Career Progression FUND ADMIN to FRONT OFFICE

talbobai

Hi folks, looking for advice, and would really appreciate anyone taking the time.

I'm 23 and just finished up an MSc in Finance. I started a new job with a international fund administrator performing middle office admin functions (trade capture, reconciliations etc) for a large hedge fund dealing mostly with OTC derv products.

To be honest I am not really enjoying the role so far and I fear I might have rushed into it due to not much else being on the table at the time. Although the only thing keeping me going is my plan is to complete the CFA L1 within the first year and move on to better things soon after.

This seems to me like a viable option, although I've asked a few people around the office and I receive mixed responses which go as follows:
1) "Emm most front office/analyst recruiters will always see you as a fund admin guy and never give you the time of day. As the job isn't directly relevant to analyst type role"
2) "Sure! you are young getting professional finance experience if you can get the CFA L1 and network effectively the jump is possible. I knew of a guy who ...etc"

The issue is I cant seem to get a straight answer from anyone and I would like to know how realistic my goals are?? Am I wasting my time even undertaking the CFA??

I would greatly appreciate any opinions from experience,
Kind Regards

Static M.e.

Hi Talbobai,

I don't much about the CFA but I thought this article was worth a read. I came across it a few weeks ago. It seems like a great qualification.

http://www.irishtimes.com/business/a-thousand-hours-of-study-needed-to-join-elite-group-of-cfa-graduates-1.1878128?page=1

bah1011

Unfortunately, it is a bit unrealistic but not impossible.

The two main things you need to do are;

1. Get your CFAs - noone will really take too much notice until you have got CFA level 2.

2. Get into a job where you are constantly dealing with actual fund managers/traders where you can build a network of contacts. Try doing this as quickly as possible as the longer you stay in an operations/admin role the harder it will be to transition.

To answer your question - doing the CFAs alone is a waste of time as noone in front office will come looking for you but doing the CFAs while building a network of contacts and constantly applying for positions which would bring you closer to front office is a viable option.

talbobai

Hi all, thanks for your feedback

Static M.e. yes I have read that article myself, it illustrates well how rare a charter is along with of course the work required to successfully complete!

bah1011 yes I would agree with you, I have spoken to a friend of friend who is now a trader in Toronto and his advice was of similar ilk. He stated that my problem was I am within a middle office for a fund/custodian and I need to be working directly with the traders themselves (btw the only reason I accepted the role was due to the belief that the later would be the case).
In terms of leaving ASAP, I have also spoken to a friend who used to work within financial recruitment and she informed me that I need to stay for a least one year. As any leave before this may make me look unreliable etc.

If you guys have any further thoughts on the issues above I would greatly appreciate your opinion.

Thanks

freeze4real

talbobai wrote: »

Hi folks, looking for advice, and would really appreciate anyone taking the time.

I'm 23 and just finished up an MSc in Finance. I started a new job with a international fund administrator performing middle office admin functions (trade capture, reconciliations etc) for a large hedge fund dealing mostly with OTC derv products.

To be honest I am not really enjoying the role so far and I fear I might have rushed into it due to not much else being on the table at the time. Although the only thing keeping me going is my plan is to complete the CFA L1 within the first year and move on to better things soon after.

This seems to me like a viable option, although I've asked a few people around the office and I receive mixed responses which go as follows:
1) "Emm most front office/analyst recruiters will always see you as a fund admin guy and never give you the time of day. As the job isn't directly relevant to analyst type role"
2) "Sure! you are young getting professional finance experience if you can get the CFA L1 and network effectively the jump is possible. I knew of a guy who ...etc"

The issue is I cant seem to get a straight answer from anyone and I would like to know how realistic my goals are?? Am I wasting my time even undertaking the CFA??

I would greatly appreciate any opinions from experience,
Kind Regards

If you don't have experience view your job now as an opportunity other one and doing the CFA as an added bonus. You're killing two birds with a stone.

There are limited front office positions in Ireland and quite difficult to enter. Try the Uk. There loads of opportunities there with better pay.


The CFA will certainly help and it requires loads of hours now. The minimum hours for each exam is 300 hours for each levels. That's level I to III.

CFA will be valuable if you're thinking of going into portfolio/wealth or asset management, infrastructure debt, mergers or acquisition etc. But if you're seeking trading or quants roles it might not be of help as much. Some like FRM might do.

No doubt the CFA will stand out in your cv. Especially in Ireland as only a minority in Ireland in the financial services sector have it as compared to the garbage of the QFA. You can actually look this up in the CFA website.


My advice is stick your job out for a year. Gain as much experience in your role and outside your main duties and do the CFA 1. Then move to the UK.

talbobai

talbobai wrote: »

2) "Sure! you are young getting professional finance experience if you can get the CFA L1 and network effectively the jump is possible. I knew of a guy who ...etc"

Ask them for names and then try and figure out how they did it - linkedin would give you an idea of what they are doing now.

ixus

Define front office?

You're definitely wasting your time in funds, apart from picking up a wage.

CFA, sure everyone takes Level 1 out of Masters these days.

You might get better info if you gave specific information on the type of job you wanted. Front office is too vague.

Frogdog

I work for a front office company in Dublin, a very large one. The CFA president (possibly ex-president now) for Ireland works with us. From speaking to PMs, traders and analysts (about 100 total) very few have the CFA. Maybe 10 in total. I'd say there's more accountants in the front office investments function!

talbobai

Frogdog wrote: »

I work for a front office company in Dublin, a very large one. The CFA president (possibly ex-president now) for Ireland works with us. From speaking to PMs, traders and analysts (about 100 total) very few have the CFA. Maybe 10 in total. I'd say there's more accountants in the front office investments function!

Hi,
Yes I know that accounting is a good route in although going for the ACA outside of the big 4 seems a bit of a pointless process. As normally they will demand that big 4 experience to go with it. In saying that obviously doing a CFA in fund admin could be agrued to be just as pointless, although I see it more as a sign of intent rather than the knowledge gainned from the qualification itself.

talbobai

I have also been looking into the area of finanical product/business development type roles for asset management etc. Seems like a strong option which is probably a little bit more realistic as my role atm is dealing with on-boarding, new products and system integration. Most of the guys doing this also seem to have CFA/CAIA type qualifications.

Does anyone have any experience with these roles?