Breaking in from Asset Management
Hi,
I've worked as an analyst for the endowments and foundations group at a MM bank for close to four years. Most of my work experience involves fund manager due diligence, portfolio construction and optimization, asset class research / recommendations and portfolio level attribution analysis. Manager due diligence / research has been my favorite part of the job, but I think I would enjoy individual equity analysis even more (We don't invest in any individual securities).
Ultimately, I would like to work as an analyst for a mutual fund or equity based hedge fund, but feel it would probably be easier starting on the sell-side. I definitely understand the basics of company valuation, how the financial statements tie together etc. That said, I'm not an expert in any industry and any analysis I do personally essentially just involves me screening through Morningstar and then pulling data through them.... I don't really have "modeling" experience, although I understand Excel very well and use it daily (for whatever that's worth).
Anyway, should I pick a sector and just dive in, or approach it some other way? I'm open to moving mostly anywhere... Just as an FYI, I've passed Level one of the CFA exam and will register for L2 in the fall. Any advice or thoughts would be appreciated.
Thank you.
To me, it seems that most portfolio managers are hiring CFAs lately, so I would make that your priority, but again, that's just something I've noticed. Plus, I think they will know you have what it takes to analyze a company if you have a CFA - maybe more perceived risk from the PM's view if you don't have one.
I do also like the idea of diving into a specific industry, but that may take a lot of time and limit your your applications and relevancy to only one industry.
As for the modeling, that's also important, but I think it's something you could pick up quickly with a lot of playing around. You can find some models for free online, but I would recommend something like Wall Street Prep (actually have a ridiculous sale on Udemy that ends today. Get their FSM course for $10.).
Other than the CFA and modeling, I think you are on the right track to get in. Your current position is still somewhat related to what you want to get into, so I think the CFA and modeling will get you an extra push. Once you've learned modeling and can properly build DCFs and comps, etc., then I would build a sample recommendation report for any interviews you score.
Do you have link to Udemy sale? Thanks
http://udemycoupon.discountsglobal.com/coupon-tag/wall-street-prep/
Try reaching out to people on the sell side and let them know you're interested. Also attend the networking events at your local CFA chapter. The CFA job board also constantly has job postings for sell side positions, though you'll probably need a connection to get your resume noticed. I think the jump is very doable especially if you keep chugging away at the CFA.
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