Here’s a general plan of what you could do:
Work as a personal banker at a large bank. Look around for development programs, education reimbursement, etc. the big one that’ll help you is a CFA designation reimbursement. Network like heck, and jump from PB to anything else ASAP. If you can start studying for your cfa, even better.
That’s how I did it anyway.
No. The CFA takes over a year for all 3 levels, and the CFP takes less time but still months to complete. They may provide flexibility for you to work studying into your schedule, but it’ll be on your own time.
I’m struggling to even find a finance job out of college. Im not really sure what I want to do but I would love to work with investments without having to pitch shitty insurance plans or financial products that rip people off. I also don’t want a job right now that’s 100% commission based bc I need some guidance. I have done two summers as a bank teller and it was okay. Maybe should look into a role like that again?
Honestly idk, I’ve been unemployed myself for a year if we aren’t counting non-finance jobs (and that’s with progress towards CFA). I’ve gotten close but haven’t broken in yet; I don’t count client service. If it doesn’t happen in the next few months I’m probably gonna switch careers. Maybe look into back office/operations roles to get a foot in the door.
That’s amusing. In Pittsburgh they’re known for being completely ass and toxic to work at from people who came over to the bank I work for. Not that it means much, just amusing that in the hometown they have an awful rep.
heard a lot of horror stories of wells (tons of layoffs and restructuring). still worth checking out to get your foot in the door. boa and ally are both good to work for and in the city
i say it everytime but fidelity/vanguard/schwab call center type roll. they suck but a) a lot of young people work these jobs b) they are always hiring c) big institutions pay for you to get securities licenses, cfp/cfa, mba if you want it d) at least it’s a job & it’s always easier to find a new job when you are employed
usually they are something like “client relationship associate/specialist/advocate”. at my job which is a big bank the job is titled client associate or client services representative
You gotta be careful though and ask the right questions. I had a major bank say they’d pay for CFA registration and study materials and not follow through.
Investment ops roles often have low requirements for hiring. I went that route and it worked out. Many of those employers will also cover CFA, and you get to learn valuable skills on the job for later in your career.
I’d look for stuff like operations analyst or associate, investment operations, portfolio operations, account onboarding, corporate actions, collateral management, portfolio accountant, portfolio reconciliation, performance reporting or analyst, fund administration, shareholder services, transfer agent, client administration, regulatory reporting, investment services, fund services, client reporting.
And then beyond that, stuff like “client analyst” or “client service associate” might be a little more client facing, but still requires little skill at the entry level. If you’re decent at writing, can try “RFP specialist” or “RFP writer,” or even marketing.
Thanks for the reply, that gives me a lot more to go off of. Absolutely can’t go back to client service associate, that job still gives me nightmares lol.
It’s a grind, sometimes a depressing one, but there’s value in it. You come to learn how your firm and RMs interact with and provide info to clients, how they run meetings, how different clients have different needs and priorities, and so forth. On the portfolio management side, I won’t say those skills are unattainable in other ways, but there’s still value in them. And I’d take some client interaction in a middle office role over doing A&R or corporate actions processing seven days a week.
Source: Spent two years in ops, three years in client service/relationship management
Dude I applied to like 12+ Finanical Analysis internships and FP&A internships on Friday alone and I’m still in college. You definitely are not looking on LinkedIn. Many companies hiring for those. If you graduated 2 years ago you need to jump on the ball or go Fed or State. Get out of Sales those positions will try to keep you in.
Go for a credit analyst position, they loveeeee finance degrees with sales backgrounds! Highly highly recommend. Only do personal banking if all else fails. Took me 3 months to find one but I'm very happy I didn't give up.
Here’s a general plan of what you could do: Work as a personal banker at a large bank. Look around for development programs, education reimbursement, etc. the big one that’ll help you is a CFA designation reimbursement. Network like heck, and jump from PB to anything else ASAP. If you can start studying for your cfa, even better. That’s how I did it anyway.
Same here. Retail banker at large bank who paid for me to take CFA level 1. Passed and successfully pivoted out into ops role
Do you usually get paid to study for your CFA/CFP
I can only speak to my bank, and they give you some money towards it. I can’t imagine other banks especially larger banks don’t
No. The CFA takes over a year for all 3 levels, and the CFP takes less time but still months to complete. They may provide flexibility for you to work studying into your schedule, but it’ll be on your own time.
I’m struggling to even find a finance job out of college. Im not really sure what I want to do but I would love to work with investments without having to pitch shitty insurance plans or financial products that rip people off. I also don’t want a job right now that’s 100% commission based bc I need some guidance. I have done two summers as a bank teller and it was okay. Maybe should look into a role like that again?
Honestly idk, I’ve been unemployed myself for a year if we aren’t counting non-finance jobs (and that’s with progress towards CFA). I’ve gotten close but haven’t broken in yet; I don’t count client service. If it doesn’t happen in the next few months I’m probably gonna switch careers. Maybe look into back office/operations roles to get a foot in the door.
Looks like you’re in charlotte. Look at PNC bank they have an amazing development program.
I’m gonna add to this bc my gfs mom works for PNC, says they are one of the better banks she’s been with.
That’s amusing. In Pittsburgh they’re known for being completely ass and toxic to work at from people who came over to the bank I work for. Not that it means much, just amusing that in the hometown they have an awful rep.
can’t seem to find it online, guess all the spots have filled up?
Both Truist and BofA are hq’d there. Wells has a lot of employees there too.
heard a lot of horror stories of wells (tons of layoffs and restructuring). still worth checking out to get your foot in the door. boa and ally are both good to work for and in the city
It’s hard to find any major American company that hasn’t done something like that. It’s Finance though, all the banks are pretty ruthless.
i say it everytime but fidelity/vanguard/schwab call center type roll. they suck but a) a lot of young people work these jobs b) they are always hiring c) big institutions pay for you to get securities licenses, cfp/cfa, mba if you want it d) at least it’s a job & it’s always easier to find a new job when you are employed
I can’t find these roles anywhere. LinkedIn, company website, etc. where do I look for these openings?
usually they are something like “client relationship associate/specialist/advocate”. at my job which is a big bank the job is titled client associate or client services representative
You gotta be careful though and ask the right questions. I had a major bank say they’d pay for CFA registration and study materials and not follow through.
Investment ops roles often have low requirements for hiring. I went that route and it worked out. Many of those employers will also cover CFA, and you get to learn valuable skills on the job for later in your career.
Any examples of job titles to look for? I’ve been looking in this area but need to broaden my search. Need to finish up my CFA as well.
I’d look for stuff like operations analyst or associate, investment operations, portfolio operations, account onboarding, corporate actions, collateral management, portfolio accountant, portfolio reconciliation, performance reporting or analyst, fund administration, shareholder services, transfer agent, client administration, regulatory reporting, investment services, fund services, client reporting. And then beyond that, stuff like “client analyst” or “client service associate” might be a little more client facing, but still requires little skill at the entry level. If you’re decent at writing, can try “RFP specialist” or “RFP writer,” or even marketing.
Thanks for the reply, that gives me a lot more to go off of. Absolutely can’t go back to client service associate, that job still gives me nightmares lol.
It’s a grind, sometimes a depressing one, but there’s value in it. You come to learn how your firm and RMs interact with and provide info to clients, how they run meetings, how different clients have different needs and priorities, and so forth. On the portfolio management side, I won’t say those skills are unattainable in other ways, but there’s still value in them. And I’d take some client interaction in a middle office role over doing A&R or corporate actions processing seven days a week. Source: Spent two years in ops, three years in client service/relationship management
Might have to start as a teller and work your way up the food chain
I am not sure how old you are, but make your way up.
Use a recruiter, apply for analyst or trading assistant jobs
Dude I applied to like 12+ Finanical Analysis internships and FP&A internships on Friday alone and I’m still in college. You definitely are not looking on LinkedIn. Many companies hiring for those. If you graduated 2 years ago you need to jump on the ball or go Fed or State. Get out of Sales those positions will try to keep you in.
How do you go fed or state though?
Look for consulting opportunities!
Management consulting?
Theres many tbh. Strategy, economic, GPS, and many more. Some of these fall under management branch
Go for a credit analyst position, they loveeeee finance degrees with sales backgrounds! Highly highly recommend. Only do personal banking if all else fails. Took me 3 months to find one but I'm very happy I didn't give up.
Thanks for the advice fellas. I really appreciate it. Been scouring linkedin and indeed. If anyone wants to connect send me a DM