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Junior Job Hunter: help! I’m forgetting all I learned at uni


COMMENTS

For me, the key for continous eduction is to have a clear goal.  Read all comments »

In the latest of his "Junior Job Hunter" series, our columnist tells us how working in the wrong job means his equity-markets knowledge is rapidly disappearing.

If you haven’t read his other articles, click here, here and here.

Go back to early 2009 and ask me a question about snowboarding and I could almost certainly give you a knowledgeable answer. Only six months after my first real snow experience I had immersed myself in the sport. I could tell you the top-10 American resorts, parks, riders, videos…you name it, I could give you an answer, and more importantly, sound like I knew what I was talking about!

Fast forward to today, and after six months living in the driest state on the driest continent, my knowledge is waning. I can’t easily go snowboarding, people around me aren’t interested in it, and I no longer watch tricks with the same enthusiasm. If you asked me a question now, well, I might just…stutter.

My point? Having graduated four years ago and not having a job that is definitively on my desired career path, nor being around people who have knowledge in equity/investment analysis, I’ve forgotten most of what I learned at university. It’s still there somewhere but it needs to be refreshed. My desire to learn and absorb needs to be rekindled.

This is a problem faced by many young finance professionals with limited experience. Because of the financial crisis and the subsequent retrenchments - particularly at the bottom end of the banking sector - many now people work in positions that don’t match their career goals.

University learning is important but a “hands-on” approach always seems to sink in better. Speak to anyone doing an MBA and they always place the most value on studying alongside like-minded individuals.

Back to snowboarding: you watch a friend/instructor; they take you through the process of finding your edges and your balance; you practice to get the feel, watching and learning; and voila! you improve!

I recently applied for an investment banking analyst position and was rejected almost immediately. This knock-back made me realise that it’s time to go back to the drawing board. So how do I convince an employer that I know what I’m talking about in order to get that all important interview?

So what should I do?

If “knowledge is power” then surely a refresher of basic portfolio theory/fundamental analysis techniques from university would help? But I’m not going back to the classroom, so what can I do privately? What skills do I need to demonstrate to show that I have, or can attain, specific asset knowledge?

Should I write a mock equity analysis for an ASX-200 company, looking at PE ratios and forecasted earnings, and email it to HR? Should I check Bloomberg or visit ASX.com and go through their online learning tools. What do people value doing outside of working hours to improve their interview prospects?

I’ve spent the last six months immersed in looking for a course to study to make myself more marketable for the future but I feel like a victim of “paralysis by analysis.” Despite all the time I’ve spent checking countless courses, websites, info sessions etc, I still feel that I’m missing the point.

What about marketing myself? What do employers want to hear from less experienced candidates that would put them ahead of the pack? Is there a specific software package people recommend to learn? SQL? Will it help to take an online course or even just read the help section in Excel? Should I download a list of broking firms and cold call them to try to get my foot in the door? What information do people recommend immersing themselves in?

For now, until I return to my snowboard and hang around with similar people in oversized fluro snowpants, I’ll put my dwindling knowledge of the snow on the backburner and see if I can’t rekindle some of that knowledge I learned during five years at uni.

If you are an Australian-based candidate (no consultants or recruiters please) and have an interesting story to share with eFinancialCareers readers, please email: apac.editor@efinancialcareers.com

COMMENTS

JCP, Accounting & Finance,  Mon 26 Oct 09

I found my self in a similar situation last year, following the collapse of Lehman Brothers and my operating division was shut down. With only 1 year of experience in financial services, in a tough market is was difficult to get an interview.

I think the CFA is definately worthwhile and also search for a course called Wall St Prep financial modeling, which i found really useful as it tells you how to do basic DCF (although based on USGAAP), comps analysis, M&A accretion and Dilution Modeling, and LBO modelling.

The cost of CFA is around 1300 while the financial modelling course is about 900, but both are good value. See how you go with these.

On the bright side, there are certainly a lot more hiring activities in the financial markets as the recovery continues, so there is some light at the end of the tunnel.

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Scared of own shadow, Consultancy,  Tue 27 Oct 09

The best way to find work is via a connection. Network, network, network! (And one more network!)

NB. Please don't ask me how this is done, because I have no idea.

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denker12,  Thu 29 Oct 09

Job Hunter

You convey a sentiment that I too have so often considered.

How can I make myself even (?) more marketable?

Should I publish a paper?  Do some research? Fulfil a doctorate?  Blow my budget on the mostly inane and very costly professional development course sessions? These compelledobligated by my current, yet very unfruitful, professional association(s) (Three in my case.).  Very costly professional development as the significant costs are not tax shielded. Very costly too as they are a mostly a directionless, dated and shot-gun approach designed to hone and polish the skills of the employed – rather than bridge the targeting needs of the unemployed.

Anything to get a job...

Clearly those in jobs should take care - for  there are, I suspect, and ever increasing unemployed and underemployed horde who have taken to study in this time.

Once normality returns those currently employed will find their academic credentials looking rather anaemic and below par. 

But 'advancing by degrees' is not a realistic  short term strategy. [See:- What colour is my Parachute - Richard N. Bolles]

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Cutejuan, Sales & Marketing,  Thu 29 Oct 09

Well, I am on the same boat. I am a chinese girl from China. I have done 5 years study in finance in China. Eventually, I got a junior position in a securities company and lisenced from SAC. Then, In Australia, I have done 2 years relevent study, including PS146 from Kaplan. I can not get a finance job here. I am thinking I am toooooooooooooo stupid, and no companies want to hire me!  What is the use of study and getting Australian degree? The worst thing is I start to loss knowledge get from textbooks and experience gained in China.
Sometimes, I am thinking it is useless to come to this country. sori say this :!

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sjhenebry,  Thu 29 Oct 09

University is just the start of a life long educational process. Everyone forgets all the BS they learned at university anyway. Read, read, read and read some more and become a true expert in something. Write articles about your new expertize, start a blog based on that knowledge. Millions of business educated people out there think university is the end time of thier education. Stand out with something no one else has. Employeers will  see you as not a one dimensional candidate. Me, MBA age 39, MA International relations at 55, starting an MA International Military History (on line) next year. I am down to the final two for  jobs as an Global Economic Analyst because I show added value. If none of that works get international experience for the global economy.

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YY, Risk Management,  Thu 29 Oct 09

It is too bad that uni does not really teach us the means to survive in society, nevertheless, it does teach you the skills to be employable. I believe you are worried about your depreciating value of the employable skills that you had invested 5 years or more in. Here is what you would need.

This is what i think the current applicants lack:
Humility - Don't brag about your knowledge unless you have PHD. Almost everyone has a qualification on the street, some even masters, thus know your place and where you stand.

Genuine work ethnics - we Gen Y often got it easy, almost everything. We often forget we need to work hard to get what we want. We bank on sickies. Selfishly doing what is required only. If you don't give, you are not going to get anything.

Genuine interest to work in the organisation - if you intend to work for us for a short period of time, and say bye bye. I would not like to hire someone like that.

The right attitude - there was a saying " it is not what you know, but who you know that matters" Don't know anyone, then start low and work your way up. Show them how badly you want something and what lengths you will do to get them. Learn from Michael

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JX, Derivatives,  Fri 30 Oct 09

I am on the same boat here. For me, the key for continous eduction is to have a clear goal. Know what I want to do and concentrate on that. I agree with sjhenebry "read, read and read..." There are so many online free sources. Books and professional magazines are not as expensive as these courses.

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sorur, Accounting & Finance,  Mon 02 Nov 09

I would say the best way is net working in this country .who cares what you have done,.....

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steatoda, Student,  Wed 11 Nov 09

Merges and inquisitions has lots of good articles on this. But basically it boils down to network (alumni, former professional, random people off the street , jk), excel skills and an interesting story (save kids from burning buildings etc., to get the interview). Maybe you can get microsoft certified in excel. Because it will help you a lot more than the CFA.

Best of luck!

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