I’m a L1 candidate, and recent graduate. I stupidly became a FA for six months but managed to get out earlier this year. By managed to get out, I mean I owe them $$ for licensing fees, testing materials, etc. On the bright side, I have my 7/66. On the down side, I’m not interested in working in sales.
I’m looking for jobs as an entry-level analyst, but they seems scarce in my neck of the woods (PNW). Did I mention I made a stupid decision a while back? I also don’t have any internships under my belt, because, well, I waited tables.
I know I sound like a hopeless case, and I certainly feel like one, but is there anyone out there with an encouraging success story? Someone without typical credentials that managed to get their ‘foot in the door’? How did you do it, and would you have any advice for me?
You’re very right. A mentor told me recently to think of my time as an FA s an “adult learning experience”, but that’s one could really have done without.
Shame on me for not doing the necessary research. Still. Don’t lie to an impressionable fresh grad during an interview. Too naive?
You need to meet/know someone and give them a reason to give you a chance. Be able to answer the question they are implicitly asking themselves “why should I help/hire this kid?”.
There are 1000s of people taking level 1 with no relevant experience, why are you different than everyone else? You may be or may not be I don’t know you but be able to give someone a reason why you are different.
Hope this helps and doesn’t discourage. You aren’t going to find a research job posted on a website, any one posted will have 50 resumes just like yours, network, network, network.
-I have tried that with people that I knew through connections, and actually got a few interviews through that route (wasn’t interested though, more wealth management).
Have you ever tried that with people you have absolutely no connections with?
Thanks for the tips. Now that I have a relative focus on where I want my career to go, I know I have to revise my ‘elevator speech’ and be able to answer those questions that you brought up.
Re: networking- what’s an appropriate approach at events? We all know that networking events are for finding a. jobs, b. money, c. business, but how explicit can I be? Also, personal business cards- yes/no?
Sorry, last related question- I’m aware that passing L1 isn’t a golden ticket and suddenly a torrent of job offers come your way. I get that. But is there any difference in the reaction from recruiters, etc. once you pass L1 or once you’re a L2 candidate?
Thank you all for your inputs. It’s not discouraging to be told the truth, and I know I have to keep trying if I want to get anywhere. It can be exhausting though, especially with the exam 20+ days away!
Well you took more finance classes than I did (I took none but did take 1 accounting). The way I got in was by doing the CFA but I didn’t get any interest until after level 2. My undergrad was in economics and I was approached many times about FA (financial advisor) positions but turned them all down. I focused on really small firms and after passing level 2, found a small valuation firm that posted on the CFA local society website, an opening for a business valuation analyst and been working there ever since. The other firm that called me for an interview was a small private wealth office. My work history wasn’t really great either, 4 years selling cars but CFA did it for me. Might work for you but like everything, no guarantees.
Meet someone for coffee every day! Hit up alumni from your school, randoms on linkedin, friends of friends in the business, etc. You need to plan to get up, dress up, and network every single day!
Polish that resume to stand out among the hundreds of other fresh grads looking for analyst jobs.
Don’t sweat the FA gig not working out. No one will hold that against you. Just eat crow and say, “My impression before the job was vastly different from what I actually was doing. Advise should have been called sales, and sales is not my forte.”
Stay positive. Do what you can to keep looking at the bright side regardless of how many rejection emails you get.
Most important, get involved with the local CFA society. Get to know the board, help out, show up to lunches/events. This is the best bang for your buck to meet the BSDs in the industry. This may also help with #1 above.
How would I go about doing this? Would people be too “busy”? Do you meet people for informational interviews only or ask them if they know of a job opening (after building a relationship)?
Call them at work or email them. Send a message on LinkedIn. They’re too busy? Maybe. Get permission to follow-up later then.
Do an informational interview. At the end, ask if they know of any opportunities. Also ask what you can do for them. This is very important.
It’s funny how many times I’ve done this and the people who’ve been gracious to meet with me end up paying for my lunch, even though I asked them out. A lot of people like to help others, just need to ask.
I would try to target a few RIAs in your area. Try to get casual meetings and make yourself known. If there aren’t positions available, I would offer to work as an unpaid intern or something with a salary review after 3 months. Work in a steakhouse at night. You can make as much as an entry level analyst easily. Once you get some exams and resume bullet points it will be easier.
This. Most BSDs have a soft spot to helping others (cept Itera ;-)). If they are too busy, they are probably an asshat. Most folks like to talk about their success to how they got to where they are at over coffee.