How much preparation does one need to break in?
Hello - I'm forming a plan to pivot to Sell Side ER. I really don't know what to do with my life, and am starting from scratch @ 28 yo. I am weighing either studying tech (coding) or finance.
I already have a few years in PWM, and have passed CFA Level 1. I generally have a greater interest in finance. So the sunk cost combined with my interest is leaning me towards pursuing a career in finance, ultimately on the buy side.
Assuming that I can study 2-3 hours per day, how long do you think it would take to learn the prerequisites to be able to perform the job?
What exactly would the priorities be?
I am planning to take CFA Level 2 in May, and still have the time outside of that and work to prep.
My plan would consist of reading the markets, and prepping 1-2 stock pitches to use to network. Wondering how long it really takes to be competent enough.
My plan would be to start networking immediately after Level 2 in May/June. Is that enough time to prepare?
I know nothing about DCF modelling, and am pretty behind on general investing knowledge & markets.
Thank you.
You won’t really know how to be competent at the job until you’re in a seat.
Best piece of advice I’d give you is pick a few sector that interest you. Reach out to analyst (head honcho) and send them a pitch within that industry.
Also take the SIE
What’s SIE
An exam you need to work in ER.
Securities Industry Essentials
Thank you.
I have SIE and 66.
I guess the better question is how long do you think it would take to be able to make a stock pitch and generally be competent in an interview? I know it will vary, but general range for someone who can study ~ 2 hrs a day, on top of learning CFA 2 material, but little other general investment/market knowledge.
Honestly a solid stock pitch might take 5-10 hours of research. You don’t need to nor are you expected to know every detail.
Keep me posted.
5-10 hours for a solid stock pitch doesn't seem quite right...neither does the lack of requirement to know every detail. Is this for an entry-level position or lateral?
Hey, I've continued to follow this path. Did you build a DCF when you were networking? I'm seeing so many tutorials, but they don't feel like "real-life" examples. Curious if you did practice DCFs, if there were any resources that really helped you?
I broke in a few months ago from a similar position. The hardest thing about breaking in is the resume. CFA level 1 & 2 will help. It goes without saying but networking is also huge. Teams tend to be lean and associates and analysts talk across teams so a connection is huge. Having a sector focus is good, but I think a better bar is knowing what you don't want to do and what your favorite is.
Once you get an interview, the things that helped me the most was 1) a good why ER and knowledge of what the job is, 2) some modeling and writing skills - they'll teach you what you need to know but having the basics is huge, 3) a good stock pitch - make sure you can keep it around 2 minutes and can answer a couple follow ups.
Good luck, it won't be easy but it's definitely doable!
just wondering, how much do they teach if most analysts run with just one or two associates? aren't they expecting you to be building models from scratch from the jump? I'm a noob so I'm hoping they do more on-the-job training/on-boarding............
If it’s your first job in finance no.
Very hard - You came from Uganda on a wooden 3-seats ship
Upper - You come from a non-target university founded 3 years ago
Avg. - You come from a reputable university
Lower - You come from an Ivy
Inexistent - your dad works there and sleeps with the head of HR
Hm, okay so somewhere between average & upper - thanks for the insight! If my dad is working in ER and sleeping with the head of HR, he can keep one hell of a secret.
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