Need Help on Career Advice- Long-Term Goal Distress

Hello WSO,

Over the past 4 months I have made some serious mistakes in career decisions, and now I need help/advice. I graduated this past May and over the past few months I have received offers in areas within the financial services industry that I am not really focused on such as prop trading, back office support roles, etc. I rejected these job offers, where my real focus was to go into the investment management industry, specifically in equity research. Also, I have interviewed with many investment management institutions for research assistant roles, but have not been able to secure an offer. Unfortunately, the need for getting just "a job" overcame my desires for getting a career within the investment management industry. Therefore, I accepted a offer within a back/middle office role, specifically fund administration. I still have a desire for working in a equity research or investment analyst role, and I am wondering if I have made a serious error of judgement (one that could ruin my future goal of going into the investment management industry). This role that I accepted is within AIS- Fund Administration (This is Under Fund Accounting). A role that specifically involves back and middle office operations with private equity and hedge fund institutions. Here are the tasks
Monitor cash and custody activity for a specified list of funds involving complex private equity fund structures and process transactions related to capital calls, capital distributions, expenses, tax checks, investor cash, and internal transfers
• Reconcile daily bank statements and ensure that all necessary documentation has been accounted for prior to submittal for review
• Report discrepancies that arise in a prompt and professional manner to the client, ensuring follow up and reconciliation in a timely manner
• Monitor internal systems for proper settlement of all FX and USD transactions
• Work closely with inter-departmental contacts in processing all necessary paperwork through final completion of wire settlement to ensure risk mitigation
• Reconcile investor capital call and distribution files as necessary
• Track delinquent investor activity and report aged items to the client in a timely manner
• Process monthly investor reconciliation files and follow up internally and with the client when necessary
• Work closely with auditors and third party administrators during audit cycles

Now I have three questions. One is how back office is this role (silly question)? How can I utilize this role into getting a future role as a buy-side research analyst? Finally, am I screwed in terms of positioning myself for an investment analyst position?
Thank you in advance for any help the WSO community can provide for me.

3 Comments
 

It's back office and being in that position won't help you secure an offer in research. You're going to have to start from scratch. I would start networking now as it will likely take you some time to switch. It's better that you have a job so you can take your time looking for something and not have to worry about starving to death.

 

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