Some readers may be students looking to enter the financial services industry or career changers like me. This blog post contains 5 Tips to Break Into a career in investment management. For readers who may not know (check bio), I am a prior service United States Marine. After exiting the service in 2013, I was a two-time combat veteran, wondering what was next. After a long stint flying drones as a civilian contractor, I was anxious about shifting my career. I knew the only thing I could see myself doing was working with investments.
Would I enjoy it? Would I be successful? Was I qualified enough? All these thoughts permeated my mind as I battled about this decision. Maybe you’re in a similar situation, contemplating whether a major in finance may be the best choice. Or you were perhaps pursuing a second career in investment management. Here are 5 Tips that helped me Break Into a career in investment management.
Become What you want to be
Muhammad Ali famously said, “I said I was the greatest… even before I knew I was.” There is no substitute for the vast amount of complex information investment professionals are expected to learn. I learned through acting as if I was an investment professional before I was in the role. This helped me create a mindset and habits that allowed me to become who I desired.
I would read investment research even though I didn’t understand much of the content. After a while, it begins to soak in. I invest my capital and manage a personal portfolio. I follow market trends, I use learning resources on YouTube the list goes on… There are various ways to get exposure to content, but stepping into the mindset and the habits of who I wanted to become allowed me to successfully transition into that role. If you want to break into investment management, focus on becoming who you see yourself. Try creating your financial plans and investment thesis, and analyze investments in your free time. This will allow you to form the building blocks for long-term success.
Surround yourself with others who have similar goals and interests
They say you’re the average of everyone you surround yourself with. Surround yourself with others genuinely interested in the same things as you go without saying. But more than likely these people have resources or tips that can be helpful for you. I owe much of what I learned to my former mentor, who taught me about financial markets.
Guess how I met my mentor? In an online community for investors and traders. Often you will have to go through the bad to get to the good. There are a variety of communities and groups on social media; some beneficial and some not. Unfortunately, sometimes you must explore the bad to get to groups of like-minded people. The trouble is worth the result. Surrounding yourself with others with similar goals and interests not only creates opportunity but also adds motivation. There is strength in community; we are communal beings, and surrounding yourself with a like-minded tribe will accelerate your learning and create future segways that may lead you to where you want to be.
Focus on skills and repetition over salary.
Let’s face it, everyone wants to be compensated well. As a career changer, I often felt the fear and anxiety of leaving my current employer and taking a less-paid role.
What a feeling of defeat if the role wasn’t what I expected AND I was making less money.
This is a common dilemma even for fresh graduates saddled with loans. I feel like everyone who works in investment management at some point or another was drawn to the industry with the ambition of being handsomely compensated. Too often, the idea of a pay cut or a low entry salary keeps us from genuinely pursuing our passions. The same arises when tempted to begin a business what if it doesn’t work? How will I cover the bills while I build the revenue? I dealt with this same tug-of-war while I traded futures markets from 2020-2023. I was a good trader with great ideas, many analysts are great at presenting ideas, but my execution was awful because I was always trying to make enough money to replace my income. The funny thing is when I finally gave in and started to focus on my skills and repetitions everything seemed to open for me. I encourage readers who want to break through in finance to focus on gaining skills and real opportunities to learn and grow. Money comes with time, eventually, if you are as good as you say you are, the pay is inevitable. The main focus must remain on repetitions and building investment experience.
Know Your Why?
One of my favorite documentaries is Buds Class 234. It is a 6-part series of Navy Seals training where you watch the survival of the fittest training for 78 applicants with the hopes of being Navy Seals. By the end, only 16 people had made it through the training. If you watch the documentary closely, you will see a larger message about Seal training that goes beyond being strong and tough. The training is meant for students to question their true motivation for being a Seal. The same should apply in your pursuit to work in high level finance. Let’s face it the opportunities are limited, and getting an opportunity can almost seem impossible in my current role over 2000 applicants applied for ONE position. Statistically, each applicant has a .0005% chance of getting the position. So, what is going to separate you from the other 1999 applicants? Know your why when you know your why no amount of barriers will stop your purpose. You WILL find an opportunity rather than letting the odds determine your fate. What is your true purpose for embarking on the journey to investment finance? Know your why and keep it close it will be your ability to leapfrog the other 1999.
Get Naked
Not literally, but literally. There is a term used in the military called getting naked. It’s metaphorical about exposing all your ugly flaws because once you’re exposed, you have nothing to hide, so you can improve. During boot camp, there is the process of getting naked, all civilians are stripped of their personal belongings, their head is shaved, their clothes are taken, and everyone is a blank canvas. I encourage you to do the same in spirit. It is all too easy to feel the need to live up to the idea that we perceive we need to be accepted in high finance. What is our education? Did we study at Ivy League? What designations do we hold? CFA CFP CAIA CIMA? Who did we intern for Goldman Sachs? What are our references? I encourage readers to get naked… embrace YOUR STORY. Imposter syndrome is real. I still suffer from this. It was bad, but then I realized the things I felt made me less qualified gave me an advantage. I was different. I had a unique and fresh perspective that allowed me to develop original ideas. Get closer to your story and yourself. We all have a unique story; right now, there is something special about you that no one knows. Harness and use it.