Hi, I am a chartered accountant (well, almost :P). I am waiting for my exam results (for the last 3 of the 20 papers). I have 3.5 years professional experience at one of the big four auditors and I am attempting Level 3 in June 2013. I want to get into asset management. It is my personal conviction because few years back my parents made some uneducated investment decisions and they lost it all. I really want to excel at this thing. That’s why I started CFA. Apart from this personal bias, I find audit too standardized and can’t seem to live with it my whole life. I talked to a senior manager in a big four transaction advisory and he suggested that after completing my CFA and CA, I should stay in financial services audit for 1 year and then move to transaction advisory. After spending some time in advisory, it would be easier to move to asset management. Another solution would be to get an MBA from any top business school. I am more inclined towards going for the MBA because I think an MBA will add value in terms of networking and connections and I have heard good MBAs are better asset managers. An MBA will help me with the transition and will also improve my chances of global mobility. I think even if I get into financial advisory I will still need MBA to end up in a good place in asset management. I am 25 and I think I can afford the time investment. Further, so far I have studied everything through distance education, I think attending a business school will help me learn a lot in terms of soft skills. Even another (Plan C) would be to get an ASA (from society of actuaries) and to have a career in pensions. But I am not sure at all about this. Could you guys please help me make a decision? I don’t want to just collect tags without any value addition. Regards, Obaid
I think it all depends Obaid. You certainly don’t need an MBA to get into PWM. However, it would certainly help. Are you still living in Pakistan?? If so, are you wanting to leave to go to a top MBA program? It’s really hard to say if a MBA makes sense for you without knowing more about your situation.
Your manager doesn’t know what he is talking about. Chances are you’ll have to start from entry level job even if you spent 2-3 more years in audit/transaction advisory. TA experience will help you if you want to get into Investment Banking but not in equity research / asset management. My friend worked for three years in a Big 4 (2 years audit and 1 years TA) with ACCA & CFA and he had difficult time getting in. The more time you spent in audit, the harder it’ll be to switch to ER/AM and opportunity cost will also be greater.
Top MBA won’t do much good if you’re planning on doing job in Pak. Experience (and track record) determines the pay and career trajectory more than the school brand at least in Pak market. Get MBA only if you want global mobility and wish to work in developed markets.
I was in your place I would start sending my resume today and meet as many people as possible, instead of waiting for another year. Also, very few asset management jobs are advertised. They key to getting in is knowing someone who’ll be willing to put forward you CV at places whenever some opportunity comes up.
Yeah, currently I am in Pakistan and one reason I want to go for MBA is to improve my chances of global mobility. Pakistani capital markets and even financial advisory are too nascent. No real exposure actually. I would like to get into the developed markets (if possible).
I am also wondering if I ultimately decide to go for MBA, which schools I should apply to. If you could mention a few good ones keeping in view my background.
London Business School goes without saying but I am inclined towards INSEAD too mainly due to global mobility potential. Learning one more language would be cool too.
Get the MBA son!