Getting a job in finance, with or without the CFA designation, is a tough task. Understand the process and what employers are looking for to get your foot in the door.
Probably the second most frequent question we get here at FinQuiz after, “How do I pass the CFA Exams?” is whether the CFA designation will get you a dream job in finance. Sadly, the short answer is, “No, of course not! What are you thinking?” No one thing is going to have employers beating down your door, short of paying someone to give you a job. Having the CFA designation or progress to the charter will help and it’s something employers look for but you have to know the rest of the process.
What do employers want in a job candidate?
The first thing you need to do is understand what employers want in a job candidate and what they want in candidates for that dream job in finance.
Employers want someone dedicated to their professional life. As much as supervisors may talk about finding people that balance work and life, about how important it is that employees enjoy their social lives, they really want someone that isn’t afraid to put in the hours and get the job done. A lot of new finance hires are going to be expected to put in 60+ hours a week, especially during end of quarter reporting or around a big deal. Showing that you can dedicate yourself to the job will help put you higher on the list.
- Beyond the experience from loading your schedule with extra-curricular activities, or professional activities if you’re already working, managing a busy schedule shows employers that you aren’t afraid to put in the extra time to get things done.
- Highlight projects that required an intense schedule and extra work on your part, leading to how you successfully pushed the deal through.
Employers don’t want “well-rounded” candidates. Asset management is competitive and it’s a team effort. If employers wanted people that were good in everything, you wouldn’t have separate teams for fixed-income, equities, alternative and about a hundred other ways to segment the industry. It’s fine to have an understanding of the industry and the CFA curriculum does a great job of broadening your knowledge, but you need to excel at something.
- Spend some time talking to people in the industry to learn about specializations. You are going to need to network anyway so this is a great way to start by reaching out to people in your local CFA society. Once you have talked to enough people and know what path you want to take, develop a special skill that will help you stand out in the crowd.
- The traditional route has been to learn as much as you can about a specific sector or industry but there are other skills you can develop. Learn how to value and trade a specific product on the fly or how to code trading programs. Develop an investment or trading strategy and track the gains versus a benchmark. Networking with people in the industry should uncover a few potential skills you can work to that will fulfill an employer need.
Finance is still about who you know
As much as your dedication and special skills will help you get the job, the industry is still very much a networking game. Spamming out your resume to every job board and corporate vacancies page will get you half as many interviews as reaching out personally and making the right connections. For this, there is no better opportunity in town than those presented by your CFA society.
- Develop your personal brand. A personal branding strategy is something we’ve talked about before on the blog. Check out the prior post and put together a strategy for how you want people to see you. This is going to play into your networking and that all-important first impression when someone asks you, “So, what do you do?”
- Check out the profiles on a few key CFA society members before you go to events. Start with the board of directors or anyone that appears to show up frequently to events. Learning a little about them will help to break the ice if you meet in purpose. When you meet them, don’t comment that you studied their profile but casually remark on a comment they posted in social media that you saw or bring up an industry-related question that they might know something about.
- While CFA society events will provide a ton of networking opportunities, check out some other industry groups and events. You’ll be able to go to most functions at least once as a guest before making any kind of commitment. Talk to the people at the event and decide whether it might be worth it to become a regular member. A lot of these groups will be so anxious to grab new members that they’ll get you a mentor and really help jumpstart your job search.
Most of the time at these networking events, the conversation will turn naturally to how you are doing finding a job or for what kind of job you’re looking. Don’t force it but when it gets there, be ready with a very brief pitch on what you’re looking for and how your past experience has led you in that direction.
Develop yourself as an asset to an employer in your dream job and talk with enough people and you’ll be on your way in no time.
‘til next time, happy job hunting
Joseph Hogue, CFA