Sorry for the rant but I need to vent out.I met an alum from my school who is an analyst at one of the non-BB.It left me feeling totally depressed.He is saying that Research is hurt really badly , not much future etc etc… I just feel that having to hear this after slogging my ass off to clear 2 levels of the CFA is not very encouraging at all. Someone please help me get my motivation back !!!
Have some Christmas cheer man, Santa is coming!
Don’t be discouraged. If you want to invest for yourself, the key to the CFA is to unlearn everything from the program after you have completed it. Only then may you have a chance at achieving returns that beat the market. But remember, you need to complete the program to know exactly what you need to unlearn. Good luck.
eh?
Think about it this way: Banking and research and most “good” finance jobs are dead at the moment. But having a CFA makes you that much more likely to beat out those who do not for the few vacant seats. Granted, I wish I had the CFA back in 2004 and could have cashed in, but it is still worth having now. Now you get downside protection as opposed to upside potential if you get my drift.
I agree with DirtyZ. And you are also boosting your resume now to ride the wind when it picks up. Look at it another way…(optimistic way), once the market turns, theyll be flooded with apps from all kinds of finance applicants, and which ones would get looked at more…the ones with CFA or the ones without? I let you decide since you must be smart enough to have passed the two levels. Cheers.
yeah about that “market turning” concept… can it please actually happen? and soon? sorry to be the grinch, but i just don’t think we’ll ever see the types of jobs and caliber of jobs in the marketplace that there were there the past several years pre-2008 anytime soon… i really hope i am proven wrong.
The CFA program can also assist you in areas other than Research. Be creative in how to apply the knowledge learn from the program in other areas. It still stands out as THE golden standard in the investment community, if not a graduate degree which is a topic debated many times. I kinda agree with TheAliman with regard to the “unlearn” the program upon completion. Relatively speaking, the CFA program is less theoretical but still fall short to be practical in the industry. I personally think the program covers such a variety of topics and therefore does not equip candidate the skill to be proficient in a specific stream. On the flip side, once the member/candidate accures the experience in a specific stream, the CFA program can assist to advance given the strong theoretical knowledge acquired through the program. The CFA program is also a long-term investment. But, if you cannot have any fulfillment or enjoy the process then I will recommend other alternative ways to learn that interest you. You can simply read some books about investment at your spare time and save yourself the carnage to write the exam in restricted way. Life is short and enjoy every moment you can. Chances are your career won’t fly through the sky at the moment after you receive the charter. The charter is a tool to help you, you are still going to be the one to determine how your career will turn out. Good luck with level III.
thems Wrote: ------------------------------------------------------- > yeah about that “market turning” concept… can it > please actually happen? and soon? > > sorry to be the grinch, but i just don’t think > we’ll ever see the types of jobs and caliber of > jobs in the marketplace that there were there the > past several years pre-2008 anytime soon… > > i really hope i am proven wrong. Not in finance. The key is to identify the new bubble and get a job in it. Following job titles may be the new wealthy: Environmental Enginner Electric Auto Mechanic Senior Bailout Manager Vice President, Bailouts
Buy-side bailout research?
Senior Bailout Managers are banking this year! I am an associate BM right now and hope to make senior soon.
Right now research is dead because it’s difficult to figure out winners and losers when 1.) the rules of the game keep on changing and b.) we’re in the middle of a major economic and financial shift (removing the “f” from “shift” would also work). Eventually we’ll bottom at a new equilibrium, at which point the legwork and expertise needed to do analysis will become extremely important in helping figure out which companies are going to thrive. My take is the markets crater extremely hard and just smolder at these low levels for 18-24 months. Once the economy starts moving out of this severe recessionary period there will be a lot of opportunities for those on the long side. Those analyzing companies the same way they did before the bubble burst will be in for some unpleasant surprises. The fresh faced analysts who can figure out how the business environment has changed will excel. That an insider is discouraged by being an analyst could be taken as a contrarian signal if your time frame is 2-3 years away. Maybe it’s similar to looking at what the hot sector is in B-school to figure out what bubble is going to burst next. When all the B-school students wanted to focus on tech, the dotcom bubble was just about over. When they all wanted to do PE (1-2 years ago), that was nearing the top of the PE bubble. That nobody wants to do analysis right now could be a good sign for those not thinking about the immediate future.
SkipE99 Wrote: ------------------------------------------------------- > Senior Bailout Managers are banking this year! I > am an associate BM right now and hope to make > senior soon. Ha ha, you just said you’re a BM…ha ha ha (BM = bowel movement)
He is right about sell-side research, it’s been dying since 2002 and it’s not coming back. However, buy-side research, ie mutual funds and hedge funds, still has a fantastic future. The sell-side research collapse is permanent, the buy-side problems are just cyclical.
artvandalay Wrote: ------------------------------------------------------- > SkipE99 Wrote: > -------------------------------------------------- > ----- > > Senior Bailout Managers are banking this year! > I > > am an associate BM right now and hope to make > > senior soon. > > > Ha ha, you just said you’re a BM…ha ha ha > > > (BM = bowel movement) Dude, you need to get out more. You are easily amused. Thats for being happy during the holidays when I have the blues. Sucka!
T2 Wrote: ------------------------------------------------------- > He is right about sell-side research, it’s been > dying since 2002 and it’s not coming back. > However, buy-side research, ie mutual funds and > hedge funds, still has a fantastic future. The > sell-side research collapse is permanent, the > buy-side problems are just cyclical. I agree. The only question is where will the buy side find the next generation of buy-side researchers. It used to be that they scavenged the sell side for sell side researchers, but without much of a sell-side, that option is now less available. There are now some independent outfits, but it is likely they don’t have the scale to fit the supply.
Speaking of which, sell-side research is nothing more than spam. bchadwick Wrote: ------------------------------------------------------- > T2 Wrote: > -------------------------------------------------- > ----- > > He is right about sell-side research, it’s been > > dying since 2002 and it’s not coming back. > > However, buy-side research, ie mutual funds and > > hedge funds, still has a fantastic future. The > > sell-side research collapse is permanent, the > > buy-side problems are just cyclical. > > > I agree. The only question is where will the buy > side find the next generation of buy-side > researchers. It used to be that they scavenged > the sell side for sell side researchers, but > without much of a sell-side, that option is now > less available. There are now some independent > outfits, but it is likely they don’t have the > scale to fit the supply.
lkwan4 Wrote: ------------------------------------------------------- > Speaking of which, sell-side research is nothing > more than spam. > I’m not so sure this is true. Yes, it’s not going to give you much that you can genuinely bank alpha on, and it’s likely to be biased, but from what I hear, a lot of buy side analysts use sell-side research to get “up and running” quickly on something that has just popped up on their radar or screens. It can be a way to get “the first draft” done quickly. I’m not sure what the buy-side is going to do if sell-side research gets completely axed.
“a lot of buy side analysts use sell-side research to get “up and running” quickly on something that has just popped up on their radar or screens.” I think you are right. The problem is that sell-side research is no longer revenue producing, so it’s going to slowly die or simply exist at lower wages. All the large buy side shops like Fidelity recruit interns and juniors out of the top 10 MBAs and probably undergrad as well.
taz722 Wrote: ------------------------------------------------------- > Sorry for the rant but I need to vent out.I met an > alum from my school who is an analyst at one of > the non-BB.It left me feeling totally depressed.He > is saying that Research is hurt really badly , not > much future etc etc… I just feel that having to > hear this after slogging my ass off to clear 2 > levels of the CFA is not very encouraging at all. > > Someone please help me get my motivation back > !!! dont be so pessimistic, someone has gotta run pension/mutual/hedge funds when the dust settles. sell side research on the other hand was already on its last legs. the beauty of this market is it weeds out all of you who lack the drive/patience.