MBA & CFA & no experience & poor economy

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JonathanC

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Thanks for taking the time to read. So here’s my story:
Graduated from B.Comm Honors Economics and got accepted directly into an MBA - Investment Management program that is one of the few accredited by CFA to teach CFA material. In this MBA we used CFA textbooks for 90% of the classes and professors were hired to teach the material to us. In addition we also learned managerial topics common to a typical MBA program. As it stands now, I am in my last semester of the CFA/MBA - IM program and have passed level I (2006) and II (2007) and am registered for the level III (2009).
So…
The issue here is I have the learned skills and qualifications to work in the finance industry (at least at an entry level job) but no relevant job experience (I have worked at Investor’s Group cold calling but only as a cold caller not a Financial Planner). After Google-ing, talking, and chatting with friends I think I should be looking at entry level jobs like:
Junior/assistant/associate analyst/investment banking
But I have applied to these jobs and no one is responding. It’s been about 3 months now and I have revised my cover letter & CV (subject to the advice of friends, family, and interviewers) countless times but still no success. I’ve also recently added to my job applications a personal financial model (excel style) with Monte Carlo analysis to demonstrate my skills (I’m also working on a company analysis to include too that makes use of the excel model). My salary expectation is also low and realistic (30-50k).
I live in Montreal and this city seems to be dead for finance jobs in my category, so I’m looking at Toronto. I’m kind of hesitant to move abroad for an entry level job… I don’t have kids or anything, I’m just a little stand-offish.
What I need to know is:
1) Am I living in dream land in assuming I’ll find an entry level job in Montreal or Toronto by next December? Should I be looking elsewhere?
2) Am I looking at the right jobs to apply for for someone in my situation with my experience?
3) Will I be promotable after a few years? What kind of career path am I looking at with the qualifications I have? I know it sounds like a silly question to ask but with my lack of experience, can you blame me for asking?
4) Anything else a fresh grad with no experience and these qualifications like me should know?
Jon
 
Really? I read somewhere that that guy on wall street who wore the sandwich board began a blog and that helped him. But he had experience… It couldn’t hurt. Any suggestions about blogspots that business-types check out regularly?
 
You could try getting an unpaid internship somewhere while you look for a full time job. It probably won’t be easy, but I’m sure you could find something that would be worthwhile for your resume.
 
I would frame your resume so that it looks like you took the CFA independent of getting your MBA. The general consensus I’ve picked up is that getting a CFA through a structured academic environment is frowned upon compared to getting it while working full-time.
Outside of that GL it’s very difficult right now.
Search daj’s posts on this forum, they might be helpful.
 
I don’t know where to look for internship jobs. There are so few and I’ve applied to all the relevant ones at major banks (because those are the only major financial institutions I am familiar with) but alas, no responses.
Where would you suggest I look for unpaid internships in Montreal? I only know of the 4 major banks.
 
Agree that you should look for an unpaid position and work from there.
 
Just suggestions..Im not sure what will get you in…
Use LinkedIn and other networking tools to find firms that will give you a chance and also work through recruiters and headhunters. Sometimes they have connections or have a channel where the resume bypasses the site submissions and goes right to where it should be - on the desk of the people hiring.
In addition, I know in Toronto, there are contract positions which would be an excellent way to get in. Again, get in touch with financial recruiters such as Collins Recruitment Group, Robert Half, Thorek Scott etc.
Good Luck.
 
JonathanC Wrote:
——————————————————-
> I don’t know where to look for internship jobs.
> There are so few and I’ve applied to all the
> relevant ones at major banks (because those are
> the only major financial institutions I am
> familiar with) but alas, no responses.
>
> Where would you suggest I look for unpaid
> internships in Montreal? I only know of the 4
> major banks.
Physically go there and get yourself an internship. Talk to anyone and anything that has to do with finance and those that don’t. Get names from magazines, radio, internet and start emailing/calling. Try to create a position that could help a company out and pitch it to them. There are a ton of different ideas…most probably won’t pan out, but you only need one.
 
I think it is just sad that you can’t even land an entry level gig at this point. Your school should have a recruitment or career services place that you can go to, a job board if nothing else. I would talk to professors in your program as many of them probably either work outside school or have connections. And be open to moving, you have to be in a certain type of city in this line of work…I would love to live in Washington State climbing mountains but if I live in Olympia my job prospects are thinner than if I lived in Seattle…just a reality man.
 
Okay so far:
1) Physically go into the banks and begin asking about internships sounds like a GREAT idea! I’ve thought about doing it but they always say “use the website”. I guess I should be a bit more pushy.
2)
tvPM wrote: I think it is just sad that you can’t even land an entry level gig at this point. Your school should have a recruitment or career services place that you can go to, a job board if nothing else. I would talk to professors in your program as many of them probably either work outside school or have connections. And be open to moving, you have to be in a certain type of city in this line of work…I would love to live in Washington State climbing mountains but if I live in Olympia my job prospects are thinner than if I lived in Seattle…just a reality man.
Click to expand...
I understand what you mean. The job center is poorly organized and the events I went to for students in my program all had recruiters looking for people with experience. Imagine how I felt when I went to a Freedom 55 guy and chatted with him about the company and stuff and then he said they usually hire people with 5+ years of experience. Another guy was simply collecting CVs and chit chatting… he looked really uncomfortable and sweaty. I am saddened that my program accepts people with no experience and does not have resources to help them out.
Moving is okay. I can do it, if I have to move to America or another city in Canada I’ll do it. I’ll also talk to my professors more about something or some unpaid internship they know about. I really appreciate your advice in that regard!
 
With your focused education and reasonable salary expectations you can find something, stay positive.
 
have you looked @ the big 4 accounting firms , the have consulting, financial advisory departments as well . GE’s rotational program … local CFA society ..
Does the school not have job placement assistance ?
I always thought that was a great program …although i think it wd work better for you if you had a little more experience .
 
JonathanC Wrote:
> I live in Montreal and this city seems to be dead
> for finance jobs in my category, so I’m looking at
> Toronto. I’m kind of hesitant to move abroad for
> an entry level job… I don’t have kids or
> anything, I’m just a little stand-offish.
I’m not sure about the Anglo’s, but there is a small franco (montreal) community here in NYC. I know a guy that was working at a 130/30 franco fund here, but I’ve since fallen out of contact. I’ll try hunting him down again.
 
So here is how I see your predicament.
You don’t fit a mold.
I gradauted from a top 20 Bschool summa cum laude, networked extensively for an intership during jr year, and landed a reserach associate position upon graduation.
soon
I will be finishing my CFA, have worked at said top 15 asset manager for 3+ years, hopefully get into a top 10 MBA and coming out I will be able to look at research analyst or IB jobs.
Both are common sets of requirements, you on the other hand are neither.
You do have a CFA and a MBA but you don’t have the work experience needed for the jobs you specified.
For your salary expectations, and the corresponding back office job, you are probably over qualified.
 
I’m assuming you go to Concordia…can you leverage any alumni programs/networks to discuss with recent graduates.
If it is Concorida..their web site has a contact name for both Montral/Toronto chapters of their alumni program. I’d give one of them a shouttie and ask them to lunch etc and pick their brain.
 
buddha Wrote:
——————————————————-
> So here is how I see your predicament.
>
> You don’t fit a mold.
>
> I gradauted from a top 20 Bschool summa cum laude,
> networked extensively for an intership during jr
> year, and landed a reserach associate position
> upon graduation.
>
> soon
>
> I will be finishing my CFA, have worked at said
> top 15 asset manager for 3+ years, hopefully get
> into a top 10 MBA and coming out I will be able to
> look at research analyst or IB jobs.
>
> Both are common sets of requirements, you on the
> other hand are neither.
>
> You do have a CFA and a MBA but you don’t have the
> work experience needed for the jobs you
> specified.
>
> For your salary expectations, and the
> corresponding back office job, you are probably
> over qualified.
Amit Chatwani, is that you?
 
buddha Wrote:
——————————————————-
> So here is how I see your predicament.
>
> You don’t fit a mold.
>
> I gradauted from a top 20 Bschool summa cum laude,
> networked extensively for an intership during jr
> year, and landed a reserach associate position
> upon graduation.
>
> soon
>
> I will be finishing my CFA, have worked at said
> top 15 asset manager for 3+ years, hopefully get
> into a top 10 MBA and coming out I will be able to
> look at research analyst or IB jobs.
>
> Both are common sets of requirements, you on the
> other hand are neither.
>
> You do have a CFA and a MBA but you don’t have the
> work experience needed for the jobs you
> specified.
>
> For your salary expectations, and the
> corresponding back office job, you are probably
> over qualified.
Unfortunately buddha is right. Put yourself in the shoes of a hiring manager: if I can get recently fired candidates with 5+ years of experience from top undergrad/mba programs for a dime a dozen, why would I look at someone without any relevant work experience and questionable educational background?
The times are tough even for stellar candidates, so try to leverage your connections. Do you have any family/friends connections in investment firms? Does any of your professors who work in industry need an intern?
Contact alumni and ask them for ideas.
Don’t give up, just keep applying to hundreds of positions and eventually you will land one. One is all you need.
Good luck.
 
Will you have the experience to get the CFA designation after passing the exam in June?
 
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