I just wanted to share one of my concerns with you, and get a second opinion on this.
To start with, i’m a CFA level II candidate, and i’m currently working as a senior financial consultant in an accounting firm for the past 18 months. My job is very much like a compliance officer for investment firms. The only difference is that investment firms outsource their compliance function to our company.
At this point i should mention that although i like my job, the truth is that i accepted this job as it is my first job after graduating from my MSc, and i also needed the money, so my thought was to get this job, and i could later switch to the areas that really interest me. The jobs that i would really would like to eventually get into is that of analysts, any type of dealer-traders, portfolio/hdege fund manager, and in general the areas that the CFA deals most.
Recently i got an offer to work as a senior compliance officer for a large investment firm. Now, my concern is whether taking this job would more or less eliminate my chances to get into the areas i like in the future. I’m thinking that if in the future i apply for a position of lets say a fixed income trader, or a research analyst, my experience will not count at all for this position, which will make it difficult or even impossible to get the job.
So, will getting this job “destroy” my career in the way i want it to be and eventually i would stuck in the area of compliance?
I know it’s a lot to read, but i would greatly appreciate any opinions.
The longer you go doing one job function, the harder it becomes to switch careers. But if you’ve only been doing it for 18 months, taking this new job won’t destroy a potential investment career unless you decide to stay for 10+ years. If the job interests you, go ahead and take it but keep networking as you work through the CFA program. You never know what opportunity might pop up over the next couple of years.
I agree with your first sentence. It’s like digging a hole, the longer you dig, the harder and harder it gets to get out. Compliance is not any type of leeway into an asset management job, so you always should be trying to get out.
I don’t agree with taking another compliance job. Because you’re in a way further solidfying yourself into that role. People skim your resume and see “complaince job”, “another compliance job” “hmm, this guy must be a compliance guy then”
It would be better to downgrade yourself into a lower pay job that is in the area you want to do, that’s a real foot in the door. Compliance is not a foot in the door.
I have been working 7 years at two different fixed income hedge fund. During my times, i have seen a batch of people come in as compliance/middle office ops trying to make a switch to trading role, and failed.
You don’t learn about portfolio management or trading as a compliance person. As a compliance person, you do compliance related tasks. No one will teach you and help you become a PM unless you know him/her personally. I’m sure there are execptions but I just don’t see that happening at the place that I am in now or I have been in the past.
Unless you don’t have exeptional academic pedigree, it will be almost impossble to land front office trading role in well established buyside/hedge fund.
However, I have seen few sell side sales/trader, make it to buyside by establishing good relationship with buside clients. If I were you, i will try to see if you can take a entry level trading position at sell side firms and work your way up to buyside PM.
Thanks for your comments. I decided not to take the job after all, and i’m looking to find something to switch my carreer. The only good thing about the job was the salary, apart from that nothing more.
Of course, where i live there aren’t many openings for job positions i would like but, i’m also looking to go abroad for a couple of years if an opportunity comes up.
Thanks guys, your comments were very helpful for me.