Hey guys, thought I would give an update on my situation as it seems lots of posters around here are in a similar position than I am/was. I found a job in Equity Research in Canada for a BB Canadian Bank about a month ago. I graduated in May '07 and had passed Level I in Dec '06. I never looked for a permanent job after graduating because I though I would have gone with a M.Sc right away. I started the program in September but didn’t like it, so I dropped out and went looking for a job. After 3 weeks, I knew I was hired. **Note : this was not my first attempt at getting a job in either Investment Banking or Equity Research. I had done 3 interview process over the summer, got to the final round in 2 of them, but never got it. Guess I was missing the “final touch” or something. So anyway, the job is really fun / a good learning place for a young grad. I work with 3 analysts and 2 associates and we cover 2 major industries (about 80% of the companies we follow are Canadian ones). My official title is Assitant, Institutional Equities Research. I love what I do and get to learn about the specific industries as well as general procedures and how-to’s of the industry. On a day-to-day basis, my job is to follow through with my colleagues particular demands and monitor/update models and prices. I would say it really is a good foot-in-the-door place to be so you can learn all of the tools these guys use before actually having to voice out your opinion about companies. I would say the typical person in my position stays there for about 2 years before moving on to be an associate, which is perfect as I really want to be done with my CFA exams asap. The job is requiring in terms of hours, but not that much (I would say around 40-45 when I get even more settled in). Pay is great compared to what other students graduating at the same time I did are now doing, and also considering cost of living is cheap here. So if you ever have a question about the job I do or what I did to get there, don’t hesite, Im more than willing to help whoever I can. Good luck in your job search!
Appreciate your update and good to know its a good fit for you. I’m wondering if you had any summer internships and extracurriculars while in school that helped you land this job. If so, when did you get involved seriously?
Hey bro…congrats on the job! Glad to hear that you’re learning a lot, and loving the general work environment, and most importantly, the work itself. I just had a couple of questions for you. I graduated in May 07 as well, and am currently working within the Asset Liability Mgmt division of a Canadian Bank (I could be wrong, but I believe we might actually be working for the same bank haha), specifically involved with Duration/IRR Analysis, and a bit of Forecasting. Although I like this job, my goal is to move into something more market-driven and dynamic. So I guess my questions for you are: 1) What sort of resources did you use, when you were looking for jobs? Was this through campus career postings? 2) Are there high expectations for a fresh grad? Do they expect you to be able to get running smoothly within a short time-frame? 3) What are the chances of being able to break into a job such as yours, without any specific experience in the field? I guess that’s about it for now lol… thanks in advance…
^ I, too, would be interested in the chances of being able to break into equity analysis with no experience. I’m getting an MBA (finish next month) and am going to start studying for CFA. Also, you say you work about 40-45 hours? That would be a dream if I could work that. I work about 60 right now in IT and I want to get out of it. Thanks for your willingness to give an update – it is greatly appreciated.
mattguitar Wrote: ------------------------------------------------------- > Also, you say you work about 40-45 hours? That > would be a dream if I could work that. I work > about 60 right now in IT and I want to get out of > it. > > I’d say stay in IT then to be frank.
jaz Wrote: ------------------------------------------------------- > Appreciate your update and good to know its a good > fit for you. I’m wondering if you had any summer > internships and extracurriculars while in school > that helped you land this job. If so, when did you > get involved seriously? I did two relevant summer internships during my Bachelor’s degree. First one was a stint into a Big4’s (accounting practice) corporate finance division. My colleagues over there were really helpful and actually told me about the CFA program (didn’t even know what it was back then). I mainly did due diligence work. Second one was with a semi-large insurance company (bigger in the UK) where I didn’t do much, but I was able to spin it off as a relevant work experience. In school, I was involved with a large investment fund where students had to make investment decisions (only canadian stocks & bonds) with assets of close to $4M as of a couple of weeks ago. The fund was sponsered by a company. It really was what set me apart I would say and helped me get the job. I only got active with extra-curricular activities in my last year of College though, as I was working 20h-25h a week before and didn’t have the time / motivation to do so.
kevin002 Wrote: ------------------------------------------------------- > So I guess my questions for you are: > > 1) What sort of resources did you use, when you > were looking for jobs? Was this through campus > career postings? > 2) Are there high expectations for a fresh grad? > Do they expect you to be able to get running > smoothly within a short time-frame? > 3) What are the chances of being able to break > into a job such as yours, without any specific > experience in the field? 1- Mainly my College career centre website. I never talked to anyone of the career centre but I did use their website where I would say there is about 2-3 posting everyday regarding Finance jobs around here. Also, I did look at about 100 websites of companies hiring in a front office role (also lets you learn about the companies you’re aiming for). 2- Expectations are not that high relating to technical expertise. I have to know general ratios and accounting definitions (TEV, EBITDA, Markets reaction to news, etc) but nothing you did not learn in a Finance Bachelors. You are more expected to be able to deal with multiple requests coming in from all sides at the time (and working with people located in three different cities). Time management is key. 3- Difficult to say, but definitely not that good. I consider myself lucky to have this job and it is a smooth transition from College to Equity Research. I also think other major banks don’t have my type of position (Assitant) to fill, so chances of getting directly to an Associate level would be close to zero I would say. Networking is key after having graduated for a couple of months / years Id say.
mattguitar Wrote: ------------------------------------------------------- > ^ I, too, would be interested in the chances of > being able to break into equity analysis with no > experience. I’m getting an MBA (finish next > month) and am going to start studying for CFA. > > Also, you say you work about 40-45 hours? That > would be a dream if I could work that. I work > about 60 right now in IT and I want to get out of > it. > > Thanks for your willingness to give an update – > it is greatly appreciated. I don’t understand? Maybe you are doing your MBA part-time, otherwise you would already have secured a job if you’re about to graduate. Read my previous post regarding getting into ER. Since I started, I’ve usually worked from 7:30AM to 6-6:30PM (around 55h I’d say??). However, I see opportunities for me to automate some of the work I’m required to do, so when this is finished, my hours will go down to about 40-45 (what I expect). This is not earnings season though, and this figure could go up again I guess but OT hours are paid out here, so I don’t worry too much about it (actually, OT seems good!)
I’m doing my MBA part time. My fiance is going to graduate from nursing school in may '09 and so I’m using 2008 to do CFA stuff. I’ve joined a CFA society to network. I’m willing to work longer hours and take a pay cut to get out of IT – I really hate the work. No guarantee I’ll like ER but I’d like to give it a shot.
Alayle, You schooled in the west or east side of Canada?
Congrats dude, glad you’re enjoying the job.
Alayle, thanks for the update and it’s good to see deserving people get to where they want. Good luck and keep us posted
Zuran Wrote: ------------------------------------------------------- > Alayle, > You schooled in the west or east side of Canada? The good side (East)
Thanks to you Alexandrov (good luck with the CPA thing) and SomewhatDamaged
Alayle, how did you find the job opening? was it a network thing or was it posted? i’m trying to find a way in as well in a BB. your thoughts?
I simply was looking thru the BB’s website. There is only one in Canada that has a dedicated place for recruitment in Capital Markets, makes it easier
which bulge bracket banks have an ER presence in canada?