I currently work in the research side of a leading investment consultant (have been there for a little over 3 years) for endowments, foundations, private clients, and pensions, essentially helping formulate investment strategies for clients. Very top down, macro level stuff. I just passed L3 of the CFA (did the 3/3 December, June, June hat trick) and am eligible to receive my charter when my work experience hits 4 years.
Looking for some advice on how to transition to the buy side, as I realize this is pretty tough to do. My undergrad and master's degree were in Political Science/International Affairs, but I have a pretty interesting story on how this got me interested in investing and asset management (if i can get to the interview...). I've interviewed at a number of buy side jobs and have gotten decently far in the process for a few. I've taken WallStreetPrep modeling courses and am working on making up a few models of my own on a number of days now that the CFA studying is over. Other than that, I know I need to start networking my ass off, which admittedly I haven't done much of. I'm pretty involved in my local CFA society chaper, and would have no problem demonstrating I'm passionate about investing - I constantly read, listen to podcasts, etc. Would love to find a good value-oriented shop looking to give someone like me a shot on the research side.
Also have an elite MBA in the back of my mind (would apply next year and being two years from now). Is this a waste of money given I'll have my CFA charter? Given my affinity for value investing, if I can crush the GMAT I think CBS would be a great place to go. I have Philadelphia roots and would preferably like to end up in Philadelphia, so I think I might be able to sell Wharton on my story as well given application execution.
MBA should work. What kind of an AM role are you hoping to get, specifically?
Want to be on track to be a PM at a long only equity or hedge fund. I've interviewed for a few research associate jobs at long only equity funds, and have gotten through a round or two but ultimately have lost out to candidates with more applicable experience.
Having passed CFA L3 may help a bit, but it's a tough sell to get a firm to hire a 27 year old with no buy or sell side experience. I've asked around for advice, and have heard everything from "just network, you'll have the CFA charter in a few months, MBA is a waste" to what you're saying, that getting into Wharton/CBS/NYU will do, and might be the best path. I had a large athletic/academic scholarship for undergrad (non target liberal arts school in Philadelphia) and my master's was a relatively cheap degree, so not afraid of the debt.
Like I mentioned, I'm very drawn to value investing, am well read on the subject, and could somewhat persuasively pitch a stock if given time to prep.
bump -- would love to hear people's advice on how poli-sci/IR majors can get into the AM space. thanks!
The funds that I consider to be top funds generally all have a Research Associate position and an Analyst position. At the analyst level, pretty much everyone has an MBA AND the CFA. The RA position is meant to be a 3-4 year stint and then you move on to MBA or try and lateral to another firm. In my opinion, top MBA would be your best bet. In such a competitive space, CFA isn't enough anymore and I'm considering an MBA myself.
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