighting how critical it is to have the right experience to be able to make that kind of transition. b) is probably the biggest hurdle for most engineers and you're on point, it's a very niche skill set for engineers.

    The time spent on the CFA is more of a proof of concept that you're willing to put in the time which is usually a big change/challenge from an engineering job. It's not a normal 8-5 job anymore that most engineers are used to as you'd be required to spend most evenings and weekends in the office to push through modeling, etc. for presentations and projects for the first couple of years; I don't see many engineers making that transition comfortably, especially those with kids or other family situations. Most of the analysts I work with are younger and can push through this part of their career while they're young, then move up to Associate/VP roles where they aren't staying till midnight on weekdays. As most engineers have time invested already into their career, they're unfortunately going to face some additional hurdles than those who have chosen this career path early on.

    Like Buster said, I think this is most critical at this point in your consideration: "Again, it depends on your goals, and what type of work you want to do."

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    Originally posted by killramos


    I say get started and do level 1 ( I know a guy who did all 3 levels without a university education, its doable though maybe a bit more than a weekend of studying.
    Who is this? Unheard-of unless this person has a lot of work experience.

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    My wife went down this path. Electrical engineer for 8 years and then did the 3 levels of the CFA. Now she's in the M&A group at one of the big E&P companies.

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    Originally posted by The_Rural_Juror


    Who is this? Unheard-of unless this person has a lot of work experience.
    You want his name?

    He works in our finance department, crazy smart dude.

    He definitely has all three levels, and he definitely doesn't have a bachelors degree. Not sure entirely what his background is before here but hes ~30?

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    guessing who I might be, psychologizing me with your non existent degree.

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    If memory serves me right, when I took the exam before, they required you to have an undergrad degree or equivalent, or at least close to finish it... unless they changed the rules recently, or they have multiple different pathways to enter.

    Originally posted by The_Rural_Juror


    Who is this? Unheard-of unless this person has a lot of work experience.

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    The CFA institute can waive the degree requirement if you have "equivalent work experience".

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