Career switch
Hello
I am from London and looking for some advice on career switch. I am IT Networks engineer with Telecommunications engineering bachelors degree
and around 7 years of experience with some of the largest companies in the world.
For quite some time, I have been thinking about making a switch to hedge fund industry as a trader. To start with I am thinking to do CFA as I think its the most respected qualification in the industry.
Is that right or CAIA is better ? I am looking for a qualification that gives me a good foundation in finance and prepares me specifically for a trading job in hedge funds.
I am looking for some advise on what else I should be doing while I pursue CFA. Do you think a masters degree in related discipline is necessary for someone like me who has no previous experience in this industry even though I am doing CFA.
Secondly, I am earning a around 100k as a contractor right now. What compensation (salary plus bonus) do you think I should be expecting in my first year since I need to plan for any paycut during the transition.
thanks in advance !
Get ready to be hazed by this whole community....but I'll take a crack at this one.
First of all, It's not going to help that you come from an IT background as most front office jobs (IB, HF, PE, PWM, etc.) tend to look down on on IT. That being said, the CFA and/or MBA will help you the most. The CAIA is garbage and a complete waste of time. It requires the intellectual capacity similar to that of most insurance exams and holds little merritt, where as the CFA is actually very difficult and considered the most prestigious. However, the CFA may open doors, it's more geared towards portfolio management and/or research related roles. Traders may call that and an MBA a "bad trade." The reason why I suggest an MBA as well or instead of a CAIA is because it allows you to network with other potential buyside individuals.
Hope this helps and good luck.
Thanks for your reply and advice. It is much appreciated. Any idea about my question related to salaries/bonus etc ? What should be expecting with my background while breaking into this industry ?
thanks again
Expect nothing and you won't be disappointed...
In seriousness, do not expect much more than what you're being paid for at least a few years. The expectation is that the value of the apprenticeship is compensation enough in itself.
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