I am being considered for a position as an internal audit at a finance division of a large bank. Key duties include analyzing business processes, procedures and activities with the goal of highlighting organizational problems and recommending solutions. The requirements say CFA, FRM and PRM would be an asset. Few questions: 1) can this position lead later on to an investment analyst position 2) does it count as experience towards the CFA charter?
looks like a track to compliance officer position, not investment analyst.
Depending on the bank, you may have mobility within the organization at a later point.
My first job out of school was internal audit at large investment mgmt/custody bank where I focused on IM and corp finance. It was ok for a first job out of school bc you get exposed to a lot of different areas and learn a lot about how these companies work; however, if you are few years out of school then go into an audit role you really limit your career options to compliance, audit, and boring corp finance roles. I would say my time there was terrible but traveling internationally 12 weeks of the year was a huge benefit. The company wasn’t cheap on our travel expenses which is amazing considering we were a cost center (and a large division).
Is it considered a middle office role?
definitely back office
psn0706 Wrote: ------------------------------------------------------- > My first job out of school was internal audit at > large investment mgmt/custody bank where I focused > on IM and corp finance. It was ok for a first > job out of school bc you get exposed to a lot of > different areas and learn a lot about how these > companies work; however, if you are few years out > of school then go into an audit role you really > limit your career options to compliance, audit, > and boring corp finance roles. > > I would say my time there was terrible but > traveling internationally 12 weeks of the year was > a huge benefit. The company wasn’t cheap on our > travel expenses which is amazing considering we > were a cost center (and a large division). Did the role count as experience for the Charter?
former trader Wrote: ------------------------------------------------------- > I am being considered for a position as an > internal audit at a finance division of a large > bank. Key duties include analyzing business > processes, procedures and activities with the goal > of highlighting organizational problems and > recommending solutions. > > The requirements say CFA, FRM and PRM would be an > asset. > > Few questions: > > 1) can this position lead later on to an > investment analyst position > 2) does it count as experience towards the CFA > charter? It will more likely lead to a corporate finance, compliance or ERM position. It does not count towards your experience if you entered the CFA program after fall 2005. What exactly are they offering? I only ask because internal audit pays more competitively than many people think and the work/life balance, travel opportunities and exposure to executive management are pretty nice.
I haven’t submitted it yet (waiting until after I take L3 this June). I really think it will be a toss up but if compliance counts under the new rules I don’t see how my experience would not. After the first 6 months of being there and taking L1, I was always assigned to front office audits talking to PMs and traders as the “experienced” public audit washouts didn’t even know what swaps were or how they would be used. former trader Wrote: ------------------------------------------------------- > psn0706 Wrote: > -------------------------------------------------- > ----- > > My first job out of school was internal audit > at > > large investment mgmt/custody bank where I > focused > > on IM and corp finance. It was ok for a first > > job out of school bc you get exposed to a lot > of > > different areas and learn a lot about how these > > companies work; however, if you are few years > out > > of school then go into an audit role you really > > limit your career options to compliance, > audit, > > and boring corp finance roles. > > > > I would say my time there was terrible but > > traveling internationally 12 weeks of the year > was > > a huge benefit. The company wasn’t cheap on > our > > travel expenses which is amazing considering we > > > were a cost center (and a large division). > > > Did the role count as experience for the Charter?
i am doing internal audit; it is very hard to swith to the investment side. i have been trying for close to two years, but still stuck here. It is not even easy to switch to corporate finance as a financial analyst. you don’t like the perception being an auditor.
I would pass if you are trying to go the analyst route. Reviewing other department’s processes and procedures will bore you to tears, this is an accounting and compliance type of path, not analytical at all…yes you meet lots of people but most will be annoyed by you given your role. High dead end potential. Sorry for the brutal truth.
Agreed. I was lucky to get out but I’m still 24. I interviewed for a couple buyside RA roles and I was not even close. I now work in investment consulting (manager search and due diligence (not on operational/compliance matters)) and the only translatable skill I had was interviewing very senior people/portfolio managers. I would avoid this route if you have any aspirations of running money/analyzing companies. purealpha Wrote: ------------------------------------------------------- > I would pass if you are trying to go the analyst > route. > > Reviewing other department’s processes and > procedures will bore you to tears, this is an > accounting and compliance type of path, not > analytical at all…yes you meet lots of people > but most will be annoyed by you given your role. > High dead end potential. Sorry for the brutal > truth.
purealpha Wrote: ------------------------------------------------------- > I would pass if you are trying to go the analyst > route. > > Reviewing other department’s processes and > procedures will bore you to tears, this is an > accounting and compliance type of path, not > analytical at all…yes you meet lots of people > but most will be annoyed by you given your role. > High dead end potential. Sorry for the brutal > truth. I appreciate your honesty. I am currently a securities agent preparing dividend reports and reconciling shares. Not sure if I stay at my position I will get closer to where I want to get, especially that there isn’t any growth within the company. The advantage according to me to take the internal audit position is an immediate 20% jump in salary and the opportunity to work for a big bank (with potential for growth in other departments).
former trader Wrote: ------------------------------------------------------- > purealpha Wrote: > -------------------------------------------------- > ----- > > I would pass if you are trying to go the > analyst > > route. > > > > Reviewing other department’s processes and > > procedures will bore you to tears, this is an > > accounting and compliance type of path, not > > analytical at all…yes you meet lots of people > > but most will be annoyed by you given your role. > > > High dead end potential. Sorry for the brutal > > truth. > > > I appreciate your honesty. > > I am currently a securities agent preparing > dividend reports and reconciling shares. Not sure > if I stay at my position I will get closer to > where I want to get, especially that there isn’t > any growth within the company. The advantage > according to me to take the internal audit > position is an immediate 20% jump in salary and > the opportunity to work for a big bank (with > potential for growth in other departments). if that’s the case, maybe you should take it. i still regret not swithcing to another internal audit job with a 20% plus raise two years ago. get the money and look for the exist as opportunity arises.