So I managed to pass the CFA level 1 in the first semester of my senior year. I have one semester left, but I wont graduate in time to sit for level 2. I went to a state university for a tuition bill I could afford, it also has a good business school. I took the CFA to make up for an average GPA, it was a 3.1. Im not looking for a job at Goldman or the top firms, but if I had my choice I would go into either Portfolio management, or asset management. what type of job should I be applying for if I want to go into this field, I am perfectly ok with entry level positions as a soon to be college grad. I am very interested if firms like fidelity or john Hancock because they seem realistic for someone in my position. Every teacher seems to think that I can get a great job after passing L1 as a college senior, but I see a few people on here saying that they have a tough time getting jobs with charters. I am assuming that they are applying for middle management positions, but if they are not where and what should someone in my position apply for.
Higher GPA is really more important than passing L1 senior year and pre-graduation IMO. I’m not sure what guidance counselor would recommend overlapping the two when you should be focused on taking as many hours as possible (to boost GPA) with a 4.0 senior year.
I presume it’s too late to sign up for more classes now so I would focus on getting all As this last semester and applying for 1000s of positions. Do you have any internship experience from this past summer?
“I am perfectly ok with entry level positions as a soon to be college grad” - sentences like this should never be uttered, unless of course you want to remain unemployed. It’s a tough world and the mentality that you are qualified for anything OTHER THAN an entry level position will immediately turn off any firm that considers you.
so then tell me, BValGuy, what was your first position? everyone starts somewhere, experience is the most important factor in getting the job you want. You must have been able to magically able to walk into M&A because you wouldn’t accept anything less? that sounds like a much faster route to unemployment when compared to looking for a first job to get a track record and experience.
Well, if you work in M&A, most likely your first job was in M&A… Every bank has entry level jobs, but not all entry level jobs are the same.
Anyway, what sort of jobs do people from your school get? There are hundreds of kinds of entry level jobs, but it is hard to say what you are most qualified for given the almost complete lack of information here.
I do have internship experience, I worked with an independent FA last summer. During my time there I got familiar with the software called “Emoney” which is a big boost IMO because Fidelity recently purchased this software. Believe it or not I got a 3.6 while taking the CFA, and I did retake a course over winter break so I might see it boosted to a 3.2 or 3.3 with a bit of rounding. I honestly do better when I have more work than free time, maybe its because I like routine.
I understand that this internship experience is a bit unrelated to AM or PM, but if I can use it to get a foot hold in the industry my GPA wont be the most important factor in the hiring process, my performance will. Also, I have talked to a few people in the industry while trying to network, the common consensus is that they were very impressed with passing L1 in college because it sets me apart from a lot of the competition. would you rather have a 3.3 GPA or a 3.1 and passed the CFA.
Well its tough to figure out which industry is the most common for my alumni. I see a lot of people go to work for accounting firms, I know of 6 or 7 guys currently working in private equity. Unfortunately I see a lot of people working for state street when they go for an equity analyst type of role, which is not my first pick of employers, but it would not be too bad as a stepping stone job if I do well.
Could you explain to me how one college student would be more qualified than another for an M&A, PE, PM, or any other type of role before they join the workforce? Would an internship from the bigger firms would be the only way to prove that you are more qualified? I would assume passing L1 would qualify me to work in AM more so than someone who has not? am I wrong?
All L1 does is show you are serious about the industry. I would use it for that, but not in a way to downplay your GPA (which seems to be your goal). I understand you are proud of the CFA, but plenty of people in this industry have much higher GPAs and passed the CFA. You are competiting with a lot of driven, smart people
Doing L1 in college is becoming more and more common. It’s a nice accomplishment, but a higher GPA would go a lot further. There’s plenty of time for the CFA; getting started with the CFA program only takes away from other opportunities that are only available while in school, such as getting the best grades possible. Just my 2 cents.
As Ohai noted, most companies in the industry have entry level roles. Confidence can be taken to imply arrogance. It’s a fine line. Going into a meeting or interview with the express intent on listening and hopefully learning, and expressing a genuine interest in continuing to learn is a much more desirable characteristic in a candidate. The mindset of schoolwork and L1 providing the tools that will enable you to learn quicker as opposed to working faster will help a lot.
Those making the hiring decision for entry level roles don’t expect to find people that already know how to do the job. In fact, and I am speaking from experience, it is often preferable to bring in green candidates with little or no experience. This way they can be molded (brainwashed) into doing things the way the employer prefers.
what are thoughts of in major gpa vs total gpa.
lets say in major is 3.5 and total is 3.1?
^Depends on the major. I would say definitely put major GPA if you, like most college students, effed around in their freshman and sophomore years.
Top of class, top GPA, leadership positions. 3.8-4.0 is common in M&A. I had a 3.84m/3.64c, double major and minor coming out of college and every IB/M&A interview (entry level) I felt like a schmuck in terms of GPA. Not to mention getting an interview in entry level M&A with anything less than a 3.8cumulative is a miracle.
In management consulting interviews, they were like ‘oh good GPA, nice work’.
M&A interviews - What happened to your GPA? lol — FWIW - The guy in the class ahead of me and behind me both were #1 in the business school at my college and both went M&A. One was #1 in class (valedictorian - 4.0m/4.0c), other was #2 in class (4.0m/~3.94c - he got 1 B in a 2 credit hour course).
What these guys are telling you is that 1) your first job matters, it can help you get to your dream job faster (by years), so don’t say stupid sh*t like any job is okay), 2) your GPA matters, it can’t be covered up by CFA 1, and 3) with a 3.1 GPA, it’s going to be hard to get INTO an interview room because you won’t pass any screens for good entry level gigs.
It’s not a good situation but if you’re any good and you feel this industry is your destiny, I would suggest networking your butt off and proving you can be a promising junior. Whatever it takes to keep them from looking at your resume too closely. You’re not going to get a good entry level job based off your academic/intern achievements so you better be likeable. Also I see an MBA on the horizon, focus on getting good job performance and progression and save those shekels.
Your first job matters a lot so you don’t get pigeon-holed into something shitty. Personality goes a long away, so be thick-skinned and likeable. Don’t be arrogant (you have come across that way, and you don’t have much to be arrogant about yet). CFA L1 senior-year…I’d be impressed if I was your classmate and had the same or worse GPA. I wouldn’t give two sh*ts if I had >3.7 gpa. Whoever you talked to saying it sets you apart…they’re not wrong but it certainly does not make up for a 3.1 GPA, which is not average, it is below average…sorry, just facts. Most resumes you submit to the jobs you say you want will go straight to the garbage during first screen ESPECIALLY since you did not go to a target school. State schools are awesome and you can certainly make your way IF you were a top performer IN CLASS (I went to state school). Keep networking your titties off and stop banking on CFA L1, it’s impressive for a second before they see the next resume with a 4.0 from Harvard…or sh*t even a 3.5 from another state school. Good luck, and remember…personality (people want to hire people they like, more than just credentials…in this market, employers have their pick of equally impressive candidates…so it becomes a beauty contest).
That’s going to be a hard sale. Non-charterholders won’t care. Either they haven’t taken the CFA and will weight a 6-hr test vs. 4 years of schooling or they took the test and failed, worked hard, got promoted, and don’t think it’s important. Or they will have a charter and know that level 1 isn’t all that hard, especially if you have a degree in finance (I assume). Some people pass all 3 levels while working ALOT of hours.