This is obviously a situation I’m dealing with currently, but I think any ideas/strategies here can probably help a lot of people in a similar position.
Myself - I’m looking for work in Toronto. I graduated with BComm degree last year (not a top Canadian business school, but very recognizable - U of Guelph), have passed the Level 2 CFA exam, and have 3 months of work experience as an Equity Research Associate at mid-market investment services firm/bank. I was laid off due to company-wide restructuring - still have great contacts/references from there.
In the 2 months I’ve been searching from my CFA exam, I’ve gotten ZERO calls for interviews. I’ve had a couple coffee meetings, and phone meetings. The latest with a PM at a very successful buy-side shop. His shop just hired relatively junior associates and his advice was given how competitive the industry is, he thought it was imperative to stand-out and recommended creating investment ideas/reports and sending all shops/analysts or wherever you want to work, these ideas, in hopes of landing an opportunity.
If anything the phone call woke me up to the reality of what needs to be done to even get interest from a shop where you may not have any great contacts. Does this advice sound like a good idea to you guys, and any more ideas or strategies for standing out and just getting a damn interview even somewhere?
Was hoping to get at least some feedback and ideas here - maybe from individuals who used something unique to stand out in the hiring process.
I’ve been looking for almost 3 months now, and finally was able to get 2 companies to include me in their hiring process - 1 last weekend where I had to submit a case study (modeling assignment and written portion) where I was already notified I wouldn’t be continuing in the process due to strong competition, and the other I never heard back from after submitting additional details last week.
Point is, it’s very hard to even land an interview right now without a few years of industry experience under your belt (how you initially obtain that experience is anyone’s guess, sigh).
I did Master of Finance (not from a top Canadian business school), passed Level 2 in the CFA program this year. Working in a Fund Admin company from last 2 years. I had no prior experience. My situation is somewhat similar to you. I want to work my way up now and planning to leave this job and move to Toronto. If I continue working at this job, it will be very difficult for me to advance. I want to work as a Corporate Finance Analyst or some similar roles where I can learn something and get some valuable experience. Really dont know what to do. Looking at your post, it seems that Toronto is way too tough.
What are some of your distinguishing characteristics? For instance, you could attempt to be novel by submitting a sample research report. However, this will only be effective if you are actually an excellent writer and you are able to communicate this through your sample.
Otherwise, when applying for jobs, whenever possible, try to find an employee in the company who can send your application directly to the hiring manager. Bypassing the HR filter will dramatically improve your chances of getting at least a phone interview.
To be honest, like you mentioned, I think I’m a great writer. In my brief time in ER I wrote 90% of my analyst’s equity reports and notes. He gained that trust in me very early - my attention to detail is very precise, to the point it can be a weakness at times (eg. the writing portion of my take home assignment to potential employer last weekend, I re-read about 15+ times making small tweaks to get it just right and correct any grammar or word-flow deficiencies). So I have been sending along writing samples with every job application, along with my cover letter and resume.
I’ve also been able to establish a contact in these departments for a few of them to ensure my resume/application is being seen, so I agree with your advice. The problem is, if these contacts are merely established through LinkedIn, or are fresh (ie. weak), I have doubts on their effectiveness.
Anyway, yes, just got to stay persistent I suppose. Having experience from last year searching for work for months without a single lead/feedback, and then out of nowhere getting an interview/starting hiring process/getting offer for dream job seemingly out of nowhere, I know that things can change in an instant, and I remind myself I just need to be ready for that opportunity (that’s the positive side talking, lol).
My take is, those jobs aren’t just handed out to people without experience. Also, many corporate financial analysts need to be accounting gurus, as well as technical gurus in Excel. I believe many corporate analysts are CPAs. So if that is the type of role you really want, I would focus on my accounting and try to apply to junior analyst type roles - I don’t know if there is a more entry level role that you’d have more luck landing without the desired experience. Every corporate financial analyst job ad I’ve seen want 2-5 years experience in the field.
But maybe someone else with a better handle on this area has some different advice.