I have been working in operations (custody, trade settlements, transitions, portfolio accounting etc) for 6 years now. I have completed 2 levels of CFA. All the skill sets I have aquired on the job is expertise in investment operations. My thinking - do I get better at what am already good at and keep growing in operations and compliance or try to start from scratch (sometime when there are jobs and i have some luck getting my feet wet) in investment management/financial planning analysis etc? I want to know how it is to grow in operations/compliance? Is there stability/growth, salaries/benefits?
Dude, don’t give up. Just remember how driven you probably were when you started. Pull on those memories and break out of the 7th circle.
After six years, you should probably know what sort of prospects await you in operations.
6 years at 3 different firms and everytime I was keen on moving away from operations and never showed interest…except doing the minimum rquirements of my job. Now given the markets and also just doing some thinking on what I want to do… So if there are people out there who have made it in operations…I want to hear more…
BO is a 9-5 job and you can probably top out at 150-200k all-in at middle management. I’m in Boston and its a big custody town (BoNY, SS, JPMorgan). I worked in custody and I am proud of it. When I was in custody one head custody guy was a charterholder. Head of performance measurement was top 5 mba and charterholder as well. Lots of people in Boston start their career in custody and ended it there. My advice is try to join the sec lending team. This is where the costudy money is made.
I mean you basically have to be a manager or director of operations, where else is there to go? I think our Global Head of Ops probably makes like 200-300K, that’s a career I guess.
purealpha Wrote: ------------------------------------------------------- > I mean you basically have to be a manager or > director of operations, where else is there to go? > I think our Global Head of Ops probably makes > like 200-300K, that’s a career I guess. How large is the company.
I dunno, guess we’ve got around 180 heads.
Is he a COO?
You’ve gotten a lot of head?
Freshie Wrote: ------------------------------------------------------- > 6 years at 3 different firms and everytime I was > keen on moving away from operations and never > showed interest…except doing the minimum > rquirements of my job. Now given the markets and > also just doing some thinking on what I want to > do… > So if there are people out there who have made it > in operations…I want to hear more… I don’t get the beginning of your post . I think after 6 years you should have a pretty good idea of the oppurtunities that are available in operations . If you want the Charter then you have to move either ways . Operations experience does not count . If you want to stay in operations then don’t bother with the CFA , instead spend your time schmoozing with the VP’s/AVP’s i.e with middle management .
Your biggest challenge isn’t necessarily that you can’t do the front office job. Rather, because you’ve been there for so long, you probably haven’t thought about how to position yourself for a front office role. Everything you do is so automatic to you, and by your own implied admission, it’s fairly rudimentary and frankly easy for you. So, why even move? As someone else pointed out, it’s because you’re driven. You can’t be satisfied doing middle office work anymore. Greener pastures await, but how will you get there? The reality is, it will be challenging because of your tenure. You need to start looking for front office work, but do it resourcefully. Draw upon any professional relationship you have at both big and small firms and see what you can get. You will be better off at a smaller firm doing front office work even if you don’t get a pay raise, because you will be more mentally engaged and your professional prospects will be brighter. One person whose resume and cover letter I worked on just got into equity research at a small independent firm after doing investment operations for three years. The key is to tailor your resume and skills so that they look value-add to an employer in the position you want to attain. I’m happy for him and also for myself because it helps me with my track record of placing candidates. However, the truth is that the reason he got the job was not primarily due to how he looked on paper, but rather due to the fact that he got the attention of someone working there who was a friend of a friend. From there, he was able to get his resume in front of a couple of the senior managers, and he also learned about the culture and approach of the firm by speaking with his acquaintance. By doing so, he came across as someone that was serious about making the transition to front office, and was going to do whatever it took to get there. After three rounds of intensive interviews, he got the job. The moral of the story is that 4 out of 5 job openings come from personal referrals or recommendations, so tap your own network as much as you can. *Don’t* approach people asking for a job (because it lacks tact and most people don’t know of hiring availability the very instant you ask), but *do* arrange informational meetings where you can learn more and show your enthusiasm. Eventually, someone will notice your passion and ambition and give you a chance…or they will keep you in mind as opportunities arise, either with them or with others in their network. Be aggressive and take some chances. Stay hungry and stay foolish!
The president of my last company started off as a fund accountant. Worked hard. Actually rose up to become the CEO and made ~25mil when it was bought out. Not bad.
Bill Gates dropped out of college. This does not mean that it is generally desirable to be a college dropout.
regardless, if you stay in the BO and make it to middle management you can be pullin in 150-200k but the time your 40yrs old working 9-5. A heck of a lot better then most other jobs out there for history major from a state school who wanted to get into finance.
I guess that’s true, assuming you get that far. I do know people who are in their 50s but make less than $100k.
thanks! 9-5…well paying job…reasonable career growth…sounds good. boston - is that the only operations hub? how are the prospects in SF? May be I will complete CFA …just because am 2/3rd way over!
Numi --> Great Post as always . "Stay hungry and stay foolish! " I like that … It seems that Freshie is not quite sure what he wants to do just yet . I made the BO to FO move just under 2 years ago . I was in a similar role as the poster ( custody) . I’m on the buy-side now and work for a pension/endowment fund . I used to work for a service provider now I’m the client . Its not ER or PE but I like what I do , I’m learning a lot and its challenging . I now have HF/PE and other IM’s calling me all the time trying to setup a meeting with us .
“Stay hungry and stay foolish” is a Steve Jobs quote - again, not someone whose path to success we can expect to replicate.
Rudeboi- yes …am still not sure. To be more specific, I have worked with a custodian and also with investment consultant. So I know what you are talking about - IMs calling…setting up meetings and all that good stuff. At the end of the day - it boils down to (atleast to me) - work life balance and good pay/benefits.