Anyone applying for Investment Mgmt?

Question

All,
I'm considering Investment management as one of my career areas post-graduation, and am a career switcher from Technology. I am wondering if I should take the risk of rejection by stating that, considering the state of the financial services industry.
Anyone applying with the same goals? Any thoughts?
thanks

ugnet1000 · Answer

Yeah, I'm in the same boat as you. I have a tech consulting and supply chain background. I got rejected by all the schools last time around and waitlisted at 2. I think you have to show that you did your HW, and you took some steps in preparing for that field. (perhaps CFA 1, local investing club...). I'm just guessing...I'm still struggling with career goals. I might just default to "strategy consulting", perhaps the most overused goal.

wiseguyMBA · Answer

Wow are we Applicant twins or what? Same story here...did INv Mgmt goal last time, got rejected by 2, WLed by 2.
So this time I'm hightly tempted to say Consulting, except at the WL'ed schools.
The problem is though, that I know jacksh*t about consulting, and can't really explain my long term goals well.
What's your approach? mind sharing it? offline, if thats better?
thank you

pittgreek · Answer

add me in ..

unhedged · Answer

I'm no expert on the financial services industry, but just to throw it out there, have you considered equity research focusing on the technology industry? I know this has been battered as well, but perhaps your technology industry knowledge will give you a leg up (or at least in the eyes of the adcom).

I've read about people transitioning from equity research to sell-side/buy-side. And the CFA is valuable in both afaik.

I've read about people transitioning from equity research to sell-side/buy-side. And the CFA is valuable in both afaik.

bigDeal · Answer

I am in a similar boat. I have a question...I'm taking the CFA level 1 in december'09. Can I mention that as an initiative I'm taking to learn the ropes in IM?
thanks
Bhargav

CaliCpa · Answer

Along those same lines..how is "being enrolled in the CFA program (i.e. test is coming up after app deadlines)," looked at by adcoms compared to "I passed level 1 already?"

pittgreek · Answer

my boat seems to be worst 
engg trying to switch gear..~!@!

jankynoname · Answer

I'm jumping on the IM train as well... career switching from consulting. I don't think it will be viewed negatively. I mean, I don't think anyone sees pure investment management going anywhere, there will always be a need for that. I'd say ppl looking to go into I. banking will have a much harder time justifying that since that industry likely will change a lot. But then again, i'm not sure anyone really says "i want to do i.banking after an mba" in their apps anyway... do they??

My struggle was to decide how specific I want to be in essays. I have a very specific idea what I want to do (down to a list of about 3/4 firms), but i'm not sure whether its worth mentioning that much detail? Anyone have thoughts on this?

I'd definitely mention if you're planning to sit cfa. I just got thru level II and am mentioning that i'm planning to take III next yr. Even if you haven't passed any yet, it shows that you have a plan, and are beginning to shift your career accordingly.

wiseguyMBA · Answer

I didnt mention company names but yes i did specify a very clear path for the next 10 years..I think that sorta helped...well atleast thats wht my interviewr at K told me...

wiseguyMBA · Answer

And since we're on the topic, I was thinking yesterday, "Why can't I do a CFA and get into IM? Do I really need an MBA"?
Anyone has input on this?
thanks
wg

snipertrader · Answer

MBA = Networking + Branding + others goodies :twisted:

Espc in this market, networking and brand name will go a long way for career switchers. End of the day, CFA is just 3 levels of exams that needs to be addressed. I am not sure if a non-finance person can learn skills sets by cramming cfa books. Now, if one is preparing for CFA alongside a job which revolves around related areas, its a different ball game. On a side note, a lot of CFA Level II and III revolves around fixed income and derivatives. Given the current scenario, i feel a lot of it has lost relevance and the course does need a overhaul. Disclaimer - I am a finance professional not a CFA thou. Cheers!

wiseguyMBA · Answer

That helps a lot, man. Thanks for clearing the air. I just needed to reinforce it into my mind.
Wg

Posted from my mobile device

3underscore · Answer

But fixed income isn't going away any time soon, and arguably they need more on derivatives as they clearly weren't well enough understood by people. Derivatives will be back in force in a few years - same as after the S&L crisis, the Emerging markets etc...

jankynoname · Answer

Yeah, I've thought a lot about the mba v. cfa thing. I think it comes down to different skill sets. I expect cfa is more rigorous than b-school in terms of the analytical / computational requirements... it is a ton of material and there's no getting around that. But I'm not going to learn how to manage a research team or pitch to an investment committee from cfa. For those "softer" skills, I think I need an mba. In terms of career trajectory, I guess it's a toss up. Some industries seem to not care at all whether you're an mba, and in fact they probably prefer hiring cfa's who can be paid slightly less than the typical mba (at least to start with

But there's def something to be said for the schools with strong networks if you're looking to career switch. I'm hoping to get both: the b-school network to get me an interview, and the cfa to convey that i can do the analysis. That said... i just got my Level III books in the mail and am dreading having to open them up. Damn, it feels like it just ended.

Class2012 · Answer

How is starting an investment club and managing a fund created by money from members treated by the adcom?

merkin · Answer

I am looking to make the transition from sell-side to buy-side. I passed L1 CFA in June and will sit for LII next June. A lot of people like to play the CFA v. MBA game but really they are compliments, not substitutes (for most). As someone mentioned the CFA program is just another stamp of approval, maybe the tie-breaker for an interview. For me it was an undertaking both to boost my understanding and also demonstrate quantitative ability despite my liberal arts degree. I've heard it largely covers the first year of a finance intensive MBA so I'm hoping to focus that first year on the real value of an MBA program...the networking.

Anyone applying for Investment Mgmt?

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