/biz/ - Business & Finance

I already have a good job.

because i get a raise for passing actuary exams and working towards a useful designation

>>173380

do girls get wet when you tell them you are an actuary? They are drenched by the time I tell them I am a portfolio manager

>>173398
don't know, i'm a girl

>>173429
azn?

>>173360
Studying for it right now.

Level 1 pleb reporting in.

>>173431
no, i am just good at math and can communicate to people who don't know how to do math.

>>173360

I'm only a sophomore in college.

What are the requirements to apply for it? Do you need specific undergrag/grad diplomas? I study Law but i don't see myself as a lawyer or working for the government. I see myself working for a corporation, and i'm interested in finance just as much as Law.

While I am majoring in finance with a minor in statistics, I'm a lazyfag underachiever and just want to work as a loan officer or credit analyst in a retail bank or some shit. I'd be happy with $45k-$60k a year living in my own place, doing shit all at work apart from paperwork and handshaking, getting off work at 5 PM sharp and coming home to shitpost on /biz/ and papertrade all night.

>>173360

I'm an engineering major.

>>173468
Someone else probably knows better but I think you need 4 years experience working with investments for one thing.

I'm studying for the CPA instead.

I just finished the swaptions reading, only 2 more readings to go for level 2. I failed band ten last year...

you'll be able to get work in finance pretty easily but if you dream of like running shit that's probably not the ideal way in since people will see you as a technician

>>173741
Same here. I have a friend who did CFA after, might do the same down the road.

>>173468
You can take the level 1 exam in your last year of undergrad, which is what I'm doing currently.

It's like $1000 if you register early. I registered in September of last year for the June exam.

I have to take it in December (job requirement).
Also this designation is only useful for people who want to get into asset management, equity research, even some financial advisor roles may list this as a preferred requirement (for obvious reasons) or certain types of hedge funds (depending on their strategy and fund's perspective of the degree). Otherwise this degree would be rather useless and unnecessary to someone who wants to work in banking or corporate finance.

>>174637
>degree

*certification / designation

Level 1 candidate (pleb) reporting in.

FUCK Quantitative Methods and FUCK The slimey ethics questions.

>>176358

how has it been going so far. Plus isn't quantitative methods basic stats and applications of certain finance concepts dcf analysis, or dividend discount model, capital budgeting, etc. And is ethics the most boring section?

>>174637
Any tips of getting into equity research?

http://news.efinancialcareers.com/uk-en/152194/a-cfa-pass-is-an-indication-that-youre-a-replaceable-drone-happy-to-earn-100k-a-year/

Anton Kreil, the ex-Goldman Sachs trader turned trader-teacher, is not averse to making controversial comments. Earlier this week, Kreil said investment banking has become an industry full of middle class mediocrities. Today, he also advises avoiding all exams running by the CFA Institute – unless you want to advertise your lack of ambition and dispensability.

LOL

>>177359
>one guy's opinion
Im currently lower than a replaceable drone in the IB industry.

>>177355

I'm actually not going into equity research but as with many of the competitive jobs the number one thing that you need to do is network (cliche but it is truly one of the most valuable things that you can do) in fact I pretty much got an offer for my post grad gig because I had dinner with my PM. So network by firstly reaching out to alumni or people within are contacts of direct contacts (i.e your dad's friend's nephew works in ER at Goldman). Now not only do you need to network like your life depends on it, but you also need to craft a really good story. Apart of that story first and foremost must be how passionate you are about the markets and in particular ER ( you can do this my joining or starting an investment club), keeping a journal of your weekly stock picks and investment analysis reports, Write articles and keep track of your recommendations and performance. Lastly you need to support that work with strong academic performance, and extra curricular activities.

>>173429
>gril on /biz/

>>177307

Hey, it's going so so, thus far. I don't think i'll pass, so December will hopefully be better.

The ethics portion is just a little tricky, lots of trap answers/questions.

The quant bothers me a tad, so I'm going to have to buckle up and get going there.

>>174637
I have friends from USC who passed their lvl2s and who are working for just 11 an hour. I was considering following them, but it seems like a waste.

how do you get started in banking or corporate finance without the cfa?

>>177459
You honestly don't need the CFA for either banking or corporate fin.

>>177458
Good luck. I just started reviewing somethings
and looking at information online to prepare for the Level 1 in December

>>177471
Right. You just said that.

So how do I get started?

>>177511

If you just want to get started in banking or corp fin. apply and reach out to recruiters and actual workers in those fields like any other to get started in either just apply, look for analyst programs or internships (if you haven't graduated already). Also most of the information that you would need to learn for certain positions in corp fin or banking is online.

Check youtube for corporate finance tutorials or financial modeling for banking and there are many playlist and users that have in depth guides an tutorials

>>177574
I was studying for the cfas before so I am generally familiar with most of the math

But are you really telling me that I can go into an interview saying "oh well I have zero work experience but I watched some shit on youtube so gimme the job"

All of the analyst positions seem to require 2 years experience

>>173398
they get wet when they find out how much actuaries make

>>177583


look at the graduate/student sections for most companies. they expect for people to have 0-2 years experience.

>oh well I have zero work experience but I watched some shit on youtube so gimme the job"

try it, let me know how it goes

also internships in similar positions count as experience. so if you are a grad or senior and you have 0 experience because you didn't intern that's on you.

>>177620
You know internships are competetive these days. There will be 4 candidates for every unpaid position.

I came here asking for help. If all you're going to do is tell me to watch youtube and throw my resumes at HR sorting machines then don't even bother replying.

The whole point of the CFA exam is a proof of competence. If you can't tell me what I can use as proof of competence above and beyond that you're kind of missing the point, aren't you

>>173360
Because it makes only a marginal difference.

If you have no experience, CFA won't open doors. If you have experience, it's more valuable than any paper.

btw I passed Level 1 CFA. It made zero difference. My buddy also passed it, then flunked Level 2 then abandoned it.

I never got out of back office. He enjoyed success in IM.

>>177667

Just because they are competitive doesn't mean what I said wasn't true. Also the first thing that I mentioned was reaching out to people, since you failed to recognize that then that's your problem. As far as being proof of competence you can pass a few levels of the CFA if you want; however depending on your job function and your employer some people will care others will not. With that being said good luck, and get a better attitude, especially when asking for advice from people who don't owe you any explanation.

>>177709
By reaching out do you mean cold calling?

I am open to the probability that the CFA is a waste of time, I've seen it happen to my own friends.

But if I'm a few years behind now, it seems as if I'm effectively shut out. If that's the case, tell me straight.

IF it's possible to just cold call an office and get hired with no experience and no certs, I don't really see why unpaid internships have a 4:1 interviewee vacancy ratio.

>>177730
You're basically shit out of luck. Go get a masters in finance or MBA and network/intern your ass off. My old boss studied posc then answered phones at a healthcare company. He eventually got his MBA in Finance and Investments law or some shit at George washington and worked his way into the industry with no experience.

>>177743
Fuck. I guess that's what I'll have to do.

How in demand are foreign finance degrees/experience? I'm working on learning the basics of the chinese system and I'm anticipating the demand for these skills in america might rise.

How old is your boss though? I've heard of tons of that shit happening pre 05. Lately, not so much.

>>177730

>cold call

Yes. Cold call alumni, friends of friends who work in the industry and positions that you are interested in, head hunters. Many may not answer, respond or even care, but as long as you are able to establish some sort of connection with somebody you can use that to your advantage. Once you cold call, follow up with emails, ask if you can meet up with the persons(s) do the same for head hunters and hr personnel. Obviously having no experience may hurt, but if you can craft a story or prove that you have knowledge of the required on the job skills (through self study and demonstration of knowledge via technical questions), a good attitude, and genuine interest. Couple those aforementioned factors with somebody that is willing to vouch for you and that is how you get in. Also when it comes to the job applicant to availability ratio. The winners of this game are the people who are connected, persistent, have exceptional resumes, or all of the above

>>177777

Lookit dem numbers

>>173529
ma nigga

>>177777
He's up there. Maybe 40s-50 ish (I'm horrible at telling people's ages). He was a VP of credit underwriting at a major investment bank and left pre-crash because he was constantly being asked to approve deals that would obviously fall through. In like 06 he founded his own investment management company.

I have no idea about foreign shit. A friend of mine speaks fluent chinese and worked at CITIgroup Shanghai and somewhere else but nobody gives a fuck.

>>177788
>>177883
Well, thanks for the advice guys.

I'm especially wary of an mba but a masters might help me back in the door with a new internship.

Fuck this economy though. And fuck old people. Fuck it must have been so easy 30 years ago

>>173707
I can confirm that is false for CFA level 1.

A CFA may not get you in the door, but the amount of knowledge you obtain is still pretty impressive. If I were applying for an analyst position and was asked to value an equity off the bat, I would have an easier time doing it now, than I would have before I started studying.

>>173360
I'd appreciate some advice. I graduated with a degree in HR and Industrial Relations (Social sciences), and am now working two jobs (65-70 hours a week, about $64k Canadian a year, both related to call center work). I'm 22, willing to do whatever it takes to make as much money as possible (short of doing illegal/criminal things). Would a CFA benefit someone like me? Or should I just save and go for an MBA?