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Investing in Your Career Event: A Huge Success

Reported by:
Carla Norfleet Taylor, CFA, Randy Malecki, Marvin Goodwin, and Kathy Graham, CFA

The 6/22/06 Career Management Advisory Group's event, "Investing in Your Career: Practical Insights and Valuable Contacts" started with discussions between participants from throughout the Midwest and nine different firms' representatives. Exhibitors were impressed with registrant diversity.

Following this initial networking, the panel discussion "Hiring Managers Uncensored" focused on achieving one's dream job. Patrick Dorsey, CFA, Morningstar's Director of Stock Analysis, mentioned that while good resumes count, too often he reads poorly written cover letters. That letter should be tailored to the specific position/company, as opposed to submitting a template letter with small changes. He commonly receives someone's letter addressed to another company using this template method!

John D. Skjervem, CFA, Northern Trust's Senior Vice President of Personal Financial Services, said after inviting candidates to interviews, he looks for high energy, personable and fluent communicators. Investment professionals hired must be able to put clients at ease. Dorsey also added he seeks honest, humble, prepared and creative candidates. David Hershey, CFA, Managing Director and Principal at Lotsoff Capital Management, advised job seekers with a series of short employment tenures that each position should illustrate a real progression to the ultimate career role. Saying you changed jobs for higher pay is not a good answer! All panelists stressed a thank you letter's value. Beyond good etiquette, it also shows the interviewee's sincerity and passion about the position.

Following another round of corporate networking, the "A Day In the Life of..." session gave a direct view of these job roles - fixed income portfolio manager, investment consultant, portfolio advisor and buy-side equity research analyst. Paul L. Brennan, CFA, of Nuveen Investments indicated most Nuveen portfolio managers start as buy-side analysts. A portfolio management career is often so fulfilling that many incumbents perform there for many years. Stephen E. Clear, CFA, Jr. of Watson Wyatt described his role as an investment consultant as split evenly between client relations, business development, topical research and asset manager evaluation. Panelist Stacy G. Devine, CFA, a Goldman Sachs portfolio advisor, has a unique role requiring comprehension of various asset classes and investment strategies for articulating such to clients. Finally, buy-side analyst Steven G. Sherman, CFA, of ABN AMRO mentioned that much time is spent on both industry and company analysis.

In Q&A, attendees inquired about success measurement and compensation structures. They were also interested in the required backgrounds for the positions and best career entry strategies.

Moderator Jim Daley, CFA, wryly mused the last session, the "2006 Mid-Year Job Outlook" was geared "to find out if there are enough jobs available to make the first two sessions relevant"! Two senior executives from the global recruitment firm of Michael Page International, Hugh Everard and Matthew Wu, provided their insiders' assessment of Chicago job market trends.

Both noted that alternative investments are today's hottest job market sector with fierce talent competition from expanding hedge funds, private equity funds, fund of funds, etc. Compliance and audit sectors are also growing due to tightened regulations. Conversely, Wu emphasized the challenges of finding new opportunities for market makers (self-employed traders) and for people desiring career transitions into new functional specialties. Everard and Wu also judged that managed wisely, a seasoned executive recruitment firm could be most beneficial to candidates.

Closing with the testimonial of attendee Melanie Angers of Mequon, Wisconsin – "The networking format was great. One-on-one contact is rare in this Internet age. Having analysts here was very helpful, that allowed me to question people actually performing my target job.

Overall, this gave me a better sense of the personalities of the firms. After recent experience, I'm convinced I need to focus more on 'fit' for my next permanent position. I'm leaving with great insights and tools for accomplishing that goal. Thanks for a really stellar experience!"