Hey Guys - To all those who have studied hard for LII - Hope you all Pass and for those who screwed up, hope your luck supports and you still get through. Its really the hardest part of wait, you all are into right now. Now are 19 BIG DAYS to go. All the best to you all and hope you all are found over drunk on the roads, homes or any where…on the BIG DAY - 08/19 ha ha… Lemme introduce my self …here…this is my 2nd Post. Just passed L1 and very excited. Didn’t want to disturb you guys right now, but what I need from you all is a little support - I am a Non Finance guy, work into IT in a Global Investment bank. Lucky to pass the 1st Level on 1st attempt. I call myself lucky because 1yr back I did not know anything much about Finance, never seen a Bal. sheet of a company. I chose this because I desp. want to land up in an Analysis/Trader/Port Manager/AI job. Did not try for one yet. Now after passing L1, I feel I should start looking for a job and be involved in the field. But the point is, I am not confident yet. I do not know if it is anything usual but this is the case with me. Don’t feel very strong on L1 subjects, but yet hardwork paid. The reason of lacking confidence is - 1.) What way do I present myself infront of a company considering I have worked in IT for more than 6 yrs and I am not confident in Finance. Why would they consider me, if I myself am not confident? 2.) Taking the fact that I have just read the books and passed the exam, Are there any other books, conferences, sites or anything that I should regularly start visiting that makes me confident enough to tackle the interviews and know what I need to, inorder to work in those profiles? 3.) What other things can I do apart from reading the course material to gain that confidence and knowledge? 4.) Based in Singapore, do you think joining a CFA society can help me in any way? And shall I only look for jobs in Singapore? Do you think any company will sponsor me visas outside Singapore considering I am a fresh for this field? I really do not know, what path to start with. But I have to start somewhere, else I will never get those 4 yrs exp to qualify for charter. All help / guidance really appreciated.
I have just registered for L2 too, but are you sure that you can get a membership of the CFA society without relevant work-ex Amit?
CFA Singapore Student Membership Student Membership is currently available to Singapore based candidates of the CFA examinations. Criteria: 1) Current candidacy or working towards CFA Charter; 2) Complete the application form and pay dues; 3) Approval from Society’s Board or Membership committee. Membership Term 12 months from July each year. Dues are S$80 per annum, with a one-time joining fee of S$100. Student members enjoy all the benefits of membership like any other Regular or Affiliate member, except that they cannot vote and stand for office. The sponsor requirement for Student Members is currently waived, and no concurrent CFA Institute membership is required. This has been picked up from CFA Singapore society website. http://www.cfasingapore.org/membership/student/default.aspx Don’t know, how helpful this would be and in what way.
Not to sound brash but you’re in a difficult situation. The job market stinks and well qualified people are having trouble getting positions. My recommendation for you is to follow the market constantly, read as much as you can, and keep your head down and pass Level II. That’s about all the advice I can give you right now. Hopefully, in a year or two, you will find your chance - now is a good time to start preparing for that opportunity.
Amitahuja, Just in my opinion, CFA, even after finishing all levels, will not fetch you any job in core Finance areas. Not to disappoint you, but keep your focus until you get the right job. I just started hunting for jobs and I see, as an IT guy, it’s very hard to get a break. I am doing my MBA(Finance) from top 25 schools in the US and appeared for L2, while doing 8hrs job in as an IT dev. in one of the Mortgage related GSEs. Accumulate as many things as needed. But just don’t rely on CFA. Based on my IT experience and my degree in Finance, I am being considered for Quant Developer positions by the head hunters. But this is always better than an Application Software Dev… So, stay focussed on becoming a Quant Dev. initially. - This is just only my experience in the current job market. Hope this helps. Regards
“I am a Non Finance guy, work into IT in a Global Investment bank. Lucky to pass the 1st Level on 1st attempt. I call myself lucky because 1yr back I did not know anything much about Finance, never seen a Bal. sheet of a company. I chose this because I desp. want to land up in an Analysis/Trader/Port Manager/AI job. Did not try for one yet. Now after passing L1, I feel I should start looking for a job and be involved in the field.” — Ditto Ditto Ditto, this is me on Jan 23rd 2008 I have my L1 in Dec-07 and when I cam to know I had passed; I just updated my resume and started applying for Equity Research Analyst roles (covering IT sector). Mind-you the ridiculousness of the job market, Bear Sterns gone, Citi, UBS gone, Fed, Goldman blamed, LEH is still on ventilation… So in such critical market conditions contacted few headhunters for financial roles in NYC only, who took me to the corner and just told me one thing 'Be happy you have a job, people with IVY + MBA are sitting on bench trying for roles in BackOffice’. I tried to fight till Feb end and gave up, with just few calls from Hedge Funds in CT (which I was not interested in). Signed up for L2 and started studying… 19th should be the decider while I still code for an Ibank and hate my job! I contacted a few friends from SG yest and they say they job market is at it all time low there, and CFA value has been liquidated… Every other platform-sweeper, cab-driver, hooker are going their CFA now as a part-time sadist pleasure. Dunno buddy, don’t wanna disappoint you. I am trying to be as optimistic as the market allows me to be, but keep trying… I will too! … and keep updating the forum about your findings.
I agree with Dinesh, I cleared level 1 in June this year, and work in consumer banking. Job market in investment banking stinks, and headhunters made their point very clear about this. There are too many well qualified candidates right now in the market making it difficult for new entrants (with only CFA level 1 and non-finance background). So, I have decided to move into a different role within consumer finance. And ragging --> that sounds familiar …
Amit Sounds like you’re in Asia. Seems like the story might be diff there. Try the society but don’t rely on CFA at whatever level for instant pick. You might have a better chance on that with some World class Finance Masters, though…
Financial Times, July 31 2008: Morgan Stanley to use $1bn job savings for top-level hiring spree - Morgan Stanley laid off 4800 this year and as a result saved $1bn - Using the saved $1bn - to not rehire but hire mostly top level executives. - to bolster its presence in areas such as derivatives, risk management and proprietary trading - The sub-prime turbulence has caused 75,000 job losses in US financial sector - Historic opportunity to recruit bankers, traders and risk managers - MS has already spent $600 million, but is willing to spend $400 million by the end of this year if they can find good enough “good candidates”. - In spite of a stream of writedowns, credit losses and lay-offs, many Wall Street companies says they are looking to make strategic appointments to strengthen their expertise So, there is going to be a lot of hiring, but mostly going to be opportunistic, strategic hiring to pick up the gems from laid-off pool. This may be challenging for people with no experience searching for jobs. Still, I think if you have passion for this area, try your best and give us the good news.
Dinesh, Amit, and MBA&CFA, while I’m glad to see other IT folks trying to make the jump in Finance, I have to say that this thread speaks a bitter truth about availabilty of jobs for newbies to the field. I had the opportunity to speak with a recruiter yesterday about the market and I asked him point blank, what the heck the chances are of someone with my experience getting something in EQ research with just a L1 pass under my belt. He said that right now, its VERRY slow and that it MAY (may being the operative word here) pick up in September. Thats some hope I hold onto. The other thing I cling onto is that he mentioned there was someONE with a similar background getting placed earlier in the year. I don’t know if he was softening the blow or not but hell, I see a glimmer of hope and I’m going use it to get what I want! Good luck to all of you!
I’m hoping for next year, maybe two years…at the earliest.
my recruiter said 18 months.
I was in same boat…passed L-1 in December and started looking for job. BTW- I had already quit my old IT job and was very hopeful of jumping into finance. The market tanked around the same time and after 4 months of exhausting my savings and many dings from recruiter, I am back in IT. I knew, I could always go back to IT with my 10+ years of experience. I finished my MBA in Finance last summer and will be writing L-II in June 09.
chowder Wrote: ------------------------------------------------------- > I finished my MBA in Finance last summer and will > be writing L-II in June 09. Which tier MBA school did you attend? I am in top 20. Just trying to match my circumstances. I finish my MBA May, 2009, but start looking for jobs in a month or so.
Thanks Guys for the feedback and your experiences. I too understand that the job market is bad. I work in a Global Investment Bank and might try to get some Jr. Analyst role and try to make an internal shift. That I believe should be the easiest option left for me. But the only thing I am concerned is - I do not have enough knowledge to try for those jobs yet, even after passing L1. What is the right way to keep my knowledge & confidence increasing everyday - some books or sites or articles or white papers kind of stuff that I should start reading regularly to gain that enough knowledge required? I have only been reading the CFA / Schweser Books for L1 but it is high time now, that I should start reading other stuff. I also remember CFAI sending a survey email a few months back asking what else do you read and sites that you refer. The survey results said - there were more than about 70% people reading other stuff too to keep up the knowledge than to read only the course stuff. Wondering what other things can help me to gain enough knowledge apart from CFA stuff. Like learning modelling or other stuff that is really required to work in those profiles?
Everyone here is tired waiting for result and would not like to speak much. Any Feedback from anyone ?? Fresh L1 pass or L2 candidates or people in industry?? Anyone?
As far as interviews go, try to read the Wall Street Journal or Financial Times, cover to cover (at least section C of the WSJ) every day. Staying up on the news is very important, as that’s what people talk about… rarely do you hear a conversation about LIFO reserves
gator, speaking of news, you see my dawgs are number 1? see you in jville.
Florida_gator - You mentioned “at least section C of the WSJ” - What is this section C? I know that we got to read credit markets and deals & deal makers under markets section. Please clarify
amitahuja Wrote: ------------------------------------------------------- > Thanks Guys for the feedback and your experiences. > I too understand that the job market is bad. I > work in a Global Investment Bank and might try to > get some Jr. Analyst role and try to make an > internal shift. That I believe should be the > easiest option left for me. > > But the only thing I am concerned is - I do not > have enough knowledge to try for those jobs yet, > even after passing L1. What is the right way to > keep my knowledge & confidence increasing everyday > - some books or sites or articles or white papers > kind of stuff that I should start reading > regularly to gain that enough knowledge required? > I have only been reading the CFA / Schweser Books > for L1 but it is high time now, that I should > start reading other stuff. I also remember CFAI > sending a survey email a few months back asking > what else do you read and sites that you refer. > The survey results said - there were more than > about 70% people reading other stuff too to keep > up the knowledge than to read only the course > stuff. > > Wondering what other things can help me to gain > enough knowledge apart from CFA stuff. Like > learning modelling or other stuff that is really > required to work in those profiles? Amit, try a google search on Damodaran and stern…he has some cool videos on valuation…I’ve seen a few of them…again…I confess I dont know much as I am in the same boat… zero finanace background…passed L 1 this last June… Also, I am an avid watcher of CNBC fast money…though people may disagree on the hyped program…reading for CFA enchanced my understanding of what they are talking about…as a side note dont ever listen to that opinion less lady karen finerman… for investment advise.