Switching from engineering to finance
There are many reasons why you might consider changing your career from engineering to finance, including:
- Fatigue: You may have worked in a demanding engineering role for several years and feel overwhelmed and ready for something different.
- Changing interests: The interests may have changed since you chose your college major, and you no longer feel involved in your job.
- Moving: You may move to a site with a few engineering jobs available.
- Lack of Career Growth: You have reached the limit of your upward growth in your engineering career.
- Higher Earning Potential: You can get more money in financing than in your current engineering job.
- Opportunity to work with clients: I prefer to work in a client-facing role.
- How to convert from engineering to finance
- Here are the steps you can take to transition from an engineering role to financial management:
1. Consider positions with in your company in the finance department
If you work in large organization, look for possible employment opportunities in the finance department. Supervisors who already know you and also your work ethic may be more willing to offer you the role despite your limited experience.
2. Searching for financial institutions that need engineers
You can start your transition into finance by first working as an engineer in a financial company. This will help you learn more about the industry and the environment and allow you to build relationships with colleagues in financial positions.
3. Look for more data-driven roles
You can benefit from your quantitative skills and analytical thinking in quantitative research and analyst roles. These centers require you to analyze data, forecast behavior, and identify risks in various areas, such as trading and hedge funds. In addition, you can focus your analysis and reporting on the technology industry while working for a financial institution.
4. Back to school
Certain financial situations may require earning a degree in finance, accounting, or a related field. Explore more flexible options if you work, such as online classes or part-time programs.
5. Gaining experience
Any financial experience banking service can help you get more interview opportunities. Consider volunteering or a completing an internship with a financial institution.
Connect with as many people as much possible in the financial industry to increase your chances of finding an open position. Here are some of the ways you can communicate:
- Join the social groups
- Attend industry events
- Work with your college career center to connect with alumni working in finance
- Join social media groups
7. Tell your story
When you are undergoing a significant career change, it is essential to be able to tell your story concisely and poignantly. In addition, recruiters, hiring managers, and peers want to know why you changed your career paths to better understand your personality and motivations. Therefore, spend time organizing and practicing an abbreviated version of your career story. Consider incorporating the following elements:
- Getting Started: Include your hometown and where you went to school. If you had the interest in finance earlier in life, share this.
- Motivating factor: Discuss the event that led you to pursue a career in the finance, such as the a significant experience with a financial advisor.
- Experience: Share how you will learned more about the industry to demonstrate your initiative and involvement.
- Objectives: Conclude with what you hope to achieve in your job, such as combining the technical skills of an engineer with your soft skills to develop customized financial plans as clients experience transitions in their lives.
8. Update your CV
Update your resume with your new financial education and experiences. Detailing with your previous engineering experience, focus on how your efforts benefited your company in measurable ways, such as improving productivity by 10% or saving $2,200 per quarter. Highlight the well-known companies you have worked for and a high GPA.
9. Start from the bottom
Consider applying for low-level positions that don’t require a lot of experience. Then, you can show your enthusiasm and participation before applying for promotions.
When you attend interviews for financial roles, focus on your transferable skills. You can share information about the clubs and activities you participate in to show your interpersonal skills. Talk about the steps you have taken to change your career to demonstrate your commitment to learning.
Finance jobs for engineers
Here are the possible jobs for engineers transitioning into a career in finance:
Essential Duties: Accountants manage the finances of individuals and businesses. They keep records, file taxes, and ensure regulatory compliance. Accountants can also assist companies in making financial decisions and financial planning.
2. Financial Analyst
Essential Duties: Financial analysts assist individuals and companies in making investment decisions. They evaluate the behavior of stocks and bonds and create reports for clients. In addition, financial analysts collect data, make forecasts and presentations, and recommend investments.
3. Investment banker
Essential Duties: Investment bankers are financial experts who specialize in raising funds and negotiating financial terms. They assist the large companies undergoing mergers and acquisitions, provide the financial advice to organizations and help companies raise funds for expansion. They have at least bachelor’s degree, and mostly investment bankers have a master’s degree.
Essential Duties: Traders buy and sell stocks, bonds, and other securities for a portfolio within an investment fund management company. They search for specific deals, study market trends, and make predictions for their company and their customers. Traders must have special licenses issued by the Financial Industry Regulatory Authority (FINRA), depending on the nature of their duties.
5. Quantitative Analyzer
Primary duties: The quantitative analysts work in the finance industry to research data and trends, generate reports, and guide clients on investment decisions. They use analytical strategies to identify risks and create algorithms for investment banks, hedge fund companies, and insurance companies. In addition, quantitative analysts make and implement models for pricing and trading financial products.
Tips for transitioning into finance after becoming an engineer
Here are some best tips to help ease your transition from engineering to finance:
- Be prepared to learn. Although you may have years of the engineering experience, you are just beginning your career in finance. Take opportunities to ask the questions, research, and observe others.
- Be honest. Be honest about your skills and experience. Then, if you need help, speak up. This indicates humility and integrity.
- Get ready for long hours. Starting new career often means longer hours because you are still learning all aspects of your new position and company. Finding where things are, completing your tasks, and understanding new concepts may take longer.