Cambridge Associates - Scheduled phone interview

I work at one of MBB and have run into two alumni of Cambridge Associates (one at my firm, one at another; both went out of undergrad and went to Top 10 b-schools before MBB).

I am also a little confused, as my impression was even tier 2-3 consulting firms were harder to break into than some asset management jobs. I don't think it will be hard to leave and go into an asset management position (but someone with more experience please feel free to correct me).

As for your GPA at the interview, I would say have an explanation ready in case the question comes up, but there is no need to address it proactively. They have chosen to interview you, so it is clearly not a dealbreaker. The content portion of your interview will certainly matter more, but it would be nice (if it gets mentioned) for you to have an explanation for the GPA as well (doesn't matter if it's generic or doesn't make you look great, remember that they already decided to interview you). The main risk here would be saying something that comes off immature (such as blaming professors or talking about how other students in your major cheat their way to better GPAs, etc). or admitting to an actual dealbreaking weakness (e.g. poor work ethic, sloppy work, etc.)

Cambridge is somewhat puzzling. The entry-level job seems pretty simple minded and they often get a lot of kids from non-targets (a lot of Villanova, Lehigh, GW off the top of my head). However, those kids usually seem to exit into very good stuff ranging from tier 1 consulting to PE/VC. They must be a well respected name in the industry and I'm assuming you learn a lot while you are there. It's not banking or MBB, but their alumni seem to do quite well despite the seemingly unglamorous first few years.

Obviously try your best during the interview to land an offer (and then decide) BUT if you have your heart set on investment banking or asset management then I would strongly suggest that you consider an alternative path. I took an investment consulting job out of undergrad after being rejected from several investment banking and asset management interviews. In hindsight I think it would have been better for me to have turned down the offer to go after what I really wanted to do.

I figured that after researching asset management strategies at an investment consulting firm I could try to transition to the buy-side. In reality this is a very difficult transition since you do not conduct security level research. In reality typical exit ops include consultant relations on the buy-side, research at a fund of funds, or perhaps a product specialist role on the buy-side. And yes, there is a lot of data entry type work when you first start out.

The best part of the job is that I have sat across the table from some very renowned investors in the industry. Some may say that the lifestyle is also a plus since your hours are far less than other finance jobs. At this point in my life though I personally feel that I am willing to trade the hours to be in a position where I am making actual investment decisions rather than analyzing the decisions of others.

If this is helpful feel free to ask more questions. I'd be happy to help.

Thanks for the responses.

Re: FatTail I would eventually like to get into buy side, so I definitely hear what you are saying. However, wouldn't it be feasible to go back for an MBA/Mfin after a couple of years and then get where I want to be?

Are you still in the same role, or did you somehow make the switch eventually?

It is definitely possible; however I would equate investment consulting to back office type roles. Although they are very different and I personally feel that investment consulting is far more interesting work, employers/recruiters on the buy-side tend to view you in a similar light. I am not enrolled in an MBA program, but imagine that taking this route basically means that you will have to work harder than your peers to land the same buy-side job even with an MBA.

For me, transitioning into IB was very difficult since i started working during a period where recruiting was freezing up ('08-'09). I am in the job search process right now and have managed to gain some traction through networking. I find that I have to be very persuasive when explaining that I am interested in the position and capable of doing the work. Perhaps this would have been less of a problem if I had a different background.

That being said, if you can distinguish yourself by passing the CFA (at least level 1) then you may have some luck moving to sell-side research before ultimately moving to the buy-side. I know of someone in IC that actually did just that after working for 1+ years, passing all 3 levels of the CFA, and aggressively networking.

I don't mean to turn you off completely from this job (it is a finance job after all and it can be very interesting); however I know that it would have been helpful for me to know that it is not a clear transition to a research job on the buy-side (or the sell-side for that matter). Fund of funds research (i suppose this is technically a buy-side job but not your typical direct investment research), client/consultant relations, product specialist is a far more common transition.

CA alum here.

Overall, my experience was positive. Yes, the pay is going to be on low(er) side but the opportunity, especially for someone just trying to break into finance, is very, very good. A consulting role will not lead into investment banking, PE, or a hedge fund job but it CAN lead into something like a funds of funds or as a an analyst at an endowment or foundation. You might discover that that's what you after. I did. Sure, you aren't picking stocks but you're still involved in the investment decision and you need to be in tune with what's going on in various markets. plus they will (or at least use to) pay for your CFA charter which is a nice bonus.

Interview will probably be two to three rounds. Phone interview will typically be a lot of behavioral questions so have a good story to tell aka why Cambridge, why chose to go to xyz university, etc, etc. Second and/or third rounds will be more case based but nothing too off the wall.

The consulting associates I know who have gone onto business school have done quite well. I've know some who have gone onto Harvard, Sloan, Stanford, Yale, and Ross.

Hey, thanks for the reply.

I had my Phone Interview Friday. It lasted approximately 15mins - everything you said they basically asked. I think it went ok. The interviewer seemed to offhandedly ask for my GPA at the end (it's pretty low), otherwise it seemed to go well. Do they have a cutoff?

Do you know how long it takes to hear back if you're chosen for a second interview?

I also worked at CA, and I know people who have gone into PE and IB after a couple of years as a CA, though FoF, Endowment/Foundation, and B-school are more common exit opps. You can really spin the position anyway you want to. The position is great for entry level. If you do a good job, you are given lots of responsibility quickly (writing memos, interacting with clients directly, etc). The people who have said KYS definitely worked in the performance reporting branch of the company.

As long as you have above a 3.0 and interest in investments, GPA will not be a deal breaker, fit is really important.

Does anyone have any idea what the e-mail format for CA is.

Great information, thanks cubechimp!

Sorry for bringing up an old thread.

Does anyone know much about the research analyst role at CA? How does it compare to the investment consulting role? and what are some opportunities down the road?

Thanks.