Getting into finance with an MBA

Anonymous wrote

Hello,

I have got MBA degree (not from UK) and have got around 6 years working expereince in Sales and Customer Services and a bit of research work as well. Recently moved to UK and now am planning to move my career towards finance and accounts as it is hard to get a job in marketing without the english or US accent. I am 34 years old and now i am not sure what to do. Sometimes i think its better to do CFA sometimes i think about ACCA or CIMA. I am not sure what will be the job market due to the recent credit problems in future. I am planning to do my CFA level-1 in June 2009 with that i am looking for an Entery level oppertunity in one of the Financial secotrs. My future aim is to be a consultant in one of the better consultancy firms. Could you please guide me how to enter into the job market with all this expereince. I am even ready to work without pay for sometime to learn and explore. Please advise taking my age factor also into consideration.


A consultant at WH Marks Sattin replied

To be honest, it will be very difficult for you to enter the classic corporate finance sphere. As you are aware, the current market conditions have not only diluted the overall demand for bankers and corporate financiers – it has in turn increased the number of highly qualified finance professionals who have been made redundant.

What can be seen now is a huge number of strong candidates and a limited number of roles. The corporate finance and PE clients can be a lot more picky about candidates nowadays, and are generally asking for stronger more experienced CVs. In turn, some experienced candidates are being pushed into consulting – which will ultimately make your entry into that domain very difficult.

The ACCA and CIMA qualifications you referred to in your query would be helpful for accountancy roles. In terms of corporate finance the CFA would be more relevant, although please bear in mind that gaining a CFA would not in itself QUALIFY you to perform or land a corporate finance role. Hands-on experience is more preferred, and that is fundamentally what clients are looking for from a candidate.

Ultimately, my advice for you would be to try to move into a sales or customer service role within a bank; study for your desired qualification; and then see if it is possible for you to transfer internally.

Good luck with your efforts.

WH Marks Sattin


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Moving into corporate finance after ACA

Ben wrote:

Hello Doctor,

Like many posts previously, I am an auditor (financial services) at a big 4 (2 years exp) and have almost completed my ACA. I am looking to move into corporate finance in the future and was wondering which of the following moves would be most helpful: -

A move to insolvency
A move to a business analyst role
Undertaking a CFA
Undertaking a masters of applied finance.

Cheers

Ben


An associate director at WH Marks Sattin replied:


Ben,

Great news that you are being proactive and considering your alternatives before it's too late. As you've clearly established, it is harder to move into corporate finance as a newly qualified ACA now than in previous years. If you have the opportunity to take a secondment in something that gives you valuations skills, then these will be the most applicable to M&A, therefore please explore business modelling or valuations if possible.

However, of the options you give, insolvency is the most 'in vogue' alternative at present. This will open doors for you into a DCM corporate finance career more easily than M&A, but restructuring advisory is certainly a growth area. The Business analyst route will perhaps be the most interesting, but anything that takes you away from transactions/deals tends to a challenge to come back from. As you already have a CA, a CFA is no added benefit as a stand alone alternative. They will however, demonstrate your interest in 'front office' activities and if you can complete this in conjunction with a move to insolvency then this could be the ideal compromise. A masters of applied finance would be challenging, but again is not needed in addition to your ACA - you've already demonstrated your technical competency.

WH Marks Sattin is holding an open evening for newly qualified ACAs on October 22nd at our offices from 6pm. Why not come along and speak to some consultants in more detail? Just send your CV and confirmation of attendance to acacareerevening.uk@whmarkssattin.com and we will send you an invitation.

Best of luck

WH Marks Sattin


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Assurance/Internal Audit - should I get experience before moving to the UK?

S wrote:

Hi Job Doctor,

I'm an American student and a Senior at University (In the U.S.), obtaining degrees in Finance & Accounting. I want to start my career in the UK with a focus on Assurance/Internal Audit. I have an full-time offer from 3/4 of the Big 4 firms for Assurance/Audit for May 2009, and I will be CPA qualified in September 2009.

Should I be applying to firms directly in the UK for positions right after I graduate (a.k.a should I be applying NOW for contracts/internships in 2009)? Or should I get 1 year of experience in the U.S. in Audit, complete the CPA and then apply/attempt a transfer?

Thanks so much for your advice,

- S

An Associate Director at WH Marks Sattin replied:

Dear S

You clearly sound proactive, switched on and exactly the type of candidate firms would be delighted to get on board. Given your career goal in assurance/audit, there is no better training ground than the Big 4. The markets in the UK are competitive at the moment and you will be in a stronger position as a fully qualified CPA to make the move than you would be now, with more options available to you. Good luck with your exams and please do contact us when you are ready to move.

Best regards

WH Marks Sattin

Getting into financial services

CasUaL_Co0LxGuYx asked:

Dear Doctor,

I have completed my ACA Advanced stage exams and now looking to gain my 450 days of pre-requisite experience for case study exam and membership. I have experience of working part time as bookkeeper for 3 years and also recently on an ongoing temporary accounting position in a charity. What do you think are the prospects for me and given the range of opportunities at WH Marks Sattin, I believe I could find a thriving position. Could you please also let me know about opportunities in the Middle East.

Many thanks in anticipation

Best regards.


A WH Marks Sattin director replied:

Thanks for your comment on "internship in investment banking". If you are seeking a career into financial services but as of yet do not have a background in this, then any experience you can gain to demonstrate your interest in this sector will be well regarded. However, as an experienced accountant and upon completing your qualification, it is possible to make the move directly into financial services in a similar role to the one you are doing now. I would recommend targeting the smaller banks/boutiques as a stepping stone as the reality is that the larger institutions will favour candidates with previous banking experience - and in the current markets there will be stiff competition. The best way for us to advise you more accurately on specific opportunities that suit your background will be for you to send a full CV so a relevant consultants can call you to discuss.

All the best

WH Marks Sattin


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