Dear students from Classes 1A and 1B, and Levels 1 and 2 Mock Exam Review classes,
 
Congratulations for completing the exam today and good to see some of you... With the exams finally over, it's time to let your hair down.... I would like to invite you to the Bowling Nite on 16 Jun (Tue), details as attached in the flyer, and you will get a chance to meet up with finance professionals.
 
During this period, some of you have emailed me seeking career advice.... and in one of my earlier mailers, I said that the answer resides in "Continue Learning and Keep on Networking" (click here), which I will share after your exams.  Now that your exams are over, your journey into the finance industry is just going to start.... if you decide to move in this direction.  At the Level 2 mock exam review class, I flashed the May 2009 issue of Bloomberg cover page "Street of Broken Dreams" and talked about the general profile of a finance industry person.  I mentioned that if one is very concerned about job security, then the finance industry is not for him/ her.  I said that finance industry is for risk takers, not for the faint-hearted. Hence, if you decide that the finance industry is not for you anymore, you can skip the rest of this mailer that talks about the things to do and qualities needed ;-)
 
 
(1) Continue Learning
Competency building, esp in the broadening of one's market knowledge, is important... Typically, at interview sessions, potential employers ask you how many years of relevant experience you have got.  This is tough and very much like a "chicken and egg" question, coz one obviously does NOT have any relevant experience if one is not in the finance industry YET.  I have gone thru this myself and am fully aware how tough it can be.  However, I still believe there are a few things one can do to demonstrate proactiveness in building up one's competency, one of which is to broaden your market knowledge and gain exposure to analyst research.  For a start, if you are not yet sure what you wish to achieve in the finance industry, read a bit of everything... and when you are more certain of what you wish to do, focus your attention to reading the more relevant stuff.  It's very much a self-discovery process.
 
 
(2) Keep on Networking
It is important to leverage on contacts in your job search because many vacancies in the finance industry are filled based on referrals, whether we like it or not. It is very common for one's boss to ask his team-mates if they know anybody with a certain skill set to fit any new role they are contemplating.  Such openings are obviously not even publicised.  Referrals also have the added advantage that one of the team members may have worked with the new person before and most likely can have a good working relationship with him/ her. When I was still outside the finance industry more than two years ago, the number of contacts I had in the finance industry could be counted with one hand!  After I realised the importance of networking, I made it one of my personal objectives to attend networking events regularly and hook them for lunch/ drinks to better understand the industry structure thru them.  Today, though I already know many people in the investment mgt industry, I still see value in professional networking as a continual process, very much like a basic survival skill.
 
Now do NOT start asking me if I have any job to offer you, coz even if I have, I will only offer it to people whom I know well enough.  Please refer to my mailer below on "Embracing the mindset-- How can I help you?" (click here) The attached article talks about adopting the proper mindset in networking: Networking is social, casual, and it’s about connecting with everyone you meet without expectation of “getting something in return”.
 
 
(3) Be disciplined and humble
DISCIPLINE is a critical success factor when it comes to passing CFA exam.  Apart from passing the three levels of CFA exam, DISCIPLINE is even more critical when we extend it to the realm of investment mgt, e.g. traders following trading signals or fund managers faithfully adhering to their investment process to avoid style drift.  Another important quality that my teacher taught me is to be HUMBLE.  We should all be aware that there's always somebody better than us out there, and we sometimes admit that we have made a mistake in our judgment.  Take Temasek Holdings for example, they have recently sold their stake in Bank of America (arising from their earlier investment in Merrill Lynch) and Barclays, booking a loss.  Whether this is a right or wrong decision, only time can tell, but the important point I would like to point out is: Temasek Holdings is brave enough to bite the bullet now and admit they have made a mistake in their judgment to invest in 2007/2008 by now selling their stake.  I am using this example not becoz I am a fan of govt investment bodies (in fact I am not), but becoz this is a high profile recent example of how an institutional investor may also need to eat HUMBLE pie, in the face of what the market signals have been.
 
 
I happened to get hold of the latest copy of the CFA Institute magazine and chanced upon this article "Career Strategies for a Downturn".  The strategies outlined in the article are:
Strategy 1: Plan ahead, face the facts, and brace for change
Strategy 2: Consider a lateral move and prepare for a smaller package
Strategy 3: Increase the geographical scope of your job search, but do it with sincerity
Strategy 4: Perform due diligence on your potential employer before accepting an offer
Strategy 5: Maintain your network-- with style

Assuming you are not a faint-hearted person and wish to take up the challenge, here's what u need to start doing NOW in the realm of:
-  Continue Learning: Broadening your market knowledge... and if you wish to read further, simply fix up an appt with me and I am happy to share with you some more reading material.
- Keep on Networking: Start attending CFA networking events, such as the upcoming Bowling Nite on 16 Jun (Tue).
 
I wish you a pleasant journey in the finance industry.