[UK] Looking for advice
I am currently a MSc Finance student graduating in September. I have completed the CFA level 2 exam materials but the exam was canceled thrice due to covid and I took my refund. I want to complete the charter.
Internships: I have recently done an internship in Distressed credit hedge fund in London. I have other internships in Trading, RE, ER. A FT finance role in a EV battery startup raising series-A funding. Total experience is around a year.
One drawback is I'm an international student on the tier 4 visa (I'll get the 2 year graduate visa in Jan).
I wanted to understand what my next plan of action should be. I have been applying for off cycle interships, FT buyside roles across AM, ER, S&T, RE etc. I am most interested in investment research and portfolio management.
A week ago, I came second for a role in the Flow strategy solutions team at Société generale but still got rejected. My profile gets hits and I do get a few interviews but not enough.
Plan of action: Apply for an off cycle and then try to convert to FT.
Can I apply for summer analyst roles for next year?
I'll keep trying to recruit for FT roles but need advice on my next steps. Any advice would be greatly appreciated.
I understand you might be feeling stressed as you approach grad, but look you seem like you're in a good spot. Not sure which school you go to (hopefully semi/target, no problem if not), but you still have a MFin and CFA 1. You have experience across finance working in equities, credit, and real estate, plus a startup!
I would suggest you do three things. First, figure out where you want to be in finance. IB, PE, Credit, Equities AM, RE, VC, etc.? This will help you narrow your job search and help you focus more. Pros and cons of applying everywhere and being picky. But I became picky once I had internships under my belt and it helped me. I would also think a common question for an employer to ask would be "you've done various roles, why do you want to do what we do? how can we be sure that you really like it?" and so I would prepare that and back it up. It's all how you spin your story and can prove it (ex. researching a good credit investment, or a market and asset class in real estate, etc.)
Second, once you know what you want to do, network, network, network. This is probably the reason you aren't getting looked at enough. You need to use LinkedIn and reach out to anyone, especially people with common gorunds to you. Maybe they studied at your school, previously worked at the same firm as you, made a jump from one industry to another that you want to do, are CFA holders, etc. Hell I've talked to students who have said they are from the same country as me because I appreciated their effort to find a common ground. People will want to students. There's much talk here that networking in London isn't as helpful, but trust me it is. I got roles because of it. Off-cycle internships are very common to get an upperhand due to networking. Networking will be more important for you at this stage compared to spending hours on studying for the level 2 CFA again. Do that once you get a role.
The combination of the two points above will help. The first helps you show your passion. So if you go into a credit buyside interview, have a good pitch or two ready. Once you get the interview, come prepared, calm, and collected.
Lastly, trust the process. You're in a good spot and almost at the finish line. But if you slow up now, it'll be tough, so keep pushing. Don't worry about whether the role is an off-cycle or full time right now. An off-cycle works fine IF you know that there is a strong possibility of converting to full time right after (I would bring that up during networking/ end of interviews/ once you get the call for the job offer). Good luck!
Thank you for taking the time for such a great response. It was reassuring to hear that I'm on the right path.
I am at a semi target such as UCL/Warwick, etc. It helps get past the screener.
Regarding 1) I like cross asset research and portfolio management but I'm still trying to find my niche. I do have my story ready and I'm applying for broad set of investing/research roles because of the sponsorship problem. I have decided to broaden my applications to increase my chance of sponsorship.
2) I have been networking a lot. LinkedIn in London has been amazing so far. Professionals across various industries are willing to connect and help even though there isn't a common ground. I got the HF internship through networking and being from the same country as the HF CIO played a big part. It does help a lot. I have also made connections at a large pension fund and a PE fund too. I have also built connections at investment banks, asset managers and investment funds. It helps but still the UK hiring process is very structured.
I have gotten used to rejection emails but once in a while, it is really disheartening. I'm happy seeing others with offers but it also makes me feel worried. I will keep at it as how I have been doing until now.
My goal is to work here for a long time and build up the experience and track record to become a Portfolio manager.
Great to hear that, a few comments.
1) Maybe consider working in capital allocation if you like the cross asset and pm side of things. Pension funds and SWFs have groups that focus on how much of their fund they should allocate to xyz asset class. Would be pretty interesting right now, considering how the significant drop in equity markets+rise in rates are changing the portfolio weightings of private markets. This sounds much more interesting than your "flow strategy solutions" interivew.
2) Stay in touch with your network, not just a one-meeting thing, especially with those you clicked with. Send them an article or something every few months (you have six months until January). If you see a job posting come up within their firm, definitely ask them about it. Ask for a connection to anyone else at the company OR at a friend of theirs in the industry. You might think it's pushy, but asking nicely is always key. They're meeting with you to help you after all.
I'm not sure how much you network, but London is a huge city for finance and you go to a semi-target. When I needed a job, I was making 10 emails per day (never to two people at the same firm at the same time), then following up shortly with those that didn't respond. Keep doing this if you aren't already.
3) After every chat with someone, reflect on it. How did they respond to the questions you asked, was it warm and they were interested or they just gave short answers? How did they like your story? While these chats are meant to help you, they are also a mini interview as well in a way. Being personable, friendly, interested, and open to learning is very helpful. I say this as I have a friend who sounded like a robotic hardo in info sessions on campus, and some students who sound like know-it-alls when talking to me and it's very off-putting.
Keep at it, it'll work out.
Hey, I hope you're doing well. Can we chat over pm? I have secured a FT offer but would like some advice. Thanks
Nice
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