It will never be the same

For those who are writing the CFA exam in December or June like me. This will be a very DE-MOTIVAITONAL article to read. So read away!! http://www.thestar.com/News/GTA/article/546877 the industry will never be the same anymore; in somewhat or a wired metaphor. the CFA designation will never be the same anymore.

u think he sold out to be a headhunter?

whystudy Wrote: ------------------------------------------------------- > For those who are writing the CFA exam in December > or June like me. This will be a very > DE-MOTIVAITONAL article to read. But the CFA isn’t for people wanting to be investment bankers anyway? I-banking isn’t the only job in capital markets…

why study?

steveOW Wrote: ------------------------------------------------------- > why study? exactly! whystudy? so what level are you writing steveOW

Your post pretty much sums up where I am right now. I’m a L3 Candidate and was very motivated for Levels 1 & 2, and was looking forward to finally being done w/ it and getting the charter. I’m working as a trader, but had been hoping to get a position as a research analyst, and eventually a port. manager position. In the current climate, I just don’t see that happening. I applied and interviewed for a few positions, but the competition for these jobs is incredible. Your not just competing against smart people in your region, but people from around the world who salivated over the WSJ stories about huge Wall St. bonuses. One job I applied for, which was paying not much more than “alms for the poor” had over 700 applicants. Princeton, Columbia, NYU Stern…all for a job paying 40K + Bonus. I don’t regret pursuing the designation, as I’ve learned more about capital markets through the curriculum than I had in my UG and years trading, but I’m not doing the L3 this year. I’ve decided to pursue other things, and I don’t see the financial markets turning around this year, or even 2 years from now.

PeteyPete Wrote: ------------------------------------------------------- > Your post pretty much sums up where I am right > now. I’m a L3 Candidate and was very motivated > for Levels 1 & 2, and was looking forward to > finally being done w/ it and getting the charter. > I’m working as a trader, but had been hoping to > get a position as a research analyst, and > eventually a port. manager position. In the > current climate, I just don’t see that happening. > > I applied and interviewed for a few positions, but > the competition for these jobs is incredible. > Your not just competing against smart people in > your region, but people from around the world who > salivated over the WSJ stories about huge Wall St. > bonuses. One job I applied for, which was paying > not much more than “alms for the poor” had over > 700 applicants. Princeton, Columbia, NYU > Stern…all for a job paying 40K + Bonus. > > I don’t regret pursuing the designation, as I’ve > learned more about capital markets through the > curriculum than I had in my UG and years trading, > but I’m not doing the L3 this year. I’ve decided > to pursue other things, and I don’t see the > financial markets turning around this year, or > even 2 years from now. Any chance you could morph your trading role into a PM role? Are you purely executional right now? I know a couple people who have been able to go from purely executional trading roles to prop trading and PM positions. These were guys at the big brokerages (a couple have since lost their jobs after prop desks started going down) who managed to get some good ideas out in front of the big decision makers. I’m an FX trader at a buyside fixed income shop myself and am slowly getting more PM-like responsibilities as well.

if an article takes you outta the game, you shouldnt be in the game to begin with

daj224 Wrote: ------------------------------------------------------- > if an article takes you outta the game, you > shouldnt be in the game to begin with The game? This sounds like an episode of The Wire.

I will soon be unemployed when my hedgefund closes at year end, the thing people have to realize is that not just weak performers are getting fired. On the buyside redemptions from endowments and pension funds are causing funds that are massively outperforming the markets to close. So when a person with no experience and a CFA goes to an interview they are competing against candidates who are great investors and have the track records and former hedge fund portfolio managers vouching for them. Finance runs in cycles, it will be many years before people with no experience get into the industry. I know great bankers and investors fired just this month who are willing to work for substantially lower salaries than they are currently making. There is truly no way to compete right now if you don’t have experience. It sucks but that’s the way it is. Most of the people fired over the last 12 months and next 12 months will have to leave the industry and find something else.

I’m leaving the industry also. Im gonna try to become a professional poker player, (serious)

Good riddance…these bankers are nothing but pond scum who have committed such evil deeds such as financing the Nazi war machine. The world needs more scientists, doctors and engineers not more greedy lowlife bankers.

I chuckled when the article said the guy could potentially be “deported to the United States.” Makes us sound like a third world country! LOL!

louisvillegrad Wrote: ------------------------------------------------------- > Good riddance…these bankers are nothing but pond > scum who have committed such evil deeds such as > financing the Nazi war machine. > > The world needs more scientists, doctors and > engineers not more greedy lowlife bankers. Yes, and less lawyers.

Yes x2…can you imagine the progress our planet would have made in a society where ourbrightest minds are engaged in solving the myriad of problems facing our society using science, space exploration etc. instead of gambling on Wall Street? Its a damn shame that bankers and lawyers get paid 100X more than the brighest of scientists.

I think 100 hour work weeks are BS, unless you count commute to/from work and hours of simply existing on workplace premises.

> Yes, and fewer lawyers. I know this is mindless-bashing-as-fun, but on a serious note: our legal system (with its lawyers and lawsuits and other costs) is generally agreed to be a necessary component of economic success. Here are a couple of references: http://www.eurojournals.com/irjfe%2012%20mahm.pdf http://www.amazon.com/Mystery-Capital-Capitalism-Triumphs-Everywhere/dp/0465016146

“Not since the end of a 13-hour workday when, approaching midnight, his firm told him not to bother coming back.” No wonder he got canned…he came into the office at 11am.

JonnyRev Wrote: ------------------------------------------------------- > “Not since the end of a 13-hour workday when, > approaching midnight, his firm told him not to > bother coming back.” > No wonder he got canned…he came into the office > at 11am. hehehe. omg. i just pissed myself.

Hmm i wonder if this is sort of an employment market correction … only the strong survive.