Unemployed CFAs - How's The Job Search?

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yankees98a

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How many unemployed CFAs are on this board... If so how is the job search?

If you were offered a steady government job at 65k in a moderately price warm weather city (with pension, etc) with no more than 40 hrs a week working at this point . at this point would you take it?

Or would you hold out for a 100k+ 60-70/hr week job with no security but potential to make big $$ in NYC?



Edited 1 time(s). Last edit at Saturday, August 22, 2009 at 06:55AM by yankees98a.
 
I haven't had a finance interview in 5 months and have only had 4 interviews in the last 11 months.

I actually am interviewing for 2 gov't jobs - one is a finance/engineering hybrid and one that is not related to finance at all. That's probably about where the salary will end up (assuming I get an offer). At this point, it is better than nothing. With very little in the way of financial job prospects, I think anything is better than nothing. If you can switch over to a better paying job in 6 months or a year, then go for it. There is a saying that is more often than not true - "It is easier to get a job when you have a job."
 
Market for unemployed CFAs and finance professionals in general is horrendous..the designation means NOTHING under the present scenario...the only demand I am seeing right now is from mgmt consulting but with the horrific travel demands and lower comp (typical bonus is only 10% of salary) it is tough to make that jump
 
I'm getting few interviews but noone is taking fresher, but I tried a lot finally took a up job as patent engineer in a "patent troll" company, it sucks greatly but what can you do about it.
 
yankees98a Wrote:
-------------------------------------------------------
> How many unemployed CFAs are on this board... If
> so how is the job search?
>
> If you were offered a steady government job at 65k
> in a moderately price warm weather city (with
> pension, etc) with no more than 40 hrs a week
> working at this point . at this point would you
> take it?
>
> Or would you hold out for a 100k+ 60-70/hr week
> job with no security but potential to make big $$
> in NYC?

I'm sticking with my 100K+ 40-50 hour per week job on Wall Street with good benefits, great quality of life, reasonable job security, and potential to make big $$ in NYC. Not every decision is 30K govt job working 30 hours a week with 24 weeks of vacation vs. 100K investment banking job working 170 hours a week with a half day of vacation.
 
yankees98a Wrote:
-------------------------------------------------------
> How many unemployed CFAs are on this board... If
> so how is the job search?
>
> If you were offered a steady government job at 65k
> in a moderately price warm weather city (with
> pension, etc) with no more than 40 hrs a week
> working at this point . at this point would you
> take it?
>
> Or would you hold out for a 100k+ 60-70/hr week
> job with no security but potential to make big $$
> in NYC?


$100K base or $100k all in? What's the potential for advancement? How much can I expect to make 5 years down the road?
 
I've had absolutely no luck in finding anything finance related, let alone a position back in the financial services industry. No interviews, no email replys, nothing. I'm currently doing data entry at a temp job for basically nothing, but I just had to get out of the house and work. I'm hoping things start to pick up in the Fall.
 
is it all really this bad?

I have zero years working experience (except a finance internship years ago that went nowhere). finance/accounting degree, so screwed, sigh.



Edited 1 time(s). Last edit at Tuesday, August 25, 2009 at 01:28AM by nocareer.
 
Rady,

What are your qualifications?



Edited 2 time(s). Last edit at Tuesday, August 25, 2009 at 07:25AM by PtrainerNY.
 
With so few job prospects, how many of you that are unemployed have thought about starting your own business? I know several recent grads (undergrads), all very smart people, but none of them has landed anything, not even close.
 
XSellSide Wrote:
-------------------------------------------------------
> With so few job prospects, how many of you that
> are unemployed have thought about starting your
> own business? I know several recent grads
> (undergrads), all very smart people, but none of
> them has landed anything, not even close.

Not a real possibility since credit is frozen. You need a loan to start a business unless you have and are willing to invest your own savings.
 
rady27 Wrote:
-------------------------------------------------------
> I've had absolutely no luck in finding anything
> finance related, let alone a position back in the
> financial services industry. No interviews, no
> email replys, nothing. I'm currently doing data
> entry at a temp job for basically nothing, but I
> just had to get out of the house and work. I'm
> hoping things start to pick up in the Fall.


This is fkcing eye-opener for all those candidates who think that CFA is a golden ticket for their first 200k job.
 
I personally know two people that have left current employment to start their own shops. I read/heard somewhere that most successful businesses are started during downturns, so that they are estabished to take advantage of the economic upswing. I am actually starting to get the bug, but too much going on right now in my normal life to radically change my work life right now.
 
cfaboston28 Wrote:
-------------------------------------------------------

> This is fkcing eye-opener for all those candidates
> who think that CFA is a golden ticket for their
> first 200k job.


+1
I just love those Stalle Ads with big a$$ font saying "an average CFA charterholder makes $130K."
Any 24 yrs kid who thinks he can get a job at Pimpco making $250K just becuase he passed L1 with all sections >70 is clearly out of his f*$(ing mind. And sadly we come across those individuals from time to time, partidularly in the L1 forum.
 
^ can't agree more. In research, everybody and their brother has either CFA or working towards it. Not a big deal.

It all depends what have you done in your past.
 
cfaboston28 Wrote:
-------------------------------------------------------
> ^ can't agree more. In research, everybody and
> their brother has either CFA or working towards
> it. Not a big deal.
>
> It all depends what have you done in your past.


Although I'm not expecting doors to fly open I have to disagree with this comment.. charters awarded in 2007: 6399. Many of the top MBA programs award ~750+ MBA's a year and you wouldn't say "everybody and their brother has either a top 5 MBA or working towards it". there is value here and the mkt is really tough right now. Of course one needs a broad set of experiance/ networking/ qualifications and shouldn't expect to go from IT help desk to mutual fund PM- but saying "Not a big deal" is a bit extreme no?

btw I love the PIMPco.. lol... and if you think you're gonna make 250k there 1st year w/out experiance you have another thing coming. Hourly it was less than waitressing at outback... sad but true.
 
akanska Wrote:
-------------------------------------------------------
> cfaboston28 Wrote:
> --------------------------------------------------
> -----
> > ^ can't agree more. In research, everybody and
> > their brother has either CFA or working towards
> > it. Not a big deal.
> >
> > It all depends what have you done in your past.
>
>
> Although I'm not expecting doors to fly open I
> have to disagree with this comment.. charters
> awarded in 2007: 6399. Many of the top MBA
> programs award ~750+ MBA's a year and you wouldn't
> say "everybody and their brother has either a top
> 5 MBA or working towards it". there is value here
> and the mkt is really tough right now. Of course
> one needs a broad set of experiance/ networking/
> qualifications and shouldn't expect to go from IT
> help desk to mutual fund PM- but saying "Not a big
> deal" is a bit extreme no?
>
> btw I love the PIMPco.. lol... and if you think
> you're gonna make 250k there 1st year w/out
> experiance you have another thing coming. Hourly
> it was less than waitressing at outback... sad but
> true.

I think the point is that the CFA charter is relatively easy obtain compared to an MBA from a top program.
 
true- I'm just saying everybody and their brother is a bit over the top. Its not like a RE license for peets sake- otherwise why would one go through the trouble?

...I also missed the "in research" part :) that narrows it a bit more.
 
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