I think I am fortuante that I have quite a bit of savings from my previous jobs so I am doing well on the financial front.
My feeling is that capital markets opportunities in Toronto is quite limited and very competitive. Is there a specific role you are looking into within capital markets?
I don’t think I am doosh in interviews or at networking events. Coming from a sales and marketing background, I consider myself to be reasonably presentable and articulate as I adjust my behaviors according to social settings. Yes, I am considering and actively applying for opportunities in other Canadian cities.
Am I disappointd? Of course.
Should I be devasted? Perhaps.
But how would that help me as I progress forward in my career? I have always been very optimistic in life and believe that working hard and smart will get me to where I want to be. There are some setbacks in my path, but I am determined to work hard on my shortcomings while making further improvement on my strengths.
Henry: start networking; apply for other types of positions with coworkers in investment committees or anything that will get you close to the process. You need to put your time in.
I told you that you were wasting your time…now you’re two years older and still have no expirence. If you do an MBA without any real expirence you’d better leave it with either a job offer/internship or some serious connections that are likely to quickly lead to a job offer.
Henry, where did you get your MBA? Is it from a respected school, or did you do something online? And what do you do with all this free time, are you investing and researching the markets?
Also - you type in an odd way. I mean this with no offense; are you autistic?
Frankly, your knowledge base in theory should be great from your test taking and if you really wanted in you should have been able to get an internship at the least. If you gave me 2 years of full-time searching with your credentials I guarantee I would be in somewhere, either killing it with my personal portfolio and bringing in clients to manage money for or working for an asset manager.
I got the current role I have as an analyst for two PMs in Connecticut as a CFA 1 candidate after writing online and now I’m looking at making a move into Manhattan if I pass level 3. I did everything I could and have a strong network of connections that all believe in me to the extent that they are consistently asking me what stocks to buy and where to invest (it starts to happen with my later 20s friends when people actually start thinking about this stuff). I did this while working full-time and studying and it’s been a bull market without cutbacks in the workforce, so what the hell are you doing in your free time? This shit isn’t impossible
You’re mommy must be proud of you.
I got my MBA from a tier-1 business school in Canada. I have networked really hard and I am also actively working with my career coach to improve my interview skills. In my free time, I write research reports on companies which I take with me when I go have coffee with Analytsts and Associates in the investment field. And no, I am not autistic.
^are you really ugly then? maybe it’s a B.O. thing? have you tried old spice? seems you have some pretty good credentials. maybe you’re setting your standards too high - rookie move, especially for ugly people
adding one credential after another when you are jobless is not good on resume. Understand that you are networking really hard now for interviews which is the right thing to do. again, be humble at all times and let people know not how many credentials you have, but your true interest in the industry.
upside is that you are only 25, and you still have savings.
just for curiousity, please please please tell me one thing, what were you doing during the time when ibanks were hiring on campus for interns and MAs during the 2 summers of your MBA? were you studying for the exams?
Curious aside from the question above… so where are you working now? If so… what type of work or in what sector?
I think he’s putting a sense of desperation instead of a “drive” to people that you network with? Or how’s the “maintenance” in those network relationship?
There’s probably a root-cause problem here that OP is not aware of…
Maybe he’s just not clicking with the interviewers…
Or better food for thought… is your interest truly in Finance? If so, have you try the states?
Somehow the grass is greener on that side… also, there’s a bit of diff in hiring culture between Toronto and US cities in this sector (can’t speak for other)…
Henry, I know plenty of people in the same boat. One guy is working at a Starbucks awaiting level 3 results, another has Masters of Finance at top-tier school and passed level 2 with no good job in sight.
I think you are doing all the right things, just in the case of the unlucky. (Although I don’t believe in luck, doesn’t mean it doesn’t exist. )
Networking isn’t easy, people don’t give out jobs, no matter how many coffees you buy them. It’s easier when the market has high demands and is in need of highly skilled people. Currently like people have said above, the Canadian market especially in Toronto where if you don’t know DAT uncle who took you on hunting trips when you are 5 and is now a principle at a Big 4/Big 5 Bank, it’s extremely difficult to get in.
Again, I reinterate, I don’t think there’s anything wrong with you, not everyone can have the perfect balance of work experience and that alabaster education history to go with. Apply for jobs outside of capital markets, aka finance, middle office, corporate finance, corporate strategy in non-finance focused firms, don’t limit yourself to capital markets and honestly in Toronto, the pay vs hours worked isn’t worth it at ALL in CM mostly, IMO.
Last but most importantly: Don’t forget to enjoy your summer. Life isn’t all about jobs and the goddamn exams we take to get the former.
Cheers and all the best,
Greg H
isn’t canada in recession right now?
I mean i love canada. I love Toronto!
Hey good luck man. you gotta keep trying and you will find something that you like and is a good match.
Henry, I was in a very similar situation to you 4 years ago.
I had a social sciences undergrad, and no work experience. Got into a tier-1 Canadian business school (was the youngest there by about 4 years). And I knew my severe experience disadvantage, so worked my butt off to get amazing grades.
… so at this point in the story it looks like I was at where you were. Crucially, I got an internship in an emerging market that helped me get my first industry experience. It was unpaid, and not glamorous experience. Not IB or equity research. Sort of a low-down wealth management support role.
After graduating I got a job in finance that valued diversity of experience. All the banks have rotation programs for MBA grads, in which they’re specifically looking for people who are not finance gurus but who look well rounded and can learn quickly.
2 years after that I was working full time in asset management, analyzing stocks in emerging markets and living the dream.
Now, what you’re missing is that first time experience. You missed your shot in school. So what I suggest you do is get that low barriers to entry peripheral finance experience. Go work for a wealth management investment advisor. Start getting a financial institution’s name on your resume, and just have EXPOSURE to stocks. During that time, keep networking your ass off. Once you’re IN the industry, and people see you’ve taken the education seriously, then you’ll have more ability to move. A lot of these investment advisor firms (like RBC dominion securities) are owned by companies with asset management and capital markets arms. Strategize a move within the organization across these arms.
You have to start somewhere, and it looks like you need to lower the bar. And you know what? you might even want to stay as an IA. I think it’s the place to start for you.
Damn, this is a trainwreck. I wish I weighed in back in 2013.
padding the resume with more designations was never going to work. I have a sneaking suspicion I know which Bschool you went to, and it’s frankly irresponsible that b-schools these days accept applicants that have so little job experience - if you are a boy genius you may score that big CM job but thats 95% left who struggle with huge school loans and no progress after 2 years. it’s bad for the school and the student is left on their own wondering where they went wrong.
The good thing is Henry has a pretty positive attitude despite all this but quite honestly at this point and with so little W.E, look for a small shop to get yoru foot in, work 2 years and come back out. You’ll probably work for peanuts but without W.E the big banks won’t look at you. I wouldn’t go working as an IA because you’re young and literally no one with money is going to take you seriously, been there done that. Work for a family office as an associate if you go this route because your ability to gather funds at this age will be nil.
The big oversight that a lot of young bucks in Canada make is that somehow three letters (CFA, or MBA, or both) behind your name will get you a baller job in Toronto - categorically untrue. Most CM people don’t care about that, coming out of MBA it’s all about W.E + GPA to get past HR, and then it’s personality and fit. Personality comes from W.E. you put a MBA who’s worked for 5 years beside a MFin with zero w.e and it’s night and day. If anyone doing an MBA thinks they can waltz into a CM job in Toronto, they haven’t done their market research, and they’ve literally just thrown 1/2 years and a spankload of cash. Even if you’re working a shit BO job, get more than 3-4 years of advancement under your belt before applying to Bschool, you’ll thank me for it. Some people are under the impression that the MBA is one big reset button, it is in a way but it still can’t hide a lack of experience, and you just get one shot at this mini-restart, so don’t blow it too early. Oh, and grades matter. A lot. Don’t let anyone tell you it doesn’t at the MBA level.
How does someone complete a finance MBA without an internship programme? I thought this was standard in Canada… that’s what you’re paying those dollars for. And how does OP have a “sales and marketing” background? I thought he has no work experience. Or does he? What’s the full story here?
the one year programs don’t have internships, and it’s wholly possible to not get an internship (it’s not a requirement to graduate). I do agree that things do not add up here.
Another reason I’m not even going to bother applying to Canadian mba programs. Grades non disclosure ftw
Hey OP, please share an update…How’s it going for you? How’s the Canadian job market right now? I am an Indian Chartered Accountant and have completed the CFA Program and have a year’s experience in business valuations in India. What are my prospects for a corporate finance/ deal advisory role in Canada right now?