Lowest salary with CFA

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iamsmrt

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I'm working as a Portfolio Administrator Assistant (yes, below portfolio administrator). There are only so many places to get hired at in the investment industry in Vancouver, and finally got hired after my fifth interview (yes, fifth interview... 3 interviews one year for a couple positions with no success and a couple the next year). Biology degree and screwed around going nowhere after university, but decided on finance eventually. I worked in the credit department of a small leasing subsidiary of a big canadian bank before making the jump to a large investment firm in Vancouver. They wouldn't even match my modest salary from the other bank, but I was desperate to get in (this is january of this year after all) and was happy to get some big buy-side experience, albeit being highly academically overqualified. Finished level II this summer and am even more overqualified. Suffice to say, sucks because I feel like I'm going nowhere, but I did get hired in one of the worst financial crisis in our lifetime and I've only worked there since January so... I shouldn't be kicking myself so hard.
 
Hey iamsmrt, could you share a little bit with me about your experience finding work in vancouver? I'm in a similar situation.

My email is [email protected]
 
iamsmrt Wrote:
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> I'm working as a Portfolio Administrator Assistant
> (yes, below portfolio administrator). There are
> only so many places to get hired at in the
> investment industry in Vancouver, and finally got
> hired after my fifth interview (yes, fifth
> interview... 3 interviews one year for a couple
> positions with no success and a couple the next
> year). Biology degree and screwed around going
> nowhere after university, but decided on finance
> eventually. I worked in the credit department of
> a small leasing subsidiary of a big canadian bank
> before making the jump to a large investment firm
> in Vancouver. They wouldn't even match my modest
> salary from the other bank, but I was desperate to
> get in (this is january of this year after all)
> and was happy to get some big buy-side experience,
> albeit being highly academically overqualified.
> Finished level II this summer and am even more
> overqualified. Suffice to say, sucks because I
> feel like I'm going nowhere, but I did get hired
> in one of the worst financial crisis in our
> lifetime and I've only worked there since January
> so... I shouldn't be kicking myself so hard.


How do you live on 30K a year in Vancouver?
 
I think assuming that there is some threshold of pay for a charter holder is fundamentally flawed. Neither a CFA nor a MBA alone will or should determine the salary you receive. This comes from experience, for which there is no substitute. I work in PE and know a number of people with a CFAs and/or a MBAs that lack the fundamental skills my firm would look for in a new hire.
 
I have a second job at a restaurant (put myself through university by working 25-30 hours/week... yeah, my grades sucked) a couple days a week. And now my gf lives with me so rent is halved... but really, if u're studying for CFA you don't go out much anyways and i'm pretty frugal to begin with, don't go out to restaurants much and just cook at home. Me and gf watch a lot anime and go out for bubble tea and you know... the best things in life are free! ;) (japanese cutie, did some minor fashion modelling & worked as a promotions girl back in japan... i got lucky)

In terms of finding a job, well there's only a few firms in Vancouver and I was dating someone at the time who worked in HR. That girl passed my resume on to a co-worker who used to do finance recruiting. That person forwarded my email around and that got me my initial interview... which eventually led to my underpaid job. Next pay band (ie. even a minor promotion) is about 10K, if i don't move up two pay bands... so we'll see, but after 2-3 years experience at a major institutional buy side firm, albeit entry level and having passed all 3 CFA levels and recovering economy etc. i should be fine... and who knows, i might just truck off to japan and see what happens in tokyo there.
 
Yeah, the reason I ask is that I'm a recent grad with a science degree and I'm just starting the CFA. I'm planning to move from Victoria next summer when I'm done the first level. The idea is that passing the first level, combined with the (useless) CSC and strong grades in a tough degree would enhance my employability. Right now it's not sounding too good, mind you, but I'm hopeful that employment will have picked up a bit by then.

Can I ask how employers responded to your biology degree during interviews? I did astrophys so I got a fair amount of advanced math, but I imagine that's fairly useless at the entry level anyway.
 
iamsmrt Wrote:
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(japanese cutie, did some minor
> fashion modelling & worked as a promotions girl
> back in japan... i got lucky)



Screw pay levels. I wanna see pictures of the Japanese cutie!!!
 
doesn't it depend on work experience as well? I know 25 year olds with a CFA, I think they are barely making $75k
 
iamsmrt Wrote:
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> Me and gf watch a lot anime and go out for
> bubble tea and you know... the best things in life
> are free! ;)

must be a major dork with Asian fetish
 
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