How bad is the job market for financial services up there?
I’m really sorry for your misfortune. However, like others have said, always get a written employment letter from your organisation within a month of joining. It’s sad but many people do exploit the charter and manage to get away with it.
Make sure you post this story to the company reviews on Glassdoor…
thanks for sharing the story.
I agree with people that having a written agreement is better, but don’t you guys agree that it can seem offensive to require such from your employer?
Get in touch with the analysts you worked with, the more people the stronger you can make a case against her.
Reporting her to CFAI would also be a wise idea.
doesn’t it sound offensive to require writing agreement?
doesn’t it make you look like a pussy if u don’t?
If you care about your job, you probs would rather have the best possible relationship with your superior. Stories like the one above do happen, but how often? got to keep that in mind.
No man, you need to get all this stuff in writing. You can’t take people at their word anymore. We are talking about an employer here not a friend. Everyone is out for themselves. Good on him to take the matter up with the courts. Too bad it didn’t result in a favorable outcome for him, but I suppose it isn’t too late for him to go back to the office and take a sh!t on her chest.
Asking for job details in writing wouldn’t be taken badly by an honest, up-front employer. It protects BOTH parties. If an employer isn’t willing to do that, it’s likely to end badly.
let it go! move on.
Absolutely not. If you’re talking about verbal agreements with family or friends to paint their fence, sure a written contract would be offensive. But the nice thing about the professional world is that everybody there understands that it’s a dog eat dog world, no matter how friendly and professional the parties seem, so asking for any kind of deal in writing is 100% the norm.
Also, definitely just spit my coffee all over my laptop when I noticed the thread pic was of vaseline hahahah. Kudo’s to whoever chose that one.
I think he pulled Anyterm out of the air/from his friend because she wanted to pay a company, not an individual, for whatever tax reasons.
In Canada, you must have the charter to manage money (or CIM, which is administered by a different org). I’m not sure OP has his charter, does he? He still needs hours. So he can’t manage money on a discretionary basis.
I’d never trust anyone who can bleed for 5 days and not die, CFA or not.
Your first mistake was doing volunteer work in the first place.
ZERO reputable finance-related companies have unpaid internships. Unpaid internships are for liberal arts majors who want to be writers or artists of some kind, and have no other tangible skills.
^ this is generally a good point, though there are some exceptions. There are definitely start-up hedge funds that offer unpaid “internships”, which, in my view, still misaligns employee incentives but can be worthwhile work experience for the individual (especially if they’re recent grads or current undergrad/MBA students). Hedge funds are notoriously difficult to break into and many start-up funds don’t have much capital to pay (the PM sometimes isn’t even paying himself because of the tremendous upfront costs), but the experience can be worthwhile.
However, in this case, there are other aspects related to the employer that sound concerning. It didn’t sound like the OP knew about potential “red flags” upfront since he probably went into the experience with eyes wide open and limited work experience. My read on this situation, albeit as a complete outsider, is that there were probably some unusual things happening on both the plaintiff’s and defendant’s parts.
@numi said, "….there were probably some unusual things happening on both the plaintiff’s and defendant’s parts…"
From what has been revealed it certainly looks like a more likely scenario than not, and when expectations were not matched from both sides the whole problem started.
quite honestly I think they were playing a very complex game of ‘chicken’ and OP lost when he neglected to get any form of documentation. When you’re operating in first world countries, paperwork and covering your ass is everything.
Agree with mygos and mk17. BTW mk17, what is the name of the painting in your icon? I know it’s famous but can’t remember what it’s called.
I have yet to hear of a reputable hedge fund that offers unpaid internships. If you don’t have enough money to pay anything to your entry-level employees, chances are you’re not a real hedge fund at all. And I’m sorry, but unless you graduated from Donald Trump’s “university”, you shouldn’t be stupid enough to work for free in finance.
(And yes, I know that at least in the US since hedge funds have been de-regulated just about anyone can call his investment fund a hedge fund even though he’s got practically no capital to speak of).