Hi - Until this year I was enrolled in a PhD program in French literature at a top school in the States. I’ve decided to change careers and cities (and countries) - and want to get into banking, in Dublin. I’m planning on applying to graduate analyst programs at the big banks, and in the meantime trying to get some sort of job in the financial sector. My question is - since I have an M.A. degree in French literature (undergrad major was French, minor was business) - am I correct in thinking that passing the CFA level I exam might help to demonstrate to potential employers in Ireland that I have solid quantitative skills ? (I don’t have any relevant work experience.) I was thinking of taking the exam in December.
It will help during your process of application. The market is really bad now, my company is cutting the gradue intake to half now.
Sigh. Big mistake. Take a break from the French literature and then get back to it.
A couple of things to think about: 1) The CFA will not help you get into banking in the U.S. I don’t know about Ireland. Is there an MBA culture in that country? Where do most new bankers come from? If they are coming out of top universities, the CFA will probably not help much since you need to be in the correct recruiting channel to really stand a shot. 2) You are probably overqualified for banking. If you’re at the PhD level for a liberal arts subject at a top school, you are probably more intelligent / interesting / capable than the majority of aspiring bankers. You might want to keep this in mind, since I suspect you will get bored in banking. 3) Why the change? I agree with Joey. 4) Who are your favorite authors?
Yes. But why would you want to leave a nice enjoyable field to join us suckers. It seems to me that philosaphy, classics, ancient history and probably even literature majors are disproptionally high in the industry compared to what you’d think.
CFA_Halifax Wrote: ------------------------------------------------------- > Yes. But why would you want to leave a nice > enjoyable field to join us suckers. > > It seems to me that philosaphy, classics, ancient > history and probably even literature majors are > disproptionally high in the industry compared to > what you’d think. Disproportionately high at the top, I might add. Have you seen the Forbes 400 Money Maven section? A good number are liberal arts majors. That being said, it’s pretty tough to break into the industry without the “standard” background, and even tougher right now.
being a college professor has to be one of the best gigs out there. Seems like you are right there…you have the background and are in a program (can you go back, I bet you can) which positions you for this path. Switching to banking will be a difficult transition, and its really not all that great (especially starting from scratch). Remember you may make more money, but you also have to live in extremely expensive places, and job security is quite low. make sure you want to do this. Would be a shame to drop your current path and head up this very steep precipitous climb, only to realize you were already where you wanted to be…
Thanks for the responses - I’m definitely getting out of school for now - the PhD track is not what I want to be on. Getting a job as a college professor is different than it has been in the past - there is less job security (tenured positions) and fewer positions overall. The market there is not great either. Plus I want to be doing something else. (and I can always go back.) I would do an MBA but I don’t think I’m ready for it. I’m hoping to get some kind of job, and I like the challenge (from what I see in the CFA exam at least) So from what I gather - are most people taking the CFA exams already in banking ? I’m just trying to figure out if it would add something to my profile that would make a hiring manager think twice before putting down my CV only seeing a M.A. in French - because I am definitely out of the recruiting channels for the Irish schools. I’m going to try to elbow my way in anyways - and was thinking this might help. (Oh, and my favorite author is Aimé Césaire)
The problem is that the CFA is a program that is skewed toward investment management, not banking. Sure, the finance and accounting you pick up along the way will be relevant to banking, but beyond level one and about a third to a half of level two, you will be learning a lot of material that has nothing to do with banking. I think most bankers recognize this, which is why they do not place a lot of weight on the CFA. Most bankers don’t need (didn’t take) the CFA, and most people taking the CFA are not trying to get into banking. There is no banking specific charter / designation other than an MBA. Your best bet might be to find a contact at an Irish school or bank somehow and network. Also, you could prep yourself for some basic technical questions by buying the schweser level 0 book (it covers some of the basic finance concepts you will need in a few hundred pages). It’s not the bible of banking or anything, but it’s a decent start for someone with no finance background who is trying to pick up the basic concepts.
Thanks for your input – I’m still torn though. I want to find some way to show on my resume that I know some finance – I’m not so much worried about basic technical questions as getting an interview in the first place. I’m up against a lot of people with Finance or Business written on their degree, and essentially want something on my CV to show them I mean business. Maybe I should be more focused on networking to get interviews ? Still I’m thinking it wouldn’t hurt to have the CFA - as I’m already not like most bankers or most people taking it. Anyways - thanks for your advice - it is certainly food for thought as I’m still debating paying the late registration fee…
Ask Gail Kelly to become your mentor. “Born in Pretoria in 1956, Kelly’s initial education was worlds away from high finance: she studied Latin and history at the University of Cape Town, training to become a teacher. … But she felt unchallenged, and in 1980 switched careers to become a teller in the Nedcor group’s banking division, Nedbank. … Kelly flew to Sydney in June 1997 for interviews with three major banks, and was snapped up by Commonwealth Bank a month later. Her first position there was as general manager of strategic marketing, but it wasn’t long before CEO David Murray appointed her to his executive team. … In December 2001 Kelly was appointed CEO of St George Bank, becoming MD in January 2002 … … …” (Source: http://www.mediaclubsouthafrica.com/)
No doubt, having passed some CFA exams will help demonstrate that you know something about finance. The CFA charter is oriented more towards asset management than banking, but if you are an intellectual type, asset management may well be more interesting than banking anyway. Traditionally, a lot of analysts start their careers in banking, though. You do need to ask yourself why you are doing this and also come up with an answer that is appealing to potential interviewers. I am a former academic myself (social sciences), and I hear what you are saying about how that nice cushy academic life is no longer really there any more, the way people imagine; however, you’ll still have to convince folks that your motives are sensible ones; a lot of people just go for it because that’s where the money is, and those people get bored and burn out fast, particularly if they’re smart.
Ireland is a pretty small market and much of the real banking is done out of London. Remember the population is about 4 Million. The Domestic banks are on their knees. They are massively exposed to a housing market going much the same way as the US market. There are good opportunities to work in back office jobs for large International banks. This is limited to fund administration. There are a few domestic brokers Davy, Goodbody, Merrion, Bloxham. The main banks AIB, Bank of Ireland, Ulster Bank (RBS)… You could try Googling the following IFSC, FK international and have a look on efinancial, there is also a local CFA society. Basically if you are serious about finance you are wasting your time going to Dublin.
Thanks for the advice everyone. I think I’m going to maybe get a few CFA books and read them (I’ve got a few months spare time before I get a work permit) – but hold off on the exam for now. I think I’ll just focus on getting a job – any job – in a bank for the moment. Are you from Ireland Scruff ? Thanks for the info – I have to be in Dublin for a few years at least; I think I’ll just try to get some experience there before trying for another city – like London. In the meantime I was thinking of taking that $1000 the CFA was going to cost… and investing it-- Thanks very much for all your advice – Matt
Hope you’re not investing it in equities. CFA might give you a better rate of return.