Ajit Pai, 34, had been an architect before going to Yale School of Management
and making a career change. After graduating with master's degree in business
administration in 1999, he joined McKinsey & Co. as a strategy consultant. In
2000, recent M.B.A. at large consulting firms earned about $110,000 in base
salary and bonus pay, according to Kennedy Information Research Group. He's now
a principal in equity research in New York City of San Francisco-based
investment bank Thomas Weisel Partners LLC. He
talks to CareerJournal.com about the rewards and challenges of his career switch.
CareerJournal.com: What motivated you to change careers?
Mr. Pai: I'm from India, and there you have to start specializing in a
chosen field very early. I went for architecture, because it combined so many
different elements like the arts, history and geography. I went to architecture
school in New Delhi and even opened my own firm while I was still an
undergraduate. I was passionate about it, but I hadn't really experienced
anything outside of that profession, so I applied and was accepted to the Yale
School of Architecture. I went there with the
intention that it would help me decide whether being an architect was what I
wanted to be.
Once I was at Yale, I decided to get an extra degree with the business school
there, so I could learn something new. I also had the opportunity to examine
what the architecture profession was and decided I didn't want to go into it at
the time.
The job opportunities in architecture were very entry level. I got one job
offer for a firm in New York City which paid $9 an hour with no overtime. I had
$120,000 in debt and was going to be living in New York City, so it just wasn't
feasible to take a job like that. I wouldn't have been able to live.
Since I had so much debt, going back to India also wasn't an option. I had my
own firm there, and I was taking home less than $50,000 a year. I also felt that
I could progress much faster in the world of business than in architecture and
get more responsibility quickly. With architecture, you work on certain projects
for years before you see the end result, and I wanted to work on more short-term
projects.
CJ: What's been the biggest surprise in your new career?
Mr. Pai: There have been two. I left McKinsey to join Lazard Brothers &
Co. to do equity research. Lazard recruited me, because I had done similar work
at McKinsey, and it was a good opportunity in terms of progression. I could have
a much more senior role much faster than I would as a consultant. The promised
financial rewards were also greater. I was there just over a year and had to
leave due to corporate restructuring. When I moved into the business world, I
didn't even think about this happening. I still had $100,000 in debt!
I found my current job at Thomas through a Yale classmate. When I joined, I
was told not to expect a promotion, so I'm surprised that I got promoted
multiple times in three years.
CJ: How much more do you earn now, compared to what you'd be making as an
architect?
Mr. Pai: I'm making multiple times the money I would be making. I have
been able to pay off my debt. I can afford a lot more, but I have less free
time. [According to the 2005 American Institute of Architects Compensation
Report, architects with six years' experience earn a median annual salary of
$50,000.]
CJ: Are you happier?
Mr. Pai: I have loved all of my careers, but I would say that the
greatest stimulation comes from my current career. I've realized that you have
to derive a sense of enjoyment from what you do and have the money be a
secondary focus.
I finished off paying my school debt in 2004, and in 2005, I started giving
back. Once I had money, I felt it was important to start looking at institutions
I wanted to give back to. I give money to Carnegie Hall, Yale School of
Architecture and Yale School of Management.
I make modest contributions. It is a small beginning, but over time, I expect
these modest contributions to grow. For me, it was quite natural that as soon I
didn't have debt, I would start giving money to institutions I was believed in.
The intention was always there, but I didn't have the money to do it.
Emotionally, it is very satisfying to be able to do so.
I also recently started investing in real estate. I bought some
preconstruction property in India this year, because I think it's a good
investment. I wouldn't have been able to do this before. I have helped out
friends and family. I've loaned money to friends who want to go to school here.
Now, I can also indulge my interest in travel, history and food. Before, it
was stretch to travel, but since I paid off my debt, I love traveling for
pleasure. I've been to Brazil, Hong Kong, Latin America. I have traveled before,
but you when you do it with your money, it is so much more rewarding. Before
this, I had to take a pause in doing a lot different things.
CJ: What was your career transition like?
Mr. Pai: I was lucky, because McKinsey was receptive to hiring an
architect with no business experience and didn't have any doubts that I could do
the job. The company hired me right out of business school. Actually, all of my
employers have been receptive to my background. I was there for 15 months and
loved it, because everything was new to me. I worked on projects in lots of
different industries like telecom and finance.
From an intellectual perspective, it was gratifying, but it was a difficult
cultural transition, because I moved from an industry that is all about
designing, implementing and pushing your idea to a world that is all about
getting along with people and serving clients. You have to tone down what you
think and not involve your ego.
CJ: What do you do now as an equity research analyst?
Mr. Pai: I analyze and study stocks and industries in the applied
technologies area. Based on my research, I make recommendations to institutions
like mutual funds, pension funds and hedge funds whether they should to buy,
sell or hold a certain stock. I help them understand companies and certain
sectors better.
CJ: Are there any similarities to being an architect and what you do
now?
Mr. Pai: Both are intellectually stimulating. In both fields, the hours
are long. Now, I get in at 6:45 a.m. and usually finish at 1 in the morning. If
you're finishing a project in architecture, the hours are very similar. There
are slower periods in both careers, but in equity, there is less downtime.
CJ: What's a challenge you face now that you wouldn't have as an
architect?
Mr. Pai: This is a volatile industry, so you have less job security. The
financial markets are boom and bust, so during a period of economic growth, this
industry builds up infrastructure and hires. During an economic downturn, more
infrastructure is shed. If you're at the top of the field, then you will
probably keep your job, but if you're average, you face the risk of being let
go.
CJ: What advice do you have for others looking to change careers?
Mr. Pai: Figure out whether the career you are moving to is something you
would really enjoy, and examine whether you will get the opportunity to grow.
You want to move to something where you get increasing levels of responsibility.
I find it amazing that it is so easy to move professions in this country. In
other countries, like India, it is much harder to make that professional change,
so people should really take advantage of that here if they are in a career
which is unfulfilling.
CJ: Would you ever switch careers again?
Mr. Pai: As much as I love equity research, if I found something which
would allow me to leverage my past experiences and skills, I would think about
switching. I'm done with the stage where I start at the bottom, so I would have
to move into an area which isn't completely disconnected.
