US
In an ideal world I would like to move into portfolio management but I am aware that my lack of hands on experience in that area would count against me. I guess this could also make it difficult for me to move into an analyst position.
Therefore I am fairly open as to the role but would like to make the most of my IMC qualification (and present CFA studies). Does anyone have any suggestions?
With my extensive Financial Services experience and qualifications I am able to take a wide reaching view of client queries and system enhancement requirements. Building relationships with Front Office and Operational staff I am able to ensure a client centric perspective is taken for the timely and accurate resolution of client queries. An eye for detail enables me to identify problem areas, design new procedures and controls to reduce risks and streamline processes.
Qualifications:
Degree – B.Sc. Podiatry
Professional:
Investment Management Certificate (IMC) – Level 4
SII Advanced Global Securities Operations – Pass with Credit
Certificate in Mortgage Advice And Practice
Financial Planning Certificate (FPC)
SFA Registered Persons Exam
Present Studies CFA Level 1
Interests:
Reading, Studying, MENSA, Scripophily
Work Experience:
Wealth management firm April 2006 to Present
Relationship Support (from April 2007)
· First level support for all queries raised by the Front Office ensuring accurate and timely resolution thereby providing better customer service
· Monitoring progress of queries routed to Operations to ensure satisfactory progress
· Oversight of system change requests to prioritise issues and ensure appropriate staff are allocated and resolution is delivered in satisfactory timescale
· Identifying error trends and designing corrective action to reduce the Bank’s risks. This has resulted in a 15% reduction in rebookings (which are operationally time consuming, expensive and client impacting)
· Using operational knowledge in ad hoc projects to amend and streamline processes, install controls and thereby improve overall customer service and minimise Company risks
· Three secondments back to Operations to resolve aged issues as well as the design and implementation of new processes and controls. This has resulted in a more stable Asset Transfer department enhancing client experience at an early stage of the relationship. Another has resulted in a more robust Reconciliation process for a variety of asset classes
· Detailed investigation of potential Operational losses, resolution recommendation to Management, gaining subsequent agreement from Legal and Risk and subsequent follow up. These resulted in operational savings where I demonstrated the root cause of particular issues lay elsewhere
· Providing monthly training to a variety of Operational and Front Office staff and managers (normally around 12 per session). These have included, among other topics, Corporate Actions, Bond Pricing and Interest Calculation, Hedge Funds and Securitisation. These have focussed, in a variety of ways, on generic topics and procedures (such as how to calculate accrued interest on a bond) a swell as current market issues (like the role securitisation played in the credit crunch). These sessions have better empowered staff to do their jobs thereby aiding the Bank and encouraged a more client centric perspective
· Production of Front Office protocol on Correction Account dealing to enable the Front Office to accurately correct trading errors in a timely manner, thereby minimising the Bank’s exposure risks
· Design, production and ongoing review of MI for Senior Management and Operational staff. This has included such items as the number, source and present status of outstanding queries, number and source of rebook requests and NNM
Wealth management firm, Fund Reconciliations (April 2006 to April 2007)
· Reconciliation of depots to internal positions for all unit trusts and hedge funds
· Investigation of discrepancies and ensuring Operations staff provided with all required information to correct the error
· Design and implementation of methodology to accurately record reconciled/unreconciled items
· Design and production of weekly/monthly MI for Senior Management
Mortgage broker
July 2004 to Feb 2006 – Self Employed Independent Mortgage Adviser
· Face to face consultations with clients for completing fact find
· Assessing clients’ mortgage and insurance needs according to KYC
· Re-visiting clients to explain selection and complete sale
· Processing applications and ensuring highest levels of client service through to post completion
Mortgage broker
March 2003 to July 2004 – Sales Team and Mortgage Adviser
· Completing face to face initial disclosures and fact find
· Providing guidance and advice on mortgage and protection products to best suit clients’ needs
April 2001 to March 2003 – House Husband
· Caring for unwell newly born son
· Passing FPC exams
Investment bank
April 2000 to April 2001 – Failed Trade Investigations
· Investigation of all failed trades across all settlement departments
· Sole discretion on buy in/sell out implementation
Consultancy firm
May 1997 to April 2000 – Consultant (primarily at UK private bank)
· Brought in to work on PEP project during IMRO enforcement period
· Rebalancing Managed PEP holdings to ensure equitable treatment for all clients
· Reconciling historic dividends for PEPs
· Calculating compensation due to adversely affected clients as a result in incorrect trading
· Working with Senior Management in compiling final report to IMRO
NHS
January 1995 to May 1997 – State Registered Podiatrist
· Managing own case load of patients in homes, hospitals and clinics
College
September 1991 to December 1995 – Student
· Full time student
· Continued work, principally on dividends reconciliations before and after lectures as well as holiday periods
Stockbrokers
June 1985 to September 1991 – Head of Compliance and Internal Control
· Started in the bought settlements department
· Set up and managed Internal Control/Compliance department
· Responsibility for Company accounts with Stock Exchange and internal cash accounts
· Ensuring accurate procedures written and followed for each department
Erm. Podiatry? Not exactly the best origin for a great fund manager.
Sorry, but with the exception of the podiatry, you look like 20000 other people
You must be in your 40′s right ? The FO career has not happened for you yet, why on earth do you think its going to happen now?
OK you work in close proximity to investment decision makers, however you are employed in this industry because you have good operational and compliance skills – perhaps also some good inter-personal skills.
If you really must give financial advice then go down the IFA or mortgage route – however if I were I would stop torturing yourself and focus on your operations/middle office career. This is where you are likely to earn most money and be most valued by the industry over the next 15years, before you think of retiring. You are obviously a capable person as you have bounced back a couple of times.
Swindling rich people out of a comission aint all its cracked up to be.
IMC level 4 is confusing: unless it has changed a lot in the last 18 months, you’ve either passed the IMC or you haven’t. (Maybe get rid of Mensa, while your’re about it)
I’m afraid your “application” train is long gone. If you get something it must be offered by a contact you may have.
And yeah, remove mensa and IMC (afaik IMC has always been passed or not).
sorry, painfully BORING…apart from the Podiatry Degree (niche!)…and the advisory part. Ever considered an ACCA (CFA ok, fine, if you like pain, pain is what you get) and make a move to niche VenCap or Commercial advisory? Maybe your past is your chance. Look, who cares about your FO/PM ‘ideal’…I would keep the focus down on all these procedural and the lot… no business director, in no country, will sit nor read (nor care about) any of these… PM of any sort is about speaking business not tasks…and you do the latter rather a lot…
without getting to much away from the original post. does the IMC and CFA level one add much to a recent grads CV-looking at getting into private banking
I would go for relationship management over portfolio management.
Wealth management is one of the few places where looking a bit senior can be of use.Would you trust your wealth to someone who albeit smart, looks like they were just month ago flogging mobile phone contracts? Just make sure to smarten up and make sure you look like you own the place.You’ve had client facing roles before: podiatry, mortgage advising etc so its not a huge leap and as you know the products. Pure porfolio management, could I fear, be beyond the capabilities of your greying grey matter. Taking clients to lunch and lying to rich people is also more fun.
Firstly, is there anyone more senior than yourself (not by age by position) in the team you want to move into and have you told them that you want to? This is by far the simplest way, someone who knows you and your work is 100x more likely to give you a break than a random cv trawling recruiter.
Well i like ‘im.
The first half of your career looks quite active, why not buzz up old colleagues from then? Wouldn’t try and qualify-up any more.
You have no track record in investment, as interesting as it is.
But you do have compliance and technical skills. Build your career in this area, Risk and Compliance. You’ll be fine. Oh and TRIM the CV down – too much detail.
I am a portfolio manager myself. Let’s face it: it will be very difficult. But don’t give up: in my industry we do have maverick profiles so it may be possible for you. Biggest challenge is your age i’m afraid, so you will definitely need network here, more than CFA. Good luck
ditto to the comment above, you have more chances to make it to wealth management/private banking than asset management.
Breaking into asset management at your age with your background could only happen through an internal move, and not at any firm. So finish your CFA and network your way in, that’s all you can do.
I am appalled at the ageist comments on here. Shame on you! I thought we were all suppossed to be working until seventy now anyway. I think the key to realising your dream in any walk of life if you have the ability is to believe in yourself, stay focused and never give up. As you are clearly capabable I would disregard the ageist comments and look to network and make as many contacts as you can. Do not let others dicourage you. Get out there and make it happen.
I’m afraid its going to be tough. Leveraging contacts is the best way, especially if you can bring in business. But if not then you are up against fresh MBA grads and out-of-work people like me who have 5 year’s of experience and Oxbridge/Imperial university degrees with a plethora of other skills. Thats not to say it can’t happen but getting the experience is key. If you could generate genuine investment ideas that create strong risk-weighted returns then that could get your foot in the door. You might try constructing a list of such ideas and joining the securities institute, attending events, and trying to network into something there with your pitchbook of ideas. I have to tell you its tough enough for people who do that full time though. And being a PM or analyst is very stressful, the hours are long, and the pay is not necessarily great; if you are good then rewards can be phenomenal, but otherwise you might be better off in ops/compliance with a good work/life balance and transferable skills. M&A/venture capital might be a better bet but expect years of graft and sacrifice to succeed (David Einhorn’s dad did this from scratch apparently. Google.)
With a degree in Podiatry, you should be able to get your foot in the door somewhere! :)
as an earlier comment mentioned, do people think there is much added to a cv by having the IMC and CFA exam? I am also keen to know.
Thanks!
Brilliant comment from James. Need more fund managers with a sense of humour.
Have to agree way to waffly and only bit that stood out was the foot experience. So good value talking point for interview but not much else