How To Change Careers From Engineering To Finance?

The answer to this would be yes, it is possible. Switching from Engineering to Finance will allow you to work with your clients directly, apply your analytical skills in different ways and develop new professional skills. Engineers are skilled at problem-solving, which is a valuable skill for financial careers. Many categories of engineering are compatible with a financial career. 

Why Change Career From Engineering To Finance?

A lot of people are switching careers to finance owing to different reasons. Working in a demanding engineering role can be exhausting. As a result, the enthusiasm towards the job declines, and the desire to try out newer things and explore one’s interest pushes many people to switch careers. 

Relocation can also be a reason to switch if one moves to a new place that offers few engineering jobs. Lack of growth in a career or professional stagnation is another important reason for people opting to shift. Another crucial factor behind switching to finance is the possibility of higher salary packages. 

Learn more about the eight highest-paying jobs in finance and the skills you need to ace them.

Switching To Finance From Engineering

Are you considering switching to finance roles from engineering? The following are some steps to ease the process:

• Start in-house: This suggests that before looking for jobs at other companies, gain experience by doing similar jobs within your own company. You may consult the administrative heads of your own company and look for finance roles to gather and improve your experience.
• Think out of the box: A better way is to start working as an engineer at a finance company. This would be a very different strategy since you will learn more about the industry and its nuances. Also, if your engineering degree is a STEM qualification, it would be relatively easy to transfer to a finance company. 
• Look for alternative roles: You can look for more data-driven and analyst roles where you have to work with numbers. Your quantitative skills would improve this way. You can analyse data, make predictions and determine risk in various areas, like trading and hedge funds.
• Earn a finance certification: You might opt for a certified course to prepare you for the position of a Financial Analyst. You can get finance-specific qualifications like CFA (Chartered Financial Analyst). Top financial firms would value this qualification. Here are six things you must know when preparing for your CFA exams.

If you’re looking for short-term finance courses, you can opt for Certified Financial Planner (CFP), Chartered Alternative Investment Analyst (CAIA), Financial Modelling, Chartered Wealth Manager (CWM), and Certified International Investment Analyst (CIIA), to name a few.

• Apply for internships: No matter what field you are in, experience is the key to enhancing knowledge and mastering skills. A practical way to gain experience is through internships with financial organisations. Internships will prepare you for the finance industry and its intricacies.
• Expand your network: Networking is crucial for a smooth career transition. Building connections is an integral part of a Financial Analyst’s job, and the sooner you start, the better. 
• Tell your story: While switching your career, you should be able to tell your story to the recruiters in a very impactful way. Discuss the events that prompted you to take a significant decision, like a career switch. Establish your goals clearly and share your experience. 

List of Jobs for Engineers Switching Careers To Finance

Here is a list of some job roles engineers can apply for when making a switch to finance:

• Accountant: Accountants manage individual and company finances, maintain records, file taxes, ensure regulatory compliance, and help businesses with financial decisions and planning. The average salary of an Accountant is $60,810 per year. Get tips to enhance your accounting career.
• Financial Analyst: Financial Analysts help individuals and businesses make investment decisions, evaluate the behaviour of stocks and bonds, create reports for clients, gather data, make predictions, deliver presentations and recommend investments. The average salary would be nearly $73,974 per annum. 
• Investment Banker: They are finance professionals specialising in raising money and negotiating financial terms. They provide financial advice to organisations and assist with mergers and acquisitions. Their average salary is $83,720 per annum. Take a look at the career path to Investment Banking.
• Trader: They buy and sell stocks, bonds and other securities for a portfolio within an investment fund management company. Traders must have their designated licences from the Financial Industry Regulatory Authority (FINRA). The average salary is $92,825 per annum. 
• Quantitative Analyst: Researching data and trends, creating reports, guiding clients on investment decisions, developing and implementing models for pricing and trading financial products fall within the job responsibilities of a Quantitative Analyst. The average salary is $150,599 per annum.
• Private Equity Associate: These professionals help secure funding for companies, negotiate financial deals, seek out investors and oversee financial investments. Their average salary is $113,042 per annum. 

How CFA Can Help You Make The Switch? 

A CFA certification is recognised globally; it usually takes 3-4 years to complete all three levels. If you are still considering signing up for the CFA course and switching to finance, here are some reasons why you should:

• Finance provides a lot of opportunities for an international career
• You can pursue a CFA certification with any graduation degree, a significant advantage in terms of eligibility. 
• The opportunity to work in one some of the world’s major financial centres
• Higher than-average salaries are offered in financial roles
• Long-term career growth opportunities since finance job roles are constantly evolving
• Finance offers diverse roles for those looking for a dynamic professional life

Conclusion

CFA is one of the most sought after courses in recent times, especially for engineers who wish to switch to a career in finance. With a CFA certification, you can work in almost any country and make a global impact. Zell Education is an approved and certified learning partner for CFA students in India and abroad. Sign up today for a personalised learning experience and a smooth transition in your career.

FAQ

Is there any exemption for MBA students in ACCA?
Yes, there are exemptions for MBA in ACCA. An MBA in Finance qualifies candidates for a maximum of nine exemptions in ACCA examinations.

Can an MBA graduate do ACCA?
Yes, an MBA graduate can pursue ACCA. Graduates with an MBA in Finance can qualify for at most nine exemptions in the ACCA examinations.

Is it worth doing ACCA after MBA?
It is a great idea to do ACCA after an MBA, particularly MBA in Finance. This is because the subjects and topics taught in MBA are similar to ACCA. Also, you can get exemptions in ACCA after your MBA.

How many papers of ACCA are exemptions after accounting and finance?
After accounting and finance, you might get exemptions in almost four to nine papers in ACCA.

Partham Barot is an ACCA-certified professional. showcasing his expertise in finance and accountancy. he’s revolutionising education by focusing on practical, real-world skills. Partham’s achievements underscore his commitment to elevating educational standards and empowering the next generation of professionals.