I’ve enjoyed reading a lot of the post on this forum (quite a few knowledgeable and experienced members) and would like an opinion on what to do at this point in my career.
I’ve mentioned in other threads but a quick run down: I graduated about 6 years ago with my degree in Economics, minor in Biology. Low GPA, 2.9x. I couldn’t find employment at all related to my field so I sold cars. I worked at 3 different dealerships, moved up the luxury chains, but really disliked sales. My friend from college told me I should do CPA or CFA as it would add some skills that would be marketable and desired. I didn’t really like going to classes (and to be honest was a bit jaded from current degree) so I signed up for CFA.
I studied really hard, as I didn’t have any finance background, and knocked them out 3/3, dec 11, june 12, june 13. From graduating college till about passing level 2, I applied alot, did a lot of networking but it wasn’t until I passed level 2 and was talking that up that I started getting calls and interest. Got an interesting offer in business valuation, took it, and have been here a year.
The job has been going well, boss is a good guy, interesting work. My long term goals are to try to stay in Texas if I can since my son lives here and hustle hard and make as much as I can. I work really hard and can learn quickly. Investments interest me but the field seems oversatuated. With that said, what would you do if you were me? MBA? More certs? Bark up a different tree and switch industry or stay put and keep grind? Currently, I’ve been trying to learn more and more excel on my own.
I think I can use my past, kind of odd education and work experience as a positive but if you were on the other side of the desk intereviewing me, what would you really think?
Thanks in advance for reading and I look forward to any thoughts!
Well, you’ve finished CFA. I’d say now you build work experience. A lot of people coming out of college and finishing the CFA program are prone to ask “What’s next?” The answer to that is “Career.” You got a job that it sounds like you like. Own that. It’s been a year, and while I’m sure you want to make up for lost time it takes a few years to build enough knowledge to really be killing it. So, my answer is keep working and enjoy your free time.
Are you actively looking to leave the field, or is the role not the type of valuation you’d like to be doing?
I’m not actively looking but have been learning about different areas of finance. I think a switch now might be too soon; like you said, it takes a few years to build enough knowledge.
Relative to my prior jobs, this job is the best. But it is my first job in the field, I don’t really know what I’m missing, due to my naivety. When I first started CFA, I didn’t even know business valuation existed ha! I always thought I’d be going into investments or doing corporate finance. I’ve researched investments the most, as I think that field has the most books written about it, and is the most talked about.
I know if I work very hard and put in the effort, I can be successful in the future, here or elsewhere, but I wonder where I can be the most successful.
Obviously build a career is the goal, and so that involves getting a job. Of course, jobs aren’t exactly dropping off trees like leaves in fall these days, so while you’re doing it, you will need to try to invest your own ideas.
So you might try running a paper or real portfolio with your own money (or a donation from your family if they support you and believe in you). A real portfolio is definitely something more serious than a paper portfolio, because the emotions of gaining and losing money are much more powerful when there is real money on the line, and a big part of investing is learning how to deal with those emotions in a rational way - it’s a lot harder than it sounds.
Nonetheless, there’s plenty that can go wrong with a paper portofolio too, so it generally makes sense to wait until you feel comfortable with your paper process before putting real money on the line. Certainly, that’s what real investors do when they develop new processes, though with experience, the model-to-invested-funds process gets quicker.
I’ve been running my real portfolio (basically all my life savings) since 2011 (tried to run a paper one for about a week but didn’t have interest). I got really really lucky and started in the middle of the euro debt crisis, in the fall when the market was close to the bottom. It was tough but I bought more and more as the news got worse and worse into solid companies that i thought would weather the storm and that strategy paid off. There wasn’t much quantitative analysis other than ratios (I was studying for level 1 so didn’t really know much more at the time), so I know there’s a lot more to learn and luck was a big part of that. Been following the value investing strategy but open to learning others as well.
About what an average finance college grad starts out at in Texas, pretty low. What do ya’ll think is an appropriate salary range from what I’ve posted?
A bonus and raise are promised at year end, which will have a great effect on what I plan to do. Like bchad said though, the jobs aren’t numerous, so my options may be limited. From what I’ve heard our 4 person, several decade old firm, had it’s best year ever by far, so I expect the raise and bonus to be significant.
I do like the job, but taking care of my family and myself is most important to me so what I like may not be the best.
To get the best possible perspective I like to get involved in the finance and business community in a way that fits with my overall strategy. There are other communities that may also work like in politics.
You do not seem to be involved in anything that could help you further develop your network and learn about/from other finance professionals in Texas and people that are in different industries than you and that could help you better understand where you stand and also what opportunities may be ahead.