[CTbrooktrout]

For anyone here who works in the local investment industry, whether it be in operations, trading, investment analysis, or portfolio management... I'd like to have a career advice Q & A if anyone is willing.

A little background on me: I've working in the back office/operations space for a boutique asset management company for the past 3 years. My aspirations are to move into a more research and investment analysis type role. I'd appreciate the opportunity to learn a bit about the different careers or positions people here have and what advice they'd give someone like me if I wanted to move into their area of work.

Private PM's are fine if you don't want to out yourself!

Thanks in advance!

[jesse_f]

Start your CFA studies ASAP. You'll need that (or an FRM, it's getting more popular) anyway for a research/analyst position, and it'll open up a vast network for you. Financially, it's only a grand or so to start, so it's a big commitment like grad school.

One other thing - not sure what you mean by "local", but there's a good chance that Fairfield county is about to be inundated with highly-experienced research analysts looking for work as the noose is tightening around SAC Capital. I'd be looking outside of Fairfield until you have your CFA.

Just my $0.02.
Good luck!

[Wilton2ParkAve]

Jesse's feedback is spot on, although my employer doesn't even know what an FRM designation is. CFA/MBA is still a powerful combination and will open doors.

NYC is still mecca, but Fairfield County isn't too shabby and infinitely more rich than the rest of CT combined for investment positions. I'd also look to get out of back office ASAP- it's a great in to the business but you have to be careful not to spend too long in or you'll future options will be greatly restricted.

[CTbrooktrout]

I currently am studying for the CFA so check mark on that. I meant FFC by "local" as I live in Norwalk. I'm not opposed to commuting to NYC but for now I'd be taking the Danbury Branch trains; not as frequent as NH line so it might make it more challenging. Depends what the hours would be I guess. Can either of you speak about your typical day?

Also curious as to what types of positions you guys would be looking for if coming out of operations? Trade/research assistants? Risk analysts?

Thanks again!

[dazzleman]

I sent you a DM.

[jesse_f]

Originally Posted by CTbrooktrout

I currently am studying for the CFA so check mark on that. I meant FFC by "local" as I live in Norwalk. I'm not opposed to commuting to NYC but for now I'd be taking the Danbury Branch trains; not as frequent as NH line so it might make it more challenging. Depends what the hours would be I guess. Can either of you speak about your typical day?

Also curious as to what types of positions you guys would be looking for if coming out of operations? Trade/research assistants? Risk analysts?

Thanks again!

I'm a sales trader, so really can't speak to an analyst's typical day. Op's itself is just sort of a black hole, so I'd get out as soon as you can and start on a track that you want to continue as a career.

[JetLee380]

I used to be a Sales Trader for the world's biggest Hedge Fund but worked in London, not NYC so I'm not sure how relevant my experiences will be for you. I'm female, so again maybe a slightly different angle. I started out in a small Asian hedge fund selling their directory, then moving on to cap intro (marketing HFs).

I then moved back to Europe to spend 6 months on an internship at EUREX, exchange, filling orders and learning to trade. I subsequently moved on to work as a Sales Trader for an investment bank. My typical day would start at 6.30 am at my desk, checking overnight activity, reading emails from clients or solving trading errors (checking stop loss mistakes, filling mistakes, technical errors, complaints, etc.) I would take over from the night shift at 7 am and then fill orders, ask market makers for prices, calculate options, check which positions need to be rolled or if a contract (Oil, etc) would expire. I also put out trading ideas to my client base, getting them to trade with us, recommending stocks or simply checking if all was okay with their accounts.

When I moved from that bank to London it was a big step up, the order sizes were a lot bigger and I literally spent every day from 6.30 to 4 pm (when we handed over to our NY desk) glued to my six screens if it was a busy day (numbers out, trading glitches, big market moves, rumours, etc) I loved every minute of it!

I admit that my career path is not necessarily the straight forward way. I am a Bachelor and Master degree holder (Intl. Business Admin).

As others said, don't stay in Ops too long or you'll become one of those pale wraiths who are always bypassed at bonus time and omitted from the Telephone directory :-)

Try and get trading experience or analyst experience, continue your course to gain more knowledge and a certificate to show you have acquired further knowledge in your chosen subject. Try and apply within our company to move to the Front Office. Most companies have to advertise a position internally, first, before recruiting from external sources.

Good luck with whatever you choose to do!!

[JetLee380]

PS: when I moved to London I didn't have to solve any more technical error issues, etc. i would do almost exclusively Forex and working at filling those orders, asking the traders with their books to make me a price to quote for a certain client.

A bit different from my job but woth a read: Quantitative prop trader: 'I wouldn't try to raise the price of rice and starve China' | Joris Luyendijk | Comment is free | guardian.co.uk

[sickofnewyorkcity]

CFA can also take forever to pass, the institute can keep failing you at level 2. I gave up and I think the CFA Institue will be in big trouble as other options are appearing. You no longer have to take 2 years off work to go to grad school; top programs are online. Better connections through alumni and better leadership training, CFA institute won't give you that.

I have been a member of NYSSA (NYC CFA society) for a while and I have gotten nothing from it. I stopped paying the dues to save money. There are programs like UNC Chapel Hill where you have synchronous and asynchronous learning sessions and you also go on weekend immersion sessions to cities in the US and foreign countries. They had one in São Paulo Brazil where they talked with officials about economic impact of World Cup and Olympics.

CFA might take you 5-6 years and it is a frustrating process. They use to have a rule where you had to pass all 3 exams in a certain period of time, but that is gone now that everyone and their mother is taking the CFA. I actually started taking classes to get my CPA. I think that is worth more than the CFA. Most of CFA is Accounting anyway.