Hi Jason,
Thanks for your insightful advice on how to become an analyst. I’d like to seek you advices on my situation.
I did my bachelor degree in finance in China and then move to Australia to do a master degree in Accounting. During my pursuing my master degree, I complete all the three levels in CFA. Therefore, when I graduate, I have both Master degree and the “CFA charter pending” status back in 2010. However, those credentials didn't help me much in pursuing a career as equity analyst. The financial market here in Australia is very small, compared with the US and China. There are not many opportunities, particularly for the graduates without much experience.
Starting from Accounting is easier than from investment analysis. So I started as accounts clerk in small company. The job is very lower level-it's more about data entry. While doing the accounting job, I didn't stop looking for the equity analyst jobs. Realizing that no matter how many resume I sent, there wasn't any response from the recruiters, I started to knock the door-I went to every investment firm's office, knocking the door and give them my resume.
Luckily, I got one response. A new started long-short equity fund investing in the renewable energy sector is just looking for an analyst. They invited me for an interview. The interviewer told me that he is just impressed by my extra-ordinary way of looking for job. In the conversation, I expressed my keen interest and enthusiasm to be an analyst. At the end, they assigned me a task to analyse a listed renewable energy company. This is a completely new area to me. However, I know this is an opportunity to demonstrate that I can do it. Therefore, I put in every endeavour to complete this research task.
After I submitted the research report, they invited me for an interview, to present my research report and answer their questions. Then at the end, they said they have another investment manager who was travelling overseas and would like him to have a separate meeting with me upon his return.
After three rounds of interview, they decide not to hire me because they think my experience is not enough for this very senior analyst role. I feel frustrated at that time- I believe I have the analytical competency, but just no company can provide me a platform to allow me to build up the required experience.
But to my surprise, a few months later, they called me again, asking if I want to do on a casual basis, primarily helping the business manager with the trading/reconciliation and daily fund performance pack and potentially some analysis if the investment team need. I am very excited to accept the offer. Though this is casual, I am very devoted to this role (at the meantime, I lose my part-time accounting job). But I feel it worth my effort.
Unfortunately, this role didn’t last long- 2011 is a very bad year for renewable energy sector, the fund didn’t make money. But the bigger reason is that the business manager didn’t see my value in supporting the trading/reconciliation and fund performance pack. In other words, she would rather do it herself (She taught me the process from the very beginning and after 2 or 3 month she feel she was still not confident to leave me alone to complete the task).
Therefore I lose the job after 4 months trying. So back to the end 2011, I have no job-no accounting, no finance. I come back to the normal job hunting process- searching from the internet and send resume for both accounting and equity analysis. I quickly find an accounts payable job-though I am not interested in this low level data entry job at all, I need to make a living. After two years since I graduate from my master degree, I find myself no progress- starting from the entry-level accounts clerk role again, but just a bigger company, a global company.
Now another two years past, I am still in this global company, doing a role which involves some financial accounting and analysis, but it’s still more about an administrative natured job. Meanwhile, I feel I still have the dream of coming back to the equities research area- I continue with my own investment in the stock market, but I always feel that as a freelancer, I don’t have the access to as much information as those work in this area- I don’t have the license to many research resources such as Bloomberg, nor do I have access to research reports from the sell side analysts (where you can learn from the professional analysts on how they conduct their researches). Also, because I am not in this area, I don’t have the chance to attend the industry/company meetings where you obtain the first hand information and exchange ideas with people in the circle. Therefore, my buy/sell decision in my own portfolio is very amateurish, without the rigorous research process to back it up.
So as time passes, I feel I am far away from my dream. I don’t know if I still have the chance to build a career in the equities analysis. Do you have any advices to me? Is CFA charter still matter to me?
Thanks Jason for your time. I am much appreciated.
Sincerely,
Ruthy