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- On Analysts, Recruiters & Compensation

by Treasa Moran, Volunteer

January 13, 2005 - Approximately 75 persons attended "Interview Insights," the Career Management Advisory Group event at Pazzo's. Jennifer Pierce, William Blair ("Blair") HR manager and Michael Pickens, CPA, Michael Page International ("MPI") executive recruiter, shared their interviewing knowledge.

Jennifer focused on analyst (buy/sell side) characteristics:

Buy Side

• More introverted
• Low turnover
• Career progression to PM (5-10 yrs)
• Small, cohesive teams
• Covers 40-70 names

Sell Side

• Extroverted
• 2 - 3 year position
• Career progression to Senior Sell Side or Buy side analyst
• Becoming more quantitative
• Covers 10-15 names (live & breathe)

Jennifer felt candidates need not initially know their preferred role, but all should love investing. Successful job seekers typically have invested personally for several years (even in a "paper/fake portfolio") and will discuss best and worst picks.

Jennifer suggested:

• Never send hard copy resumes
• Use firm's on-line posting system
• Be prompt for interviews - arriving somewhat early (5, not 20 minutes early) is fine
• Listen to questions and be prepared.
• Ask questions, especially if seeing several people. Posing identical questions to different persons for multiple perspectives is fine.
• Deviate from your arranged speech as needed
• Don't send hand written thank-you notes, use informal emails.

Michael differentiated the two types of recruiters, retainer vs. contingency-based. Retainer firms earn fees upfront without obligations to place candidates. Contingency firms are paid only upon successful placements. Companies typically hire several contingency firms to fill an opening. His firm handles both scenarios, but uses a retainer approach for all searches.

Michael advised:

• Anticipate a personal meeting since recruiters must know you and your job goals
• Set expectations on desired outcomes in your first meeting
• Seek help with career transitions elsewhere as recruiters are hired to find specific criteria matches
• Follow-up 3-4 weeks post meeting for an update, ideally with referrals. Recruiters remember cooperative candidates, so this builds relationships.

Compensation was a hot Q&A topic. On the propriety of mentioning compensation during interviews, MPI addresses compensation both upfront and in final interviewing stages. Blair also covers it early in an initial phone screen interview. Jennifer cautioned if your current salary is much lower than a position.s salary range, this might raise questions regarding experience. The panelists differed on pursuit of a new career path entailing reduced compensation. While MPI has a tough time there due to increased hiring risk perceptions,. Jennifer countered it depends on the individual, as salary cuts related to new career paths are common.

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