6 Financial Services Qualifications which could substantially improve your employability

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Six financial services qualifications which could substantially improve your employability
12 April 2011
Sarah Butcher

If you’re looking for a job in financial services and can’t get one, or if you’ve got a job in financial services and you want a new one, you may need to increase your allure with a CV upgrade.

We suggest the qualifications below. If you disagree or know of others, please add your suggestions in the comments box at the bottom of the page.

1) The ACA

Preconditions:

The ACA will only enhance your employability at an investment bank if you do it at a Big Four accountancy firm, if you have a 2.1 in your first degree from a top university, if you pass first time, and if you’re under 26 when you do it.

“I can’t recall ever seeing the CV of someone applying for a banking who’d done their ACA beyond the age of 25 or 26,” says one recruiter.

Good for:

An ACA will help if you want a job in equity research, corporate finance, or credit analysis, says James Heath at recruitment firm Greenwich Partners.

Bad for

An ACA will not help if you want a job in sales and trading.

Worse case scenario

You end up in product control.

2) The MBA

Preconditions:

An MBA will only really enhance your investment banking career if it is from one of the top MBA schools in the world and if you do it before you’re around 32.

The Financial Times ranking is here. Ideally, you should be looking at the top 5 (LBS, Wharton, Harvard, INSEAD, Stanford). At a push, you could try the top 10. Don’t expect anywhere else to make a difference.

Good for:

An MBA is good if you want to work in M&A or capital markets. It’s less good if you want to work in sales or trading.

An MBA is also only good if you’re prepared to join an investment bank at a comparatively junior level, as an associate. If you don’t want to follow the established MBA career path, you probably shouldn’t bother.

Bad for

People with no prior banking experience who mistakenly think two years at Cranfield will get them into the front office.

Worse case scenario

You spend £40k+ on fees and are still unemployable.

3) An MSc in Petroleum Economics

Preconditions:

An MSc in petroleum economics – or indeed any qualification in petroleum economics will help you get into commodities sales and trading, if it’s from a top school. The University of Aberdeen runs a course in the UK.

Good for:

Commodities jobs. Paul Chrispin, a partner in the commodities team at headhunter Principal Search, says postgraduate qualifications in petroleum economics, mining, or chemical engineering are helpful for commodities roles.

Bad for

Anything not commodities related.

Worse case scenario

You find yourself on an oil rig.

4) The London Business School’s Master in Finance

Preconditions:

The London Business School’s Masters in Finance is good if you’ve already got around five years’ work experience in financial services, want to improve your employability, but don’t want to do an MBA.

Good for:

People who want to move from the back to the front office and who want to work in a sales or trading role.

“Compared to an MBA, the LBS Masters in Finance is a good thing to do if money and time are tight,” says Alex Tracey at markets-focused headhunter CP Partners.

Bad for

People working in settlements roles who want to move into M&A.

Worse case scenario

You spend £33k and then do exactly the same job as before.

5) The IMC

Preconditions:

The Investment Managers Certificate is a junior fund management qualification which will make absolutely no difference to your employability unless you already have considerable experience on the sellside.

Good for:

People who want to move from an investment bank to an Asset Management firm and who can’t be bothered to do a CFA®.

“It’s pretty entry-level stuff, but an IMC can help show that a sellside person can contextualise what’s required on the buyside,” says Arthur Barington-Ward at search firm Hutton Consulting.

Bad for

People with no prior experience who think it will make them a fund manager.

Worse case scenario

You waste time learning what you already know already and decide to stay in banking.

6) MScs focused on risk modelling

Preconditions:

You’ll need a good first degree from a respected university. For a risk qualification to truly be effective, you’ll also need knowledge of programming languages such as VBA, Matlab and C++, says Sheldon Paul at risk recruitment firm Cameron Kennedy.

Consider the LSE’s MSc in risk and stochastics.

Good for:

Anyone who wants to work on stress testing, or quantitative risk roles.

Bad for

Liberal arts graduates.

Worse case scenario

You end up working in credit risk for a corporate bank.

6) The CFA®

Preconditions:

The CFA®will only enhance your career if you already work in financial services.

“If you joined in a graduate training programme and are in an analytical role, the CFA®can be an excellent career consolidator,” says Arthur Barington-Ward.

Good for:

People already working in equity research or portfolio management who want to ‘consolidate’ their skills and are prepared to relinquish entire weekends. Also handy for people who want to move into asset management from investment banking.

Bad for

People with no financial services experience who think passing CFA® Level 1 will differentiate them from the hundreds of thousands of other people who took the exam last year.

Worse case scenario

CFA®

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