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In the latest instalment of our Career CPR series, we hear from a CPA who is hoping to get into the buy side. Read his dilemma and offer your advice in the comments box below
The dilemma:
I’m a big four certified public accountant in Hong Kong with a background in transaction services performing financial due diligence for private equity firms.
I have an interest in stocks and futures trading on the side and I don’t do too badly. This year alone, my portfolio saw 50 per cent in returns.
I’m really keen to apply my knowledge, experience and acumen in the fund management industry. I believe that my skills will be very useful for a private investment company or a managed futures fund company.
I would appreciate any comments from readers on whether my experiences and expertise would fit into the needs of such companies. Also, how can I get access to these types of companies to introduce myself or get noticed by these types of companies?
Thanks,
Asset-management-hopeful
Mohit Savalani, consultant, cml, gives a couple of pointers on the candidate’s prospects of switching fields.
Relevance
The candidate needs relative fund experience as most fund houses would require this.
However there is a silver of a silver lining in the candidate’s predicament. Savalani says: “Depending on whom the candidate’s private equity clients are, he might have a slight chance. The candidate needs to show some similarities in their (current) PE role which links to a role at the fund house, otherwise it would be a struggle.”
Getting noticed
Make like a driven Hong Kong job seeker at networking events and meet as many people in that area of business as you possibly can.
Savalani says: “In this way, candidates can get to know people in the market and also hopefully get noticed for their professionalism, knowledge, desire and passion for wanting to work in this industry.”
Start small, be realistic
If you really want to switch to funds management from accounting, don’t be delusional. Come prepared to start off as a rookie.Savalani points out: “Unless you’re coming in with a new idea and that’s what the business wants or needs, you will have to start off as a junior.”
Think you can help this candidate with advice on how he can break into funds management? Give us your take in the box below.
Funds like to hire from ibanks or from themselves..this is gonna be hard
I spent almost 3 years in Big4 and then switched to PE and spent ~4 years there. I moved to a small fund house as an analyst first and one of the bosses was going to open its own PE so I move with him.
My boss found my audit & due diligence experience very relevant and my performance was as good as or even better than(given limited resource and team member) other investors.
My point: It is POSSIBLE~!!!
I switch to a whole new field – IT startup now.
Full of challenge and many smart people. Exciting.
We do NOT have to stick with just 1 field. There are ALWAYS opportunities.
Many think of the glories of the BUY side.
I had 4 years on the sell side and 18 more years on the buy side
and profited from 8 stock market crashes.
I can tell you the fact is that had your so called acquired skills and acumen survived through 3 market cycles and still alive and trading.
not for your own pa buy sitting on major positions and fully against the crowd. If yes i encourage to take this career route .
If not don’t . I can tell you that if the heaven have not bless you with
this talent, don’t try. I had seen many fallouts with no resurrection.
If you are good in CPA , bring it to higher heights and leave the
gambling in markets to others and lastly
Investment is an ART and cannot be acquired and learned
by attending courses.
Good Luck
ck
I am from Big 4 to a l/s equity fund
From a CPA to private equity is highly possible, as skills of CPA are highly valued in PE. However, to public equity (ie. asset management) is tough;
unless you are willing to start off as junior analyst and progress your way to be portolio manager
After over 10 years working in the sell side, I switched to buy side for successfully 6 years. My point is impossible is nothing. But as others advice, be realistic. Keep in mind, when you are in the new field, you almost are a rookie. At least many people will see you as a rookie. Prepare well and good luck!
I think most things are possible and you should first understand what it is you are going after and once you have clarity then you should go for it no matter how hard it is. It’s better to give it a shot rather than give up. And I agree with Koh’s comments, but figuring out one’s abilities takes quite a bit of time as abilities can be honed. True it takes a genius to become a top notch investor, otherwise with a genuine interest in the work and with the right amount of hard work and patience, it is quite possible to make a decent career.