I finished my CFA in 2011. Didn’t get enough work experience to get the Charter until 4-5 months ago. I had a lot of difficulty finding a job and took up a role with the government. It is more of a regulatory/accounting role but occasionally requires work with capital markets information. I have been doing well with the government and have had a number of promotions since. I recently got offered a job with a small sub-debt fund. Unfortunately, the base is lower than what I get now. With bonus, it would be close.
I am really struggling with the idea of whether I should switch. On one hand, I feel like if I want to work in finance this could be my last chance. As I move up in my career, I will only make more money and it will be harder to find someone that will pay me a comparable salary given my lack of actual finance experience but on the other hand, I feel like I am taking a step backwards with respect to compensation. Any advice for a CFA Charterholder that got off the beaten path?
Take the role and go. 2) Negotiate. Ask for higher pay. 3) Find something else.
I agree with you on the risk that as you move up in your current role, it becomes harder and harder to justify making a switch. It won’t be any easier as time goes on - at some point, even the hesitation with having to learn a new job kicks in.
Put all those things aside and either make this one work or commit to finding something else. If you think it’ll take more than 2 years to find something else, then start with this role and use it as a stepping stone.
I had to take a pretty big pay cut to get hired for an entry level finance job but it’s what i really want to do and I think it will pay off in the long run. no regrets.
Thanks for the good advice guys. If anyone else has a view, please feel free to weigh in.
I already tried option 2 and its a no-go. I know I do not want to stay where I am forever. I guess what’s holding me up is I do not know how easy it would be to find something else that would pay a lot more.
I see a lot of CFA surveys where the average salary for an associate is in the hundreds. I just wonder if I can realistically expect a job like that with my lack of real world finance experience even though I am a CFA Charterholder already.
The fund is only five years old… so it’s hard to say. The work sounds interesting though. I guess I’m leaning towards making a switch. Even though the money is not great, I think in five years I will be more employable and marketable in the finance industry.
This is just my opinion, but if you are under 30 and have no family to support, it is probably worth it to roll the dice and enter the new field. If it works out, you might make a lot more money in the long run. If it doesn’t work out, then well, hopefully you got some good experience that will help you in finding your next job. If you can survive for a few years with some income risk, then why not.
^ agreed with the caveat single and no one to support.
Its hard enough to move out of Govt when you’re young, its not going to get any easier as the years roll by. Get out while you can, if the experience is worth the paycut.
