Question about career prospects at the intersection of IT Strategy and Finance

The email below is from a Software Engineer who currently works in the Telecom and Finance space and is planning to apply to business school soon. His goal is to move into IT Strategy consulting with a focus on the Finance vertical and he’s wondering whether there will be any jobs in that area once he finishes his MBA. I’m far from an expert at the intersection between IT Strategy and Finance, but I tried my best to give him a good response.

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AM wrote wrote:

Hi Marquis,

I’ am a software engineer with over 4 years work ex in Telecom and Finance domain. Presently I’ am working in an IT product development firm specialising in securities trading and investor communication space. I wish to get into IT Strategy consulting in Finance domain post my MBA. I have not yet given GMAT as I was worried about the recession and the overall career prospects about the field that I wish to get into.

I request you to advice me. I have three questions to ask you about this field.

1. What is the sentiment when it comes to jobs in IT Strategy consulting in Finance domain ? (Have people been getting jobs in this field inspite of the recession caused by major investment banks and the US housing bubble ?)

2. Which are the companies that I can look to get into post my MBA in my chosen field ?

3. How do i select my target universities so as to get into my dream field ? Everybody around has been saying that any one of the top 20 univs are good for tech consulting (IT strategy in Finance domain). Am I right in taking up their advice ?

I hope that I have not broken any one of the rules that you have set about emailing and been clear and concise about the advice that I seek.

Thanks in advance for your advice.

Thanks and regards,
AM

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My video response:

Question about career prospects at the intersection of IT Strategy and Finance from Marquis Parker on Vimeo.

Key points:
– Answers to AM’s questions:

1. “What is the sentiment when it comes to jobs in IT Strategy consulting in Finance domain ? (Have people been getting jobs in this field inspite of the recession caused by major investment banks and the US housing bubble ?)”
– Great question, but I don’t know enough about the intersection of IT Strategy and Finance to give a definitive answer to the general industry sentiment when it comes to IT Strategy consulting gigs in the Finance domain
– Some of my high-level thoughts on the question are:
– I’ve heard about people getting jobs in IT strategy consulting, but not necessarily with a focus on the Finance industry
– Many companies see IT as a cost center and not as a strategic asset that can boost revenues, so, given the recent struggles in the Finance industry, most Finance firms have deprioritized IT strategy initiatives, which would affect hiring in consulting for that segment
– This trend will likely chance as the economy improves and companies restart initiatives that were halted as the downturn grew more severe
– By the time you earn an MBA, the market will likely have improved and your job prospects should be much better in this area

2. “Which are the companies that I can look to get into post my MBA in my chosen field ?”
– A few companies that come to mind for IT Strategy consulting in the Finance industry are:
– Larger firms with IT Strategy areas of focus, including Accenture, Deloitte, McKinsey’s Business Technology Office, Diamond Technology and Strategy Consultants, Ernst & Young Consulting, and Bearing Point
– Boutique Technology strategy firms (you’ll have to do some research on your own to find a good list of boutiques)

3. “How do i select my target universities so as to get into my dream field ? Everybody around has been saying that any one of the top 20 univs are good for tech consulting (IT strategy in Finance domain). Am I right in taking up their advice ?”
– In my opinion, anyone who says that any one of the top-20 MBA programs are good for tech consulting MAY be correct, but some schools would likely position you better for that track than others
– My advice for selecting your target universities would be as follows:
– Look at schools a reputed strength in Technology management/strategy
– Look at schools known to be strong in Strategy and Finance
– Once you’ve chosen a decent set of schools to start, review each school’s course catalog for interesting elective courses that could provide a strong foundation in the intersection of Strategy, IT, and Finance