I am a 32-year-old guy and have been working in personal wealth management for 6 years. I recently failed my Level 2 exam for the 2nd time. I have been applying entry level jobs in institutional investment industry since passing my Level 1 exam. It has been almost two years, I can’t even get a Money Market Trader position (not even an interview). The companies I applied, they rather hire someone fresh out of university than me (6 years of work experience). I felt really discouraged when I was preparing my June 13 exam; honestly, I didn’t even put any effort. All I felt was “what’s the point?”. Now, I am not even sure if I want to change my career to get into Institution investment. I don’t really want to have a 23-year-old giving me orders (no offense to 23-year-olds). My gf told me I should just stick with my current job. I don’t really want to quit CFA exam because I want to finish what I started. However, I think I am getting too old to change career. What do you guys think? Should I stop pursuing CFA charter and Institutional investment job all together?
Never give up on anything in life. You started CFA, now try your best to finish.
There are certainly times to give up on things: if you’ve made a stupid decision, it’s better to recognize that as early as possible and change course. If you glance through the posts here on AnalystForum you’ll find people who have failed one of the exams multiple times (six being the largest number that I recall vividly); you’ll also find people who have passed an exam after having failed it multiple times. Only you can judge for yourself whether this is a worthwhile goal, and an attainable goal. If you decide that it’s both, tally ho! If you decide that it’s not one or the other, it’s probably best to cut your losses and spend your time more productively. Best of luck. (In the interim, tell prospective employers that you’re dyslexic, and that you’re really 23.)
You have not considered whether CFA charter would be useful in your current role? Will it help you grow higher up from your current role? Think about it too… Good luck with whatever you decide.
it will be difficult for you to move into institutional asset mgmt. Very different skill set with what you are doing now. I don’t think completing the CFA exams alone will allow you to make the transition. If you are still very determined to go this route, you need something more
You’re neither too old (you have 30+ yrs until retirement), nor do you have significant family requirements (you only mentioned a gf), nor is it unreasonable to look for a step-up in your career after getting the CFA Charter, or even after passing Level II (although it may require that you broaden your search beyond only Instititutional Investing).
Since none of your excuses are valid, you should retake the exam. But study this time. A lot.
+1
Thank you for all the replies! Your advice is much appreciated.
The part that discourages me the most is all the companies I applied (Venture Capital, Pension Fund, Mutual Fund) , they rather hire competitive swimmers, kick boxers… who graduated in 2013 with no work experience, who also are level 1,2 candidates. I am not talking about one or two companies, it looks like a nomal HR practice in this industry. I feel it is a young people’s world (23-28) in this kind of job. at age 32, I am alreay a dinosaur.
By finishing the CFA charter, it will not help my current role. It is not a requirement. In my company, only one person has the charter, and he does the same job as non-charters. CFP is more common in personal wealth in Canada.
At this point, I am just not motivated at all to finish the charter. If I am alreay in an industry where CFA is required, I can see myself committed to finish it. If I pass 2,3 exam in the next couple years, I will be 34. I don’t see the benifit of changing career by then, so it is a now or never kind of situation.
If you have a book of business in personal wealth management or are setup in a company/team where you have a book and could potentially do well, than maybe you should focus on the long-term prospects of that career. Coming from my own wealth management view, the industry favors more seasoned and older people. When you are 60, you are considered wise by potential and current clients and are not being pushed out the door like in other areas of corporate america. What are you looking to get out of the career change exactly? The more specific you can be with yourself the better…higher pay, enjoy the work, more/less hours, long-term prospects…etc. What do you envision doing at age 40, 50, 60?
The body of knowledge still helps. It may not be required reading, but a lot of it applies and you can talk intelligently about a lot of topics that the vast majority of financial advisors won’t be able to. I guess it depends on how far off you were and how much more effort you could realistically put into another attempt which none of us on this forum have the information to make a judgement.
I’m 34, I started doing this CFA stuff when I was 33, I was an engineer, I’m now working for an asset management firm with all insitutional assets (of course, I went to b-school in between to make the switch).
So I resent that you think 32 is a dinosaur, or that investment firms only hire young bucks. You should reflect on why you failed (didn’t study hard enough?) and why you are not getting hired (interview skill, not cast wide enough of a net?) instead of being troubled by the lack of smoothness of the road.
Okay you can break the problem down into few easy questions:
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Do you really need the CFA charter now? (The answer is no, so you can defer the program indefinitely)
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Do you see yourself neeting the CFA charter in the future with your current career path or perhaps in another field, “institutional investment” or otherwise? (If you still want to pursue the industry, you can continue with CFA but perhaps there’s a better time for it?)
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Do you have the capacity now to study? This is only if you say yes to either question above. (If you have the time now and the passion to do it, go for it, if not, take a break! There is no way you can pass the exam half-heartedly. even if you don’t need the charter now, you may still complete the exams to prepare the future, alternatively, you can take a break from CFA until the economy gets better and you have a better idea on where you want to go, or perhaps when you find a new job)
Hope that helps.
I am fighting the same battle, but I am older than you. I feel and understand your frustration a lot. you are not alone.
Someone said it on this board best “All it takes is one person to say yes!” I took the exams because I wanted to improve my investing capabilities and understanding of why things happen in the market. The CFA designation doesnt mean I will be a better investor but, at least I am informed now. Figure out if its still useful to you, and if yes, keep going.
As for the job search, I find its “who you know and who knows you.” Keep mining your contacts as you have been in the industry for 6 years and see what happens. Good luck!
p.s. Listen to SMagician2000 he usually has sage advice.
You’re talking about that dyslexia crack, aren’t you?
Thank you all for the comments. The comments help me to see my situation more clearly now.
I have made my decision to re-write the level 2 exam in 2014. I started the CFA path and I will finish it. Even if I may not get a job in my ideal industry, the knowledge will still benefit me in any financial jobs I do. I will keep on applying jobs and expanding my network. “All it takes is one person to say yes”.
Again, my appreciation to you all for sharing your opinions. They all meant a lot to me.
Greenman’s Jedi Wisdom - Long, long ago, in a university far, far away…
An accounting professor once told me that he didn’t think I would make it in a Big 4 firm. He said, “They have a ‘picture’ of what they’re looking for–and you’re not that picture. They want somebody who’s 23, did the 5-year accounting program, have their BBA and MPA (Master’s in Professional Accountancy), was in Beta Alpha Psi (the accounting fraternity), did an internship at their firm last year, and is ready to take the CPA exam.”
At the time, I was 29, Spanish undergrad, finance MBA, and had spent several years in the military. (Regardless of what anybody tells you–military experience counts for exactly zero in the professional world.) Even though I was taking the CPA exam, the Big 4 firms would not look at me.
It’s one of those sad but true aspects of life. If you don’t look like the “picture”, then you’re probably not gonna get the job–even if you are more qualified.
As far as whether you should take the exam again–see my thread “Fail me once, shame on…you”
http://www.analystforum.com/forums/cfa-forums/cfa-general-discussion/91323567
Ya accounting professor once said something similar to my friend who was also a “mature student” at the time, she ended up getting a job at Deloitte for the advisory team a few years after she graduated, but she got fired for something else…
i don’t know why people say discouraging things liek that~!
You can’t be a discretionary manager in Canada without the CFA or CIM.
No he can
F$#$# the big 4, bunch of sweatshops
Actually my friend loved her job but she got fired because she wore something too revealing on her business trip.