Ok I need some career advice. I’ll try and explain the best I can but there is a danger I’m going to sound like an ungrateful arse so please forgive me if I do. Two years ago I got promoted from the receptionist of the hedge fund where I work to an analyst position. I realize from previous discussions on here that this was kind of an unusual beginning but I was just lucky enough to be in the right place at the right time and showed enough enthusiasm for them to give me a chance. My boss is an extremely bright guy but the trouble is he kind of assumes that everyone else operates on the same intellectual plane. Pretty much straight away he told me to go off and look for investments, keep him informed about what I’m doing and let him know whenever I came across something I thought was interesting. Bearing in mind I have a degree in classics and had spent most of the previous six months making tea and answering the phone this came as somewhat as a shock. However this sink or swim approach has been mostly great as I have learnt so much and feel confident in areas that I probably would never have got to experience otherwise. Also through hard work and the CFA I am now comfortable in many areas of analysis. However I have never had any kind of training and I now know enough to realize that there are some serious gaps in my knowledge base. It feels a bit like I skipped CFA1 and went straight to level 3. Because of this I frankly do not feel confident that I would survive for very long in the same position in a more structured environment. My boss has indicated that he will be leaving at some point early next year and has basically said that he thinks I should stay where I am for the bonuses, which have been quite significant so far, and do the CFA. However this just feels like the totally wrong thing to do. I’m not learning anything new, despite having worked hard I don’t really feel like I deserve to be where I am because there are many people out there who I’m sure could do the job so much better, and the longer I am there the more my future employers will expect of me and I’m worried that I simply won’t be able to deliver. So at the moment I think I need to go back to the beginning and work my way up in a firm that will give me some proper training, but I have no idea what position I should even be applying for. I have also been thinking that maybe I should do a Masters in finance or am I better off just doing the CFA? Don’t get me wrong I don’t believe that I’m terrible at my job, in fact sometimes I’m pretty good, I just know that I could be better and that the place I am right now is not the place I want to be if I’m going to improve for various reasons. Still I don’t think I’m ready to take on the role of an equities analyst elsewhere. So any advice anyone has about what to do next would be appreciated. Thanks.
unless you are independently wealthy and can finance a full time education, you should use your current position to finance your studies. start with level 1 though. skipping to level 3 does not make any sense for someone with your background. I wouldn’t bother with the university setting unless you want to be a quant. as an example, Bill Miller of Legg Mason doesn’t have any finance background other than the CFA program and the self taught portion of his knowledge. in the meantime you are learning how to interact with the clients and contacts of the fund. that is valuable as well.
Sorry lig should have been clearer the CFA reference was an analogy. Retaking level one in December.
I think you’re an idiot. You know how many people would love to have the job you have? Be grateful for the opportunities you have and don’t second guess yourself. You say that you are good at your job sometimes, take those examples and analyze why you are good and keep doing that. Learn to use paragraphs as well.
all i read was something about hedge fund analyst from secretary. i didn’t bother with the rest. no paragraphs suggests to me it is not worth reading.
Point taken about the paragraphs. USF I agree i’m an idiot right now but long term I promise you staying here will be to my detriment, a point which has been stressed by several people in my firm. All I wanted was some advice about how to progress from here which I thought was part of the point of this forum but seriously don’t worry about it as I think it might be too hard to explain to most peope on here the desire to actually feel like you earned your bonuses. Thanks anyway.
Just consider what you would do if you had a BO job and wanted to move to FO. If you were ambitious enough you would prob. learn as much as you could about finance so when the time came you could land a job in the FO. However, you already have the job - so just go learn this stuff on your own. Take level I in Dec or if its too late take it June. Take modelling classes, go to seminars, read everything you can get your hands on.
Howdy? Good to hear again from the AF legend who was promoted from a receptionist to an analyst! 
I think the answer to your question depends on how badly you want to do well in your job. If you like it so much that you are willing to change yourself to make it work, then by no means go for it and come here occasionally for encouragement. Otherwise, maybe you should consider another career?
Believe me, this is THE most bizarre post that I have come across on this form, in the last 4 years. Several things that come to my mind… 1) Prudence & Diligence - I am not sure how a hedge fund PM can ask a receptionist to go and look for investments & bet his clients money on those recommendations. 2) Self doubt - All of us face this to certain extent, but it appears quite prominently in mojo989’s postings. 3) Proper training - mojo989 will benefit a lot by some kind of structured training, not only in improving technical knowledge, but also in boosting self confidence. In fact in one of the interviews Peter Jennings of ABC mentioned that even though he was quite successful, he always doubted himself for the lack of a college degree and proper training. A MFE, MS (Finance), MBA, CFA etc can help you in that direction. 4) Bird in hand - As USFBulls rightly said, lots of very intelligent and hardworking people on this forum would like to have your job, however unglamorous it may be. So try to enhance your skills on the job by enrolling in any educational programs. Best of luck, if what you say is true, I appreciate your honesty.
“I am not sure how a hedge fund PM can ask a receptionist to go and look for investments & bet his clients money on those recommendations.” Maybe the PM believe in the strong form of efficient market hypothesis.
mojo, you must be one smokin’ hot chick. Gotta tip my hat.
I can see how this can happen…quite a bit of small funds work like this. And by small I mean # of employees not AUM. I could be wrong, but how many employees are at your firm? I’m sure the fund manager just doesn’t immediately jump into an investment that you suggest, rather he’ll do his own research and take your suggestions as “ideas.” Let me first say you’re lucky as hell to have such a cool/down to earth boss. I know it’s intimidating but if it’s something you want to do, start studying for the CFA exam and reading books on your own- teach yourself the material and ASK questions to the people at the firm that you can trust. Start saving your money (in case of a new job search gap) so if things turn sour when your boss leaves, you can resign before you get fired. You can always move into a diff position that’s a level below what you do now. I say stick it out…esp if your boss likes you- I’m sure he realizes you don’t have all of the knowledge but you have the work ethic and ability to get the knowledge. P.S. I’m jealous
This goes with what I said a few days back: There are a lot of terrible hedge funds in the world.
DirtyZ I have to agree with you there are a lot of terrible hedge funds out there, but going on our returns over the past few months let alone the past few years, we’re not considered to be one of them, certainly not by our investors at any rate. There’s no point in me telling you that we’re actually top quartile as you are clearly suffering from the awful affliction of hedge fund envy thus no matter how good we are people like you are always going to be scathing, bitter and closed minded. TPain you’re right when I first started we did have a small number of employees. Since then we have basically doubled to around fifty. Also of course my fund manager doesn’t immediately jump on my investment ideas. One of the main problems I have is that we actually have a very concentrated portfolio with only ten to twelve positions with time horizons of at least 18 months, so not only is it hard for all of us to find an idea that fits with the rest of the portfolio but you can be damn sure that nothing goes in that hasn’t been throughly looked at by the CIO first. I generate and work on investment ideas, so please don’t think for a moment that I am in any way responsible for deciding to buy or sell. My boss is extremely cool and i’m dreading him leaving but I think you are right to say that I should stick it out before he goes and just work my arse off between now and then. Sorry cfa_mba I should have added that one of the first things I had to do was take a series of exams so I am FSA registered if that makes you feel any better. ymc I have thought about an alternative career but to be honest there is so much about this job that I enjoy that I think I would regret it if I walked away without putting up a serious fight. What I was trying to ask when I first posted this is how do I survive and make a real success of a career that I fell into but am starting to really love? Have taken everyone’s advice on board and have signed up for a financial modelling course and am going to work my arse off to pass the CFA. After that I guess we’ll see. Haha thanks kkent I do have my moments 
“What I was trying to ask when I first posted this is how do I survive and make a real success of a career that I fell into but am starting to really love?” Keep it up and grind it out if this is your true love. When frustrated, come over here for encouragement. We all think you are a smoking hot chick, so you will be welcomed here.
Thanks ymc!! Confidence levels nicely boosted now. Will do my utmost to live up to that reputation!
Mojo, based on what you’ve said, this is how our conversation might look: You: There’s no point in me telling you that we’re actually top quartile as you are clearly suffering from the awful affliction of hedge fund envy thus no matter how good we are people like you are always going to be scathing, bitter and closed minded. Me: I am none of the above. I give respect where it is due and to people who have earned it. You have admittedly done nothing to earn your position and certainly nothing to earn any semblance of respect from myself or anyone else on this board. You: “Bearing in mind I have a degree in classics and had spent most of the previous six months making tea and answering the phone this came as somewhat as a shock.” Me: I would be somewhat shocked too, if, as an investor in a “top-quartile” hedge fund, I knew investment decisions were being made by a secretary with admittedly absolutely no investment experience. If this is how HF’s pick their analysts, I most certainly do not have a case of envy, but I do have a case of shock and am certainly appalled. I can see why you have a serious case of self-doubt and guilt…it is because you were handed something you never earned (although I bet you made great coffee). You: "So at the moment I think I need to go back to the beginning and work my way up in a firm that will give me some proper training, but I have no idea what position I should even be applying for.” Me: Clearly (in your own words even), you know nothing about the investment management industry and do not even know what other positions to look for. This is to be expected from someone with absolutely no background for finance as well as someone who lacks some basic intangibles such as self-confidence and the ability to know where to look for information (as well as construct paragraphs). You: “I think it might be too hard to explain to most peope on here the desire to actually feel like you earned your bonuses.” Me: Unfortunately (and this will not help your guilt complex), most people do earn their bonuses. To make yourself feel better, you could always give this money away to charity, or you could use it to re-take level 1 of the CFA exam, since you weren’t able to pass that daunting test on your first go-around despite your immense investment management experience. You: I should have added that one of the first things I had to do was take a series of exams so I am FSA registered if that makes you feel any better. Me: Thank God! As an investor pouring millions of dollars into a fund I’m glad to know that the “analysts” there are FSA registered. Now if only they could find someone smart enough to pass a basic test on DCF and the DDM (L1), which most undergrads can pass, then I’d really feel my money was well invested. You: Have taken everyone’s advice on board and have signed up for a financial modelling course and am going to work my arse off to pass the CFA. Me: Wow, so you were an analyst at a top hedge fund, but had no background in finance, had done no financial modeling, and couldn’t pass the first level of the CFA. The more I read the more shocked I become. I am glad to see that you are taking steps in the right direction though. You: Don’t get me wrong I don’t believe that I’m terrible at my job, in fact sometimes I’m pretty good, I just know that I could be better and that the place I am right now is not the place I want to be if I’m going to improve for various reasons. Me: Based on your level of knowledge, you could improve by sitting on a park bench and reading the Wall St. Journal. In fact, I’d recommend that you quit, take a job that is at your level, and learn everything that someone in your current position should know. Or you could just stick it out at your current job until they wise-up and send you packing, at which point you could go back to being a secretary and assuage your (well-deserved) guilt complex. Good luck! On another note, one of the interesting things about on-line forums is that you learn to determine who is intelligent and who is not based on the written word only. Race, gender, class, and professional standing do not matter because 99%+ of the people remain anonymous. Despite this, it does not take long to ascertain which posters are intelligent and knowledgeable about that which they speak. Analyst Forum is great because there are a good deal of insightful, intelligent, well-spoken people who provide great advice and topics of conversation. Unfortunately not everyone can fall into this wonderful category of intelligent people and I am sorry for you.
This is a pretty amazing series of posts. I too took this as one of those contrarian indicators that the hedge fund industry has peaked, sort of like David Robinson forming a private equity firm not long before the leveraged loan market dried up. My favorite part was that you took kkent’s statement as a compliment. Obviously the implicit message was that you got your job solely because you are a smoking hot chick. Who knows if that is true (posting pics would help), but I think that’s what he was getting at. Also an interesting mix of emotions conveyed in your posts, a combination of insecurity, indecision, condescension, and scorn. Either way, I won’t hold it against you that you were able to land a job you don’t deserve. “Fair” is pretty much irrelevant in the world of finance, you eat what you kill. I say stick it out, treat it as an amazing learning experience and ride it out as long as you can. You will likely learn more about investing at your fund than you could at any type of grad school program. Continuing the CFA is a good idea though.
Oh DirtyZ i am so sorry I didn’t realize just how sensitive you would be to a simple accusation of ‘hedge fund envy’! Clearly i’m wrong and your very amusing little diatribe is coming from another source of inner rage. Now please feel free to keep venting, although it may be worth giving your shrink a quick call as those issues really seem to need an outlet don’t they! Now first of all can i just say that if this is the way you react when someone comes to an online community looking for help and advice then shame on you. However shame on me too as I just can’t take that cr*p lying down i’m afraid. Now i’ve stuck with your whole conversation format because that was fun. You: I am none of the above. I give respect where it is due and to people who have earned it. You have admittedly done nothing to earn your position and certainly nothing to earn any ‘semblance of respect from myself or anyone else on this board.’ Me: If you actually bothered to read my original post I think you’ll find I was asking for help and advice not respect. So yes I’m sorry I didn’t react well to an incredibly unhelpful comment that just made you sound like a complete and utter jackass. I am more than happy to take some flak and fully expected it but as long as that is coupled with constructive criticism than it is more than welcome. You: I would be somewhat shocked too, if, as an investor in a “top-quartile” hedge fund, I knew investment decisions were being made by a secretary with admittedly absolutely no investment experience. If this is how HF’s pick their analysts, I most certainly do not have a case of envy, but I do have a case of shock and am certainly appalled. I can see why you have a serious case of self-doubt and guilt…it is because you were handed something you never earned (although I bet you made great coffee). ’ Me: Could you just do me a quick favour and go back a couple of posts. As I clearly stated I am not involved in the buy or sell decision. I generate investment ideas, and if my PM also thinks they are interesting then he will make his own decision. What do you think I jumped up from behind the reception desk one day and said buy Vodafone and they all jumped to attention and invested! Be serious! Ok and as for never earning my position. How did you start out? Go to an Ivy League did you? Top grades? Slogged it out as an intern? Well I am so so sorry that I was lucky enough not to have to go through that but don’t you dare tell me that I haven’t earned this! I have worked my arse off with very little help to get where I am. I may have a way to go before I am anywhere near as arrogant and self righteous as you are but believe me I can do my job and I can do it well. I just wanted to know how I could do it better from a community of people who are supposed to be there to help each other. I could sit and be bitter about not having a rich daddy but I’m not because life happens to you good or bad and you make the most of what you’re given. Suck it up DirtyZ because despite what you did to get here we are in the same world, with the same opportunities and its up to us what we do with them. You: Thank God! As an investor pouring millions of dollars into a fund I’m glad to know that the “analysts” there are FSA registered. Now if only they could find someone smart enough to pass a basic test on DCF and the DDM (L1), which most undergrads can pass, then I’d really feel my money was well invested. Me: God damn it I really hate to burst your bubble on this one but to become FSA registered I did actually have to take a series of exams on Investment Management, which oh shucks did involve DCF and DDM as well as the rest of the basics. You: Wow, so you were an analyst at a top hedge fund, but had no background in finance, had done no financial modeling, and couldn’t pass the first level of the CFA. The more I read the more shocked I become. I am glad to see that you are taking steps in the right direction though. Me: Wow now that is truly an awesome insult! I failed an exam with a 40% pass rate first time from a non financial background. My god it is truly a wonder I ever even learnt to read! You: Based on your level of knowledge, you could improve by sitting on a park bench and reading the Wall St. Journal. In fact, I’d recommend that you quit, take a job that is at your level, and learn everything that someone in your current position should know. Or you could just stick it out at your current job until they wise-up and send you packing, at which point you could go back to being a secretary and assuage your (well-deserved) guilt complex. Good luck!’ Me: Oh dear I know that you would like nothing better than to hear from me in a few years time and find out that I’m answering the phones again like a good little girl. And I’m sure the reason that that thought pleases you so much has absolutely nothing to do with that insecure little voice in your head saying ‘does this little b*tch earn more $$$ than I was earning when I was 24?’ And you know what the most probable answer is to that don’t you jackass!! You: On another note, one of the interesting things about on-line forums is that you learn to determine who is intelligent and who is not based on the written word only. Race, gender, class, and professional standing do not matter because 99%+ of the people remain anonymous. Despite this, it does not take long to ascertain which posters are intelligent and knowledgeable about that which they speak. Analyst Forum is great because there are a good deal of insightful, intelligent, well-spoken people who provide great advice and topics of conversation. Unfortunately not everyone can fall into this wonderful category of intelligent people and I am sorry for you. Me: Oh DirtyZ thank you thank you thank you! Priceless! Now when you’re reading that back do you think you sound like one of the intelligent people or do you think you sound like a judgemental, bitter, elitist snob?!? Also maybe you should take note of the ‘people who provide great advice’ part of your little rant there as well . Oh and please please don’t feel sorry for me about not being the same category as you! Believe me it’s such a source of joy and comfort that i’m pretty much hugging myself at the very thought of it. Now DirtyZ (or insecure jackass who probably has a very flashy car to compensate for other short comings as i fondly think of you now) please please lets keep this going because you have done more than anyone else on this forum to inspire to me you really have. There is nothing better than an elitist, masochistic, up his own arse guy to make us silly little girly’s want to do well. Now come on I don’t really think we’ve worked out all your issues about hedge funds or people who have had lucky breaks yet have we, so lets hear another bitter angry rant shall we! Come on you know you want to it’s just so much fun!!!
Thanks big nodge! I am a smoking hot chick but sadly it had nothing to do with me getting my job because boy life would be easier if it did!