I’ve been mainly searching for ER roles but I applied to this recently. I just don’t know anything about FI. I like the sound of the duties in the description, but not the title. What are your thoughts on this type of position? I know w/o the requisite municipals exp. my chances of getting an interview are very low. But I know one of the PM’s there and he said he would do what he could to help me out. Company, with over $13 billion AUM, is seeking a credit analyst to join its fixed income portfolio management group in order to make buy, sell and hold recommendations, analyze credit rating information and expand our universe of followed credits. Focus will be on investment grade credits. Municipal credit experience required.
Applicant: “I just don’t know anything about FI” Employer: “is seeking a credit analyst to join its fixed income portfolio management group in order to make buy, sell and hold recommendations.” See a problem here?
Might be able to squeeze in in a normal market, but in this market where experienced and unemployed credit analysts grow from trees it is unlikely. Doesn’t hurt to try though.
Since you like the job description, but not the title, just tell them: “Hey man, I really like the sound of this job. I know absolutely nothing about fixed income, and I know I’m supposed to make recomendations, but don’t worry - I know a PM here. Anyways, back to the job. As I was saying, I like the whole job thing, but not so much the title. I was thinking, how about I get “Equity Research” into the title. It makes me sound more, what’s the word… Great!. And besides, Credit Analyst sounds like a FICO score examiner. That’s just not me, okay?. So if I take the job, how about a title of Equity Research Analyst in Fixed Income. Does that work?”
C’mon, the question is whether credit research is sooo different from equity research that one couldn’t make the jump. I don’t know the answer, but there’s no harm in trying to help the guy out non-sarcastically.
lol thanks for the crap responses bosyjacka$$. I guess to make my inquiry a little more pointed, I should re-phrase some of my questions. No, I don’t know much about FI. Yes, I know my chances aren’t so great. But what does a credit analyst do and what is the career progression in this field? Any pointers on where I can learn more?
you know, in the current environment FI sounds more interesting then equity research
FI is definitely better than ER at the moment.
FI is definitely better than ER at the moment.
FI is definitely better than ER at the moment.
“at the moment”
“now”
Topher - I wouldn’t worry if you have no experience in FI. I know a guy who I went through undergrad with who just got a job as a Credit Analyst this past summer of 2008. He had absolutely none (zero) job experience whatsoever. He was one of those daddy supported me while I racked up degree types. He did his masters of Econ and was a level III candidate. He’s making around $45-$50K as a Credit Analyst at one of the top 5 banks in Canada. How does the position your looking at compare in terms of total comp?
Just to be clear, there are very large differences in being a credit analyst and being a credit analyst. The term is vague. It can refer to a risk management-type role. Or it can relate to an investment role in the bond market. There are obviously very large differences in job responsibility and career path between the two roles. The role posted is the latter. Your job isn’t all that different from an equity analyst: you will perform fundamental analyst on an issuer and make recommendations. This looks like a municipal role, so I can’t speak specifically to it, but I’d assume they simply analyze the muni issuers and make relative value calls. Career path generally tracks the same as on the equity side, except plug-in fixed income securities. If you’re a PM you’d be overseeing a muni portfolio rather than an equity portfolio, etc…
just throwing it out for thought… I don’t have the link for this but CFA Institute had salary survey results posted and those on the equities side make more than those on FI side (on average), whether it is analysts or PM. In this job market I wouldn’t be too picky, it is analytical experience and that’s what counts.
FIAnalyst, thanks for the response. I was under the impression that this position was better than other previous Credit Analyst positions I had either interviewed for or seen ads for, and your insight confirms that. bandit9, 45-50k? Doesn’t that seem a little low? I know this position would require about 60 hr weeks, so 45-50k is a little low in my opinion. FIAnalyst Wrote: ------------------------------------------------------- > Just to be clear, there are very large differences > in being a credit analyst and being a credit > analyst. > > The term is vague. It can refer to a risk > management-type role. Or it can relate to an > investment role in the bond market. > > There are obviously very large differences in job > responsibility and career path between the two > roles. > > The role posted is the latter. Your job isn’t all > that different from an equity analyst: you will > perform fundamental analyst on an issuer and make > recommendations. This looks like a municipal > role, so I can’t speak specifically to it, but I’d > assume they simply analyze the muni issuers and > make relative value calls. > > Career path generally tracks the same as on the > equity side, except plug-in fixed income > securities. If you’re a PM you’d be overseeing a > muni portfolio rather than an equity portfolio, > etc…
You’re living in 2007 if you think 50K is low for an entry level position.
Topher - well I don’t know in which market the position your looking at is located in but the comp scale in Canada is generally lower then the U.S. Also, Mr. Thain’s limo driver is right, I believe it’s considered entry level. Also, we’ve got a lot of competition=over supply of qualified Finance professionals especially in Toronto. And, as you can see by the CFA institute stats of the # of CFA writer/holder compared to everywhere else; Toronto has one of the highest per capita.
JohnThainsLimoDriver Wrote: ------------------------------------------------------- > You’re living in 2007 if you think 50K is low for > an entry level position. JohnThainsLimoDriver, I like your down to earth comments, so I am seeking your advice… I am doing an analyst program out of undergrad at a mid-size asset management firm and will have two years of credit analysis experience by summer when I am hoping to get hired permanently (it’s not certain but I received very positive overall feedback). Initially I was planning to negotiate 15-20% base salary increase (started on the lower end of the range), but given the current market environment, I am not sure if it’s such a great idea…
Double post