So, I’m searching for a job just like many of you. I have 4 years of private wealth management experience and 1 year in a muni bond role and don’t want to do this anymore (pw). I’m making the move to corporate finance. I’m also trying to relocate to Denver from Dallas.
I’ve applied for about 15 jobs (legitimate opportunities that I think I qualify for), like jobs that require 1-3 years of general finance experience and knowledge of accounting. I have only had one phone interview. Maybe it’s too early to analyze this, but please give me your opinion on the following:
Which is reason I’m not getting calls?
Lack of corporate finance experience
The fact that I live in Dallas and not Denver
The fact that I am a Charterholder in a totally different field
Lack of corporate finance and investing experience, or perception thereof. I work with many, many clients coming from a PWM background looking for IB and ER roles. Your failure to gain traction likely has to do with the fact that you probably are presenting yourself as a PWM person that can potentially do the IB/ER job, rather than making it really seem like you’re an IB/ER person trapped in a PWM role.
Any decent posted finance job these days receives 300-or-so applicants. So if you applied on-line to a publicly-posted position, your resume is unlikely to be selected from all of the other resumes submitted.
Both 1 and 2, depending. For a relatively junior role nobody wants to pay relo or have to wait too long for the person to start. How exactly does your experience match up on the accounting side? Or, are you relying exclusively on the CFA for that requirement?
Also, why the F do you want to move from PWM to corporate finance? What kind of role specifically? Or, are you stuck in a chop shop or something?
i easily have the skills necessary for a corp fin role. And to numi’s note and yours, I’m not looking for IB/equity research but an FP&A role. I don’t really have passion for providing private wealth mgmt because it’s more big picture. I like looking at a ton of information and analyzing it. Love excel. Private wealth just doesn’t cut it for me. But it could also be the firm in at. We do a lot of taxes as well as estate planning. Maybe if I had more of a portfolio mgmt role as a fiduciary, it wouldn’t be so bad. Whats so great about pwm? I don’t see it
@Geo - really? No transferable skills? So basically, you’re saying no one that has ever worked in PWM has justifiably earned a job in FP&A, and/or they don’t have the ability to do the job. Please…
So how the hell does someone with my experience get into this field? Is networking the only option?
I have a friend in Dallas who is a manger of FP&A and he said my resume looks great to someone like him and that he just wants to see that someone is smart and can pick up concepts and is a hard worker. Maybe he’s referring to an entry level position, I don’t know.
Hypothetically, if I did end up having to start at the bottom, would I be better off leaving CFA off my resume (so I don’t appear expensive). That would suck to work so f’in hard to not even get to acknowledge it. Guess that’s life.
Yeah, it’d be entry level FP&A for you if anything. I’ve played that game for 8 years (mostly direct, some indirect, and I’ve been in the hiring team for FP&A jobs) so I’d say I’m pretty qualified to have an opinion on that. No. No one in PWM has EARNED a job in FP&A. Show some respect. If you walk in thinking your a BSD because you worked on the glorified side of the street and you have EARNED a job, you’re going to get shown the door. I’ve generated as much shareholder value in FP&A than many of the BSDs here do in their funds. FP&A isn’t a step down from PWM. FP&A is real financial and strategy work, whereas the view of PWM is pretty much glorified sales. To grab a senior role in FP&A you’ll need to demonstrate that you can apply financial concepts to lead operational or startegic improvements. You’ll need to demonstrate that you’ve done so. You can’t just say I know how to do DCF and look at my PWM BSD, give me a job. This just seems like a continuity of the general disrespect I see around here for us that work in the corporate side. Its real work, generating real value. Just because you plugged some funds to mom and pop doesn’t qualify you to be some rock star. Its like folks that have done financial sales jobs think they’re qualifies instantly to do the deep analysis work that FP&A requires. Have you developed the financing mix for a new corporate project and built the models to convince itera to buy your bonds? Convinced rating agencies not to downgrade your ass because of some stupid decision made in your organization? No. So you don’t have any relevant experience in real FP&A issues. You have financial knowledge which puts you ahead of Joe the Plumber. But that’s about it. Knowing how to so something from CFA ciriculum is one thing. Have done it is another. Would you hire me in PWM b/c I’ve worked FP&A? Probably not. Why? Because there are very little in terms of transferable skills or knowledge. I wouldn’t leave CFA related accomplishments off your resume though. They are respected in FP&A roles. You just need to actually have experience in something relevant to get in above entry level.
Also - I see substantial culture risk of being a salesman into my team of analysts. You’ll have to convince a hirer that you’re not a salesman, which means the tone of your writing here won’t fly.
Sorry, not trying to disrespect. But I see the issue now that I’ve got your persective on my experience. I am NOT a salesman, and my job currently is strictly an analyst at a financial planning firm. I couldn’t sell a hundred dollar bill. Which, I guess that sucks for me then, if everyone sees my resume and thinks I’m in glorified sales, when in three years, I’ve never picked up the phone to pitch something to someone. Comparing my role to some New York life bs is apples and oranges. But, I get it, it’s just how the cookie crumbles. Well, I guess I’ll have to start at the bottom and hope for a salary that isn’t too insulting. In my role, I still believe my experience shows that I have the necessary adaptable skills it takes to be in FP&A, whether directly or indirectly. Anyways, thanks for you input.
My tone is not a result of analystforum people. I value your input, just maybe the truth isn’t what I want to hear and it’s frustrating to know a lot of work I’ve put in over the past few years could have possibly been a waste. I’m just being honest, don’t see any problem with that. Just had a phone interview for an fp&a role, so that’s boosting my morale a bit. Thanks all.
A role is often what you make of it. I, personally, would probably much rather work in PWM than in FP&A…although I haven’t done either I know people who have done both. PWM has significantly higher income potential and if you can get to managing large, complex clients then the work is interesting. You also have access to all kinds of perks. FP&A seems kind of boring by comparison. How about this: what are your current daily duties?
Yea, I guess it all depends on the person. For me, managing a ton of clients isn’t what I want to do anymore. I originally thought I did, but it just doesn’t fit my personality. I’m more of a numbers crunching, analytical, provide my opinion type person. The perks are great. Work your own hours (once you have your own clients of course), very little stress, and good culture overall. As for what I do on a daily basis - update client financial statements, update asset allocation statements, use morningstar to analyze portfolios and compare to client objectives, rebalance portfolios, mutual fund research, individual tax returns, partnership and corporate tax returns, estate planning objectives, long term tax planning, bookkeeping for small companies, etc. It’s not that the work I do now is totally awful, it’s that I’m at the point where I’m bored with what I’ve learned and I don’t see myself at the next level of client management. Not interested. As far as money goes, definitely more potential in PWM, unless you get to CFO status or something, which is my new goal in life. My bosses net about $450k a piece, so not too shabby.