How to Change Your Career from Engineering to Finance?
Several individuals begin their careers as engineers who think about switching to finance. Despite being different, an engineering background helps to get equipped with an analytical mindset, which is necessary in finance. Engineers are skilled professionals at problem-solving, which is also valuable for financial careers. Several categories of engineering are compatible with a career in finance.
Many also undergo professional and personal transformations in their lives that result in switching their careers. Changing to a new industry can be difficult, but learning ways to highlight one’s current skillset and obtain relevant training can help an individual launch their new career.
Reasons to Switch Careers from Engineering to Finance
Transitioning from engineering to finance can give an individual a scope to explore and enhance one’s existing skillset, attractive compensation, and many more. There are many factors one might consider changing one’s career.
· Changing Interests
One’s interest matters a lot, and it may change since one has chosen their college major and no longer feels engaged in their current job role.
· Career Growth Lacking
One might have reached the limit for top growth in their current engineering career. So, for more growth and senior-level positions, switching is better.
· Burn out
One might have worked for many years in a demanding engineering role and usually feel that they have overdone it and are seeking ways for something different.
· Relocation
One might be shifting to a new place where there will be fewer engineering jobs at present.
· Working with Clients Opportunity
One might prefer to work in direct client-facing roles so that they will learn more and get better exposure.
· Higher Earning Potential
One can also earn more money in finance than in their current engineering job.
Ways to Switch Careers from Engineering to Finance
Though it might look tough at the beginning to switch and choose a career in finance, the exposure it offers is rewarding. Here are some ways to do it:
· Start in-house
Before searching for jobs at other organizations, acquire enough experience by doing similar roles within the present organization. One may consult the administrative heads of the present organization and seek finance job roles to gather and enhance experience.
· Out of the Box Approach
One of the best ways to begin to work as an engineer at a finance organization is with different strategies since one will learn more about the present industry and its nuances. Also, if an engineering degree is in a STEM qualification, it can be easier to transfer to a finance company.
· Seek Roles That Are Data-Driven
Try to look for more data-driven and analyst roles where one will get to work with numbers. Leverage the quantitative and analytical skills that will enhance the chances. Analyze data and behavior predictions and determine risk in various areas, such as trading and hedge funds. One can also focus on areas like analysis and reporting on the tech industry while working for a financial institution.
· Acquire Experience
Having work experience in banking or finance is helpful to get enough interview opportunities. Become a volunteer or enroll in an internship with a financial organization.
· Networking
Connect with as many people as possible in the finance industry to enhance the options of getting into an open position. Some of the best options include joining various financial networking groups, attending industry events, following social media groups, and connecting with college alumni working in finance.
One of the best ways for a finance career from an engineering background is to join as a private equity associate. It is one of the most suitable career paths, with attractive growth options.
How to Get into Private Equity
Many individuals are often perplexed by questions about how to get into private equity (PE), especially with an engineering background. But with proper planning, one can enter the PE industry.
· Educational Qualifications
You must have a bachelor’s degree. Anyways, you already hold a degree in engineering. You can opt for an MBA because it gives a better understanding of many finance-related concepts. There are several individuals who, after getting some work experience, do an MBA and choose a career in finance.
Several private equity firms favor aspirants with MBAs, and those without them will have difficulty reaching out for senior positions. The employees with the longest tenures are usually from MBA degree backgrounds.
· Work Experience
An individual with the right experience could build many connections with people from around the globe and various other industries. You can join as an entry-level private equity associate, as it gives ways to develop a strong network that will boost your career.
· Industry-Recognized Certificate in Private Equity
Obtaining a private equity certificate will strengthen the candidature for the job roles for which one has applied. These qualifications are a great add-on as they are skill-specific, highly professional, and preferred by many recruiters in the PE industry. These certifications offer in-depth knowledge of the latest developments and help in skilling.
Wrapping Up
If you are thinking of switching careers from engineering to finance. Whether it is in the private equity industry or not, always look for growth-driven opportunities while considering all pros and cons. Stay confident enough to make the right decision by equipping yourself with the required knowledge, experience, skillset, and other qualifications.
