jobs after cfa do's and dont's

hey everyone. I am going to assume that I passed the dec 1 test i sat for. I have never worked in the finance industry, but am looking to get started. I was hoping some of you might be able to give me advice on what jobs i should potentially seek out. While I know a lot about finance, i really don’t know what jobs are good and what jobs i should avoid. I know a lot depends on what you are interested in, but i am really just looking to get some experience, and get a job that gould allow me to learn and work towards a high paying job that is very involved in the market. If anyone can give me pointers on what to look for i would really appreciate it.

I did a search and entered jobs. at least 30 threads popped up and that helped me a lot. Do the same and you might find it valuable.

steer clear from the back office… plus, it might be harder to get a back office job anyway, as being a CFA candidate will most likely make you over qualified… look for entry-level analyst jobs…

Bluey, what do you think is a good way to get into portfolio management in AUS? Currently im a paraplanner/client manager, I am just starting to get some discretion with the some smaller client’s stock portfolios (though limited by our approved list). Work in an office of about 40 ppl. Any suggestions

Robb, honestly mate, i have no idea…i’m trying to break into that market myself =) i’d say a bit of luck, and knowing the right people… network network network… I’m actually a data analyst at a financial planning firm… may i ask what dealer group you work for?

we have our own AFSL, was with AXA a while ago… Yeah it definatley is knowing the right people… ahhh, Im gonna start the hunt soon,! I think i might have burnt my bridge at citi which doesnt help

hmmmm i think i have a hunch, but dont want to reveal your workplace… the planners you work with, they aren’t asian by any chance are they? oh yeh? i also worked at citi! which area were you in? i was just in fx settlements…my very first job out of uni…

no there not, haha, I never worked for citi just had some interviews set up, Im in melb

ahhh ok, just cos there were some planners who left AXA and there was a massive shtfight… they violated their no-compete agreement…but anyway… seems as though to get into PM you have to start off as an equity analyst of some sort… money seems very lucrative though… my mate just scored a job at Perpetual as a quant analyst… he came from a computing background…had masters in finance from unsw… then did some temp work for Perp… after about a year they offered him permanent position… $100K+ for entry-level analyst

I am struggling hardcore to find a good entry level analyst role here in Melb as well :(. Seems nearly impossible to break into the industry, especially for a fresh grad :(.

i’m in back office right now…the cfa is a good way to get out of back office, right?

What’s the job market like in Australia? My sister was in sydney for about 2 months and she loved it. Do you guys work mostly with Japan, Hong Kong, Singapore? Because I can’t really see you guys working with New York because of the time difference. Is Sydney the main finance area of Australia? or is it Melbourne? or Perth? (I have a friend in Perth) And how’s New Zealand? Sorry, didn’t mean to bombard you guys with questions. I just kind of want to get the hell out of this country.

It’s who you know, unfortunately. If you don’t know anyone, get in where ever you can, even if it means doing ops. Yes, you are the bottom of the totem pole, but you might meet a senior PM and converse about how you are a level II candidate and he could offer you a junior analyst position. Just an example, but this is how the industry works. My point being, its better to work a crappy finance job, then to not have a job at all.

hey kant, im not too sure on what the main finance area is… im from sydney…but i guessing melbourne would be equally as popular… as is perth, due to our strong mining industry… but yeh, its who you know…just network like hell… name-drop your cfa candidature to everyone you meet =)

I think Sydney has more job opportunities, and generally a slightly higher pay rate. Im from Melb.

Correct me if I am wrong: Security industry has typically three sorts of firms: 1. integrated firms which participate in both institutional and retail market. (boutiques?) 2. institutional firms which only serve institutional clients 3. retail firms: a, full service retail firms and b, discount brokers(only execute orders no advice service provided) Typically a security firm should have: 1. sales department ( for investment advisor or IA) 2. underwriting/financing department (how to call people working in this deparment?) 3. trading department(trader?) 4. research department (equity analyst? and …?) 5. adminstration and management department 1,2,3 belong to front office (FO)? 4,5 back office (BO)? Which deparment is for entry level dude?

I’ve been working the last year as an analyst in the corporate actions department at my firm which is a Canadian bank. It is a bit of a headache because this firm goes WAY out of the way to keep their clients happy. I am using it as experience as I get to deal a lot with traders and have applied for a few jobs internally in arbitrage (dealing with repo’s, contracts) and equity trading. So far, I haven’t received an interview but it has not been long. For some like me who didn’t have the greatest background, backoffice experience is useful. For others, there are better starting points. Experience is always good though.

i would say research is classified as middle-office…back-office would be your typical processing work… and yeh, some say sydney pays better than melb, but also consider that it is a really expensive city to live in

re Sydney -v- Melbourne Have worked in both. here’s my thoughts: 1. Sydney has twice the number of finance HQ - banks, brokers, fund managers, investment banks, listed companies, research houses, etc 2. Sydney geneally pays better - but not a big deal - much more important is what you do and how you do it. A good operator can make money anywhere - but Sydney has more opportunities 3. Everything costs more in Sydney - housing, food, clothes, drinks - but its the same with all financial centres - London, NY, etc. More pay, but everything costs more. 4. Sydney is generally more open to new people and ideas than Melbourne - eg In Melbourne if you wnat to put a deal to a firm (eg an IPO, property, venture capital, private equity deal, etc) you need to know someone first. In Sydney you just ring up the head of the firm and the chances are they will see you. Personally, I joined Wespac in Sydney as a graduate in 1983 (bad move) - moved to Melb to join Citi (good move) - moved to HSBC/Midland - in Melb then back to Syd (good move) - in the big equities boom in the 86-7 - went out on my own (good move) - put together some IPOs, did some venture capital, had fun - in the big recession needed regular income (got married !!) so I went back to Melb (good move) with ANZ, ran several departments and divisions over the next several years. - in mid-90s, moved back to Sydney with ANZ - ran more divisions. - in late 90s markets were booming again - went out on my own again (good move) - floated a dot-com, did some more private equity/venture capital, properties, had fun The lesson is - doesn’t really matter where you are, but it’s better if you are surrounded by more opportunities & players. The goal is to do your own thing. You only need to work for a firm if you really need regular income. Otherwise in most markets you’re better off out doing your own deals. If you’re young and smart - then Dubai, Honkong, Shenzen are probably the place to aim for. If you want to stay in Aust for the time being then head for Sydney. But if a good job comes up in Melb (or Perth or Bris), then go for it. Keep learning, keep moving, change with the times, never get stuck in a rut, don’t be affraid to try new things - have fun…if it doesn’t work out, get up and start again… (you can tell I’m killin’ time waiting for Jan 23!!) cheers…

cheers for the advice null, yep killing time is one thing im doing, and recovering from christmas parties!