Thinking of a career shift?

The education system is often not ideal. For instance, you pick a broad stream of study when you’re a teenager, but that decision could potentially limit your future opportunities. In your early 20s, you are forced into choosing a career path, then expected to stick with it until the end of your professional life.

Cut to the real world. Successful people may have had multiple career switches before finding their way. Take the case of one famous business founder. He started in the military before switching to the railways, then law. This was followed by a stint in life insurance and a ferry-boat venture. Finally, aged 40, he began selling chicken dishes at a service station. This departed soul is now the bearded face of the world’s second-largest restaurant chain.

While change is inevitable and often good in the long term, it is not easy. Robin Sharma puts it best when he says, “Change is hard at first, messy in the middle and gorgeous at the end.” And if the switch you are looking for is breaking into the finance industry, it doesn’t have to be a distant fantasy. A case and point is Ms Meera Siva, CFA, an electrical and computer engineering major to whom accountancy looked like Greek or Latin. Today, she is a director of CFA Society India and co-founder of RaNa Investment Advisors. Or consider Mr Kumar Gaurav, CFA, FRM, a 14-year army veteran who was also a finance enthusiast. He now heads the financial risk function at a life insurance company. Then there is Mr Sudhanshu Kanwar, CFA, another former army officer with a computer science background who currently works at Goldman Sachs as an investment professional.

The finance industry is constantly evolving. Today’s drivers include technological advancements, the introduction of new markets, and business-friendly laws. It is not only a challenging place to work, but it’s also incredibly rewarding. Growth in the industry is a given thanks to its interconnectivity with technology and role in multiple businesses. The need for such professionals is apparent with the reach of globalisation, opening the door to working overseas. To stand out in the market, finance professionals need to be malleable with a desire to constantly learn and grow in a developing environment.

Although a firm understanding of accountancy, financial statements, basic economics, and data analytics is vital, these are, thankfully, skills that can be developed at any age. Besides a knack for numbers, awareness of the latest developments like Fintech and AI can prove especially beneficial in your journey. Of course, as with most professions, soft skills like communication and persuasion, resilience, and self-control can scoop some brownie points.

Think about what you already know, as you may find some skills or knowledge can be transferred to your new role as a finance professional.

Find someone in the industry who can mentor you and help you blend into their professional circle.

You may have to start small. This could be tough, as you may have progressed to a higher level in your original career. If you’re not ready to go through the fresher experience again, you might want to reconsider changing fields.

As cliched as this sounds, don’t expect to make it the very first time. Failure is only really a failure if you give up. Otherwise, it’s a learning experience.

Do your research to figure out what you want to do and where you want to be. Plan out how you’re going to get there. Make sure that plan is realistic and achievable. And don’t give up.

Any established finance professional will tell you to work on your people skills. This is even more important if you’re trying to find your place in a new industry. Attend finance seminars and conferences, or even use connections from your previous job.

Enrol in a financial analyst program or similar. Being an industry fresher is no excuse for not knowing the lingo.

Follow current affairs and keep up with the latest trends and technologies by reading blogs like the Enterprising Investor.

To become a CFA charterholder, you must follow a well-thought-out, three-pillared syllabus that focuses on core concepts, application, and analysis using the concepts learnt in asset valuation and portfolio management.

The CFA Program is a well-rounded and holistic approach to finance that is often considered more cost-effective than, for example, an MBA. The CFA charter is also globally recognised, making it easier to get hired by major investment firms. It also offers networking through its multiple societies across over 70 countries (including India).

CFA Society India offers career support and access to member-only seminars, workshops, and events. It also provides opportunities to build a network among finance professionals.

To conclude, there’s a beautiful quote by American author Tony Robbins:

“If you do what you’ve always done, you’ll get what you’ve always gotten.”

Dare to dream, maybe?