Have people told you that you can’t get a job in finance after engineering without an MBA degree? Is that the reason why you’re throwing your dream out of the window?
While doing an MBA after engineering and then getting a job in finance, is the most commonly opted for way, there are other routes you can take. Let’s have a look at what you can do to enhance your prospects of getting into finance after engineering.
I. Apply directly after enhancing your CV with a strong certification
While applying for jobs in finance after engineering, it is crucial for you to showcase your interest, enthusiasm, and knowledge of finance. You need to showcase the reasons for the switch in direction. While you may be able to do that in person, you will first have to prove this on your resume, to get shortlisted.
Earning an industry-recognized certification is the perfect way to showcase your interest and knowledge in finance.
You can opt for either a short-term or long-term certification course. However, you have to make sure that the certification meets the following criteria before you take it up:
To ensure that the certification you choose is relevant, it’s crucial to choose a specific career in finance you wish to get into and then look for certifications that add value to that role.
You can refer to this blog here to understand the various segments of finance and career options in them: What is finance all about?
Once you’ve groomed your resume with a strong certification, you can directly apply for roles through job portals or on websites. Growing your network on LinkedIn and getting referrals would work the best.
Applying to large firms as a complete fresher might pose some challenges. It would be better to apply to small and medium-sized banks (the new banks such as AU, Ujjivan, etc. are an example), NBFCs (such as Incred) first, where the competition is lesser. You can transition to large firms after a few years of experience.
For your reference, here are a few examples of some of the best certifications you can take up to enhance your CV for the most aspirational roles in finance after engineering:
a. FLIP-NCFM Investment Banking Operations International (Short-term certification issued by NSE Academy)
b. FLIP-NCFM Capital Markets Fundamentals International (Short-term certification issued by NSE Academy)
a. Certified Financial Planner (Long-term certification issued by Financial Planning Standards Board)
b. FLIP Wealth Advisor (Short-term certification issued by Finitiatives Learning India Pvt. Ltd.)
a. NISM Research Analyst Certification(Certification exam without training; provided by NISM)
b. FLIP Equity Research with Financial Modelling(Short-term certification course issued by Finitiatives Learning India Pvt. Ltd.)
II. Transition to a Quantitative Analyst Role
While not a lot of people might be aware of this, a lot of roles in the finance industry require quantitative skills. These are roles for which engineers are preferred over others.
People working employed in these roles are generally referred to as Analysts. A majority of their work revolves around using mathematical and statistical techniques to analyze various consumer data to arrive at Risk models; financial instruments, markets, and the behavior of market participants to derive trading models, etc. Engineers with strong coding background are also recruited to develop applications that carry out this analysis.
The following segments of finance have the highest requirements for quantitative analysts:
They need engineers with a strong coding background to create applications that analyze different securities and provide buy/sell recommendations. Some advanced applications also complete the buying and selling process automatically thereby taking over the trading functions completely.
Software engineers with a good understanding of the markets and various securities being traded in them are a good fit for these roles.
You can take up the FLIP-NCFM Capital Market Fundamentals International certification program, to gain practical knowledge of the financial markets and its instruments.
b. Risk Management:
Engineers in risk management are typically recruited to evaluate and design risk models on a regular basis. Large amounts of data are used to create these models using analytics applications to aid risk mitigation strategies.
Engineers with an analytical mindset and a strong foundation of statistics are typically recruited for these roles. Apart from this, recruiters also expect them to have sufficient knowledge of risk modelling.
The FLIP Risk Management Course is an ideal fit for those aspiring to score this role. It covers all aspects of risk management (market, operational, and credit) and leads to an industry-recognized certification that aids in getting your CV shortlisted easily.
A few years of experience in these quantitative roles can help you set the right foundation for a postgraduate program after which, you become a priority applicant for senior roles in research analysis or trading.
III. Enrol in an internship program
Internships are also a great way to get into finance after engineering without an MBA. While getting paid internships in big firms may be a little difficult. However, getting an unpaid internship with small firms will be much easier.
Engineering students can get finance internships in:
a. Small Brokerages – Brokers prefer interns who already have some knowledge of the markets and the instruments being traded. So a certification like the FLIP Finance and Banking Fundamentals would help you get your CV shortlisted.
In these internships, you typically learn about sales of securities and commodities, federal regulations on investments, and how to manage financial portfolios for clients.
b. Boutique Wealth Management Firms – Similar to brokerages, wealth management firms also prefer candidates with some knowledge of different markets and products traded in them. A certification like the FLIP Wealth Advisor would be ideal for students looking to gain practical knowledge about them.
An internship at Wealth Management firms will help you enhance your portfolio management skills. You will understand how to assess risk and diversify a client’s investments to help them reach their goals. You’ll also be a part of meetings/conference calls with research analysts to understand their analysis of the current trends of different asset classes and markets and plan your strategies based on it.
Apart from being a promising career in itself, a Wealth Management Internship is also a perfect stepping stone to Investment Banking.
c. Investment Advisory Firms – Advisory firms dealing majorly in equities, mutual funds, bonds, etc. recruit interns for Equity Research. While they are not too focused on technical expertise, they do prefer candidates with an understanding of Financial Modelling techniques. To enhance the value of your candidature for these internships, you can take up the FLIP-NCFM Equity Research with Financial Modelling course.
Equity Research interns are trained to track markets, analyze industry functioning, and make financial models projecting estimates of the growth of various sectors. They also learn to prepare research reports based on their analysis for client pitching or internal uses.
If you perform well in an internship, there is a really good chance that you may be recruited for the same role within the company. Even if that’s not the case, the relevant internship makes a strong CV differentiator for applicants.
So these were the best ways to get a job in finance after engineering. Now that you have more clarity on the steps to take to kickstart your career in finance, it’s time to go ahead and take action.