< The Finance Professionals' Post: August 2014

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9 posts from August 2014

08/26/2014

How to Recover from a CFA Exam Failure

CFA® candidates have to face the very real possibility of failure.

As the CFA exam is no ordinary exam, the high failure rates actually mean that there is significantly more disappointment than the average qualification. Also, CFA candidates tend to be overachievers - i.e., not used to failing. I had my own bittersweet experience in this once in Level IIso did others

So how should you adequately recover from not passing your CFA exams, and ensure you bounce back stronger than before?

Feel sorry for yourself for a while. 

It's normal and allowed, and you should go through this phase. You've put in a lot of effort, so it would be absurd if you weren't disappointed. Allow yourself a week or so to mope.

Pick yourself up, and realize that in the grand scheme of things this is just a blip in your path to greatdom.

Although the impact is devastating right now, eventually this will reduce to being a blip on your path in life. Thinking about the latter part will help you put this experience behind you and look forward.

A useful trick I've learnt is to think of yourself 10 years ago, and at that age, what crisis were you going through that made it seem like the world was ending. Chances are your 'crisis' 10 years ago seems very silly to you today. That's how you'll look back on today 10 years from now, so really, it's not a big deal.

Continue reading "How to Recover from a CFA Exam Failure" »

08/25/2014

UBS Hires More Senior Coverage Bankers

EfinancialCareers

UBS has been shifting the senior ranks for its corporate client solutions teams in Europe, following the appointment of William Vereker at the helm of the division last year. The result has been a string of departures at managing director level and the movement of others within the organisation over the past few months.

However, UBS has also been hiring and the bank has brought in some more senior coverage bankers this month. Anthony Iofe, who only switched to Bank of America Merrill Lynch to head up its corporates and special situations group for Russia and CIS from Deutsche Bank in May 2013, joined UBS last week* in a similar position.

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Insights from a Career in Risk Management

Invest-nyssa

I’ve been in risk management for almost 20 years, first as a financial risk manager for a multinational company, then as a fixed income manager for a global pension fund.  Next, I worked as portfolio manager for a commodity risk and trading company.  Currently, I serve as a risk officer at a life insurance provider. 

Risk management in finance is a highly specialized role—even for a highly specialized industry.  But I do think that my experience has taught me some career management principles that are worth keeping in mind:   

Continue reading "Insights from a Career in Risk Management" »

08/20/2014

The Evolution of Value Investing: Past, Present, and Beyond

Considering the popularity of value investing, it is somewhat surprising that a paper recently published by Joseph Calandro in the Journal of Investing was the first formal attempt to categorize the development of this highly-effective and influential school of thought over time. The following article summarizes this categorization of value investing’s past and present and offers suggestions on what its future may hold.

Continue reading "The Evolution of Value Investing: Past, Present, and Beyond" »

08/18/2014

Book Review: Age of Ambition

Age-of-Ambition

Age of Ambition: Chasing Fortune, Truth, and Faith in the New China may be the best of the recent books on China. Author Evan Osnos was the Beijing correspondent for The New Yorker there, and his book is the record of an active journalist, "based on eight years of conversations." The resulting picture is of a large, dynamic country in the midst of rapid change, often in different directions. Osnos told the stories of individuals: some thriving in the system, others in deep trouble with political opposition, which gives a graphic feel for what it's like to strive and survive in China. We see practical realities ranging from how to bribe judges, to starting a Internet dating service.

Continue reading "Book Review: Age of Ambition" »

08/13/2014

Investment Management: Getting Your Foot in the Door

If you are contemplating career in investment management, you should know the winning formula to gain entrance – as well as what you can do if your skills and experiences aren’t exactly on point. I spoke with a number of hiring managers who, not surprisingly, told me that ideal formula is: 

Continue reading "Investment Management: Getting Your Foot in the Door" »

08/12/2014

Dominick & Dominick

The early 1900s were marked by steel and rail consolidations, a bull market, the Panic of 1907, securities investigations and re-regulation. This would all end by 1913 with the newly-created Federal Reserve and the death of J.P. Morgan. Historian Robert Sobel called this era, “The end of the Golden Age,” as Victorian bankers faded into the past.

Investment banking historian Vincent Carosso wrote, “Never again would they [bankers] be so free to conduct their affairs as they had been at the turn of the century, when J.P. Morgan presided over the securities industry. His death in Rome…proved to be far more of a dividing line in the history of American high finance than was generally acknowledged at the time.” All the while, D&D quietly involved itself in NYSE governance, developing its stock business and helping companies like International Nickel and American Bank Note distribute large blocks of stock.

As D&D headed into the 1920s, Bayard Dominick passed away and Bayard Dominick, Jr. took control of the firm. He surrounded himself with men like the well-connected Andrew V. Stout and the knowledgeable Major Barnard. When he retired in the mid-1920s, Stout took the reins of the firm. Along the way, Bernon Prentice had become an important driver of new business for D&D, and he made valuable connections to the DuPont family and William Durant, co-founder of General Motors.


Museum of American Finance


While securities trading was central to D&D’s business, it was also a private banking firm. Historian Susie Pak describes this world in her book, Gentlemen Bankers, saying, “A private banking partnership was not simply a job. It was an identity that required constant vigilance, a process or mode of becoming, that was fragile because of its dependence on relationships to others. If private banking was a way of life, a banker’s social ties were as much a statement of his identity and reputation as his economic associations.” In short, the senior partners at D&D gained their influence through their standing in the financial community, which allowed them to operate their style of business.

Continue reading "Dominick & Dominick" »

–Bart Ward is CEO of the Investment Advisory firm of Ward & Company, Ltd. Since 1993 he has written the weekly Wall Street history and market-oriented column, “The Corner.” He has his degree in history from UCLA.

08/11/2014

How to Market Your Self-Published Book: Lessons from My Experience

Financial-Blogging-book-by-Susan-Weiner

Your self-published book won’t sell itself. In my opinion, writing and publishing your book is only half the battle. It’s equally important to inform people about your book and its benefits for them. I used nine techniques to promote my book, Financial Blogging: How to Write Powerful Posts That Attract Clients.

1. Plan ahead

I started planning my book’s marketing campaign when I thought my book’s publication was a few months in the future. In fact, due to glitches, my book was published more than a year later. The extra time helped me to prepare better, although I probably could have limped through my book launch with a shorter preparatory period.

One of the best things I did for my book marketing was signing up for my friend Sandy Beckwith’s book PR class, “Book Marketing 101 for Self Published Authors” class. Sandy also offers a class for authors who go with a traditional publisher. She also offers a self-paced, non-interactive version of her class instead of the more demanding, interactive version. I opted for the demanding version with homework assignments because I wanted the discipline of deadlines and the benefit of feedback on my assignments from Sandy and my fellow students.

Continue reading "How to Market Your Self-Published Book: Lessons from My Experience" »

08/05/2014

John Lennon Said It Best: “Living is Easy with Eyes Closed"

I was floored by this* Saturday’s New York Times article, “Seeing a Supersize Yacht as a Job Engine, Not a Self-Indulgence.”  I was amazed not only by how the subject of the article, Mr. Jones, rationalized his extraordinary consumption habits, but also by the mere fact that the article was published.

Continue reading "John Lennon Said It Best: “Living is Easy with Eyes Closed"" »

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