Finance Jobs question?
 

I've got around 2 more years to finish my degree. Just looking at jobs I could get in the summer...

I'm initially interested at accounting, but now I'm try to gear towards myself to finance.

Haven't had much work experience but what are some jobs I should be looking to start with in the summer? something that I can start to build my financial career in ?

What are some GOOD financial jobs I could be doing in the long run with a lot of $? (Ie: investment banker, stock broker)


What kind of experiences and goals should I be looking to achieve in the world of finance if I want to be successful?
$ is the key for me...

Thanks in advance.

You can make a lot of money in various areas of finance.

If you're a broker and have a good book of high net worth clients, you could easily do $500k a year.

Of course, everyone talks about ibanking, so here's what you need to do:
- get summer internships - deadlines have passed, but see if you can't squeeze one in
- network
- learn to function without sleep. As a first year analyst, you will be worked to death.. starting pay is about $$60k + bonus, so you'll probably do 6 figures your first year.
- read the vault guides
- know your finance shit inside out.. DCF, comps, valuations, etc.

The money there is good - work as an analyst for 2 years -> go to a top 10 business school -> go in as an associate -> exit in a hedge fund or private equity firm.

...
Profit!

^ Thanks for the quick reply. More of those will definitely open me up... and I'd gladly like to hear more responses.

DaFonz- I'm currently at college so I don't plan on looking for an internship till I get into university. What are some good jobs that I can start with (that can be applied on my own) to be a "stepping stone" for me to be in the finance world?

Pardon my stupidity, what are valut guides?

Thank you.

Honestly, at a college level, there's not much you can do in terms of stepping stone jobs. Maybe get a job at a bank... but that's not really too relevant.

No undergrad = no internships or FT job offers. Also note that you need to have GOOD grades to get into investment banking. Think.. minimum A- average unless you have some amazing extra curriculars.

Of course, if you have family in high level places (VP and above), then scratch that and use your connections to get in.

Vault guides are guides..do a search on google for the pdfs and you should be able to find them for free.

I would recommend that you be realistic.
You are most likely not getting into i-banking or research with a college diploma, even if you do 2 more years at University.

The earlier you understand that, the earlier you can plan for other options. Being a broker is an option.

I would suggest you use the summer to brush up on your finance skills. Perhaps take the CSC or CFA first level if you're already comfortable with the basic concepts (I am not sure if you can take that as a college student). Also, spend time researching the industry - the players, the types of jobs, the skills required...

Make a commitment to be absolutely knowledgeable in finance theory and in the industry. At this stage, that's probably more valuable than 3 months as a teller at a bank.

Get into university first, then apply to firms. To get into I-Banking isn't impossible for you, but you do need awesome grades and a top-tier university. Holding financial designations should help a lot. My younger brother has been looking into the same route as well.

That probably overpowers everything else actually.

First of all.. What is your degree? and where are you getting your degree?

Financial jobs in Vancouver are rare and often "capped" with potential and opportunities. Work toward to move OUTSIDE of vancouver.


agree and disagree with what people said above.

first of all, no age limitation for CFA, you can take it any time, but the original point of CFA is for financial professionals who have been in the business for awhile and then take them. Nowadays, its being flooded by students who have zero experience. CFA level 1 and 2 are easy, so if you want to take it, you should.

financial career? like what? sales/broker/analyst?

you DONT get into investment banking. You grow into investment banking, meaning, you do your usual analyst work at some firms, financial or non-financial, and then you wait for the opportunity and then boom, you're on a eam of anayst doing IPOs. Its really about who you know as well. Networking plays big part. KKR CEO (I forgot the name, tip of my tongue), said, he DIDNT get into private equity. There is no such field. Its just being called Private equity when people are now starting to find fundings from private sectors/angel individual investors. So, point is, get your fundamental first, instead of saying "i want to do investment, I want to do private equity, I want to do xxx".

getting a job at bank is good start, but depends on what you do. If you're a teller, well, that is not going to help you much. Now, if you are an advisor at a bank, thats different story. Advisors are like sales (90% of them), they advice on what products of their firm that you should buy that maximize your investment.

So, you should ask youself, are you good with people? if so and you like numbers, maybe you want to be a broker/trader/advisor. If you like numbers and so-so with communication wih people all the time, maybe an analyst is better for you.

Whatever you do, analyst is always a good start, since that is the fundamental platform for you to jump to any career actually.

I was going to work at bank of NY as a junior analyst, but then, i declined because its really about data analysis and then you submit your report and its a 60 hour drop from 8-8. For 2-3 years, you get to be associate or senior analyst/associate, then manager of teams or divisional "title" (but this is probably after 10 years of experience)

I like to manager/oversee operations, so, I chose corporate finance over others, since I can also use this to jump to PE if I want to. So, basically what I do is I do financial modelings, budgeting, forecastig, cost analysis, etc. more of Financial controller-type of role.

So, what exactly do you want?

I don't think you can take the CFA anytime, to register you have to either hold a bachelors degree or be in the last year of it. I'm not sure though. PNF are u a CFA, just curious? Because I am thinking of pursuing that career path. And I heard that the level 1 tests are harder than the other 2 in terms of passing rates, at i think it was 48%?

I agree, Vancouver isn't much of a financial hub compared to places like Toronto or Chicago, not minding the move to another city will probably be beneficial to you..

And I think alot of the good, long-run financial jobs are like someone else said, grown into. You don't just get straight into them because you need lots of experience in the field first. Mutual fund manager is another high paying career though.. and a CFA's designation is known worldwide so it's very useful if you do plan on moving elsewhere

Originally, I was going to finish the CFA, but I passed level 1 a couple years ago and I have not registered for level 2 yet as my current /future position does not require CFA designation and I was sort of wanting doing something different. Analyst is not exactly an exciting job in my opinion. (but you can be different). I am just not sit-in-your-cubicle type, thats all. I prefer to be a managing type, workig/overseeing type and dealing with people with my analysis.

I have been working as a research assistant in Corporate Governance for my school in the Department of Finance. After a year or so, I am not too sure if I want to be a sit-in-cubicle type of FA.. and hence my change of direction.

No, you do not need a bachelors degree to take CFA.

CFA level 1 is taken in June and December only, level 2 and 3 is only in June.

for more information, go to cfainstitute.com. It is all there.

Passin rate for level 1,2,3 are all generally the same at around 30-35%, depending on the quality of the pool. So, basically, the top 30% candidates pass. (for my year in 2005, I think it was like 34%)

It is more of a speed and concentration test more than anything in my opinion. The materials are not hard if you have finance background.

so if you have little background in finance and want to jump start a career in one, CFA is definitely helpful!
It just really depends on what you want.

and yes, these sort of "investment banking", private equity, etc etc, blah blah blah. People "talk" good finance, but you dont get into them. You work in some capaciy within finance first, then you grow into them.


You can start in Vancouver, but if you want to get big, you have to

1) start your own firm, partner with people, or get promoted to a director/VP position at a major bank (which is probably 10-15 years at least later)

I must tell you, the attrition rate of banks for FA are really high, not because they are not good enough, but they are often being hired by clients after a few years working for the firm. i.e. I know a couple friends here from NYU, they have been working for Bear Sterns as an associate, and then they get hired by Campbell Soup, yes, Campbell Soup, in their finance department as managing director/manager, etc. Its fun actually.

2) leave vancouver to pursue a starting career in major cities. If in canada, Toronto is the ONLY place that is remotely close. In the US, its NY, Boston, Chicago, Philadelphia, DC. (basically, the east coast)

my 2 cents.

Again, Finance is too general, and Finance can be summarized in 1 word. "guessitimate", which says a lot about finance. ha...

Hi PNF I read from your response that you are doing corporate finance. Could you elaborate more onto the details of how this sector works?

What is a typical career path that for this sector? What are the entry level jobs for this type of career path and what do they usually require from someone who just graduated from university? A good gpa? Experience?

One major question I want to ask from people who are working in the finance sector is:

"How much does gpa matter when looking for a job in such a competitive industry?"

I have been given mixed response towards such question, some people say it doesn't matter, some say it does, some say it only points to the fact that you will reach "success" slower than people who has a higher gpa than you.


My apologies for hijacking the thread

umm... Its not a sector. Corporate finance usually just refers to any financial work thats done within the company. So, basically, I work with other finance department people in the company on budgeing, forecasting, financial statements, performance measurement, valuations, etc.

career path? Well, ultimately, you should be getting into a CFO position if thats what you want to ask and basically, you can do anything you want. I cant be here and telling what you can and cannot get into or end up with.

What do people require? At very least some financial background and demonstration of financial sense and good at numbers. Experience is very important as well, since a lot of what we do would also depends on our assumptions and intuitions.

In my opinion, a lot of people here are really asking the wrong questions, such as, is GPA important? How do I get into investment banking? How do I become a financial advisor? Where do finance professionals end up? Etc etc etc.

The more important question is what do you like and what do you want to do and what are you good at?

If you want to get into finance in any field, if you are really interested, I am very sure you could have googled it and done a little bit research yourself to position yourself better when you are ready to enter the path. I am sure many people have done research a little bit, but if you havent done enough, then you are probably not good enough.

I apologize for the harsh words and no offense. I did much of search on my own and just on the "try-it-out" mentality and I am where I am today. I didnt do anything special that no one else can do. I think it is just how much effort and will you are putting into.


PS. No offense to your friends. But you can basically ditch all of those friends who mentioned about anything regarding GPA and success.

Success does not originate from your GPA, but from your mindset and effort. Are you willing to work hard for something you want to do? If so, I guarantee you will have a better chance of success than those who are not willing.

So, have those friends for fun, great. But in advice on finance, ditch them. :P

^ Thanks for your advice, its always good to have someone who is at least willing to offer their opinion and possibly, their experience towards questions like these : D

I was able to read through the thread and certainly agree with what DaFonz and PNF had to say.

Definitely do your due diligence and research on the different areas and paths your career may lead you. But as we all know, everyone and their mother wants to work in the Investment Banking area.

Its definitely not easy as they pick from the cream of the crop. Not only that, but working as an IB analyst you're literally selling your soul for the amount of hours + grunt work you'll put in. I suggest reading Monkey Business if you want a better idea.

Vancouver is also not an area known for IB. I suggest trying Toronto, New York and even Calgary.

Sometimes like other posters have mentioned, its really about who you know and not what you know (GPA matters to a degree but its about if you're a good fit and basically don't fuck up on the job - pardon the expletive)

I'd suggest networking, getting relative experience either through a co-op, internship or even volunteering. You want to start thinking about building your own personal portfolio which relates to how well you can eventually sell yourself to a prospective employer (It's all the same for each and every job).

And if you really want to excel in the are of finance, I suggest looking into getting your designations and generally reading up on all aspects (different financial websites, newspapers and books) to achieve a broader understanding.

Most important lesson but often overlooked. Figuratively, think about where you want to go, lay out a road map and figure out what needs to be done in order to get there. I.E your dreams of making $$$ - well there are many other jobs in the finance are that make just as much if not even more $$$

DaFonz, you seem pretty knowledgeable about IB, do you currently work within the industry?

I tried PM-ing you, but it didn't go through... can you PM me, i wanted to ask you a few questions. let me know thanks

do you guys find finance hard? compared to econometrics and my other MA economics courses, i find finance not mathematically challenging at all.

i am taking a graduate level finance course about capital markets (this is my first ever finance course). maybe other topics in finance is more difficult. i dont know.
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