Where to aim?

My goal is to be an equity analyst, but since I have no direct analytical experience (in consulting / bachelors finance degree) I thought it may be a good strategy to got a job as an associate or junior analyst and work my way up to analyst.

I recently applied to an associate position at a semi-boutique sell-side firm. I had one very basic, short phone interview. I thought it went well, but unfortunately they turned me down for a second interview. They didn’t directly say why, but is it possible that I was over qualified? I don’t think I’m hot shit because I passed two levels of the CFA, but the associate position I was applying for was basically doing channel work so I felt qualified enough for at least a second interview.

To be clear, I don’t expect anything to be given to me and I didn’t expect to get the job I just really couldn’t understand how I would not be qualified enough for at least a real in person interview. I also, feel like from the employers perspective that I may not be qualified enough for an equity analyst.

So my question is, should I be aiming at associate positions or analyst positions in my job search? I know you don’t have a pletheria of information but any advice would be much appreciated.

There is almost no chance you were overqualified. There are plenty of people ranging from college seniors to mid-30’s trying to get into associate roles, so unless you actually had prior sell-side or buy-side experience the overqualification answer is highly unlikely.

Either there was a misfit from a cultural perspective, or you didn’t sound like someone that came across the right way in the interview (i.e. you didn’t know how to talk the talk or you were flat-out unprepared). They may say they just want you to do channel work but they want to see that you have the potential to grow into an all-in research associate.

Now, I can’t say for sure since I wasn’t in the room with you, but I used to help run campus recruiting for undergrads as well as mid-level associates while I worked at GS/MS and interviewed dozens of candidates during my time. What I described above represents the vast majority of reasons someone was rejected.

Suggest you read the articles in my signature if you haven’t already. They may provide some guidance on what you did wrong, if you are good at self-diagnosing (which many people are not).

I agree with numi. These spots all have 5 very qualified final candidates and you weren’t one of them. Sorry to be blunt but that’s just the reality.

There’s your answer. Think of all the smart 30+ year olds who discovered investing as a career a bit late. They’re doing their homework and are ok with taking a huge step down in order to do the career they want. Overqualified never comes into it.

Ok thanks everyone for the advice. And I’ll take a look at those articles Numi.

No problem. By the way, did you read my articles a year ago when I first wrote to you? You saw my postings then, so what happened? These certainly would have helped you for this interview, and likely would have led to a more favorable outcome.

http://www.analystforum.com/forums/careers/91325347

(I have a pretty good memory, if I may say so myself.)

Aim for the center. That way, if you miss, you might still hit something.

  • Sundance Kid (Robert Redford) to Butch Cassidy (Paul Newman), in Bolivia

Haha. Dam you do. I actually did read them a year ago but unlike you my memory isn’t superb. Just read them again though. Great info. As a follow up, what do you think the #1 trait employers would look for in an entry-level ER position? (not the obvious like top MBA, industry experience, and so on)

Good food for thought.

The #1 trait an employer typically looks for is someone that is genuinely curious about the stock market and more importantly, knows how to “talk the talk.” This is true for any job: if you are ever in a position to hire someone, there are three things that will likely matter most to you: (1) Can you get along with this person? (2) Can this person do the job? (3) Does this person have the right expectations for the job? The more you can sound like you’ve done the job already, the more attractive you will look. Nobody wants to hire someone totally green; everyone wants to hire someone that can hit the ground running.

If you read the articles, you’ll notice there is a certain verbiage and lingo people in the industry use. When I work with my clients, I tell them what they should sound like and how an experienced professional would tackle difficult interview questions. Consequently, someone that has never worked in equity research can still come across sounding like someone that has already spent years in the industry. And if you can do this, final round interviews and job offers should be rolling in.

Hi buffettology88,

Don’t know if you remember, but I actually also replied to you in the same thread that numi linked.

The feedback I and a couple other posters gave to you in that thread, from the limited information gleaned from your posts, is that you come off as being somewhat arrogant. A particular quote I singled out was when you stated that:

“Because my dedication, motivation, and genuine admiration of the markets is unmatched.”

Now, obviously I wasn’t there when you had this phone interview and don’t know what you said or what you were asked. But your asking whether the problem could be that you were over qualified for this position and that you can’t understand how they could possibly have passed you over for an inperson interview, leads me to think that you may have given off the impression that you were a bit full of yourself.

Just from my own anecdotal experience, what never rubs people the wrong way is being humble while still demonstrating that you “know your s**t” and are competent. Even if you don’t know everything you don’t risk giving off a negative impression. This is especially true when you are trying to break into an industry where you do not have previous experience.

Just something to consider.

Thanks Numi. You made me just think about something I think I did wrong. At the end of the interview I asked some questions about my day to day. I may have come across as someone who didn’t fully understand the role of an associate (which is partly true).

Wrong read Shera. I never said anything like that in the interview. I am always very polite and humble as a person. I am just extremely motivated. That is all. I thought about what you said before, and I would never say that in an interview. Also, I would like to add that my ignorance has to do with why I couldn’t understand how I couldn’t get an in-person interview not my hubris. Thus, why I posted the question.