I am 22 and I live in Toronto, Canada. I just registered for CFA Level III for June 2014 and I am entering MBA this Sept. I expect to pass CFA Level III + graduate from the MBA program in 2015. I come from a marketing and entrepreneurship background with roughly 2 years of cumulative work experience that likely won’t apply to most finance positions. Two years down the road, I can see myself presenting to potential employer as someone who is well educated but lacks relevant industry experience. Can someone shed some light on possible MBA-grad finance roles and how best to tackle those? What kind of job prospect and salary compensation can I reasonably expect?
In your case, internships will be key, so start talking with your eventual school’s placement people ASAP. Also, try to get involved with your school’s student-managed investment fund (if they have one). Both should help.
Are you getting a part time job or are you talking about getting a job after you graduate in 2015?
How do you even get into MBA program without work experience??
I think you should work before going into the MBA program, but since it sounds like you are already on your way in, i think your education may intimidate some employers - a lot of them don’t want to train people who are too book smart because they know they won’t stay for an entrance level job.
it is the ultimate dilemma where most recruiters are probably going to tell you, your educational background is way ahead of your work experience, they need to have on similar level and compliment each other.
Your best way to make use of your MBA program is to use the career centre and the network! there must be some career counsellors there at your business school, so wait till you start the program in the fall?
Hi Nana, thanks for the insight. I was actually in a co-op program while in undergrad so I had 1 years of corporate experience there. After graduating last year in May, I have been self-employed. I guess I should really focus on networking + internship during MBA to break into finance.
My advice is to move. Toronto is probably the worst market for a newish CFA to try and find any gainful employment. Sure, it’s the financial hub of Canada but there’s way too many CFAs in the city than there are meaningful positions available (most of which will be low paying back-office jobs anyway). And if you think adding an MBA to your non-expirence is going to get you anywhere you’re seriously dreaming in technicolour.
Sure, but with a CFA and an MBA and with no expirence you’re going to find that most employers will think you’re overqualified for the roles. IMHO, the best option for this guy is to pack it up and head out to a major financial hub, ideally in an emerging makret (singapore or HK maybe) where your english language and education plus CFA will be of more value. Or stay in Toronto and fight it out with hundreds of others with the same qualifications and likely better connections than you for a decade of low paid back office work.
Bull Spit … There are plenty of opportunities in Toronto if you’re willing to put in the effort. Take advantage of the networking and career events through your MBA program. Maybe you have to start at the bottom, but so what???
Many of the most successful people learned their business from the bottom up. Same goes for the investment world. Want to make it big as a PM or analyst - learn how to answer phones, deal with angry clients, manage cash balances, rebalance accounts, correct mistakes, push paper and get coffee. These are the realities of the finance world. Manage your expectations accordingly and be prepared to work your butt off doing what is ‘beneath you’. It will pay off in the end.
You are young and well educated - and no one will hold it against you. The whole idea of being rejected because you’re ‘overqualified’ is for those over-educated people who don’t have the real world skills to perform in the industry. No smart manager will turn down a GOOD candidate because of their education (or lack of, for that matter). I used to participate in interviews for junior (associate/assistant) positions within the investment counsel of a big bank. Without fail, multiple applicants thought they would become a portfolio manager instantaneously just because they passed the CFA exams and/or had an MBA. They were turned down because they felt entitled to a more senior role rather than starting from the bottom.
Another suggestion - start calling managers within the various business units of the big banks. It’s amazing how many will take the time to speak with you if ask. Conversations can lead to job shadowing, introductions, and eventually, a job.
So why do an MBA on top of the CFA when you have no expirence just to get an entry level job at 25 or 26? That’s the opposite of doing it bottom up. On top of that if you don’t gaining work expirence until then you won’t even qualify for the Charter until you’re almost 30, and that’s only if you end up getting a job that qualifies you, which most back office entry level positions won’t. And in my personal expirence, most MBAs without expirence feel as though they’re beyond the entry level grind.
Hey, I’m also in Toronto, have passed lvl 3 and have no work experience at all as I’m a poker player. Where should I intern? I have some contacts, which ones should I use?
it’s easy to say, but not having concrete experience and move to another country where you likely need a work visa to stay is probably NOT a whole lot EASIER than finding a job at home country, don’t you think?
I think the most difficult part is not having any related work experience. it is SUPER tough to work in Asia (if you are not Asians) to start bottom up. you will likely find the work load extremely challenging while the job market for entry positions is just as competitive as anywhere else! Think about it, you are already at a disadvantage not speaking the local language (i am assuming) AND not having the local residency/ citizenship - those employers who hire foreign talents are only looking for experienced individuals!
I say you should stay in Toronto to gain some entry level experience - interns, contracts, anything! If you can’t make it in a relatively large city, you aren’t necessarily getting better chances in bigger cities.
You can’t imagine ALL FINANCE GRADS move to the 4-5 financial captials in the world and assume they all get hired.
Hello everyone, So it has been 2 years since I started this post.
To sum it up: -> On the education front, I finished my MBA, CFA Level 3, CIPM Level 2, FRM Part 1, and CSC -> On the job front, I am still on the hunt. I spent countless hours reflecting on the past two years. I tried really hard and gave all I got - I did all the finance case competitions, I networked really hard (coffee chats), I saw my career coach once every two weeks, and I did well in all my classes.
While the market is tough, I am glad that I am actively interviewing. Although I am somewhat disappointed in my progress so far, I realize that disappointment would not put me in a better position. I figure that working hard and being strategic in my networking and job searching process would be my best bet. So I am being optimistic of what’s to come.
Did you find a job yet? For me, if I pass my level 2, I will be applying to a research job or IB. Am I dreaming if I think each time you pass an exam your salary should be 10 to 20% higher?
Geez… I’m light on education compared to you, and have a job with one of the big 5 doing forecasting and workforce management for their operations (specifically the call centers). Also have an MBA (Rotman 2013), and waiting on lvl 3 CFA results, did the CSC and a couple others as well, but no FRM here… Anyways, I’m starting to think switching into capital markets will be more of a challenge than I thought, even with strong internal work reviews. how are you getting by with no money? that was a bitch for me when I was looking for work. I did construction just to get by for a while. I had my share of low level admin and sales jobs though
Wow…you’ve done an MBA, 3 level of the CFA exams, your CIPM and FRM and you still can’t get a job? Dude… this is nothing to do with how educated you are; there has gotta be something wrong with you personally. Are you a doosh in interviews or at networking events?.. Or are you wet fish? Have you thought about moving town, country?
And seriously, your only somewhat disappointed?..After all the studying you’ve done?.. I would be devestated!!
