Moving from Oil & Gas to Investment Banking, please help review my strategy
Good day Jarus,
Let me start by commending you on the good work you are doing mentoring people to greater heights. Kudos. I would like to seek an advice on some issues. I am a graduate of Accounting from OOU with a 2.1 (CGPA of 4.42) and also has OND in Financial Studies from Federal Polytechnic, Ilaro with Distinction grade (CGPA 4.60). I served in bank and was retained, worked in the bank till 2009 when the downsizing affected me, but to God be the glory, I now work with an oil servicing company as an accountant. The company is a major contractor to one of the multinationals Oil majors and the contract will expire by 2015. I am planning to write ACCA starting with June 2014 with the hope of finishing by Dec 2015 by Gods grace. I actually enrolled to write CFA Level 1 by this Dec 2013 but to be honest with you, my job is so time consuming and I could not prepare for the exam even though I paid for it and moreso, I feel I should go for something that is relevant to the industry that I am now even though I love Finance and Investment more than anything else in this world and that is where my passion lies. Now my question is how easy will it be for me to break into Finance particularly Investment Banking or Private Equity after the Dec 2015 when I must have gotten my ACCA and also considering that I am 33 years old now.
Secondly, I have N7 million in my bank account right now and I need advice on investing this. Which risk free investment do you think I can go for and that will earn me a very good return? I intend to have at least N15 million from my savings by Dec 2015 and I am thinking of going for MBA in an ivy league school with it or would you advise me to forget about the MBA and invest the money? I believe the MBA would give me an edge into IB or PE but is my age not going to be a hindrance by then? Aside that I have a building project at hand which will cost me about N6 million but this will not in anyway affect the expected N15 million or the N7 million I have presently. I would love the gurus in the forum to please give me an advice if they were to be in my shoes.
Thanks a bunch.
You’re no doubt a brilliant dude. I am impressed. I think you have all it takes to excel. I am only surprised that you’re just thinking of ACCA. As an accounting graduate for over 5 years now, ACCA or ICAN should already be part of your CV by now. So, go start the ACCA asap, give it all your best, and qualify by the December 2015 target. CFA is not child’s play, but level 1 is not that tough, so I believe despite your busy schedule, you should still be able to create time to prepare for and ace stage 1, so that by end of 2015, God willing, you will boast of:
1, Good first degree
2, Quality work experience in banking and oil and gas sectors
3, ACCA professional qualification
4, CFA level 1, at least
With these, you stand a good chance of furthering your career.
Now, about your desire to get a good MBA and move into IB/Finance, good ambition. But most people I know actually move from IB/Finance to O&G sector, including one of my eggheads here, Obafemi Bamidele, who moved from RenCap to an IOC. It is easier to move from Finance/IB to Oil & Gas, than the other way round. However, with a good MBA, CFA 1, ACCA, you still stand a good chance, the only issue may be your experience (which is in banking and O&G) may not count, and you may not get the desired level if you cop an IB job.
As for your saving, that is very impressive. I like your discipline. Very few people in our age bracket can boast of that, from legal income. I have passed that to Mr. Emmanuel Ewumi, our investment specialist here, to advise. His response will be published as a separate post shortly.
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Thanks so much Boss, I really appreciate your advice. I take responsibility in totality for my inability to have gotten any professional qualification after all these years but I am taking the bull by the horn now and with God by my side, I will achieve all that by Dec 2015 as planned and advised by you, its a challenge and I am ready to face it. As regards the industry change, I can still continue in O & G if Finance/IB is not forthcoming and I am sure with my CV by then, I still stand a good chance in O & G but that is if Finance/IB is not forthcoming.
I will be waiting to read from our investment specialist and I need to point out that the building project I am doing is actually a hostel comprising of 20 self contains in a tertiary institution and the rate goes for N60,000 per annum for a self contain. I am just saying this maybe it will help our specialist on his advice or projection.
Once again, thanks so much and I really appreciate your advice, now you have fired me up once again.
As earlier said, I must commend your discipline and entrepreneurial drive. This guy will go places whether he is in Oil and gas or Investment banking sector.
I guess his job loss in 2009, and the uncertainty about his current job when his contract expires 2015 contributed to his forward looking mindset. I wish him all the best in his endeavour.
When your real estate investment starts generating income, you should have a passive income of about N 2million if we add the almost 800k that will be generated from your investment in treasury bills.
When you plough back your profit and replicate your investment strategy, the sky will definitely be your limit in about 10 years.