IMC, CEFA, CFA, ACCA... HELP! Just graduated

shjohnson

Hi Everybody,

I didn't know where to ask this question so I thought this would be a good start.
Ive just recently finished my honours degree in business and and would like to get into the investment management industry and don't really know where to begin. I graduated in June and thought I should take a year out but after a few months really felt like I wanted to get started with my career (and also money situation!). I do have a slight problem with getting into the industry because most graduate companies look for people with 2.i and I just missed out on that getting a 2.2. I also didn't do a-levels because I followed a dream trying to become professional at golf and completed a National diploma in sport and then the higher national diploma when then gave me enough credits to get to onto the third year of a business degree at Surrey university.

Investment was always something I kept in mind when completing my diplomas and degree. I have approached companies such as JP Morgan, UBS, Bank of America and Smith & Williamson but to no avail. I feel that the main reason I don't get very far is through the background I have in sports. Ive been to a couple of meetings with companies and also recently joined a traders and investors club started my IMC and CeFA course. I should hopefully pass them in the next few months. I did want to go onto the CFA but the cost is high and I still need to get some experience because I don't have any in the industry. With the industry being very competitive and the economic climate where it is at the present time many companies aren't willing to take on trainee's without experience.

Please can someone help me or any advice would be much appreciated

Thank you

kinglewis

http://www.cii.co.uk/cii.aspx

If I were you I would start studying for your qualification cf1 - cf5... they are expensive but a good place to start if you are struggling to find work within a financial institution. You'll be able to get through them quickly too while you are not working.. and it will certainly show willing to potential employers.

Aegis

As bad as it sounds, try working for a bank for a while. Some of them will be employing again before too long, and the experience of working in financial services will go a long way towards getting you into the world of independent advice. Bank financial planners will get trained up to usually the bare minimum standard and will have high sales targets for expensive products, but unfortunately it's one of those necessary evils if you want to get into the industry and don't have the top-level academic record needed to get noticed directly by potential employers.

Other than that, complete your CeFA if you've already started and just hit the job market as much as you can. If you're anything like me, you'll end up applying for hundreds until you find one that gives you a positive response.

shjohnson

when you say working for a bank I take you mean a retail bank? I have started the CeFA and the IMC course but mainly to get noticed i suppose. Would you still say that would be the best option even if i wanted to really do the IMC, CFA route and work as a wealth manager or relationship manager.

yes that is true i have already applied to many jobs and still waiting from a lot of them. May i ask what job and qualifications you do Aegis?

Thanks,

dunstonh

With the industry being very competitive and the economic climate where it is at the present time many companies aren't willing to take on trainee's without experience.

Actually, its not so much the economic climate, its the FSA's retail distribution review that is causing many firms to hold back on recruitment. From this year, you will need to sit 12 exams to become a financial adviser. Thats a lot of time and expense. The firms that tended to take on inexperienced recruits already had a high staff turnover when it was 8 exams. Add in 4 more with 100 hours each learning time and it increases the costs even more. Then add in the fact that from 2012, the banks wont be able to charge as much as they do on their products. So, their earnings are going to drop. Its not clear yet whether they are going to stay in full advice or drop down to basic advice. They may well end up doing both but the full advice will be on a smaller scale.

If you go to an independent, they will typically look for experience or at least you already having the first level of exams to allow you to do mortgages and insurance. The rest you can then do on the job. However, thats not exactly going to pay the bills for a lot of people. Especially if you are reliant on the firm providing you clients.

Its not a good time for unqualified individuals to join.

Lokolo

shjohnson wrote: »

when you say working for a bank I take you mean a retail bank? I have started the CeFA and the IMC course but mainly to get noticed i suppose. Would you still say that would be the best option even if i wanted to really do the IMC, CFA route and work as a wealth manager or relationship manager.

yes that is true i have already applied to many jobs and still waiting from a lot of them. May i ask what job and qualifications you do Aegis?

Thanks,

He's a jiggalo with qualifications of about 10"'s. But thats just at weekends. (if noone can tell I am very bored this evening)

Aegis

shjohnson wrote: »

when you say working for a bank I take you mean a retail bank?

I do, yes. I started out with HSBC and just kept on applying while I worked.

I have started the CeFA and the IMC course but mainly to get noticed i suppose. Would you still say that would be the best option even if i wanted to really do the IMC, CFA route and work as a wealth manager or relationship manager.

Within a bank you would have the potential to work on client servicing, portfolio management, etc. All very valuable experience if you're looking to move on to relationship management for an investment house.

yes that is true i have already applied to many jobs and still waiting from a lot of them. May i ask what job and qualifications you do Aegis?

I'm a trainee IFA and have passed CeFA and J06 from the Diploma of Financial Planning.

kinglewis

when you say working for a bank I take you mean a retail bank?

I think any type of experience in financial services will serve you well. Including retail banks.

Would you still say that would be the best option even if i wanted to really do the IMC, CFA route and work as a wealth manager or relationship manager.

You really could do with some experience in financial services I would have thought. Walking straight into a wealth manager / rel manager job is a big ask. (Someone may well prove me wrong but they are well paid and you will up against stiff competition from fully qualified experienced advisers.)

yes that is true i have already applied to many jobs and still waiting from a lot of them. May i ask what job and qualifications you do Aegis?

Aegises previous threads regarding learning towards CEFA and other comments on here seem to indicate he/she is a financial adviser (with at least upto and including Cefa 4). May well be proven wrong lets see how good my detective skills are! (Apologies Aegis if i am wrong!!)

kinglewis

Not a bad guess!!

How was the J06 Aegis?? Big jump from the Cefa or similar level??

Aegis

kinglewis wrote: »

Not a bad guess!!

How was the J06 Aegis?? Big jump from the Cefa or similar level??

Not too bad actually. J01 looks to be a lot harder, but that might be because it's a lot less interesting!

shjohnson

There do seem alot of qualifications out there with various benefits, i have been to an open evening of the CFA at 7city but look very tricky and lots of hard work.

May i ask what is the J06? ive looked on the website but still wanted to hear it from another point of view if possible, is it hard? what benefits has it presented?

Thank you for all information up to now:)

What are your aspirations aegis? would you like work more in investment? or stick to IFA?