Like many others I am struggling to break into the equity analyst industry. To me it is such a catch 22. Meaning employers are looking for experience but I can’t obtain experience until one of these employers hires me. It’s such a frustrating loop that I am sure many have experienced. Does anyone have any tips, advice, or personal experiences of how to break into this coveted industry? Below I have listed my traits to paint a better picture of me:
*I graduated college about a year and half ago with a Bachelors in Finance from ordinary state college (3.4 over GPA and 3.8 major GPA)
*I am an investment consultant for a discount brokerage firm (series 7 and 63). I help educate retail clients on markets and help ‘guide’ them with their investments without making the decision. My work does not translate directly in any way into the equity analyst industry.
*I passed level I of CFA in June of this year
*My only experience in equity research is an independent study class which was actually supported by the CFA Institute. My classmates and I competed versus teams across the globe on researching a particular company. I also got a chance to manage some of our school funds.
I have applied to maybe 4 or 5 firms in the past month and I have not even received one call back. I would honestly greatly appreciate any help you give.
4 or 5 firms? haha. Get back to me once you’re >50. I applied to well over 100 jobs (stopped keeping track after that) that I was qualified for before I took a job I didn’t want just so I’d have a job.
Networking is going to be your only real shot here. You have average grades from what sounds like an average school with minimal desirable experience. It’s pretty known that the market has an oversupply of folks for these jobs.
Because my dedication, motivation, and genuine admiration of the markets is unmatched. Yes experience is lacking, that’s why I am making this post. To receive constructive advice.
Your response is quite negative and unhelpful. However, it is quite ironic because it is people like you that will become the reason I succeed. When someone tells me I cannot do something, I turn your words to fuel to grow my already burning fire.
you turn negative words into burning fire? well let me add more fuel to your fire - you have no relevant experience, a mediocre background, and unmatched “dedication and motivation” for the markets, so you have 0 chance of landing a job. keep your genuine adminration of the markets though. i’m sure the market gods enjoy your adulation.
As a starting point, I suggest you read a few articles on Mergers and Inquisitions. I did an interview series on equity research and hedge fund interviews.
Yo OP, no disrespect, but seek guidance anywhere but AF. Bunch of sallies on this forum who find more joy in sharp jabs than real advice (Numi Exempt).
If it wasn’t for the comedic factor, I’d have been long gone years ago.
My .02, get your hustle on. Apply, follow up with HR (call them!), attend seminars/discussions on markets and network, stop fapping, and know that it ain’t easy, but it’s worth it.
^ wrong. a fap before the interview will only calm you for a few minutes but ultimately fapping aggravates the horniness-cycle, a constant boom and bust if you will. only no-fap will elevate your mind to a higher and more enlightened state. you will be more focused and determined than ever.
Your background was a bit like mine. Decent GPA at a no-name school, some finance experience not related to your dream job (I had the 7, 66, 55)… nothing really stands out.
Becasue of this, your job hunt will suck. And yes, you will most likely end up with a job you will hate. BUT… take note that this only has to be temporary.
I am 33 and finally landed my dream job a little over two years a go at the HF i’m current at. I’m on the desk… it’s awesome, and if you look at everyone else on credentials alone then I have no right being here. But I hustled, showed spark, and over the course of two grueling 6+ hour interviews when i applied, I convinved them to hire me… this guy with a no-name BS and no-name MBA over the Ivy-Leaguers and PhDs who also were in the running.
You will work at some crappy roles. My blind advice is to take anything you can get now… The pool of talent in finance is VAST and employers can cherry pick from the best of the best. In the meantime network your balls off… get the CFA designation… just keep improving. What sold my HF on me was that when I was laid off, I got my MBA and was a substitute teacher to keep busy… I was not complacent with being unemployed. Hell, I would have volunteered if i didn’t substitute teach.
These roles are looking for go getters… hungy as hell people that don’t want to just get the role, but move up and improve, and show it not just in some BS they try to sell in an interview, but with actions that prove it in thier past.
I read so many whiners in this forum complaining that they can’t get a job… and most blame “the HR person for asking me “stupid” behavioral questions instead of if i knew how to… blah blah”. These people are losers who don’t get it. They want a 9-5 and a title so they can brag to thier friends on X-box live how awesome they are instead of being a real BSD.
Don’t be one of these whiners. Keep your chin up and keep at it. I was in your boat and I made it. You can too. If you want it… TAKE IT.
Great advice from Villnius. Pretty much everything he describes about successful hedge fund professionals seems on-point from what I have observed myself.
Villnius thank you such much for your feedback. That’s exactly what I was looking for. Congrats on your success story, it is compelling and motivating to me. I am 24 years old and hard headed, I will never be a whiner and will continue to fight to get into this industry.
As a follow up question, if I where to complete my CFA in a couple of years and still struggle to break in would you suggest going for an MBA? Or would this be a waste of money if I already complete the CFA program. Appreciate the feedback.
I would say it depends where you are at the time. And I wouldn’t get hung up on getting an “MBA”… If I could do it over again I would have gotten a Masters in Finance or some other quantitative field as it would have been more applicable to what I do and where I want to end up. Bottom line about an MBA (even if it has a concentration in finance like mine) is that is still just a Masters of Business Admin… all it says is you know a decent bit about a whole bunch of higher-level business topics. I was at one of the big banks when I started looking into it, and it seemed like everyone who was going anywhere went MBA so thats the route I assumed I should take… kind of regret it. For someone more quantitative in nature and ambition like myself, it’s kind of just a framed piece of paper on my wall… You typically don’t bootstrap a swap curve in your run of the mill MBA class.
Figure out what you want to do then lay the ground work to get there. Don’t get designations and degrees just because you see other successfull people have them. Identify the specific role you want and do some research as to what people in those roles have accomplished, that will be a good start. You will save time and money that way.
Apply to more jobs. 4 or 5 in a month is nothing. Make it closer to 50-100. Reach out to smaller, boutique firms and e-mail people there even if they haven’t posted official job listings.
Network. It doesn’t sound like you’ve done much in terms of reaching out to alumni or other people who work in the industry for informational interviews / advice.
Also refrain from saying things like “my dedication, motivation, and genuine admiration of the markets is unmatched.” It makes you sound like a total tool.
Also, when you are applying to these jobs do you send sample research reports you have prepared on specific companies? If not, start doing that and make sure it doesn’t suck. That’s the most important tool you can use to show you can do the job despite a lack of experience.
At what point do you begin also pursuing sell-side opportunities rather than limiting yourself strictly to investment roles? It’s my understanding that most large buy-side players recruit the best sell-siders.
Ignoring CFA candidacy, etc. I’m fairly confident of being able to make the move into ER, or equity sales. However, the ex sell-side guys that I work with advised against research, as the industry isn’t what it used to be. Sales are tricky b.c the market is largely saturated and you eat what you kill. So, if sales ends up not being your cup of tea you’re SOL. Thoughts?