Where do you do get experience to be a financial analyst?

Scott in Kankakee, Illinois said: I have a degree in finance but I don't have any experience. All the jobs that I see post by Chicago want at least 2 years. So how can I can I get the job without the experience or how do I get the experience to get the job?

Are there other jobs that I could use to get the experience? Are there any exam or test that I could study and take to use instead?
And most of the job posting, are looking for experience in different type of program like SAP, and etc, should I look into taking classes in them?

Thanks for any help.

take an exam to show you are credible. the CFA is a great way to gain credibility. I personally am taking the CPA way because they give more weight to CPAs than CFAs. Its an expensive process but will definately help you out.

yeah, that is a problematic chicken and egg thing, isn't it? I have a BBA and all I was able to get right out of school were sales jobs in freakin call centers, so whatever, I did it (getting to the point shortly). Eventually, as the economy started getting crappier, I got a job doing outbound sales to New York Banks (that was my sales territory) and that was June 2008.
Those guys were so arrogant; I couldn't handle that they talked down to me like they were so much smarter than me (even the Lehman bros. and AIG people were like that). So I was like screw you guys, you're not that smart, I can do your jobs no problem.
step 1. take CFA level 1. step 2, take Canadian Securities Course (like series 7 in USA). step 3, take another couple courses needed to be licensed as trader/portfolio manager/whatever and just keep passing them and stacking pieces of paper. step 4, apply for a back office job doing admin or some crap like that at a well respected finance company (this is the step I'm at right now). Step 5, CFA level 2 (that's in june). My hope is that after a handful of certifications, and finishing the third level of the CFA, I will be able to apply for, and get an entry level financial analyst position that pays like 45-50k. I'm setting the bar real low so I don't get disappointed.

Scott, you should be in progress of your CFA if you want to get an analyst job, or have at least 6+ years of relevant experience. You might look for a position in the departments that support analysts as a way to get your foot in the door and then get approved to enter the CFA program. You're too lean on experience at this point to expect to compete with those that do.

oh yeah in Des Plaines, Illinois said: Scott, you should be in progress of your CFA if you want to get an analyst job, or have at least 6+ years of relevant experience. You might look for a position in the departments that support analysts as a way to get your foot in the door and then get approved to enter the CFA program. You're too lean on experience at this point to expect to compete with those that do.

Scott, CFA is definitely the way to go to show you're actually serious, and it's a pretty good system actually; those who are serious pass it. Those who just kind of want a cool fancy finance job but want it handed to them without putting the effort in to get qualified for it will fail.

I don't know what 'oh yeah' is talking about, you don't need to get approved to enter the CFA program. If you have a bachelor's degree, you just sign up, they send you books, and then you study and then write the exam. you won't get the charter though unless you have 4 years of applicable work experience. if you pass the exam without having the work experience, you are "CFA charter pending" status.

You need to be sponsored in order to have your application approved. DUH!

oh yeah in Des Plaines, Illinois said: You need to be sponsored in order to have your application approved. DUH!

yeeeeeah... but no, all you do is sign up and write the exams; I know because I'm on level 2 and I've never worked a real finance job in my life (other than basic admin), let alone have someone go through the effort of helping me apply to something.

If you're talking about getting your work experience approved, that's one thing, but you don't need anyone's approval for signing up and writing the tests, all you need is a bachelor's degree, go on the CFA site, they say this very clearly.

What about jobs that I should look for (also entry level jobs) that will help me move up the ladder into a possible financial analyst job. If you know of any specific job titles that would help please let me know. Also what about doing adminstrative work in other non finance companies. Or accounting clerk/payroll type jobs? any suggestions

just take the C.F.A my friend it's hard but definitely buys you the credibility to make up for lack of experience and and gets you further ahead of others most likely, majority of people you are competing against are not smart enough to get it or are too lazy because it requires a huge commitment of time. i applied for two years straight to over 200 + jobs no avail and i work a job i hate and in the same time i kept applying i watched a friend go from could not get a job to making 190k at a well known hedge fund and he only passed two levels. i finally wised up and I'm study for the December exam
Good luck.

I'm in the same boat as Scott. Although the CFA seems to be the recommended way to go I was wondering if anyone had any insight into the FAS (Financial Analyst Specialist) designation? It is a 5 or 6 month course done online. I haven't been able to find any reviews of this, which leads me to believe it is junk! It doesn't appear to be on FINRA's list either.

DK1983 in Camarillo, California said: I'm in the same boat as Scott. Although the CFA seems to be the recommended way to go I was wondering if anyone had any insight into the FAS (Financial Analyst Specialist) designation? It is a 5 or 6 month course done online. I haven't been able to find any reviews of this, which leads me to believe it is junk! It doesn't appear to be on FINRA's list either.

I don't know anything about it. All I can say is that another acronym on the resume can't hurt, unless the organization that offers that designation gets nailed on a mass child porn scandal or something.

I got a designation called Canadian Investment Manager which also takes about 6 months to finish. The difference is, that designation, in combination with CFA level 1 means in Canada, I have legally met the education requirements needed to manage a portfolio in Canada, (though the necessary work experience is another story). Is this FAS designation good for something somewhere? is it expensive? Does anyone anywhere know about it? If it's expensive, and no one seems to know about it, I'd probably ignore it.

Hello Matt & DK1983,

Our team put together the Financial Analyst Specialist (FAS) program because in the past we have been able to attract over 1,000 participants to our Certified Hedge Fund Professional (CHP) Designation program and we had a model there that worked.

We have taken that practical approach to providing an industry designation program to the area of financial analysis by hiring a professor and using our teams financial analysis experience within the hedge fund and corporate finance arenas to create the Financial Analyst Specialist (FAS) program: businesstraining.com/Financial-Analyst-Certification.html

Our goal is the most practical, challenging, and globally relevant single level financial analysis certification program in the industry. We welcome your feedback on exactly what would meet your needs in this area, we add new video modules to our programs each quarter.

- Richard Wilson
G.T.C. Institute, LLC
BusinessTraining.com

Thank you for your response Richard. I guess I am just trying to get a sense of how useful this designation really is. It doesn't appear to be recognized by FINRA and I haven't heard a lot of people mentioning it. A quick Google search only pulls up your website.

I understand that it might improve my resume but it seems pricey for a designation that is so unknown. I might as well start on the CFA, which I know is legit and recognized/respected.

In what situation and for who would you recommend the FAS?

Thanks

I have been looking at businesstraining.com for about month, I cant find any good and I cant find any bad reviews for this online course. I am not sure if $400 per course is pricey, compared to other programs. If you have experience as an Financial Analyst not sure if this course would help.

I am working on my MBA in Project Management and my goal is to make $82,000 as a Financial Analyst. I dont want to waste my time. However, I think this course could help me reach my goal. I have Financial classes in my MBA program. But think this would help prepare me for class and the workforce.

B-Easy,

I actually decided to sign up for the FAS program. I've been posting updates on the businesstraining.com forum. Hopefully you will find it helpful. I was in the same situation as you and decided to just go ahead with it even though its a little pricy.

here is the link: businesstraining.com/forum/showthread.php/46-My-businesstraining.com-experience

Feel free to message me if you have any questions.

I've got an MBA, but no experience, and I've applied for hundreds of Financial Analyst jobs all over the country and have had only a handful of interviews. I rarely see any job postings that even mention the CFA designation, so I'm not sure if it would be worth it to put out even MORE money for another worthless designation. (Spent $60,000+ on tuition for my MBA and undergrad, been out of work for a year and a half, and have never had a college graduate job.) If anyone has actually been able to get their foot in the door with a pending CFA and the hiring employer somehow waived the experience requirement, I'd love to hear about it. Or if anyone knows of a searchable job title where you would work under a Financial Analyst, that would be good too. (Or any entry-level job where having an MBA is an asset instead of a liability, for that matter.)

Building relationships is as important as the formal education received in an MBA program. The best way to start building those relationships is through an internship in the company or function you want to pursue. Intern, intern, intern.

I think the issue is where you live

most financial analysts positions are at corporate headquarters

I am basically in same boat...I can figure out how to get the financial experience required for these jobs in order to at least get to the interview...

Only have a B.A. in Economics with a strong financial background. I was considering the CFA designation, but after studying for the Level 1, it seems almost relevant to move on to the next levels if I want to focus on firm financial not necessarily portfolio management and equity/bond valuations.

Thinking of going towards the CPA route now, since it seems to be more practical towards company financial reporting...

Should I just get a bookkeeping job or a bill clerk position?...I feel so lost
How are you guys doing with everything, since this forum started like almost 3 years ago?

skiptomylou in Dacula, Georgia said: I think the issue is where you live

most financial analysts positions are at corporate headquarters

I living in southern California, willing to relocate to San Diego or LA...but wow...its competitive out there...how would you even set yourself apart from the rest...
everyone can do the financial modeling, advance excel, cost analysis...and everything else that comes along with it...only thing is who has the experience...which just leaves us, inexperienced folks, out basically forever ;)....:( haha....

Having CFA does not help in landing a FA job anywhere. Finding an internship in Corporate Accounting/Finance has always been very tough as not that many companies hire interns and when they do, only few lucky ones are selected from well-known schools or local colleges. The CPA route is good and practical though there's no shortage of CPAs anymore, at least not here in silicone valley. For experience, ask a FA friend to show you exactly what s/he does and then use it as consulting (contracting) experience to get a head start... it's a tough world out there and sometimes one has to be creative, you know :) Good luck!

Richard D. in Rialto, California said: I am basically in same boat...I can figure out how to get the financial experience required for these jobs in order to at least get to the interview...

Only have a B.A. in Economics with a strong financial background. I was considering the CFA designation, but after studying for the Level 1, it seems almost relevant to move on to the next levels if I want to focus on firm financial not necessarily portfolio management and equity/bond valuations.

Thinking of going towards the CPA route now, since it seems to be more practical towards company financial reporting...

Should I just get a bookkeeping job or a bill clerk position?...I feel so lost
How are you guys doing with everything, since this forum started like almost 3 years ago?

I had CPA and Valuation experience , but I didnt get financial analyst job experience (though i had level 2 CFA passed, working towards CFA level 3), i still didnt get any financial analyst job offer ......I think people who get hired is those that really have solid FA experience, as employers are not willing /less willing to train up people from the beginning...te job market is really tough....

i'm studing mba at sharif university of thechnology (the best university in iran),i am really interested in finance, and i want to apply for good university in this field . i don not have any specific relevance work experince in this field in any organization (except with my little capital in Tehran stock exchange and future gold market)(but i can work for few month) , i want to know how getting level one of cfa would help me to get addmishion?and can i work easily in countries such as usa or singapore after finishing university ?
tnx all

Has anyone completed the FAS program? I'm debating whether or of to do it to help in the job hunt. How much more competive does it make you?

I am current in college studying for a degree in Economics. I am not sure what work is best to do. I am thinking about becoming a financial analyst. My problem is I do not do which job i should do so i can move up. I understand that must persons said its best to do the CFA and the FAS.

I agree with you Matt. You are on the right path. I am so completing my CFA.

I am currently a Senior FA with a major multi-nation financial institution. I started in the back office and worked my way up about 14 years ago after graduating.

Most successful advisors have the CFP designation like myself and/or and acounting designation.

MBA in my opinion is over saturated in the industry. I believe years of experience directly with clients and back office operations is more valuable than $100K Executive MBA.

My suggestions is to work as a Financial Advisor so you will be forced to to learn hands on skills, practical knowledge, and experience in the industry. However, not everyone has is suited for this role. It requires a balance of guts, excellent communication skills, leadership, research, integrity and common sense.

I am firm believer of the "School of hard Knox". If you want to be a portfolio mgr, try being a day trader, investment advisor, or financial advisor first. I guarantee you that you will be working hard, but the experience would be valuable. This will determine if you are worthy of the role Portfolio Mgr.

It is true that nothing helps more than hands-on experience. Most of those who earn over $100,000 or $300,000 are able to do so because they have valuable experience, but I do think that education is an important component. I think many people get frustrated when they here that experience is what is most important because all of us have started at some point from nowhere - we all had to get started somehow.

I have a free report on how to make $100K in finance if anyone would like to read it - businesstraining.com/FREE/100K-Roadmap.pdf

Take care

Richard

I'm trying to find out pros/cons between being a Financial Analyst at a bank vs a financial analyst at a large company (ex. Ford, General Electric)?