Just passed Level 3 and received the right to use the CFA Designation...Now trying to figure out what to do next.

Hello,

I found out that I passed Level 3 last week and received the right to use the designation this week as I’ve been a regular member for years.

I’m about to go through a career change and researching to find out what positions that are out there that accommodate my skill sets. I am willing to do a lateral move, but want to avoid any dramatic pay cut in the process. I have a strong desire to do research and analysis, but I do not have any experience in that area.

The challenging part with my work experience is that it is entirely institutional portfolio administration with an underlying job as my firm’s business analyst. I’ve been working in the institutional investment management industry for over 15 years so I have a general idea of what’s out there, however I’m also a bit sheltered since I’ve only worked in this one industry. I’m currently leaning towards either becoming an investment specialist or going into product management. My dream job would be a buy side analyst, but realistically that is a very slim outcome.

Any ideas of what a good next-step job would be greatly appreciated or at the very least a website that would help point me in the right direction. I have been looking at the CFAI’s Jobline website for ideas, but the amount of job postings can make it a bit overwhelming with no direction to go to.

Best Regards,

Robert

First - congrats on passing. My old boss worth many millions (with his own CFA charter), stopped my my desk one day and just told me “That is a serious accomplishment”.

What exactly is your role as a business analyst? Analyzing companies?

I passed level 3 and had been doing manager research for a long time. No security analysis experience. I went and took one of those excel modeling courses (wall street prep, you could also use BIWS), and started doing my own research & modeling out public equities. After doing a couple I landed an interview with a small buy-side firm. I showed them what I had done, and although it was crap, they like the initiative. I started at the bottom, in my 30’s, but on the buy-side now and hopefully the sky is the limit. It can totally be done.

Also depends where you live. Around major cities is useful. NYC I think might be too intense for this to work though.

Thank you!

Basically a business analyst is more IT than anything else. My role is basically the bridge between the IT group and everyone else in the firm. I’m asked questions or given requests for enhancements or issues/bugs. My primary focus is with Salesforce CRM (Back and front end) and Portia (Portfolio Accounting Database), but I deal with other databases as well. I then look to see if I can provide the resolution myself or if I need to utilize IT resources and become the project manager for that assignment. I build models for data compilation and provide the results back to whomever requested it. I also review our processes and procedures to see if there are efficiencies to be gained with changes or through automation.

Thank you for modeling courses. I will look into them since my quant modelling skills are lacking. At least I have some fairly extensive resources at my job can help me get some experience.

I live in Atlanta so there are some opportunities depending on where I look. Relocation is always a possibility as long as it is worthwhile to make the big move.

wait wait wait how did your work experience get approved?

Has anyone ever had their work experience rejected

Brief confession…I’ve been in the program for a very long time so my work experience qualifies under the old rules, and was grandfathered over when I became a regular member (I think this was five years ago). The old rules were looser since applicants had to be tangentially involved in the investment decision making process. My portfolio administration experience qualifies me under those rules since I work closely with portfolio managers, analysts, and traders. The new rules are tighter and require more “hands on” experience.

The business analyst part are what some would consider extra resposibilities. I dub it my second job since I spend half or more than half of my time doing that than portfolio admin work.

I’d look for something on the IT/investment related side. Don’t know if that means an operational side or what. As far as pay, I had to take a pay cut any time I did a transition. One was 40%. Another was 25%. You’d be starting at the bottom. Although the CFA would help give you a little bump.

If you really want to do company research/analysis, then you’ll have to start at the entry level analyst level, not sure how else you’d squeak in there, unless you found a small firm where your IT would be helpful and you could help with some investment stuff on the side. That may be your best bet. Small firms like guys who can wear a couple hats if need be.

now ive got you in my sleep

Thank you for the recommendation PistolPt.

I make an administrator salary (excluding bonus) now so I should not expect to see a 40% pay cut. Nor would it be easy to accept since that would make rent in my area unaffordable, however 10% - 25% might be a possible outcome.

I work for a small buy side firm now and it has been difficult to pull work off of their desks. The pm’s keep a lot of things close to their chests even it is simple tasks like helping out with presentations. I was hoping that they would have created a research associate position for me, since neither team has one, but they said they don’t need one. At least I build and maintain their universe screening model, and I have access to several research databases to practice and learn off of.

I’m keeping an open mind on which direction that I want to go in. My mind is more geared towards analytics which is why research interests me. I will be going to the local CFA events to see what else is out there and to network. Maybe there is a position out there that will cater to my specific skill sets that would also be fulfilling to me.