ASSet_MANagement Wrote: ------------------------------------------------------- > pgh.ndt Wrote: > -------------------------------------------------- > ----- > > I love that this guy makes a jump most people > say > > is impossible and instead of helping him, or > > congratulating them most comments are about how > it > > can’t be done, or it’s meaningless. > > > > Do I sense some envy here? I love how people > > treat this industry like it’s a gov job, you > need > > to get an MBA, be a sell side analyst for 2 > years, > > then be a buyside analyst then finally you > somehow > > automatically earn the PM role. And it’s > > discussed as if there is no other way… > > > > I don’t know any more than the OP, but > obviously > > this firm sees something in this person they > like > > and see them as PM capable. I say > congratulations > > on making the job, good luck and enjoy the new > > job! > > > You have wayyyyy to much faith in the system, I’d > say the people on AF are more realistic, which is > why I like it so much. People aren’t afraid to > tell you the truth. > > It’s awesome OP jumped offices and got a job, do I > think becoming a PM in 2 years is intelligent? No. > Not on the OP’s part, on the firms part. I don’t have any faith in the system, I just figure there aren’t enough details to go off of. Maybe the guy has a track record on his own, or has some published research that gives the employer confidence in him being a PM. It’s also possible he’s going to be a PM in a sort of junior role, all these details are left out. There’s also the third possibility that it’s a terrible move and he’s not prepared but he networked his way in, or knows someone there so experience doesn’t matter. I hold strongly to the saw it’s not what you know it’s who you know. Fortunately or unfortunately this seems to hold true in every place I’ve worked.
ASSet_MANagement Wrote: ------------------------------------------------------- > -------------------------------------------------- I hold strongly to the saw it’s not what you know it’s who you know. Fortunately or unfortunately this seems to hold true in every place I’ve worked. Just make sure you know lots of people, it will all work out. Same strategy for women. One word: circulate
pgh.ndt Wrote: ------------------------------------------------------- > > I don’t have any faith in the system, I just > figure there aren’t enough details to go off of. > Maybe the guy has a track record on his own, or > has some published research that gives the > employer confidence in him being a PM. It’s also > possible he’s going to be a PM in a sort of junior > role, all these details are left out. There’s > also the third possibility that it’s a terrible > move and he’s not prepared but he networked his > way in, or knows someone there so experience > doesn’t matter. > > I hold strongly to the saw it’s not what you know > it’s who you know. Fortunately or unfortunately > this seems to hold true in every place I’ve > worked. Ok, I agree with this. I jumped to a conclusion and took everything for face value. My current position is a perfect example of “who” I knew versus “what” I know. Even though I feel like I am intellectually outpacing my job, but who doesnt…
$1 billion dollars. not a penny less.
Muddahudda, thanks for the reply. That’s a ton of info and just what I’m looking for. I really appreciate it. kevin0118, it’s encouraging to know that you’ve done what I plan to do. Can I ask you what you do now and how long it took you to get there? pgh.ndt, thanks for the nice words. It’s great to have a perfect stranger sticking up for you 
Asset Mgmt: you said it yourself: it’s more about who you know. Let’s hope this advantage can help me cross the barrier.
fwvagabond Wrote: ------------------------------------------------------- > Asset Mgmt: > > you said it yourself: it’s more about who you > know. Let’s hope this advantage can help me cross > the barrier. It will, just keep shaking the tree, fruit will fall eventually.
fwvagabond Wrote: ------------------------------------------------------- > Asset Mgmt: > > you said it yourself: it’s more about who you > know. Let’s hope this advantage can help me cross > the barrier. It will, just keep shaking the tree, fruit will fall eventually.
I’m still doing what I did, mainly equity research and some assistance in portfolio management. Will probably remain this role and this firm until I can add the 3 letters to the back of my name. The job environment has totally changed. Level 2 could’ve netted interviews nation-wide back in 2005, but now a lot of charterholders are without jobs. Firms in NYC rarely look elsewhere because of the talent glutton within the city. Just take the job, add the 3 letters behind your name, then think of compensation.
kevin0118 Wrote: ------------------------------------------------------- > I’m still doing what I did, mainly equity research > and some assistance in portfolio management. Will > probably remain this role and this firm until I > can add the 3 letters to the back of my name. > > The job environment has totally changed. Level 2 > could’ve netted interviews nation-wide back in > 2005, but now a lot of charterholders are without > jobs. Firms in NYC rarely look elsewhere because > of the talent glutton within the city. > > Just take the job, add the 3 letters behind your > name, then think of compensation. 3 letters? BSD?
ASSet_MANagement Wrote: ------------------------------------------------------- > kevin0118 Wrote: > -------------------------------------------------- > ----- > > I’m still doing what I did, mainly equity > research > > and some assistance in portfolio management. > Will > > probably remain this role and this firm until I > > can add the 3 letters to the back of my name. > > > > The job environment has totally changed. Level > 2 > > could’ve netted interviews nation-wide back in > > 2005, but now a lot of charterholders are > without > > jobs. Firms in NYC rarely look elsewhere > because > > of the talent glutton within the city. > > > > Just take the job, add the 3 letters behind > your > > name, then think of compensation. > > > 3 letters? > > BSD? No need to add those letters to the end of my name when it’s quite visible as is.
Watch out for the talent glutton everyone!
kevin0118 Wrote: ------------------------------------------------------- > ASSet_MANagement Wrote: > -------------------------------------------------- > ----- > > kevin0118 Wrote: > > > -------------------------------------------------- > > > ----- > > > I’m still doing what I did, mainly equity > > research > > > and some assistance in portfolio management. > > Will > > > probably remain this role and this firm until > I > > > can add the 3 letters to the back of my name. > > > > > > The job environment has totally changed. > Level > > 2 > > > could’ve netted interviews nation-wide back > in > > > 2005, but now a lot of charterholders are > > without > > > jobs. Firms in NYC rarely look elsewhere > > because > > > of the talent glutton within the city. > > > > > > Just take the job, add the 3 letters behind > > your > > > name, then think of compensation. > > > > > > 3 letters? > > > > BSD? > > No need to add those letters to the end of my name > when it’s quite visible as is. Well played, bro. Well played.
Something to consider - what type of portfolio manager job will this be? Is this a buy/sell decision making position, incorporating research from your supporting analysts and your own reserach, where you will be responsible for the results and P and L? Or is this an execution PM position, where you are ‘managing’ assets across many individual portfolios and executing the senior portfolio managers actual decisions? I ask this because working in the industry, I know people doing one role or the other who are referred to as Portfolio Managers. It would make sense for you to clarify this further with your firm. One job (decision PM) is considerably more difficult to get than the other (execution PM); and it would be a poor decision on your part, your firm’s part, and most importantly your investors’ capital to give anyone decision making capability over assets without prior specific investment experience. But maybe you have a killer track record, or have a new proprietary investment algorithm… or something like that. I would be very intrigued to find out more of the specifics on the position… Either way, good luck.
are you guys kidding! You are really devaluing the CFA if you are willing to take a position for under 90k… for the person who passed all levels in the first try… can you talk the business? I run in to lots of folks who have letters but don’t read the WSJ and don’t have a grip on the industry. Watch every f… ing webinar on the CFAInstitute.org site… know the players. If you are a member of the instutite (you don’t have to be a charterholder) you have access to all of the conference just like you were there. Get out there read all the major publications and get the lingo you should easy be able to market yourself in to six figures… if you can’t get out of the business. Bottom line this business is about making money for your clients, your firm and yourself. If you don’t think you are worth it you aren’t. You’ll be come an ops person or an assistent. You need to have the passion to run the money… GOOD LUCK TO YOU ALL…
so i’m reading the career forum subsection on Wilmott.com where the quant nerds reside, and some discussion goes on about possible starting salaries for fresh PhD’s in math/CS as a quant developer in some hedge fund… after several really low figures are suggested, a consesus among the quants is reached that this is the market reality and if your goal is simply “big bucks”, you should do CFA… cause CFA’s, as they agreed, may not know jack $hit of advanced math, but they do get paid a lot. the irony to someone reading both forums is priceless. grass seems always greener on the other side, but all you gotta do is water your own lawn
Mobius Striptease Wrote: ------------------------------------------------------- > so i’m reading the career forum subsection on > Wilmott.com where the quant nerds reside, and some > discussion goes on about possible starting > salaries for fresh PhD’s in math/CS as a quant > developer in some hedge fund… after several > really low figures are suggested, a consesus among > the quants is reached that this is the market > reality and if your goal is simply “big bucks”, > you should do CFA… cause CFA’s, as they agreed, > may not know jack $hit of advanced math, but they > do get paid a lot. > > the irony to someone reading both forums is > priceless. grass seems always greener on the other > side, but all you gotta do is water your own lawn Most ppl on these websites are relatively inexperienced/junior, not long out of college, commodities in the world of finance and at the bottom of the curve in terms of salary. So that opinion reflects the reality that they aren’t necessarily earning the big bucks yet. If you are CFA qualified, you have at least 4 years experience and should be along that earning curve somewhat. As you say, all you gotta do is water your own lawn.
Entrepreneur Wrote: ------------------------------------------------------- > are you guys kidding! You are really devaluing > the CFA if you are willing to take a position for > under 90k… for the person who passed all levels > in the first try… can you talk the business? I > run in to lots of folks who have letters but don’t > read the WSJ and don’t have a grip on the > industry. Watch every f… ing webinar on the > CFAInstitute.org site… know the players. If > you are a member of the instutite (you don’t have > to be a charterholder) you have access to all of > the conference just like you were there. > > Get out there read all the major publications and > get the lingo you should easy be able to market > yourself in to six figures… if you can’t get > out of the business. Bottom line this business > is about making money for your clients, your firm > and yourself. If you don’t think you are worth > it you aren’t. You’ll be come an ops person or > an assistent. You need to have the passion to run > the money… > > GOOD LUCK TO YOU ALL… Taking a salary less than 90k is devaluing the charter?? Well, the OP doesn’t have the charter yet. If he delivers his targets as he gains his 48 months of experience he’ll probably make a lot more than 90k.
Entrepreneur obviously needs to bum a clue from someone.
Mobius Striptease Wrote: ------------------------------------------------------- > So the conclusion is, no one has jobs/is not making as much as they would like? Nice.
They should have more entry level requirements for the charter tests i.e. X amount of experience before ability to take the exams. Also, have an actual fundamental analysis project requirement after the third test (something akin to the Investment Research Challenge run by CFA Institute). The CFA has become like the Series 7 or CSC. Every jerky is taking this exam and now they are competing for $30K jobs (HAAA!!!)–> if there were more requirements, like the CPA (which I’m confident most people could pass without the required credits by studying Becker), then people would think more about this venture.