Hey guys, I’m in the early stages of trying to determine what I want to do with myself job wise. I don’t want one of those miserable all day and night gigs, I have kids and a family. I’m spoiled now at a company where I get 20 days off a year and great benefits but its in electronics not finance. I recently got an MBA and an MS in finance form a top 20 school, and I *think* I passed L2. Looking to make a career transition before too long… Like everybody else I want to make a bunch of money in the finance field but I don’t want to stress to the point of a heart attack and see my family for 3 hours a week. What fields are lucrative but balance a nice quality of life? Port folio management? Private Equity? What fields make the most money? I live in Dallas Texas. Thanks in advance
Rolo - congratulations in getting your MBA and “most likely” passing the level 2. Seems like you have acquired good credentials. I have friends in portfolio management and they have a good work and pleasure balance which is what you are looking for. However, the problem is getting a portfolio management position is quite difficult. I was once advised to start with a private asset mangement firm to gain experience then move to a huge asset management firm. I personally work for a big bank but holding a middle office position, seems glamorous but at the end of the day it is smoke and mirrors. Middle office in a big bank is the same as back office. My advice is to take your time to find a job where they will groom you (teach you techniques and strategies) into becoming an investment analyst or investment manager.
studynomore Wrote: ------------------------------------------------------- > Rolo - congratulations in getting your MBA and > “most likely” passing the level 2. > Seems like you have acquired good credentials. I > have friends in portfolio management and they have > a good work and pleasure balance which is what you > are looking for. > However, the problem is getting a portfolio > management position is quite difficult. > I was once advised to start with a private asset > mangement firm to gain experience then move to a > huge asset management firm. I personally work for > a big bank but holding a middle office position, > seems glamorous but at the end of the day it is > smoke and mirrors. > Middle office in a big bank is the same as back > office. My advice is to take your time to find a > job where they will groom you (teach you > techniques and strategies) into becoming an > investment analyst or investment manager. Thanks for being nice enough to not flame the crap out of me, as I know my q’s are noobish. I’m not naive enough to think that someone just going to hire me in and say , alright, here’s a billion to manage. Your kind of response is what I am looking for. I hope to get in somewhere where they will sort of groom me to their system. I feel I have decent soft skills, leadership, teamwork, not a big ego, a fair amount of solid life experience, etc. I’m hoping somewhere will bring me in and teach me their specific technical methodologies they assess investments with, as I expect each firm will model differently. I hear Investment banking is day and night and that PM and PE have a better lifestyle… Thanks for your input. Anyone else? Anyone have any advice on how to get started? What companies to look toward, etc?
depending on the job market you are in, I would recommend a small wealth management firm. thats how I’ve started off. It has been an amazing experience to work with smart portfolio managers who truly take the time to understand both their clients and the assets they are buying. as an associate Portfolio Manager I’m basically exposed to everything from compliance to asset allocations to equity research to portfolio management.
I recently secured a position within leveraged finance that encompasses both aspects of private equity investing and portfolio management. You should look into it and the hours aren’t bad at certain shops.
Think there’s any hope of starting in the 80k range with 2 Master’s degrees and a partial CFA? I had a recruiter tell me Id never get over 50k with no experience… Sucks, I got a family and already am in the 80’s…
Rolo you’ll be starting at an entry level Position I have a Masters and think I passed Level II, and I’ve got to start at the bottom. It’s just a really tough economy. Once things pick up though you should be golden. But don’t ever leave a job without one lined up.
dbfinley Wrote: ------------------------------------------------------- > Rolo you’ll be starting at an entry level Position > I have a Masters and think I passed Level II, and > I’ve got to start at the bottom. It’s just a > really tough economy. Once things pick up though > you should be golden. But don’t ever leave a job > without one lined up. Thanks, those are actually words of encouragement for me. No joke, cant leave a gig without a new one. My current job is fantastic, I love it, its just not in finance and doesn’t have nearly the upside. The recruiter kind of said hold up a year or two and things may get better. I’m just hoping the “bottom” doesn’t mean 60K. My wife is too spoiled…
rolo550 Wrote: ------------------------------------------------------- > Think there’s any hope of starting in the 80k > range with 2 Master’s degrees and a partial CFA? > I had a recruiter tell me Id never get over 50k > with no experience… > > Sucks, I got a family and already am in the > 80’s… I personally don’t believe that you can make 80K starting salary without experience in the field. agree with recruiter - entry level will be 55K-60K IMO. With that said I recommend biting the bullet sooner rather than later. As your salary increases in your current position and the longer your household adjusts to 80K the more difficult it will be later to make the move. Plus if you switch now rather than 2 years down the road… in 2 years you could be back to 75K-80K as oppose to taking the hit then. I realize it is easier said than done but delaying the move is a sure way to see your masters degrees go unused.
Also, if the job market improves in 2 years… you would have accrued 2 years work experience and could demand a better salary. Not to mention - you need those years of experience to ACTUALLY get your charter. passing all 3 exams won’t cut it.
Depressing…
Don’t despair. I know my friend who went to university of western Ontario(ivey) for his MBA and now got a sweet job as a front man attracting clients about various financial products. 7am-5pm hours! His starting was 120 plus bonus. Think he started in FI. His salary now is probably higher. Has no CFA and not intending to take it despite my asking him. He did score 700 on GMAT and got a scholarship.