from back office -> PM? hehehehe!
Right, sounds unlikely… but it’s worth a shot.
I’ve seen a number of people go from back office or IT to front office roles. In all these cases it’s been a case of them wanting it really bad, working really hard, and a bit of luck being at the right place at the right time. Probably not the greatest examples but didn’t Nick Leeson and that SocGen rogue trader come from back office?
Like Henry Ford said, “Whether you think you can or cannot, you are right.”
The first thing you have to ponder is how many analysts make it to PM in the first place? Needless to say it’s going to be tough but if you go for broke you have a shot. My advice would be to network, network, network! And some more networking! I think this is probably your best shot at getting in! Look into your local CFA chapter; they always have social events, presentations, etc which serve as good networking opportunities. Also, tone down the cockiness and learn to take constructive criticism That’s Real Talk.
so what stocks you like? how do you invest your money?
Are you suggesting he become a pimp!?
i would pay so long as the classy babes oblige, i understand that should take a fair amount of capital.
This is a tough question for charterholders to answer. The CFA isn’t a means to an end, but it’s actually just the end. Once you’ve attained the charter you can work anywhere you want. There is no “path” anymore. That’s more of a L1 candidate concept.
@Sweep the Leg: Thanks for sharing. Do you (or anyone else reading this) know of any entrance barriers for investment research analyst positions out there? Something that someone trying to break into a Jr Analyst position should be aware of, like the expectations of the employers about the candidates’ age, educational background, professional experience, or something else that’s is not mentioned in the job description.
can you talk about investments?
The biggest barrier to entry is oversupply of job candidates. Everyone wants a great job in finance. There are just not enough jobs for everyone. Unfortunately, this means that some people must fail. There are few concrete rules that successful candidates follow. However, obviously, you have better chances if you went to a better school, you are younger, and you have more prestigious work experience.
Sorry Frank, no investment advice at this time. Maybe short euro ETF… hehe
So passing the CFA exams should be big plus then. If there are only about 100K charter holders worldwide, how likely is it that there is a job shortage for them?
The hardest part is getting that first job in IT. From there I recommend putting in a few years as a financial advisor at Ameriprise, maybe Northwestern Mutual if you can score it. After that go back for your MBA. Don’t listen to guys that say you need a top 5 MBA…just go to your local university. By the time you complete school you should be nearing the end of the CFA exams. So long as you’ve passed level 2 you’re pretty much guaranteed a Sr Analyst position at a top 20 asset manager, but if you have to start as a jr analyst don’t get discouraged, you’ll rapidly rise to the top. Two or three years as an analyst you’ll be offered a PM position - this is where it gets fun. Reject the offer. By now, of course, you’re a charterholder so you should have hedge funds knocking on your door. If none of them interest you, just start your own. There are plenty of resources to gather capital so long as you have your CFA. Manage your HF for a few years until you get bored. The only career left that’s as rewarding is as a professor of economics. Not even having the CFA qualifies you to teach economics. It’s only for the extremely talented, like those that achieve the status of weatherman. Good Luck. Keep us posted on your progress.
That doesn’t really mean much… There are no jobs that only CFAs can have. There are also many people who take CFA exams but have backgrounds that are otherwise useless in finance. You are grossly overestimating the influence of the CFA charter on job success.
I agree, job search is good resume and networking networking networking.
Thanks! What do you guys think about MBA vs MSF?.. (I just started MSF)
OP, 1. If it’s not a top 10 MBA; don’t freaking waste your time and money!!! 2. Only do a MSF program if the school has OCR(on campus recruiting) by banks and other companies. If you’re attending a school that doesn’t have OCR, transfer now! Princeton, Vanderbilt, Carnegie Mellon, Columbia, NYU Stern and GWU are some good choices for MSFs or its variation(such as MS Global Finance, MS Financial Engineering, etc). Obviously, Princeton has with is considered the top MS Finance program. MBA vs MSF is like saying Gynecologist vs Internal Medicine; it’s not a good comparison. One is a generalist while the other is a specialist. MBA programs offer a wide range of courses than touch on Organizational Management, Marketing, Finance, HR, Business Law, etc. While an MSF is strictly finance with a spattering of accounting, financial theory, and quant, etc… But in terms of ROI; I would have to say that on average the ROI for a MSF is probably better than that of an MBA(assuming you’re paying for the education yourself and taking loans). MSF programs are usually 1/3 to 1/4 the cost of an MBA program.
CFA doesn’t mean squat…its a minimum requirement…