What the CFA® program does not cover... How to navigate your career path in the financial world?
Becoming a CFA® charterholder is a significant career milestone and it can definitely boost your chances of landing a coveted role in the financial industry. However, there are plenty of other factors that are considered in the recruitment process that CFA® charterholders and candidates need to focus on in order to maximize their chances of getting hired. Here are some of the key aspects that we have encountered in our own career journeys so far:
Networking: this can be thought of as ‘planting seeds early in your career which will reap rewards in the future’. Based on our experiences, working in the financial sector in Canada, most sought after client facing roles end up being filled internally by individuals who have received references from team members. Networking is an important factor that helps qualified candidates stand out by showcasing themselves in front of the decision makers in the recruitment process and it lowers the information asymmetry between the candidate and the hiring manager. Furthermore, networking increases your credibility as a job seeker, particularly in cases where there is an internal referral provided as it reduces the employer’s perceived risk in hiring the candidate, given a team member is vouching for their candidacy and putting their own reputation on the line.
Additionally, it is important to build relationships not just with hiring managers for job postings, but also with your classmates and peers at work as they will form a vital part of your network going forward. In our own experiences, we have recommended classmates and former work peers for positions and also have received recommendations from classmates and former peers for various job applications, which have almost always resulted in interview calls.
In the financial world, networking plays a bigger part than in other industries and as a result it is important to start building these relationships from an early stage in your career and nurturing them over time.
Resume Writing Skills: It is important to spend quality time polishing your resume. What is quality time? It is time spent reading material about what makes a resume stand out over others, having a peer or ideally someone in the industry provide constructive feedback, reading blogs on best practices for resume writing in the financial sector, and even hiring professional consultants who review resumes on a regular basis. This will help you to appear more polished as a job candidate and avoid some common mistakes job seekers make that reduce their chances of landing an interview. Furthermore, our recommendation would be to review and update your resume on a quarterly basis to ensure that it remains up-to-date for any opportunities that may arise.
Interview Prep - It is also vital to prepare thoroughly for any interviews that you attend. At a bare minimum you should complete two to three mock interview sessions with peers or career coaches and receive constructive feedback, as this will help you appear more confident on interview day. In addition, to help job candidates stand out we recommend conducting detailed research on the Company / role at hand and preparing thoughtful questions for the interviewers which highlight your enthusiasm and interest in the position.
At TFP we care about our students beyond just their exam preparation and want to help them develop in their careers and achieve their goals. As part of the TFP Approach our instructors will go above and beyond to also provide career development advice, resume review sessions, interview tips, and encourage networking among students.