Professional Documents
Culture Documents
Copyright 2013 CFA Institute. Materials may not be reproduced or translated without
written permission. CFA, CFA Program, Chartered Financial Analyst, CIPM,
Claritas Investment Certificate, and GIPS are just a few of the trademarks owned
by CFA Institute. See www.cfainstitute.org for a complete list.
Disclaimer
The articles and opinions expressed in the publication are not necessarily those
of CFA Institute. Although every care has been taken in preparing and writing the
guide, CFA Institute disclaims and accepts no liability for any errors, omissions,
misuse or misunderstanding on the part of any person who uses or relies upon it.
Writers:
Heda Bayron
Liana Cafolla
Patrick Carpenter
Serena Chen
Reggie Rathour
Editor:
Mary-Kate Hines
Designer:
Iva Sladic Keco
Assistant Designer:
Ng Ho Chi
Illustrator:
Tree Tree Tes
Photographers:
AUSTRALIA Wayne Cheung (Sydney), David Phillips (Perth), Jeannine Tan
(Melbourne); BANGLADESH AM Ahad; CHINA Gao Peigin, Hai Zhang;
HONG KONG Prospero Laput, Monica Pedynkowski, Ian Wong;
INDIA Santosh Samal; INDONESIA Christopher Berry; JAPAN Richard de Guzman;
MALAYSIA Elazar Photography; NEW ZEALAND Bruce Gabites; PAKISTAN Insiya Syed;
PHILIPPINES John Tronco; SINGAPORE Darren Francis; SRI LANKA Deshan Tennekoon;
SOUTH KOREA Seong Joon Cho; TAIWAN Ashley Pon; THAILAND Nusrin Somchat;
VIETNAM Patrick Carpenter (Hanoi), Vinh Dao (Ho Chi Minh City)
Publisher:
CFA Institute
23/F Man Yee Building
68 Des Voeux Road
Central, Hong Kong
We designed this guide as a navigational tool for you as you find your way around the finance
industry. Familiarize yourself with the Asia-Pacific financial services job market and then follow
these steps:
1
Plan your next
2
Study the successful
3
Find out how
4
Engage our
move using tools career paths of you can attain community of
and strategies in CFA charterholders in globally recognized CFA Member Societies
the Career Advice the Careers section. credentials in the and Partners.
section. CFA Institute Portfolio
section.
What degree(s)
do they have?
ALTERNATIVE 30
INVESTMENTS
Kate in Australia 32
Daniel in South Korea 33
WEALTH 34
MANAGEMENT
Sameer in India 36
Garth in Singapore 37
1 INVESTMENT 38
BANKING
Bhadra in India 40
Hieu in Vietnam 41
CAREER ADVICE
RISK 42
Kickstart Your Career MANAGEMENT
While Still in University 8 Sandip in India 44
Career Advancement Strategies 10 Siang Leng in Singapore 45
Zabid in Bangladesh 46
How to Use Social Media to Advance
Your Career 12
Top 10 Interview Questions 16
How to Get Your CV On Top
of the Pile 20 COMPLIANCE 48
Hannes in Hong Kong 50
Linda in Taiwan 51
PRIVATE 52
CAREERS
EQUITY
Sajid in Pakistan 54
2 Robert in Australia 55
Derrick in South Korea 56
58 RESEARCH
AND ANALYSIS
3
60 Amal in Sri Lanka
61
62
Caroline in China
Damian in Japan
CFA INSTITUTE
63
64
Pablo in New Zealand
Samuel in Hong Kong
PORTFOLIO
Which Qualification
Is Right for Me? 94
CFA Program 96
CFA Program Scholarships 100
Claritas Investment Certificate 102
66 CORPORATE CIPM Program 104
FINANCE
68 Budi in Indonesia
69 Jun in the Philippines
70 Mohib in Malaysia
71 Timo in Australia
72 FINANCIAL
ADVISORY
74 Dimas in Indonesia
75 Simon in Hong Kong
76 TREASURY
78 Alberto in Hong Kong
79 Olaf in Singapore
4
80 DEVELOPMENT CFA MEMBER
FINANCE SOCIETIES
82 Lili in the Philippines
83 Zubair in Bangladesh
AND PARTNERS
CFA Member Societies and
84 PERFORMANCE Representative Office in
Asia-Pacific 108
MEASUREMENT CFA Institute University
86 Andrew in Australia Program Partners 109
87 Jian in China CFA Institute Recognized
Universities 112
88 STRUCTURED
FINANCE
90 Eunsoo in South Korea
91 Zongyuan in China
Paul
in Hong Kong
Graduated
from Univer-
sity of Oxford
with a history
degree
Joined
Pricewa-
terhouse in
London
Worked in the
back office of
Became Ermitage Inter-
managing national Ltd.,
director of an alternative
Ermitage funds manage-
ment company
Moved to Hong
Kong; joined
Bank of CFA
Bermuda as Asia Charter
head of securi-
ties services
Became global
head of securi-
Became HSBCs ties services at
global head Bank of Bermuda
of alternative (acquired by
funds adminis- HSBC)
tration based in
New York
At CFA Institute, we often get asked this question by students and young pro-
fessionals in Asia Pacific. So we decided to publish the CFA Institute Asia-Pacific
Career Guide to help you chart your own career paths in the finance and investment
industry through the inspiring stories of highly successful professionals.
In these pages, you will meet 37 Chartered Financial Analysts. Consider them as
your virtual mentorslearn about their jobs, how they started in the industry, their
work ethic, and career choices. To complement these personal stories, you will also
find valuable career advice from recruitment specialists.
The charterholders featured here come from across Asia Pacific, working in 14
fields in the industry. They come from different backgrounds: some have studied
finance, some havent. Kate Misic, CFA, head of alternative investments at Telstra
Super in Australia, studied cosmology. Samuel Lee, CFA, a petrochemicals analyst
at J.P. Morgan in Hong Kong, is a chemical engineer and biotechnologist. Derrick
Kyujeong Han, CFA, a venture capitalist at Tongyang Investment Corporation in
Seoul, is a computer science graduate. Brilliance, hard work, commitment, initia-
tive, and the Chartered Financial Analyst designation, among others, allowed them
to switch successfully into the finance and investment industry.
Some of the charterholders we profile have come to the region from other conti-
nents to pursue their careers, a sign of Asia Pacifics increasing importance in the
international financial markets and the globalization of our industry. For exam-
ple, Timo Schmid of Wesfarmers came to Australia from Germany, while Alberto
Jaramillo of Scotiabank, a native of Colombia, relocated from Mexico City to Hong
Kong. Both leveraged the CFA charter as their global employment passport.
The CFA charter has been around for over 50 years. It is the most respected invest-
ment designation in the worldthe gold standard in the industry.
In these challenging times, employers look for professionals who demonstrate
not only first-rate skills and competence, but also integrity. CFA charterholders and
candidates stand apart in their dedication to the highest ethical standards in the
industry and commitment to apply those standards in their daily practice. It is no
surprise, then, to see that so many of our charterholders have accomplished careers.
We hope that you too will find success in your chosen career path.
Good luck!
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 1
OPPORTUNITIES
IN A FAST-CHANGING
INDUSTRY
Shanghai Tokyo
You read the news, and it says banking is these are banks operating in countries where
dying, says Sharmini Thomas, regional direc- there is still economic growth, and where
tor of Michael Page, referring to news head- there is economic growth, there will be bank-
lines of job cuts in the global banking indus- ing and financing needs from the consumer up
try. Not at all. Our financial services business to the corporate market.
in Asia Pacific is way ahead of last year when it But competition for jobs is fiercer, especially
comes to placements. in the regions financial centers Tokyo, Sin-
She says layoffs in Western investment banks gapore, Hong Kong where the job market is
have been offset partly by hiring by asset man- filled with highly qualified people. There are
agement firms as well as Asian banks par- a lot of people on the street, and that is push-
ticularly Chinese and Japanese banks ing the competition, says Philip Quinn, man-
which have been opportunistic in snapping up aging consultant for banking and finance at
experienced people who were let go by their Kelly Selection in Hong Kong.
Western competitors. He says the ability to write, read, and speak
The Chinese banks are starting to pay
enough money that they are comparative with There is plenty going on in the
Western banks, and the growth opportunity traditional banking area. Within
is amazing because theyve just started their
expansion plans, says Sharmini.
the transaction, corporate, and
John Mullally, associate director for finan- retail banking, there is still plenty
cial services at Robert Walters in Hong Kong, of employment opportunities.
says that while investment banks have been
cutting costs in recent years, other parts of the Mandarin and being a CFA charterholder, for
financial industry are still seeking to grow. example, can give you an edge, especially in
There is plenty going on in the traditional Greater China.
banking area. Within the transaction, corpo- The demand for people who are CFA char-
rate, and retail banking, there is still plenty of terholders and who can speak Mandarin is
employment opportunities, he says. There very high at the moment. These requirements
are lots of good growth stories there because are coming up again and again, he says.
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2 2014
HOT JOBS
Taipei Beijing
The global financial crisis and scandals such with so it is important to get buy-in from an
as LIBOR-rigging have led to a hiring spree early stage, says John of Robert Walters.
in the middle and back offices, specifically in Philip of Kelly Selection adds that as firms
compliance and risk management roles. These work to improve their image and change their
functions have become critical as firms start corporate culture, they are looking to hire eth-
rebuilding their reputations and complying ical professionals who abide by highest stand-
with a growing number of regulations. ards and codes.
Any time there is scrutiny on the perfor- If they [job candidates] dont have the CFA
mance of an organization, there is a lot of charter, they will be overlooked, he says.
investment in headcount in compliance and Banks want to show the market that they are
risk, says Sharmini of Michael Page. If you listening to what they are being told to do.
can join a risk management team whether The regions growing wealth is also creating
operational risk or credit risk you can do jobs in investment management both in the
very well, and there is a clear progression path traditional long-only funds and in alternative
within investment banks for that specialty. funds and in private banking. According to
Tracy Tam, manager of banking and finan- the 2013 World Wealth Report by Capgemini
cial services at Ambition in Hong Kong, makes and RBC Wealth Management, wealth in Asia
a similar observation: In Hong Kong, many Pacific grew 12.2% in 2012 the fastest in
major banks, especially investment banks, the world. The region has the second-highest
have put on hiring freezes in the middle- and number of high-net-worth individuals glob-
back-office support functions unless the open- ally, after North America.
ings are to replace critical roles or if they are According to a report by the recruiment firm
related to regulatory, control, and compliance Robert Half, private bankers in Singapore
areas. with highly portable ultra-high-net-worth cli-
Recruitment specialists say there is a short- ents in such places as Indonesia, Thailand,
age in compliance experts in the region, and and China are in high demand. Some even
as such, they command a premium and can commanded salary increases of as much as
find a job anywhere in Asia Pacific. Compli- 50% when moving jobs.
ance professionals ensure that firms follow But clients are also starting to screen their
regulations and keep track of new and emerg- bankers more stringently before entrusting
ing regulations. their money and are looking for industry qual-
If youre working in risk or compliance, hav- ifications, such as the CFA designation.
ing the CFA charter is of significant benefit Clients are asking, Can I trust this person
because it gives you a certain credibility with to look after my money? says Philip. They
the people in the front office. These are the would put greater trust in a relationship man-
people you will ultimately be working closely ager who has the right credentials.
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 3
HOT SPOTS
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
4 2014
MARKET SNAPSHOTS
Jakarta Bangkok
Australia China
While the majority of financial services compa- Experienced currency traders, due to the increase
nies are expected to maintain current staff lev- in overseas RMB trading, will be in demand. This
els in 2013, hiring in the sector is showing grad- also applies to individuals who have worked in
ual improvement. Across the different industry established commodity markets overseas.
sectors, insurance and superannuation are cur- Kelly Services 2013 Salary Guide Greater China
rently holding up best; banking less so. For those
in entry-level positions, the majority of senior
financial services executives in a recent survey
Indonesia
The financial services market is expanding in
recommended wealth and asset management as
Jakarta, and this is likely to drive demand for top
the trending growth areas of the future within the
talent. As a result, banking professionals spe-
sector.
cializing in IT, finance, operations, and corporate
Robert Half 2013 Salary Guide banking will be particularly sought after.
Robert Walters Global Salary Survey 2013
Hong Kong
Job growth is expected to be strongest in the Thailand
compliance, risk, and audit areas, as well as for With the proposed integration of Thailand in
transaction banking managers and relationship the ASEAN Economic Community by early 2015,
managers. For the investment banking sector, the employers are gearing up for changes by recruit-
focus will remain on replacement hiring and stra- ing risk and operations professionals, as well as
tegic hiring where particular technical skills are in specialists with mergers and acquisitions and
demand. investment backgrounds.
Michael Page International Hong Kong 2013 Salary & Robert Walters Global Salary Survey 2013
Employment Forecast
Vietnam
Singapore Senior relationship managers and profession-
Hiring remains robust for risk and regulatory pro- als specializing in retail banking and risk will be
fessionals. In addition, financial controllers with in demand because these areas are predicted to
specific industry and product knowledge and grow for most banks.
finance business partnersas well as internal
Robert Walters Global Salary Survey 2013
audit, regulatory reporting, and tax profession-
alsare in demand.
Robert Half 2013 Salary Guide, Banking and Financial India
Services Many institutions are looking to hire profession-
als with the CA [Chartered Accountant] or CFA
designations with regulatory knowledge, such
Japan as U.S. GAAP and IFRS. . . . There has been a defi-
The strongest demand is for internal audit, man-
nite increase in demand for trade sales and trade
agement reporting, finance, and IT projects talent
finance professionals across major multinational
with three to eight years of relevant experience,
banks, both domestic and those entering the India
as well as professionals experienced in navi-
market. Private bankers with strong AuM [assets
gating DoddFrank Act compliance readiness.
under management] continue to be in demand.
Robert Half 2013 Salary Guide, Banking and Financial
Michael Page International India Salary & Employment
Services Forecast 2012/2013
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 5
Calculating your
Future Value is easier
than you think
FV = PV (1 + r/n)n*eFC.com
Calculating the future value of an investment is easier when you know how to approach it.
At eFinancialCareers.com, we continue helping you right through your career in finance.
www.efinancialcareers.com
CAREER
ADVICE
KICKCASRETEAR RT
YOUR STILL
DEVELOPMENT WHILE
IN UNIVERSITY
CAREER ADVICE
NETWORK
Seize every opportunity to meet people who have experience in the finance and
investment industry and learn from them. These opportunities may come in the
form of career events, seminars, conferences, and lectures at your university. Net-
working is more than just exchanging name cards. Its about striking a connection
with the people you meet, and nurturing and leveraging those connections. Intro-
ducing yourself and asking questions to a school alumnus whos now a senior bank-
ing executive may be intimidating. But think of it as practice for the real world.
Your ability to conduct yourself with ease in social and business settings shows
your confidence and you can only build up that confidence through practice. Out-
side of school, dont hesitate to reach out to relatives, family friends, or friends of
friends who work in the industry. Even if you live well outside a financial center, you
can hone your networking skills with your local business community.
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
8 2014
analysis. Considered as the investment Olympics, the competition is held in
three progressive levels local, regional, and global. CFA charterholders men-
tor students as they assume the role of research analysts and are tested on their
ability to value a stock, write an initiation-of-coverage report, and present their
recommendations.
SEEK INTERNSHIPS
Fresh graduates are understandably short on work experience when they join the
job market. But it doesnt necessarily mean that you have zero work experience.
CAREER ADVICE
One credible way of demonstrating your potential is by getting yourself an intern-
ship at a financial institution or company. Many of todays leading global business
leaders spent time learning the ropes as interns: Microsoft founder Bill Gates was
a U.S. congressional page, Xerox CEO Ursula Burns was once a mechanical engi-
neering summer intern at Xerox, and JP Morgan Chase Chairman and CEO Jamie
Dimon interned at Goldman Sachs in the 1970s.
An internship in a prestigious bank would look good in your resume, but more
important is what you learn in the process. What were your responsibilities and
what business functions were you exposed to as an intern? Dont just spend your
internship photocopying or fetching coffee for the team; be proactive in finding
meaningful assignments.
Large international banks have highly competitive internship programs, but you
dont have to limit yourself within this circle. There are many other banks and com-
panies that can offer you a place. Oftentimes, you just have to take the initiative to
look for these opportunities by contacting organizations directly, even if they are
not advertising for interns. Its a chance to hone your ability to market yourself to
potential employers. Internships may lead to a full-time job offer.
FIND A MENTOR
Mentors and sponsors are hugely important in careers. We know that people who
have them do better, says Sheryl Sandberg, chief operating officer of Facebook.
Some people are lucky enough to stumble upon good mentors early in their careers,
while others have to seek them out. Sheryl Sandbergs own mentor was her Har-
vard University professor Larry Summers, who later became U.S. Treasury Secre-
tary and her boss. If you did your networking homework well, you would have a
good group of potential mentors to start with.
Mentors and sponsors are people who can offer you practical insights and advice,
and can help open doors for you in the industry. They dont have to be influential
figures in the industry. A university professor, a family friend who has years of
experience in the finance industry or your supervisor at your internship or sum-
mer job may be a potential mentor. It all depends on the kind of relationship
that you are able to establish with them and the value that they can add to
your career development.
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 9
by Michael Page
CAREER ADVICE
Asia Pacifics resilient economies and the of where you are and what you need to ac-
continued investment by both local and in- quire and achieve in order to move to the
ternational organizations establishing op- next level.
erations and expanding business across the Its important to have realistic goals
region is creating a healthy domestic employ- around when and how you can develop your
ment market. skills, in particular if you are thinking about
In particular, as international organiza- undertaking further study. Understanding
tions establish regional operations in places the current employment market in your in-
like Hong Kong, finance professionals with dustry is also imperative, so research the
Asia-Pacific work experience are in high de- market to ensure you are aware of the issues
mand across all industries. Risk management and trends. By looking at advertised roles,
and compliance professionals are particular- you can assess what skills and experience is
ly sought after, especially at the management required at the career level you are aspiring
level, as corporate organizations increase to reach.
their focus on improving risk and compliance
practices. Explore career options
Within an environment of positive job in the workplace
volumes for finance professionals, a shortage With attraction and retention being a key
of quality talent exists. This is providing sig- focus for employers, many organizations
nificant opportunities for talented individu- provide their employees with opportunities
als to develop skills and gain experience in for career progression and have develop-
a new, more senior role. For finance profes- ment programs in place to ensure a relevant
sionals looking to progress their career, we training ground for individuals to move into
outline the elements to consider and the op- a more senior role. For professionals seeking
tions available to help move to the next ca- to build their career within their company,
reer level. its important to actively position yourself for
a promotion. Ensure your manager under-
Map out a clear strategy stands that you want to take the next step in
The first step toward furthering your your career and talk to them about how and
career is to determine where you currently where you can progress within your team or
stand in your professional life and your skill company. You can also demonstrate your ini-
set level, as this will help you work out what tiative and commitment by asking how you
direction you need to take to reach your next can take on more responsibility within or
career stage. Put a plan together and map outside your own team in order to broaden
out a strategy to provide an understanding your experience.
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
10 2014
CAREER ADVICE
You can also build transferable skills in high regard. In particular,
a strong professional rela- make sure your verbal and written communi-
tionship with a senior man- cation skills are up to scratch, and your analy-
ager in your company who sis and research skills are strong. Its also an
can act both as a mentor and opportunity to practice your influencing and
as an advocate, and network decision-making skills, and if you are aiming
regularly with colleagues to progress your career in a management role,
from across the company to build your per- assess your team and leadership skills. From
sonal brand. While its important to rein- this base, consider any additional professional
force strong technical competence and in- skills you can work on developing to further
dustry expertise, also highlight that you are build your skill set.
reliable, professional, proactive, creative, Establishing a solid reputation as a talented
visible, and dedicated. This will help you to finance professional within your industry is
be top of mind when new career opportuni- also helpful when looking for a new career op-
ties arise within your team or company. portunity in another organization. A network
of contacts is one of the most useful career de-
Investigate external velopment tools, so make the effort to attend
career opportunities professional association meetings, events, and
If you believe your current workplace is conferences. Networking not only builds your
unable to support the career progression reputation as a well-connected and valued peer
you desire, the next option is to look at job but can also help to keep you top of mind when
opportunities available in other organiza- career opportunities arise. Use your network of
tions. To put yourself in the best position as a contacts to keep an eye out for opportunities
strong potential candidate, work toward up- that match your skills and interests, introduce
grading your existing professional skills and you to people who can help your job search,
check if there are any other finance specific and provide personal referrals when you apply
skills necessary for you to move forward in for jobs.
your career. Fill any skills gaps with train-
ing and update your industry knowledge by Michael Page is a leading professional recruitment consultan-
talking to industry experts, doing online re- cy specializing in the recruitment of permanent, contract, and
search and networking with other finance temporary positions on behalf of the worlds top employers.
colleagues.
Honing transferable skills is another
way to broaden your appeal to potential
employers, as hiring managers hold strong
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 11
CAREER ADVICE
by Liana Cafolla
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
12 2014
I
f you are a young professional in Asia to his or her career, says Pallavi Anand,
Pacific, you are probably no stranger director at Robert Half in Hong Kong.
to the world of online social networks. It [an online presence] makes your profile
Whether for fun, convenience, or connec- more accessible, says Jessy of Michael Page.
tions with friends and family overseas, such You have higher visibility. In other words,
sites as Facebook, Twitter, and LinkedIn have youre more active in your job search.
become part of the fabric that binds people
together. And if you have a professional goal Building Your Professional
in sight, knowing how to present yourself Profile Online
CAREER ADVICE
online is a valuable tool to help meet your So, how should you build the best profes-
career goals. sional presence online? First, consider your
Among social career sites, LinkedIn is the audience. Its important to differentiate
market leader, with a network of 200 mil- between what you put on social sites, such
lion members around the world, including 37 as Facebook, and what you put on your pro-
million in Asia Pacific, which represents an fessional page. Avoid discussing personal
increase of more than 50% from a year ago, issues, making sarcastic comments or off-
according to Steve Barham, senior director color jokes, or sharing stories that could
of talent solutions at LinkedIn Asia Pacific. paint you in an unprofessional light. Always
LinkedIn provides space to build a free online be polite and tactful, bearing in mind that
career profile, summarizing your profes- potential employers could be tracking you.
sional experience, interests, abilities, and Creating a profile headline is a good idea,
skills to attract the attention and interest of says Steve. Think of the headline as the
potential employers and recruiters. slogan for your professional brand, such as
Its more than just an online CV, says Steve. personal finance expert in Hong Kong, he
With LinkedIn, you can interact with others, suggests. Look at the profiles of mentors you
network selectively or broadly, display rec- admire to get inspiration. The information
ommendations, share news, and use the page included in your career history should be
as a professional branding tool. detailed and up to date.
Thats not to say that social media has Young professionals may have less to
overtaken traditional recruitment methods. upload, but they should include all their
Some recruiters still prefer reading a paper education, any honors or awards received,
CV and assessing candidates in face-to-face details of relevant internships and volun-
interviews. Top jobs in financial services, for teer work, and interests and hobbies. Pre-
example, are unlikely to be advertised online sent your summary statement in short blocks
or filled by recruiters trawling through online of text for easy reading, says Steve. Bullet
career sites looking for likely candidates. points are great, too.
At a certain senior level, candidates wont Asking for endorsements, whether from
post their profiles online and recruiters wont previous employers, university professors, or
advertise certain roles because it might be teachers, adds credibility. Building a network
confidential, or the person may still be in the of industry connections and linking to rele-
position, or they dont want competitors to vant trade or news sites shows that you are
know about the position, says Jessy Wong, aware of the value of professional networks
senior manager at Michael Page Financial and of keeping on top of industry news.
Services in Hong Kong. By highlighting communication abilities
Although it might not be the only way to and showing that one tracks industry news
find a job, no one is denying that creating a and trends, applicants can position them-
professional online profile is very useful for selves as leaders in the field, build a posi-
job seeking and for networking. tive web presence, and better market their
Young professionals can act as their own skills to employers, says Pallavi. Participat-
public relations agency by launching a pol- ing in appropriate chat rooms and discussion
ished and professional website or blog related forums, such as those hosted by professional
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 13
associations, can also help job seekers find out about
vacancies or hiring plans. But it pays to be selective. The
company you keep reflects the quality of your professional
brand, advises Steve.
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
14 2014
GET THE MOST OUT OF
CFA INSTITUTE JOBLINE
Whether youre looking for a new job or
developing your career path, the
CFA Institute JobLine (available for
free to CFA Institute members and on
a subscription basis for CFA Program
candidates), can be a powerful tool to help
you actively manage your career. Here are
three strategies to help you get the most
benefits from JobLine.
JobLine can help clarify JobLine can help you find JobLine can help
your career goals. the right employer, not you create your own
just the right job. development plan.
Oftentimes when people look More employers and employ- To truly manage and progress
for jobs on job boards, they ees are acknowledging the in your career, it is simply not
use familiar job titles as their critical importance of align- enough to just have an idea
search terms or use job titles ment, or fit, between an of the type of role you might
as the main clue to find oppor- employees values and a want down the road. It is criti-
tunities of interest to them. companys culture. When cal that you also understand
Consider also using the key- these do not align, there is the knowledge, skills, and
word search functionality to added risk of turnover for experiences you will need
search entire listings, not just the employer and career set- to develop and/or acquire
titles, and choose keywords back for the employee. Con- over time to be successful in
related to the skills and sub- sider creating search agents a given role. Consider taking
jects of interest to you. You saved searches that notify time regularly, perhaps quar-
may find the jobs that most you by email when new post- terly, to study the listings for
require the competencies you ings match your search the types of jobs you aspire to
are passionate about do not using company names as the and make notes about what
have the titles you expected. search criteria. those jobs require.
by Tracy Tam
Manager, Banking and Financial Services, Ambition
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
16 2014
CAREER ADVICE
2. What is your greatest accomplishment in your
career or personal life? Tell me why.
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 17
4. Describe how your division/company is organized and
how you fit into its structure.
This is a popular question because it gives the interviewer a better
understanding of where you fit within the organization. Your answer
also demonstrates your verbal skills in explaining your companys
structure and how clearly you understand your role and the chain of
command.
Start with your job, its title, and a brief summary of your responsi-
bilities. Then, describe your colleagues titles and responsibilities and
CAREER ADVICE
whom you report to. Finally, identify people who report to you.
This is a factual answer and doesnt need to be a sales pitch; just
ensure that you are succinct and confident in your answer.
6. (a) What are the qualities required for the position for
which you are interviewing? Why?
Research is important for this question. Before the interview, study
the top three qualities required for this position as per the job descrip-
tion, and be able to discuss why they are important to the job. In doing
so, be aware of the next question that will be asked once you have com-
pleted your answer.
(b) Do you think you have these qualities? Can you give me
examples of recent work situations that would suggest you
do?
As long as the qualities you chose in the previous question (6a) corre-
spond with the qualities that you possess, this answer should be easy.
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
18 2014
8. Putting this job aside for one moment, describe your ideal
next move in terms of your career.
Since you have mapped your career plan and done self-analysis before
your job search and this interview, this should be a relatively straight-
forward question. Nevertheless, it is an important question because
the interviewer wants to understand whether you have thought care-
fully about your next move and whether your analysis and your plan
sound logical and achievable. There needs to be some congruence
CAREER ADVICE
between your career plan and this role.
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 19
by John Mullally
Associate Director, Financial Services, Robert Walters Hong Kong
CAREER ADVICE
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
20 2014
Include professional and academic qualifications
Employers also look at qualifications and professional certifications should be
included as well. Banking middle-office roles in Asia have a heavy focus on univer-
sal systems knowledge for example, Visual Basic for applications, macros, and
CAREER ADVICE
reporting platforms.
Do not allow a short-term internship or a brief eight-month role to take up exces-
sive space on your CV. These are the types of positions where you are allowed to
be brief.
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 21
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FOR US professionals that depend on us.
Apply today at www.michaelpage.com.hk
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CAREERS
FUND
MANAGEMENT
Asias mutual fund industry is expected to grow at a
compound annual growth rate of 11% from now until 2016,
according to research firm Cerulli Associates. In this low-
yield environment, the industry faces increased client
demand for better returns and growing competition and
regulatory scrutiny.
WHAT TO EXPECT
Fund managers are responsible for picking Hang Seng Index or the Dow Jones Industrial
stocks, finding the right portfolio mix, and Average (called indexing). The growing
executing trades on behalf of investors of a exchange-traded fund (ETF) industry, which
fund such as a mutual fund, unit trust, or pen- has an estimated US$1.53 trillion in assets
sion fund. They are expected to generate a fair globally, falls under this category.
return for their investors in exchange for a fee. Fund managers work closely with a team of
Fund managers may specialize in invest- research/investment analysts that provides
ing in equities, fixed income, commodities, them with the financial basis for their invest-
or a combination of asset classes. Active fund ment decisions.
managers rely on analysis, data, and their One can start as a research analyst in an
own judgment to make investment decisions. asset management firm and climb up the lad-
For active managers, outperforming the mar- der to become a fund manager, chief invest-
ket has become tremendously challenging. In ment officer, or higher. Some successful fund
the U.S., two out of three actively managed managers also started out in support roles in
domestic stock mutual funds underperformed the middle and back offices. Other roles in
the S&P 1500 total stock market index last the asset management industry include sales,
year. marketing, product development, and client
Passive fund managers mirror their portfo- services, as well as auditing, compliance, and
lio with the components of an index, say the risk management.
HIRING TRENDS
Demand for talent in the fund management industry is expected to grow in tandem with
wealth creation in Asia Pacific.
SKILLS NEEDED
Strong analytical, quantitative, leadership, and communication skills are important.
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
24 2014
GROWING CLIENTS MONEY
HIEN WIN
in Vietnam in Thailand
CLIFFORD JAMES
in Singapore Earned in Hong Kong Earned
bachelors MBA in the
degree in Netherlands
Worked as a Canada Graduated with
management a business
trainee for administration
Hong Kongs degree
regulator Joined
Thailands
Social Security
Became an
Office as an
investment
Became a Joined Fidelity investment
analyst in
compliance as customer analyst
Vietnam
analyst service
representative
Promoted
to assistant
fund
manager
Moved to Moved to
the front CFA research
office Charter department
Became
Became a head of
portfolio CFA global and
manager Charter real estate
investment
Became head
of investment
at Thai Doung
CFA Capital Launched CFA
Charter some of the Charter
largest funds
in Taiwan
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 25
FUND MANAGEMENT
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
26 2014
FUND MANAGEMENT
Hien Nguyen, CFA
Senior Investment Manager
Saigon Asset Management, Vietnam
CAREERS
From Vietnams commercial capital, Ho Chi
Minh City, Hien Nguyen, CFA, leads a team of You need to have passion in
eight analysts and junior fund managers who order to work well in this field.
are looking for equity investment opportunities
in Vietnamese companies. As senior investment
With passion, you can work long
manager at Saigon Asset Management, Hien hours and work hard without
makes decisions on how to invest client money
feeling tired.
and manage risks. She leads the team in iden-
tifying solidly performing companies, accom-
plishing due diligence through financial analy- long hours and work hard without feeling
sis, and holding discussions with management, tired, she says.
auditors, and customers. She also in charge of Hien, who has an executive MBA degree from
determining the timing and execution of asset the University of Hawaii, says financial firms in
purchases or sales. Vietnam look for people with experience and
Hien says strong analytical skills, industry not just academic credentials. She advises stu-
knowledge, fund management skills, and lead- dents and recent graduates to apply for intern-
ership skills are important in her role. ships first.
Along with practical experience, studying for The finance industry is big, and you may not
the CFA exams helped me build up my analysis yet know which specific area you want to pur-
and fund management skills to have the con- sue for your career until you have some real
fidence to perform well in this line of work, taste of it, she says.
she says. Becoming a fund manager is what I Hien says that aside from impressing a boss
had planned since I started my career path, and with diligence and intelligence, practicing the
I consistently built my knowledge and experi- highest ethical standards is important as an
ence for my goal. investment manager.
She took her Level I exam during her final Trust is the most important aspect in the
year at the University of Torontos Rotman investment field today and in doing business
School of Management in 2006 and earned the in general. Ethics is one of the most important
CFA designation in 2010. ingredients that can help you build trust with
Returning to Vietnam in 2006, Hien others doing business with you, she says.
found few asset management jobs in the
nations capital, Hanoi. But down south in Ho
Chi Minh City, the industry was starting to pick
up. She was offered a job as a junior investment
analyst at PXP Vietnam Asset Management,
where she worked for four years.
Hien says being smart is not enough to suc-
ceed in the investment industry.
You need to have passion in order to work
well in this field. With passion, you can work
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 27
FUND MANAGEMENT
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
28 2014
FUND MANAGEMENT
Win Phromphaet, CFA
Head of Investments
Social Security Office, Thailand
CAREERS
Managing investments for Thailands largest
institutional investor, which has assets under The beauty of being an
management of about US$33 billion, carries investment manager is that you
a lot of responsibility. For Win Phromphaet,
CFA, head of investments of the Social Secu-
get to do a lot of analysis and
rity Office (SSO), it is both an exciting and forecast, make decisions based on
challenging job. He is responsible for man-
your forecast, and see the results.
aging the investments of the Social Security
Fund and Workmen Compensation Fund. The
Social Security Fund is a mandatory scheme at work is different, and that is exciting.
that provides pension and other benefits to 10 Win became the first CFA charterholder in
million members. These investments cover a the institution. Back then, the fund was only
broad range of asset classes, including fixed investing in government bonds and bank
income, equity, real estate, and infrastruc- deposits. As the fund grew rapidly and started
ture, both in Thailand and overseas. And it is to diversify into other asset classes, it became
Wins job to ensure that returns are optimized clear to the management that a big part of
and risks are well managed. my contribution to the team came from the
One of the challenges of managing a large knowledge I acquired from the CFA Program,
pension fund is that our investments are sub- he says.
ject to a lot of constraints, he says. In this In Thailand, the CFA designation is required
lowinterest rate environment, it is more dif- to apply for a fund manager license. Although
ficult to achieve our target return while not SSO fund managers are exempted from this
taking too much risk. Win says having ana- rule, he encouraged his staff to take the CFA
lytical skills to help make sound investment exams, and they did.
decisions, leadership skills to motivate a team, I believe we should develop our team to
patience, and self-discipline are keys to suc- meet global standards, Win says. It is part of
cess at this level. our job to build trust among board members,
Win joined the SSO after receiving his top management, and our 10 million mem-
MBA from the Rotterdam School of Manage- bers. Im confident that the CFA designation
ment at Erasmus University in 2002. He plays a major role throughout the trust-build-
started as an investment analyst and worked ing process.
his way up to assistant fund manager. He was Win also acts as the SSOs deputy spokesper-
later promoted to head of global and real son and has lectured at Thammasat Univer-
estate investment and appointed to his cur- sity. If your career goal is to be in the fund
rent role in 2012. management industry, then I highly recom-
I consider myself lucky because I love what mend that as students and young graduates,
I do, he says. The beauty of being an invest- you consider taking the CFA exam. You will
ment manager is that you get to do a lot of not be doing it for a credential; you will be
analysis and forecast, make decisions based doing it as a commitment to developing your-
on your forecast, and see the results. Each day self as an investment professional, he says.
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 29
ALTERNATIVE
INVESTMENTS
Aside from equity and fixed-income investments, there
is a broad category of investment opportunities called
alternative investments hedge funds, real estate, and
private equity, among others that tend to be less liquid
than stocks or bonds. The proportion of institutional
funds invested in alternatives has grown as investment
managers seek to spread risks and enhance returns. In
this section, we focus on hedge funds.
WHAT TO EXPECT
Many dream of becoming star hedge fund this, they must have solid investment and risk
managers outperforming the market, earn- management strategies to outperform the
ing hundreds of millions of dollars, and bask- market. But equally critical is their ability to
ing in the prestige that comes with it. In real- raise funds and market their product, which
ity, few make it big. The hedge fund industry requires establishing and maintaining rela-
is one of the toughest areas in the investment tionships with high-net-worth individuals and
industry to break into. Many hedge funds in institutional investors.
Asia Pacific are young and small in size. In Some institutions take a fund-of-funds
recent years, many have struggled to grow approach to investing in hedge funds, in
assets under management and outperform the which they invest in a portfolio of different
market; several have shut down. But Chinas hedge funds to broaden exposure and manage
hedge fund industry has grown significantly risks. A fund-of-hedge-funds manager selects
in recent years, accounting for about 30% of hedge fund managers and constructs portfo-
Asian hedge funds. lios based on those selections.
Successful hedge fund managers distinguish Aside from managing hedge funds, finance
themselves by their exceptional ability to professionals may work in this industry in
deliver higher risk-adjusted returns to inves- areas such as analysis, risk management, com-
tors than traditional managers. To accomplish pliance, and sales and marketing.
HIRING TRENDS
China has a growing hedge fund industry, but headcounts are still relatively few.
SKILLS NEEDED
Hedge fund managers must have strong quantitative and analytical skills, as well as excellent
sales skills to market the fund and raise capital.
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
30 2014
ENHANCING RETURNS FOR INVESTORS
DANIEL
in South Korea
KATE
in Australia
Earned
Earned economics
math and degree
physics from Korea
degrees University
Joined a
private equity
fund of funds
as investment
analyst Became execu-
tive director at
Macquarie-IMM
Investment
Management
Became
a senior
portfolio
analyst
Joined Woori
Investment
& Securities
CFA hedge fund
Charter group
Became head
of alternative
investments CFA
Charter
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 31
ALTERNATIVE INVESTMENTS
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
32 2014
ALTERNATIVE INVESTMENTS
Daniel Jun Ho Kang, CFA
General Manager
Woori Investment and Securities, South Korea
CAREERS
Daniel Jun Ho Kang, CFA, manages hedge
fund portfolios at Woori Investment. His team My CFA charter helped me gain
is responsible for selecting and conducting better access to global hedge
due diligence on skillful hedge fund managers
globally before hiring them to manage some fund portfolio managers, CIOs,
of the firms investments. and founders.
An economics graduate of Korea Uni-
versity, Daniel cut his teeth in the finance My CFA charter helped me gain better access
industry by working in product development to global hedge fund portfolio managers, CIOs
at Samsung Securities. He later became an [chief investment officers], and founders, he
executive director for the product desk of Mac- says. The hedge fund world is dominated by
quarie-IMM Investment Management, which Western managers. If you are an Asian inves-
was acquired by Goldman Sachs Asset Man- tor, you may be seen as less sophisticated.
agement in 2007. But my CFA charter enables me to communi-
Aside from managing hedge fund portfolios, cate with them effectively [because it demon-
Daniel develops Wooris hedge fund seeding strates my knowledge].
business, Woori Absolute Partners, based in For those interested in joining the hedge
Singapore. The firm makes initial investments fund industry, Daniel recommends preparing
in early-stage hedge fund managers. by reading a lot of books about finance and
Many small hedge funds in Asia find it diffi- honing English language skills.
cult to scale up operations because of the dif- If you read more than 100 books in the field,
ficulty of raising money. Large institutional your brain will be well prepared, he says.
investors entrust their money to established Since 2008, I have read about 600 books,
managers with proven track records. Dan- which have improved my knowledge and
iel focuses on analyzing and selecting early- skills.
stage hedge fund managers that his firm can
support.
I really enjoy my job because I get to do due
diligence on hedge fund managers, analyzing
their portfolios, performance, risk, and opera-
tions, he says.
At the same time, his job is also challenging.
Every time I have a one-on-one meeting, I am
facing language barriers and cultural differ-
ences, he says.
He says that to be successful in his role, one
has to possess good due diligence skills, deep
knowledge of the global financial markets,
and data management skills.
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 33
WEALTH
MANAGEMENT
According to the 2013 World Wealth Report, Asia Pacifics
high-net-worth individuals have investable wealth of
US$10.9 trillion in 2012, the second largest in the world.
This wealth is expected to grow to US$15.9 trillion by
2015, potentially creating opportunities for investment
professionals.
WHAT TO EXPECT
The wealth management industry caters your investment skills are, says Garth Breg-
to high- and ultra high-net-worth individu- man, CFA, the regional head of discretionary
als with investable assets of over US$1 mil- portfolio management in Asia for BNP Paribas
lion and who aim to grow and preserve their Wealth Management.
wealth well into the future. Investment professionals need to deliver
Serving this market are product special- more than a stock recommendation; they need
ists, portfolio managers, relationship manag- to be able to provide bespoke comprehensive,
ers, private bankers, and others. Clients may long-term investment strategies.
entrust their money to discretionary portfolio Knowledge and understanding of the
managers who will make day-to-day decisions wealth management domain, client needs,
on how to invest their money within agreed and the financial and the regulatory environ-
parameters or actively manage their invest- ment are really important, Sameer Chhabra,
ments themselves with professional advice. CFA, AVP of family office and investment
This is a people business; we generally deal advisory at ICICI Securities Ltd. in India. It
with private clients and private bankers, not is also necessary to have the ability to work
institutional investors. If you cant commu- with and analyze unstructured data to pro-
nicate well and connect with them, you will duce actionable ideas, investment analysis,
struggle to be successful, no matter how good and recommendations.
HIRING TRENDS
As wealth in Asia grows, professionals in this industry will remain in demand. Those with
long-standing relationships with high-net-worth clients are sought after.
SKILLS NEEDED
Strong analytical and quantitative skills are essential. Excellent sales, interpersonal, and com-
munication skills are equally important.
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
34 2014
CAPITALIZING ON ASIAS RISING WEALTH
GARTH
in Singapore
SAMEER
in India
Studied
actuarial
science and
Studied philosophy in
engineering South Africa
and earned
management
degree
Went to
the U.S. for
masters
Worked in debt
degree in
capital markets
philosophy
and consumer
banking
Joined an asset
management
firm in
Amsterdam
Became
product
manager at
Royal Bank of CFA
Scotland
Charter
CFA
Charter Moved to
London as head
of investment
services for BNP
Paribas Wealth
Management
Became AVP,
investment and
family office
advisory, at ICICI Came to Singapore
Securities as Asia head of
discretionary
portfolio
management
read their stories
in the next pages
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 35
WEALTH MANAGEMENT
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
36 2014
WEALTH MANAGEMENT
Garth Bregman, CFA
Regional Head of Discretionary Portfolio Management, Asia
BNP Paribas Wealth Management, Singapore
CAREERS
As an undergraduate in South Africa, Garth If you are interested in a career
Bregman, CFA, studied actuarial science and in investments, there is always
philosophy. He then earned a masters
degree in philosophy at the University of more to learn, new ways to
Hawaii. But when it came to deciding on a develop your expertise.
career, he was drawn to the financial world,
even though he recalls at that time, I didnt asset classes, he says. There were earlier
know the buy side from the sell side. times I had concerns that I was not becoming a
Today, Garth is the regional head of discre- dedicated asset-class specialist. But in this field,
tionary portfolio management in Asia for being a strong generalist can be an advantage.
BNP Paribas Wealth Management, managing By developing a knowledge and understanding
a 15-person discretionary portfolio manage- of all asset classes, you can engage with clients
ment team in Hong Kong and Singapore. on a broader range of topics and confidently
Prior to moving to Asia, he held similar roles manage multi-asset class portfolios.
for BNP Paribas in the Netherlands and the Interpersonal skills are also crucial. This is
United Kingdom a people business; we generally deal with pri-
Garth entered the industry as an invest- vate clients and private bankers, not with insti-
ment analyst at Insinger de Beaufort Asset tutional investors. If you cant communicate
Management in Amsterdam. He learned well and connect with them, you will strug-
mostly on the job, and benefited from the par- gle to be successful no matter how good your
allel process of working through the CFA Pro- investment skills are, he says.
gram, which he had started while still a philos- Part of the job involves discussing expecta-
ophy student in the United States. tions and assumptions about asset markets,
In his first three years at Insinger, Garth Garth explains. You have to explain the ben-
worked mainly as an equity analyst, support- efits of adopting a longer term time horizon,
ing the lead fund manager. He later spent time of having a solid investment philosophy and a
managing bond funds and multi-asset-class rigorous process. For clients, there is a learn-
funds, and was eventually responsible for ing curve too.
hedge fund and long-only manager selection Garth says the CFA Program provided a solid
and portfolio management. During this time, foundation in his investment management
he won an award for the top risk-adjusted per- career. He urges students and young profes-
formance for a European bond fund. sionals not to hesitate to take the exams.
In discretionary portfolio management If you are interested in a career in invest-
(DPM), clients delegate the investment of ments, there is always more to learn, new ways
their portfolio to a portfolio manager based on to develop your expertise, he says. The CFA
an agreed set of guidelines. Portfolio managers Program is one of those ways, and it has the
must have a deep knowledge of investments as upside of being globally recognized. But recog-
well as understand the clients needs. nition should not be your only reason for doing
I was fortunate to work across the major it; you should do it for the content.
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 37
INVESTMENT
BANKING
The glamor of investment banking may have worn off
after the demise of Lehman Brothers, the public backlash
against bankers mega bonuses, and recent layoffs. But
investment banking remains an important part of the
finance industry.
WHAT TO EXPECT
Investment bankers help clients find financ- have excellent interpersonal and organiza-
ing solutions and opportunities as they grow tional skills to handle with different parties and
their businesses or economies. A company parts of a transaction. Investment banking is
wishing to expand market share may consider a high-volume, high-risk, high-reward profes-
a listing on the stock exchange, a merger, or sion, says Ha Trung Hieu, CFA, head of corpo-
an acquisition. Investment bankers advice cli- rate finance at Vietcombank Securities. When
ents on their best move and how to execute it. you start out, your hours will typically be long
They help corporate clients tap equity capital but the work can be exciting. You have to be
markets through initial public offerings (IPOs), prepared for moments of frustration where you
placements, rights issues, and other equity or are stretched too thin and moments of exhila-
equity-linked products. They can also help gov- ration when everything clicks into place.
ernments raise funds via sovereign bonds. Timing when to go to market and pricing the
In Asia Pacific, IPO transactions have fallen in product are critical in any transaction. The
recent years, but debt capital market transac- way you structure a transaction for a client is
tions have bounced back. where the skills of an investment banker are
Investment banking is a demanding job that tested, says Bhadra Kanaiya, CFA, associate
typically involves long hours, a lot of meetings, vice president at Euromax Capital in India.
and negotiations with clients, bankers, law- Competition for client mandates is stiff;
yers, regulators, consultants, and other par- hence, innovative financing ideas count the
ties to a transaction. Investment bankers must most.
HIRING TRENDS
Investment banks are expected to shrink in size over the next few years. In Asia, M&A and debt
capital markets are faring better than equity capital markets. Competition is high for entry-level
investment banking jobs.
SKILLS NEEDED
Strong analytical and quantitative skills are important; so are multitasking and communica-
tion skills.
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
38 2014
SOLVING FINANCING CHALLENGES
HIEU
in Vietnam
BHADRA
in India
Awarded a
Earned scholarship
commerce to study in
degree Australia
Worked as an
associate at Returned to
an investment Vietnam; joined
bank Citibank as a
financial control
assistant
CFA CFA
Charter Charter
Became
associate vice Became head
president of of corporate
Euromax Capital finance at
Vietcombank
Securities
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 39
INVESTMENT BANKING
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
40 2014
INVESTMENT BANKING
Ha Trung Hieu, CFA
Head of Corporate Finance
Vietcombank Securities, Vietnam
CAREERS
When he was a student in Vietnam, the
Australian government awarded Ha Trung You need to be able to pull a lot
Hieu, CFA, a scholarship to study manage- of things together and be able to
ment at the University of Wollongong in New
South Wales. He decided to switch his major to strike a balance. You have to be
finance, however, thinking that a course with deliberate when you are trying
an emphasis on quantitative and analytical
to put together an investment
skills would serve him better in the job
market. banking deal.
His first job after graduation was as an
assistant accountant at Hutchison Telecom- Hieu says one needs analytical or synthesiz-
munications in Australia. After passing ing skills, communication skills, and a well-
the Level I CFA exam, Hieu moved to Singa- developed business sense to succeed in his job.
pore and worked at Investamatic Holdings as You need to be able to pull a lot of things
a product analyst. together and be able to strike a balance. You
With these entry-level work experiences on have to be deliberate when you are trying to
his resume, he returned to Vietnam to work as put together an investment banking deal. You
a financial control assistant at Citibank. have to look at everything, from the clients
Ever since taking the Level I exam, my par- perspective, from the regulators perspective,
ticipation in the CFA Program at various lev- from your own companys perspective, he
els has been valuable in my job applications in says.
Australia and Singapore and at Citibank Viet- Hieu says it is both his greatest satisfaction
nam, says Hieu, who is also a volunteer for and his most common challenge to find solu-
CFA Institute in Vietnam. It helped demon- tions to complex deal structures and create
strate my openness to learning and my quan- winwin outcomes. Another challenge in his
titative skills. job is regulatory compliance, especially when
Hieus career gained great momentum when regulations are inconsistent or ambiguous.
he became a senior investment officer at Indo- Hieu acknowledges that investment banking
china Capital, a regional investment bank. As can be relatively hard to break into, but it can
Vietnams stock market accelerated, he took also be very rewarding.
middle-management positions at various When you start out, your hours will typi-
local securities companies. cally be long, but the work can be exciting, he
Today, Hieu is the head of corporate finance says. You have to be prepared for moments of
at Vietcombank Securities Company (VCBS). frustration where you are stretched too thin
He is in charge of all corporate finance advi- and moments of exhilaration when every-
sory activities at VCBS, ensuring a steady flow thing clicks into place.
of transactions, implementing current pro-
jects, and contributing to reorganizing the
firm into a full investment banking service
group.
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 41
RISK
MANAGEMENT
Since the global financial crisis, bankers and corporate
decision makers have been pilloried for taking excessive
risks. As investors, shareholders, regulators, and the
public increase their scrutiny of financial services and
corporate practices, risk management professionals
have come to the fore.
WHAT TO EXPECT
Nobody likes surprises, especially bad ones. place for when bad things happen. They need
They can be costly or worse, detrimental to a to communicate their assessments clearly
firms survival. Risk management profession- and promptly with other parts of the firm and
als are there to identify potential problems, work closely with compliance, audit, opera-
assess their impact, and mitigate them. tions, and other departments.
After the global financial crisis, they play an Risk management is a broad area; some spe-
important role in maintaining a healthy bal- cializations in the financial services industry
ance between risk taking and profit making: are market risk, credit risk, and enterprise
How far should a firm go to earn profit with- risk. Market risk professionals look after the
out endangering its assets and those of its effects of various market factors, such as inter-
shareholders? est rates or foreign exchange movements on
Risk management professionals need to asset portfolios. Credit risk focuses on lending
have a clear picture and understanding of activities, such as the ability of a borrower to
whats going on in the areas they look after in repay a loan, whereas operational risk covers
order to anticipate problems and put a plan in fraud or financial wrongdoing within a firm.
HIRING TRENDS
Efforts to curb excessive risk taking following the global financial crisis have resulted in a
wave of regulations. As financial services firms and corporates comply with these regulations,
risk management professionals will remain in demand.
SKILLS NEEDED
Excellent analytical, quantitative, and communication skills are essential.
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
42 2014
BALANCING RISK TAKING AND PROFIT MAKING
Started as a
management
trainee in
Became banking
a futures
Worked in trader
a Moodys
associate
Moved to
credit risk
Joined a
commodities
trading house as
a middle-office
Became analyst in the
a senior Became a
cotton division corporate
manager at
Deloitte relationship
manager
Became a risk
analyst at
CFA Noble Group in
Charter
Hong Kong CFA
Charter
CFA
Charter
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 43
RISK MANAGEMENT
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
44 2014
RISK MANAGEMENT
Teoh Siang Leng, CFA
Market Risk Specialist
British Petroleum, Singapore
CAREERS
As a market risk specialist for British Petro-
leum, Teoh Siang Leng, CFA, analyzes, moni- I owe my understanding of
tors, and manages the market risks associated financial markets to the rigorous
with trading crude oil, oil products, and carbon
emissions. His work is driven by the supply and
CFA Program.
demand of commodities across the world and
the impact of global fundamentals on the price tion of the value of risk management as well as
of crude oil and its refined products. the necessity of understanding market funda-
Siang Lengs working environment is quite mentals and the drivers behind market move-
different from that of banks or investment ments. Finding the right balance between
firms that deal mainly with paper invest- guiding risk appetite and ensuring enough
ments, such as equity or bonds, rather than opportunities for a sufficient return to cover
deliverables, such as barrels of oil that are the investment is a constant and rewarding
physically delivered to the buyer at a specified challenge.
time. Because the data he works with are often Those considering a career in the field, he
opaque in nature, good communication and says, should master the basics first by work-
systematic analytical skills are essential. ing in a trading house. It is important to begin
I cannot stress enough that constant, open this career with time in a trading house because
communication with the front office and the there is no substitute for physical commodities
ability to piece together information systemat- trading, he says.
ically are the two keys to detecting potential In addition, he says that candidates should
risk events and to developing mitigation strat- enroll in the CFA Program at an early stage
egies, he says. because it is helpful for gaining market knowl-
A native of Malaysia, Siang Leng has a edge and demonstrating dedication to current
bachelor of engineering degree in electrical and potential employers. I owe my under-
and electronics engineering and a master of standing of financial markets to the rigor-
science in financial engineering. Before ous CFA Program, says Siang Leng. The CFA
moving into risk management, he was a trader designation also helped to improve my pro-
during the volatile period leading up to the fessional profile, and my managers appreci-
2008 financial crisis, specializing in short-term ated the amount of effort needed to earn the
interest rate products, such as Euribor and charter.
Euroyen, and equity index derivatives includ- A growing number of companies are seek-
ing Nikkei futures and MSCI Taiwan futures. ing to use commodity price volatilities as lever-
Nobody had a clue at that time why the short age, making the niche field of commodities risk
end of the yield curve was moving the way it management into a career path with increas-
was, he recalls. Some of us got caught, myself ing potential.
included. Now I see that the products looked Risk management will become more and
like they were cheap, but they were cheap for more challenging as the markets are becoming
a reason. more and more complex and interlinked via the
The experience gave him a deeper apprecia- paper markets, he says.
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 45
RISK MANAGEMENT
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
46 2014
ARE YOU
BRILLIANT?
IF SO, WED LOVE TO MEET YOU.
Dow Jones is looking for the best to join our world-class organization. We
approach our business with an entrepreneurial spirit and seek those who are as
dynamic, innovative, and ambitious as we are. Our products and services provide
the foundation from which business does business. Powered by The Wall Street
Journal, our trusted content impacts more than 42 million people worldwide.
HIRING TRENDS
There is robust demand for compliance professionals as firms face increasing regulatory
requirements.
SKILLS NEEDED
Compliance roles require analytical, quantitative, and communication skills. An aptitude for
precision and attention to details are also valuable assets.
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
48 2014
STAYING ON TOP OF REGULATORY CHANGES
LINDA
in Taiwan
HANNES
in Hong Kong Earned MBA
in the United
States
Worked as a
Bloomberg
reporter in
Tokyo
Returned to
Taiwan
Became
a credit
analyst in
Shanghai
Worked as
auditor at
Worked in KPMG
financial control
and audit in the
United Kingdom
Joined
Became Taishin
director of risk Financial
and compliance Holdings
in Vietnam
CFA CFA
Charter Charter
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 49
I dont think many other people
COMPLIANCE
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
50 2014
COMPLIANCE
Linda Chen, CFA
AVP, Investor Relations
Taishin Financial Holdings, Taiwan
CAREERS
After gaining an MBA degree from the
University of Texas in the United States, Linda What you learn in school is just
Chen, CFA, returned to Taiwan and joined the starting point. You need to
KPMG as an auditor. There, she worked with
multinational clients as well as Taiwanese build up a theoretical foundation
enterprises in China. and conceptual knowledge while
Linda then joined a domestic firm, Taishin
you have the luxury of spending
Financial Holdings, because she believed the
firms entrepreneurial style would allow her to time defining your interests.
better use her existing skills and help her learn
new ones.
I always wanted to find a job that can utilize moved into investor relations, reporting to the
but also enhance my skills, she says. I also chief financial officer. She says investor rela-
wanted to see how I can really make an impact tions requires a basic to intermediate level of
on the company. accounting, finance, economics, and statistics
After five years working on the banks whole- knowledge, plus communication and project
sale credit risk team, she was promoted to pro- management skills. Linda helps with strate-
ject manager. She led a team of eight on the gic planning and capital management and also
mammoth project of becoming compliant with works with other teams within the firm.
new international banking regulations and A CFA charterholder since 2008, Linda says
accounting standards. that even for someone with her strong educa-
The team worked toward complying with tional background in accounting and finance,
these international banking regulations, Basel the CFA Program curriculum has served as a
II, by developing and implementing the credit good knowledge check.
rating system for the wholesale banking group. The scope of the CFA Program curriculum
She also led the design, development, and test- covers most of the important topics and issues
ing of the banks risk-adjusted return on capi- in todays financial industry, she says. The
tal system as well as the banks implementation CFA designation on business cards forms a way
of the accounting standard IAS 39 on financial of communication. When I meet other CFA
instruments (since replaced by IFRS 9). charterholders, it is always easier to find com-
The team needs to not only work with exter- mon language.
nal consultants closely to gain insights from Her advice to those seeking a career in the
other regional banks but also to transform investor relations field is to build up your
those experiences selectively into the banks knowledge base and develop your learning
practice, she says. One of the most impor- approach to get ready for the challenges in
tant things in the exercise was to get buy-in the real world. She adds: What you learn in
from various internal users. Thus, communi- school is just the starting point. You need to
cation played a critical role in the success of build up a theoretical foundation and concep-
the project. tual knowledge while you have the luxury of
After three years as project manager, Linda spending time defining your interests.
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 51
PRIVATE
EQUITY
With a longer investment horizon, private equity (PE)
investors carefully pick private companies with potential
for growth in value or troubled or undervalued listed
companies with the aim of turning them around.
WHAT TO EXPECT
Like professionals in other fields in the businesses and help enhance their perfor-
investment industry, those who work in pri- mance over time through operational or man-
vate equity are involved in identifying and agement improvements.
evaluating potential investments and execut- With venture capital, you invest in a com-
ing those transactions. Junior professionals, pany, then you grow the company, and in
such as analysts or associates, perform finan- three or four years, you exit with a handsome
cial modeling and analysis and help with due multiple on your investment. The results are
diligence and documentation, whereas sen- visible, says Derrick Kyujeong Han, CFA,
ior executives, such as principals and part- investment manager at Tongyang Investment
ners, make investment decisions, find poten- Corporation.
tial investments, and raise money. Whether its a buyout or venture cap deal,
The ability to source deals, maintain deal success is measured by a well-timed exit from
flow, and retain enough funds to execute these investments that maximizes gains for
those deals are critical in this highly com- investors.
petitive field. Thus, in-depth local knowledge Professionals with investment banking
and a vast network of contacts across various experience (especially in mergers and acquisi-
industries work to ones advantage. Venture tions) or with strong local knowledge in a spe-
capitalists focus typically on startups and may cific industry or market where significant deal
invest in several rounds of financing. On the flow is expected may have an edge over others
other hand, buyout funds invest in established for private equity jobs.
HIRING TRENDS
Total deal value in Asia Pacific fell 22% in 2012, according to Bain & Companys Global Private
Equity Report 2013. Despite the slowdown, PE firms are sitting on plenty of capital and some
firms are still hiring, especially those with a strong China and Southeast Asia focus.
SKILLS NEEDED
Strong analytical, quantitative, and communication skills are essential. Initiative to find
investment opportunities and business acumen are also important.
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
52 2014
INCREASING VALUE OVER TIME
Earned Earned
masters Worked as a computer
degree in trainee analyst science
commerce in South Africa degree
Worked at
Worked as Samsung
a senior Moved to Electronics as
consultant in an Australia and a procurement
accountancy worked as an manager
firm equity analyst
Earned
MBA in
Joined the Became a the United
corporate portfolio States
finance team of manager
Bear Stearns in
Pakistan
Returned
CFA to Korea;
Charter joined SK
Group
Joined the JS Group
as Senior Executive
Vice President and
Head of Investment, Worked for Became
Banking, and Private an Australian a venture
Equity specialist capitalist and
infrastructure had first IPO
investment
manager
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 53
You need to be a good
PRIVATE EQUITY
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
54 2014
PRIVATE EQUITY
Robert Huth, CFA
Senior Investment Analyst
Viburnum Funds, Australia
CAREERS
As a senior investment analyst at Viburnum
Funds, Robert Huth, CFA, is responsible for When youre starting out in a
the analysis and valuation of prospective and sector, youre building knowledge,
existing investments in public and private
companies, as well as other aspects of deal and it takes a period of time to
making, such as arranging debt funding. feel comfortable with a sector.
A business science graduate of the Uni-
versity of Cape Town, Robert began his
One of the critical things is to
career as a trainee analyst in South Africa. understand the industry structure,
When he moved to Australia, he worked the competitive landscape, and
first as an equity analyst at State One Capital
Group and then as a portfolio manager at the barriers to competition for a
Attunga Capital. He was a senior investment particular company.
analyst at CP2, an Australian specialist infra-
structure investment manager, before mov-
ing to Viburnum. time to feel comfortable with a sector. One of
His current role requires independent think- the critical things is to understand the indus-
ing, strong financial analysis and financial try structure, the competitive landscape, and
modeling skills, and the ability to filter infor- the barriers to competition for a particular
mation from different sources. In private company, he says.
companies, getting to know the management For publicly listed companies, Robert
team and understanding the companys busi- assesses information gleaned from company
ness and industry is an essential and enjoya- financial reports, management, and industry
ble part of the job. participants while remaining aware of views
We look to invest both in good businesses held by the sell side, media, and the financial
and in good management teams. You cant community. You also get exposed to a num-
have one or the other; you need both, says ber of financial variables in company disclo-
Robert. He enjoys interacting with manage- sures, and you need to work out which are the
ment teams and capital providers and being key ones for a particular company or indus-
involved in the evolution of investments over try, he explains.
time. A CFA charterholder since 2007, Robert
The challenges of the job include capital says the CFA Program curriculums broad and
allocation, given the concentration of portfo- comprehensive framework helped him under-
lio structures and the relatively long invest- stand the key aspects of portfolio manage-
ment terms, and the assessment of reinvest- ment, financial analysis, and valuation. The
ment risk. Robert says analysts need to have CFA Program has also provided wonderful
a deep understanding of the sectors they are opportunities to remain engaged in the learn-
covering. ing process and to interact with other CFA
When youre starting out in a sector, youre charterholders working across a wide range
building knowledge, and it takes a period of of roles, markets, and geographies, he says.
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 55
PRIVATE EQUITY
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
56 2014
RESEARCH AND
ANALYSIS
You see them on TV talking about market movements
and recommending stocks or bonds to buy or sell.
Research or investment analysts are more than talking
heads; they stake their reputation on ideas that stand
the test of the market.
WHAT TO EXPECT
Being a research analyst can be a high pres- spreadsheet output. What theyre asking for
sure job spent poring over large amounts of is understanding, context, and meaning,
financial information from various sources, says Damian Thong, CFA, a senior analyst and
analyzing potential investment returns and division director covering the tech sector at
risks, and forming recommendations to Macquarie Capital Securities in Tokyo. Ulti-
investment decision makers. Analysts exam- mately, its being able to tell a good story. A
ine both the micro and the macro, looking historian is a storyteller of the past. Hopefully,
at what individual companies are doing, at were a storyteller of the future.
the performance of the industry, at how out- Buy-side analysts typically work for asset
side events are affecting the industry, and at management firms, while sell-side analysts
the historical and global context in order to work for securities brokers. Analysts may
explain events. specialize in certain sectors (for example,
They also try to give at least an indication of banking, oil and gas), countries, or markets.
what is likely to happen next, as well as iden- Among a research analysts rewards are the
tify trends and explore their implications. The intellectual satisfaction of being recognized
resulting analysis and must be presented in a as an expert in your field and, of course, being
comprehensible narrative to clients. proven right by the market.
The clients are not looking for another
HIRING TRENDS
Job opportunities may depend on areas of specialization that are in demand.
SKILLS NEEDED
Strong quantitative, analytical, and communication skills are essential.
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
58 2014
FORECASTING INVESTMENT POTENTIAL
AMAL DAMIAN
in Sri Lanka Earned in Japan Joined Earned
MBA in Unilever engineering
the United Argentina and
Worked as States Graduated as a cost biotechnology
a financial from analyst degrees
journalist in London
Sri Lanka on School of
his gap year Economics
Became
chief of Joined British
treasury Petroleum as
Earned at Unilever management
economics Argentina trainee
degree from Joined
Became a Dresdner Bank
London School corporate
of Economics in London
financial covering
analyst European Moved Completed
equities to New MBA
Zealand
Became
economist
and head of
research at Moved to
Jardine Fleming Tokyo
in Sri Lanka Joined New Rejoined
Zealand British
Superannuation
CFA Fund as a
Petroleum
CFA Charter management
Charter accountant
CFA
Charter
CFA
Moved to CFA Charter
Singapore Charter
for J.P.
Morgan
Became petro
Founded Joined Beijing Joined chemicals
Gao Hua Macquarie Promoted analyst at J.P.
his own to senior
research Securities covering the Morgan
as equity Japanese analyst
firm
analyst tech sector
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 59
The more good information you
RESEARCH & ANALYSIS
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
60 2014
RESEARCH & ANALYSIS
Caroline Li, CFA
Executive Director
Global Investment Research
Beijing Gao Hua Securities, China
CAREERS
Caroline Li, CFA, took a somewhat circuitous
route to her current job as executive director of Without the CFA designation, my
Global Investment Research at Beijing Gao credentials would have been less
Hua Securities, a strategic partner of Goldman
Sachs. After receiving her MBA in 2003 convincing for Goldman Sachs to
from Carnegie Mellon University in the United hire me because I never had any
States, she worked as a corporate finan-
Wall Streetrelated jobs before.
cial analyst at several companies before earn-
ing her CFA designation in 2007. The CFA des- not unusual. Frequent travel is also required,
ignation, she believes, was pivotal in her being leaving Caroline little time to spend with her
hired as a sell-side equity research analyst. family. On the plus side, the job offers flexibil-
Without the CFA designation, my creden- ity in setting her own work schedule, and she
tials would have been less convincing for Gold- can sometimes work from home.
man Sachs to hire me because I never had any For Caroline, the intellectual challenge of
Wall Streetrelated jobs before, she says. I maintaining her edge as an expert in her field
think the CFA designation gave me validation. is a compelling reward of the job.
Those considering becoming an analyst The longer you are in this profession, the
should aim to get to know someone who works better regarded you are as an industry expert,
in that area, not only for networking opportuni- both from the corporate side and from the
ties and possible job leads but also and more investing community, she says. I think that
importantly to get a real sense of what the gives you intellectual satisfaction.
job entails, she says. Caroline was attracted to The job requires both hard and soft skills.
equity research after a friend joined Goldman Indispensable hard skills include the ability to
Sachs as a buy-side analyst and convinced Car- dissect and understand financial statements
oline that her strengths and skills would be a and a deep understanding of the industry
good fit for the sell side. She was also attracted being covered. Regardless of sector, all ana-
by the financial rewards and intellectual stim- lysts need to be able to value a stock in rela-
ulation offered by the job. She covers the con- tion to the sector, the general market, and the
sumer retail area in China, a fast-evolving and wider macro environment. The most impor-
fast-growing industry that continues to chal- tant soft skills are sales ability and a common-
lenge her, not least in the relatively new sphere sense approach.
of online retail. I think the three-year test preparation for
I really love the opportunity, even at this the CFA designation really gives you a com-
stage of my career, to learn something new, prehensive overview of what the investment
she says. Thats very rewarding. profession entails, says Caroline.
As a new mother, Caroline finds achieving a Sell-side analysts can find career opportuni-
good worklife balance the biggest challenge. ties as buy-side portfolio managers, strategic
Sell-side jobs involve serving investors around planners, and CFOs in listed companies. Or
the world in Asia, London, and the United you can be a sell-side analyst until you retire
States and a 12- to 14-hour working day is thats also possible! she says.
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 61
RESEARCH & ANALYSIS
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
62 2014
RESEARCH & ANALYSIS
Pablo Matias Sosa, CFA
Senior Analyst
New Zealand Superannuation Fund, New Zealand
CAREERS
Pablo Matias Sosa, CFA, had only passed the
CFA Level I exam when he and his wife moved Integrity, a willingness to keep
to New Zealand. Even with an account- learning, and an analytical and
ancy degree and solid work experience in his
native Argentina, he says having the CFA logical approach to problem
Level I exam under his belt was an invaluable solving are the top three skills
addition to his resume.
needed to succeed in my job.
It helped as an international stamp of
approval, he says. People were not familiar
with the university I attended in Argentina, working closely with other areas of the Fund
but they knew what a CFA exam represented. and keeping up to date with developments in
Pablo started his career in the finance different asset classes and markets.
and investment industry as a cost analyst in Pablo currently focuses on insurance-related
the global consumer goods company Unilever strategies, fixed income, real estate, and the
in Argentina. After a succession of finance timber industry, but he is also interested in
roles in the company, he became the chief of how other investments in the fund are doing,
treasury in Argentina. as well as the views of colleagues in the invest-
But an opportunity came to migrate to ment industry.
New Zealand and the family moved across the I like the opportunity to look across the fund
South Pacific to Auckland. His first job in New and keep up to date with developments in a
Zealand was with Fisher Funds as a manage- wide range of asset classes, he says. Theres a
ment accountant. He later joined the New Zea- lot of expertise within the team to learn from.
land Superannuation Fund, which invests on We maintain relationships with peer funds and
behalf of the New Zealand government to help external managers to understand how other
pay for the countrys universal pension sys- people see the same things were seeing.
tem. Over the years, he has advanced from Pablo is most proud of his achievements in
management accountant to performance redeveloping the funds performance reporting
reporting analyst and earned his CFA and contributing to the liquidity use and pric-
charter. ing framework at the fund level. Integrity, a
Preparing for the other two exams and willingness to keep learning, and an analytical
becoming a CFA charterholder helped me and logical approach to problem solving are the
learn many of the technical skills required top three skills needed to succeed in my job,
for the positions I would be promoted to, and he says.
also helped me in raising my profile with the He advises students and young profession-
organization, he says. als to adhere to ethical standards. Find some-
Today, Pablo is a senior analyst in the Invest- thing you are going to be passionate about. It
ment Analysis team. The team is responsible will take dedication to keep learning, he says.
for maintaining an updated view on the rel- And finally, in most cases, you will be looking
ative attractiveness of different investment after other peoples money; remember to put
opportunities across the Fund. This involves their best interests first.
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 63
I think being part of the industry
beforehand is a big advantage
because I can provide a lot of
insights into the particular
RESEARCH & ANALYSIS
L
industry Im covering that other
analysts may not have if their
background is from accounting, or
finance, or something else on the
business side.
CAREERS
W
they cover under tight deadlines, as well as
Analyst, Asian Petrochemicals and Refining make the right calls and produce distinctive
J.P. Morgan, Hong Kong reports.
The ability to stand out from the crowd as
Samuel Lee, CFA, has used his broad techni- investors are being inundated with informa-
cal training and experience to great advantage tion is one of the jobs challenges and also one
in his role as analyst in the Asian petrochem- of its attractions, says Samuel. He says being
icals and refining division of J.P. Morgans right in his stock picks and being the first to
Global Equity Research. make the right call are highlights of the job.
I
Samuel received a BSc in chemical engi- He relishes the intellectual challenge of pre-
neering from the University of Calgary and an dicting whether share prices will go up or
MSc in biotechnology from the Hong Kong down and of trying to link seemingly dispa-
University of Science and Technology before rate events and data to come up with a unique
getting his first job as a management investment thesis. Learning to delve beneath
trainee at British Petroleum, where he stayed the surface is a crucial skill for analysts, he
for four years. He took a year off to pursue an says. Its also essential to acquire the judgment
MBA at INSEAD. He then worked with CLP needed to know when to reverse a call and to
Holdings in Hong Kong for a year. While there, have the courage to do it.
he worked on environmental issues, emissions Delaying the decision is just not an option,
trading, and wind farm feasibility. he says. You need to cut your losses.
>
He returned to BP and worked in a market- Would-be analysts need to be curious and
ing, forecasting, and planning role for three self-motivated and possess good interper-
years. From there, he moved into the field of sonal and communication skills. The most
analysis, working first as a chemicals analyst common path to becoming an analyst is to
at HSBC before moving to J.P. Morgan in his start as a research associate, helping the main
present role. His hands-on technical back- analyst before moving up to covering compa-
ground gives him a valuable breadth of indus- nies oneself.
try knowledge that helps him better serve Through CFA Institute, Samuel keeps abreast
his clients and gives him a critical edge over of the work of his peers in the industry, and
competition. earning the CFA designation has given him an
I think being part of the industry beforehand appreciation of fellow charterholders.
is a big advantage because I can provide a lot Both the process of qualifying and the char-
of insights into the particular industry Im cov- ter itself have made me realize how unique a
ering that other analysts may not have if their group of individuals we are, and I think that
background is from accounting, or finance, or sometimes opens doors, he says.
something else on the business side, he says.
Being distinctive is important in an indus-
try in which the competition among analysts is
fierce. During the quarterly reporting season,
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
64 2014
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and information.
HIRING TRENDS
Hiring for various roles in corporate finance remains relatively strong as companies focus on
delivering value to shareholders in challenging economic times.
SKILLS NEEDED
Strong quantitative, analytical and technical skills are essential. Communication, leadership,
and influencing skills are also important.
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
66 2014
GROWING BUSINESSES
BUDI MOHIB
in Indonesia in Malaysia
JUN TIMO
in the Philippines in Australia
Earned
masters Got
degree in commerce
Graduated Earned MBA
management degree in
with degrees from Helsinki
Dhaka
in physics School of
and computer Economics
engineering Earned
MBA in
India
Joined PT
Indofoods
special Built a start- Worked as
up a financial Worked for
projects Seimens in
team analyst
Germany
Worked
in private
equity Decided to
Became
get an MBA Joined
treasury
manager Boston
Consulting
Group
CFA
Charter Worked
as an Moved to
Joined Holcim
investment Australia
as senior
banker financial
analyst in
Dhaka
Became
corporate CFA
finance
manager at Charter CFA
PT Bhakti CFA Charter
Investama Tbk Charter
Switched to the
Became vice corporate side
president, as manager Became a
finance and of corporate Promoted manager for
accounting at finance and asset to CFO of business
PT MNC Asuransi management Holcim projects at
Indonesia Malaysia Wesfarmers
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 67
CORPORATE FINANCE
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
68 2014
CORPORATE FINANCE
Gabriel Jun Q. Villaluz III, CFA
Senior Manager
Corporate Finance and Asset Management
Ayala Corporation, Philippines
CAREERS
When Gabriel Jun Villaluz III, CFA,
graduated with degrees in physics and com- Employers typically view CFA
puter engineering from Ateneo de Manila charterholders as possessing a
University, he and three classmates eagerly
built a start-up that designed and manufac- high level of competency and
tured electronic instruments for school labo- always acting with integrity.
ratories. But the venture did not prosper,
leading him to switch gears and study for an
MBA at the University of the Philippines. in his job. Because many deals are closed under
After obtaining his MBA, he joined the tight schedules, project management skills
Bank of the Philippine Islands and worked are important to ensure that all the activities
for more than 10 years as an investment needed to close a deal are managed well within
banker at BPI Capital Corporation, the banks the agreed timeline. Some deals can be so com-
investment house. Today, Jun is senior man- plex that structuring skills involving the
ager of corporate finance and asset manage- crafting of financial, tax, and legal arrange-
ment at Ayala Corporation, one of the Philip- ments are critical in arriving at favora-
pines largest conglomerates. ble transaction terms. He also says that deals
Juns investment banking experience entail a lot of give and take, and so, good nego-
comes in handy at Ayala Corporation, tiation skills are needed to get the terms that
where he executes mergers and acquisitions are most beneficial to the company.
(M&A) for the company and its subsidiar- Studying for the CFA Program helped expand
ies. The conglomerate has interests in prop- Juns skill set, allowing him to gain knowledge
erty, water, banking, telecommunications, in areas in which he had no previous exposure,
auto sales, energy, and other industries. His such as accounting, valuation, and corporate
responsibilities include leading or partici- finance. Applying these newly acquired skills
pating in due diligence activities, structur- in his job allowed him to distinguish himself
ing deals, conducting negotiations, ensur- and advance his career.
ing proper documentation, and closing M&A Employers typically view CFA charterhold-
transactions. ers as possessing a high level of competency
No deal is the same. Each deal has its own and always acting with integrity, he says.
peculiarities, he says. One of the chal- Completing the CFA Program will expose you
lenges in my job is ensuring that thorough to various areas of finance, equip you with the
due diligence is conducted on prospective needed technical know-how, and teach you the
investments to minimize or eliminate neg- importance of always acting ethically.
ative surprises post-transaction. Another
challenge is properly valuing investments
so that Ayala Corporation will maximize its
returns and not overpay.
Jun says that project management, struc-
turing, and negotiation skills are important
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 69
CORPORATE FINANCE
Continuous learning is a
must to survive in todays fast-
changing business environment.
CAREERS
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
70 2014
CORPORATE FINANCE
Timo Schmid, CFA
Manager, Business Projects
Wesfarmers, Australia
CAREERS
Working on the mergers and acquisitions The CFA designation helped
(M&A) team of one of Australias largest com- open a lot of recruiting doors that
panies, Timo Schmid, CFA, needs to be agile
to seize good acquisition opportunities and,
otherwise would have stayed shut.
at the same time, have the confidence to say the data that you have to analyze, he says.
no when his financial analysis proves other- He says the CFA Program equipped him with
wise. Timo is a manager in the business devel- the tools of the trade and the key ingredients
opment team at Wesfarmers, whose opera- to succeed in this field. Robust financial mod-
tions span from chemicals and coal mining to eling and analytical skills form the basis of our
supermarkets and department stores. M&A work. If you are not mastering these
Our team does basically all the acquisitions basics, then you will have a hard time doing
and divestments the execution of those dif- more advanced things, says Timo, who holds
ferent transactions as well as screening and an MBA from the Helsinki School of
finding new opportunities for the group to Economics.
invest in, he says. Opportunities come from Timo joined Wesfarmers after a career
different sources from senior executives, in consultancy, starting at Siemens in his
divisional directors, the team internally, or native Germany and moving to the Bos-
pitches from banks. Its part of his job to sepa- ton Consulting Group (BCG) in Europe and
rate the wheat from the chaff and to oversee a Australia. At BCG, he advised clients on differ-
transaction from beginning to end. ent aspects of mergers and acquisitions. His
When opportunities come to our desk, we consultancy experience placed him in a good
typically look at the industry first how position to transition into a corporate entity,
attractive it is in terms of growth, the head- and an internationally recognized designa-
winds and tailwinds, complexity, and regu- tion made it easier to move between
latory environment. After understanding the continents.
industry, we move on to the specific target to The CFA designation helped open a lot of
see how it is positioned in the industry, its val- recruiting doors that otherwise would have
uation, and whether the company is a chal- stayed shut. Its akin to having an interna-
lenger or a leader in the market. Most impor- tional degree, he says.
tantly, we ask, What can we bring to the table Although qualifications and skills are impor-
to add value to the business? Timo explains. tant, he says students and young professionals
The challenge, he says, is keeping an objec- keen on a career in finance need to make wise
tive and focused view of the target throughout decisions, especially when they are just start-
the process. I think one of the biggest chal- ing out. It means finding good mentors who
lenges in M&A is that people get carried away can provide practical advice on both life and
in deal fever or in doing a big deal. The key to work, help with goal setting, and making sure
remaining focused and objective is to have a that each job you accept builds on your knowl-
good plan of attack and a detailed plan of due edge and skills. What you waste in early
diligence so that you wont be paralyzed by all years is really hard to recoup later, he says.
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 71
FINANCIAL
ADVISORY
For every initial public offering, merger, acquisition,
or divestment, a team of professionals work behind
the scenes to help companies plan and execute each
transaction. What are a transactions value adders and
deal breakers? Financial transactions advisors dig deep
for answers on behalf of their clients.
WHAT TO EXPECT
Financial transactions advisory work can and other parties. Good teamwork is criti-
be demanding and fast-paced. It may involve cal, and team leaders must be able to manage
pouring over a lot of financial documents and expectations.
performing painstaking analysis to assess I need to communicate and manage cli-
the potential value and risks of a transaction. ent expectations regarding the time table,
Financial transactions advisors may perform data problems, or specific requests from cli-
a wide array of tasks: due diligence and finan- ents, says Dimas Kurnia Gunadi, CFA, man-
cial modeling, valuation assessments, design ager, PricewaterhouseCoopers Advisory in
appropriate accounting, finance and tax struc- Indonesia.
tures; ensure regulatory compliance, as well Advisors may also be involved in business
as advise on post-transaction and integration development and marketing, proactively
issues. They must be able to develop creative seeking new clients and attending industry
approaches to complex problems, be flexible, events.
and be able to quickly respond to shifting situ- Transactions advisory offers the opportu-
ations. At the end of the day, whether a com- nity to work on various projects with diverse
pany is a seller or a buyer, it wants to be sure clients across different sectors. For a young
that it is getting good value for money. professional, this kind of exposure helps
Financial transactions advisors work along- hone expertise and offers valuable learning
side management, boards, bankers, lawyers, opportunities.
HIRING TRENDS
The worlds largest accounting firms are among the leading providers of transactions advisory
services and are active recruiters of fresh graduates and young professionals.
SKILLS NEEDED
Strong quantitative, analytical, organizational, and communication skills are important.
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
72 2014
ENSURING SUCCESSFUL DEALS
SIMON
in Hong Kong
DIMAS
in Indonesia
Earned
computer
Earned an science
economics degree in
degree Canada
Formed
start-up
Joined Ernst in Silicon
& Young as Valley
an auditor
Returned to
Hong Kong
Worked in
Deutsche
Banks back
and middle
offices
CFA
Charter
Joined Price-
waterhouse-
Coopers Worked in IT
Advisory and venture
capital
CFA Started
his own
Charter company
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 73
FINANCIAL ADVISORY
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
74 2014
FINANCIAL ADVISORY
Simon Mak, CFA
CEO
Ascent Partners, Hong Kong
CAREERS
Simon Mak, CFA, considers the U.S. dot-com The CFA Program is a good
bust of 2000 to be the start of his financial way for people from different
career. As a computer science graduate
from Canadas McGill University in the late industries to get their feet wet in
1990s, Simon formed a start-up in Silicon the financial industry.
Valley with a few friends. Unfortunately, the
venture went the way of many other start-ups
when the bottom fell out of dot-com bubble. advisory firm that primarily provides valu-
Simon returned to Hong Kong in 2004 to an ation services to companies, from valuing
information technology industry that wasnt financial instruments to fixed assets. Some of
highly welcoming to entrepreneurs and start- his friends thought the timing was bad, but it
ups. The IT industry was focused on corporate proved to be a good move.
systems integration, he recalls. Hong Kongs It was an exciting experience, Simon says.
economy was also just starting to recover from The crisis gave us an opening as people began
the devastating Severe Acute Respiratory Syn- trusting small and medium enterprises like us
drome (SARS) outbreak in 2003 that killed rather than the big guys.
dozens of people and dampened investor con- Today, Ascent Partners counts 20% of listed
fidence. So, he decided to join an Australian companies in Hong Kong as valuation clients.
venture capital firm. As chief executive, Simon continues to keep
It was not an easy transition, he says. It an eye on trends in financial reporting, such
took a lot of hard work, and the CFA Program as the effects of IFRS 9 on financial instru-
helped. The CFA Program is a good way for ment valuation and their implications for
people from different industries to get their portfolio diversification. The CFA Program
feet wet in the financial industry. Its a rigid got me out of my comfort zone and [led me to
curriculum, but to me, it really made me feel start] a habit of doing something new to chal-
part of the financial community, despite being lenge myself, Simon says. It is for that reason
from a different background. that he is earning a Six Sigma certification to
Simon took his first CFA exams while still complement his CFA designation and enable
in the United States and became a charter- him to help companies implement enterprise
holder in 2004. He became aware of a growing change and improve their bottom lines.
demand for valuation services while working He urges his staff to embrace the same spirit.
for Oscar Benson Ltd., a wealth management I encourage my staff to try something dif-
company in Hong Kong, as director in charge ferent and be accountable, he says. For him,
of private equity investment. The role ena- accountability means exercising ethics. The
bled him to develop a good understanding of basics are very important. What you learn in
accounting standards and regulatory changes. kindergarten on how to behave with others
In 2008, braving the global financial cri- applies in business as well. People forget that,
sis, he and a few friends founded a different but its nothing new, he says.
kind of start-up: Ascent Partners, a financial
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 75
TREASURY
Funding is the oxygen of any business and its the
treasurers job to ensure that an organization has enough
of it. Market uncertainty and new financial regulations
have made this job more challenging.
WHAT TO EXPECT
Treasurers are responsible for an organiza- You have to be sure that there is proper
tions capital, liquidity, and balance sheet. To asset allocation, and you have to have the
maintain liquidity, treasurers have to ensure right pricing of each product [i.e., loans] to
that the company has enough cash and that the ensure that you are competitive in the market,
financial products or other assets it owns can says Alberto Jaramillo, CFA, vice president
be sold, if necessary. In financial institutions, and regional treasurer at Scotiabank. Its my
treasury teams conduct stress tests to see if responsibility to make sure that products are
the organization has ample liquidity in various properly priced and that they reflect the costs
market conditions. we have as a bank in borrowing those funds.
Treasury professionals also assess the pric- In financial institutions, treasurers are also
ing of the organizations assets and liabili- responsible for capital management, meeting
ties and maintain diverse funding sources. capital adequacy requirements set by regula-
They also help the organization raise capital tors such as the new Basel III rules.
through debt or equity issues, when needed. Treasury departments are typically small, but
Thus, treasury professionals must closely mon- they play a vital role in any organization. Work-
itor the financial markets and have a compre- ing in treasury exposes one to various aspects
hensive knowledge of the organizations oper- of an organization and allows one to work
ations and finances. closely with other parts of the business.
HIRING TRENDS
Market volatility and new financial standards on capital and liquidity require talented treas-
ury professionals in financial institutions and corporates.
SKILLS NEEDED
Strong analytical, problem solving, and quantitative skills are vital. Excellent communication
skills are also important.
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
76 2014
MAXIMIZING LIQUIDITY
OLAF
ALBERTO in Singapore
in Hong Kong
Earned busi-
Worked days, ness adminis-
studied nights tration degree
to earn a in Germany
commerce
degree in
Colombia
Posted in CFA
Mexico, became Charter
president of CFA
Society Mexico
Joined
Commerzbank as
Moved to head of treasury
Hong Kong in Asia
as regional
treasurer
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 77
Even if you have always been
working in finance, there are
some products you dont see
because you are not exposed to
them at the earlier stage of your
TREASURY
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
78 2014
TREASURY
Olaf Stier, CFA
Managing Director and Head of Treasury, Asia
Commerzbank, Singapore
CAREERS
Olaf Stier, CFA, bought his first stock when he
was 11 years old. It was no great surprise My advice is: Be open, approach
then that after getting a business administra- as many people as possible
tion degree from Universitt Passau in Ger-
many, he started trading bonds,derivatives, from different areas and build a
and emerging market currencies for Deutsche network
Bank first in London, and then in Frankfurt,
Tokyo, and Singapore. After nine years at I like leading and motivating people from
Deutsche Bank, Olaf joined LSN Portfolio Man- different cultural backgrounds in a global
agement, a boutique investment and asset organization, he says. At the same time, I
management firm in Singapore, as partner and continue to be very close to the financial mar-
portfolio manager of Asian bonds and kets and enjoy analyzing economic develop-
currencies. ments and their impact on market prices. The
From being a pure trader, he moved on to take aftermath of the global financial crisis con-
over management responsibility as head of tinues to reshape and challenge the financial
treasury in Asia for Commerzbank, overseeing industry and demand treasurers to understand
treasury operations in five Asian economies. and implement regulatory changes.
He is responsible for managing the interest rate He says the CFA Program helped him train in
and liquidity risk of the German banks Asian a broader field of the financial industry and to
branches, ensuring adequate funding and capi- understand investors and market participants
talization, and developing proper transfer pric- from outside his area of expertise.
ing to manage the banks balance sheet. Olaf enjoys mentoring young professionals in
In this function, he also chairs the regional the bank on their careers. He says some young
asset and liability committee (ALCO) of Com- professionals already paint a picture in their
merzbank in Asia. heads of what their careers are going to be
Treasury fulfills the longer-term funding without even knowing much about what the
needs of the bank and, at the same time, man- job will entail or whether they have the right
ages risk on a day-to-day basis, he says. For skill sets for it.
example, when a bank makes a loan to a client, My advice is: Be open, approach as many
the loan sits with the banks treasury depart- people as possible from different areas, and
ment, which then hedges the risks associated build a network. If a bank does not provide
with that loan, such as interest rate fluctua- for a trainee program, ask proactively for rota-
tions or currency movements. tions, he says. Being exposed to different
Olafs experience as a trader prepared him areas will improve your understanding and
well for his current role, which requires thor- help you to find the right place.
ough market knowledge, strong leadership
skills, and the ability to combine the long-term
resource needs of a corporate treasury with the
short-term changes in financial markets and
the implementation by the trading desks.
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 79
DEVELOPMENT
FINANCE
Professionals at such multilateral institutions as the
World Bank, the International Finance Corporation, and
the Asian Development Bank work on financing projects
that are aimed at alleviating poverty, such as providing
electricity to rural villages, building basic infrastructure
to link people and increase commerce, or expanding
access to credit. Success in this field is measured not
only by economic output but also by lives changed.
WHAT TO EXPECT
Professionals in development finance face important. Fluency in major Asian and world
many challenges, such as projects that take languages is an asset as well as having techni-
years to get off the ground or show results. cal and industry knowledge when working on
Development is a long-term mission with projects in areas such as telecommunications,
very few quick wins, says Zubair Sadeque, energy, or oil and gas.
CFA, senior energy finance specialist at the Lili Zou, CFA, senior financial management
World Bank. It sometimes requires persever- specialist at the Asian Development Bank,
ance and realistic expectations to overcome says that working in multilateral institutions
the challenges of slow results on the ground. is more stable than working in the private sec-
Overseas assignments to developing coun- tor. One does not work for a bonus but rather
tries are common when working for a multi- toward the loftier goal of getting a project
lateral institution. Travel can be constant done and measuring its development impact.
meeting stakeholders (from village heads to Aside from the multilateral institutions men-
heads of states), generating leads, and assess- tioned above, chances are your own country
ing project progress. Therefore, cultural has an institution focused on lending to devel-
sensitivity and communications skills are opment projects both at home and overseas.
HIRING TRENDS
In general, hiring in multilateral institutions is stable and may pick up during economic down-
turns as demand for their financing increases.
SKILLS NEEDED
Strong quantitative, analytical, and communication skills are important.
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
80 2014
FIGHTING POVERTY, IMPROVING LIVES
ZUBAIR
in Bangladesh
LILI
in the Philippines
Earned
bachelors
Earned degree in
MBA in Dhaka
the United
States
Interned at
the World
Worked Bank
in a U.S.
investment
bank
CFA
Pursued
Charter post-
graduate
degree
Moved
to the
Philippines
Returned to
the World Bank
Joined
as financial
the Asian
analyst in the
Development
energy sector
Bank
Worked on a
power project CFA
in Indonesia Charter
and Malaysia
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 81
DEVELOPMENT FINANCE
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
82 2014
DEVELOPMENT FINANCE
Zubair K.M. Sadeque, CFA
Senior Energy Finance Specialist
World Bank, Bangladesh
CAREERS
Growing up in a developing country, Zubair
Sadeque, CFA, has always been interested in The thing I like most about my
working for a development institution such as
job is the satisfaction that I am
the World Bank. Zubairs career as a finan-
cial analyst in the energy sector of the Bank able to do something for the poor.
began with an internship with the energy
team after earning his bachelors degree
at the North South University in Dhaka. has allocated more than US$400 million for off-
I was offered a job after the internship to grid rural electrification in Bangladesh) but also
dig deeper into the financial analysis for state- about working with governments, communities,
owned power and natural gas utilities of and other stakeholders.
Bangladesh, says Zubair. Since then, I have As the task team leader of the World Bank
continued to focus on financial analysis and financed rural electrification projects in Bangla-
modeling for energy sector utilities in devel- desh, I manage the dialogue with government on
oping countries in different regions, including issues related to institutional strengthening for
South Asia, Africa, and the Middle East. better service delivery and financial sustainabil-
He says the CFA Program curriculum helped ity of utilities, he says.
him improve his financial analysis and mode- Zubair says communication skills, analytical
ling skills. As senior energy finance specialist, skills, and interpersonal skills are important in
his main responsibility is to manage the Banks his job. He must be able to communicate effec-
lending to rural electrification efforts in Bang- tively with clients, comprehend a vast amount of
ladesh. He became a charterholder a year after data and information quickly, and analyze it all
he took up his present position at the Bank. efficiently to find a solution.
It is the recognition of my competence that Zubair has an MBA from Heriot-Watt Uni-
came with the CFA designation that helped me versity in the United Kingdom and a masters
to advance in my career at the World Bank, degree in information systems management
he says. from Duquesne University in the United States.
Zubairs work is vital to his country. Many He says development is a long-term mission with
people living in rural areas of Bangladesh still very few quick wins. It requires perseverance and
do not have access to electricity, but it is diffi- realistic expectations to overcome the challenge
cult and costly to extend large lines (the elec- of having slow results on the ground. Despite
tricity grid) to these areas because of chal- these obstacles, he says his job is very
lenging terrain and dispersed populations, rewarding.
with villages stretched far out in remote areas. The thing I like most about my job is the sat-
Zubair helps implement innovative off-grid isfaction that I am able to do something for the
solutions, such as Solar Home Systems, which poor, he says. Many of us cant comprehend
can light up households by harnessing the what it means to live without electricity, which is
power of sunlight. literally living in the dark. Electricity has trans-
Working on rural electrification projects formational effects on peoples lives. Knowing
is not only about managing funds (the Bank that I am able to contribute in this transforma-
tion helps me keep going and work even harder.
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 83
PERFORMANCE
MEASUREMENT
Performance measurement professionals help raise
investor trust in an asset management firm and add
value by providing standardized and comparable
performance measurements of investment portfolios.
Within firms, they play an important role in making sense
of portfolio results and helping managers find ways to
improve performance.
WHAT TO EXPECT
In its earliest days, performance measure- Professionals also compare return with a
ment was an undefined career path. Now that benchmark while understanding what deci-
the Certificate in Investment Performance sions were taken and showing why a man-
Measurement (CIPM) qualification exists, the ager underperformed or overperformed.
role is gaining prominence. They find out whether a manager was lucky
Performance measurement professionals or skillful or something else was going on.
help their firms better understand and improve It is essential for those in the middle office,
their results, find efficiencies that affect the such as compliance and risk management pro-
bottom line, see new investment ideas, and fessionals, to be able to master the numbers
attract more clients with more credible, trans- and results sent by the investment manager.
parent, and comparable reporting. Because performance measurement exam-
They analyze data to extract patterns of per- ines the core of a firms business, it also offers
formance in portfolios. Measurement is the a breadth of insight that can be used to follow
foundation of performance evaluation, and careers in other areas such as the front office or
it can be as simple as calculating the rate of sales and marketing. Those with performance
return of a single stock or a multicurrency measurement knowledge may also find roles as
portfolio. consultants or researchers.
HIRING TRENDS
Performance measurement is a niche area. Opportunities are expected to grow in tandem
with the expansion of the regions asset management industry.
SKILLS NEEDED
A critical requirement is an in-depth knowledge of the performance calculation methodology.
A high level of verbal and written communication skills, basic accounting skills, and knowledge
of decision-making procedures within firms are also valuable.
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
84 2014
ENHANCING INVESTORS TRUST
ANDREW JIAN
in Australia in China
Conducted
postgraduate
research Earned an
on diffusion accountancy
theory degree
Joined an asset
management
firms
performance
measurement Joined China
department Everbright
Securities as
an investor
services
Left the firm specialist
to travel
Worked in
custody
Rejoined
previous
employer in
CFA Australia
Charter CFA
Charter
Earned CIPM
Earned CIPM
designation
designation
Became head of
performance in Became head
Asia Pacific at of equities
Aberdeen Asset agency client
Management services at
UBS
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 85
PERFORMANCE MEASUREMENT
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
86 2014
PERFORMANCE MEASUREMENT
Zhang Jian, CFA, CIPM
Head of Equities Agency Client Service, Operations
UBS Securities, China
CAREERS
After Zhang Jian, CFA, CIPM, gradu- The CFA Program helped me build
ated from Nanjing Audit University with a
up financial analysis skills in the
bachelors degree in accountancy, he
joined China Everbright Securities as an inves- investment banking area, while
tor services specialist. the CIPM curriculum helped me
That job led him into the field of custody, a
service in which a securities brokerage firm or gain in-depth knowledge of client
bank holds a clients securities for safekeep- investment performance reporting,
ing. This service reduces the risk of the clients
especially during my career
losing the securities and makes them readily
available to the broker or bank if the client experience with custodian banks.
wants to sell them.
Jian worked at HSBC as a securities services performance reporting, especially during my
officer and later at Deutsche Bank as a trust career experience with custodian banks,
and securities services manager, mainly serv- Jian says. Both curricula provided me with
ing foreign and domestic institutional inves- a solid, up-to-date grounding in understand-
tors in China. ing the financial industry and subsequently
In his current position in UBS Securities, assisted me in growing and taking on more
Jian delivers post-trade client services to insti- job responsibilities.
tutional investors in Chinas A-share markets, For students and young professionals look-
including qualified financial institutional ing to enter the custody field, Jian has this
investors, renminbi-qualified financial insti- advice: Focus on broadening your product
tutional investors, and domestic investors. knowledge base and never stop because this
Client satisfaction is important in his job. is a knowledge-intensive industry. Also, keep
He says that anyone working in custody must a close eye on regulatory changes and main-
always be willing to help clients and adapt to tain an in-depth understanding of such devel-
their needs. Custodians must also maintain opments, he says.
a balance between the quality of service and
the cost of providing the service. In addition,
custodians should keep track of regulatory
changes to be able to adjust and comply.
Jian enrolled in the CFA Program to enhance
his financial analysis skills; he also enrolled in
the CIPM Program, which focuses on perfor-
mance measurement.
The CFA Program helped me build up finan-
cial analysis skills in the investment banking
area, while the CIPM curriculum helped me
gain in-depth knowledge of client investment
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 87
STRUCTURED
FINANCE
Considered at the crossroads of lending and capital
markets, structured finance teams design financial
solutions for specific business needs in areas such as
energy and commodities, infrastructure, transport, and
trade and export. These financing needs can be complex
and long term, requiring more than just plain-vanilla bank
loans.
WHAT TO EXPECT
Constructing power plants, ordering new Although structured finance is a specialist
container ships, or building railways are con- area, in general, work involves origination,
sidered high-risk activities that few financial structuring, and execution of various types
institutions would fund fully on their own. of equity and debt financing. It requires pro-
Getting these types of projects off the ground fessionals with initiative, drive, deep indus-
require tailor-made financing solutions that try knowledge, and capital markets expertise.
allay lenders risk concerns. The beauty and When working on a deal, one major challenge
challenge is that there many ways to do it. is successfully managing relations with the
Eunsoo Kim, head of structured export client and various parties in the transaction
finance at Socit Gnrale in Seoul, special- and getting everybodys buy-in.
izes in financial transactions that use credit Structured finance groups may vary in
export agency guarantees. In the financial scope in different financial institutions. Trad-
industry, you can do a number of interest- ing houses such as Trafigura and Cargill also
ing jobs, such as investing in some innova- have their own structured trade finance teams
tive products, such as derivatives. But I mostly working with their clients on commodities
engage in real projects in the real economy, he transactions. Young professionals may enter
says. If you see the vessel that you financed, if this field as associates and progress to higher
you see the plant that you financed, its some- positions within the bank or trading house.
thing very amazing.
HIRING TRENDS
Some European banks active in project and trade finance in the region have pulled back, but
some Asian banks have stepped in to fill the gap.
SKILLS NEEDED
To succeed in this area, one must have sharp quantitative skills, excellent organizational skills,
and strong negotiation skills.
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
88 2014
BEYOND PLAIN-VANILLA LENDING
ZONGYUAN
in China
EUNSOO
in South Korea
Studied
economic law
at Shanghai
Interned Jiao Tong
at HSBC University
in Seoul
Worked as Started as a
a fixed- management
income trainee at
analyst at Standard
BNP Paribas Chartered
Became a
Became a relationship
senior analyst manager in
in structured corporate
finance at banking
Sumitomo
Promoted to
associate
CFA director in
structured
Charter trade finance
CFA INSTITUTE
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CAREER GUIDE
2014 89
If you see the vessel that you
financed, if you see the plant that
you financed, its something very
STRUCTURED FINANCE
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
90 2014
STRUCTURED FINANCE
Li Zongyuan
Head of China Structured Trade Finance
Trafigura, China
CAREERS
After graduating from Shanghai Jiao
Tong University with a bachelors degree in This field depends on carefully
economic law, Li Zongyuan joined the
measuring risk; it is also a field
finance industry as a management trainee at
Standard Chartered in 2000. During his in which it is an art to sell ones
nearly 10 years with the bank, Zongyuan ideas to the financiers and to
worked as a relationship manager in the cor-
porate banking division and then as an associ- convince them to put their money
ate director of structured trade finance. on the table.
As he wanted to change from a general-
ist banker to a product specialist, Zongyuan deal, and to distribute it to the banks. By iden-
felt the need for more detailed knowledge of tifying financing risks and finding a proper
finance. As a law major entering the finance structure to alleviate them, Zongyuan can
industry by chance, it became imperative that organize deals well. The next step is to con-
I understand the financial industry deeply, he vince banks to fund the deal so it can be exe-
says. cuted. In addition, one must have a sharp
So, Zongyuan enrolled in the CFA Program sense of the market for various commodities
and studied for an MBA afterwards at INSEAD and their dynamics.
in 2008. In the commodity finance field, I have
By entering the CFA Program, I was able to received market recognition for arranging sev-
study and understand more clearly the basics eral structured trade finance syndications, he
of finance and was able to better determine says. I am proud of this achievement.
the direction of my career, he says. For students and young professionals in his
Today, Zongyuan is the head of China struc- field, Zongyuan advises them to arm them-
tured trade finance at Trafigura, an interna- selves with knowledge in both commodities
tional physical commodities trading company. and bank financing.
He works with banks to help clients that are This field depends on carefully measuring
trading commodities find financing for their risk; it is also a field in which it is an art to sell
transactions. These companies are usually ones ideas to the financiers and to convince
involved in refined metals, concentrates, coal, them to put their money on the table, Zongy-
and oil products. uan says.
It is a niche job in which commodities are
linked with financing, he says. It is also an
area that most commodity traders go into for
which pure trading, buy and sell becomes
more difficult as the market becomes more
transparent.
To succeed in his job, three things are cru-
cial: the ability to identify trading and financ-
ing opportunities as well as risk, to structure a
CFA INSTITUTE
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2014 91
CFA
INSTITUTE
PORTFOLIO
WHICH CFA
PROGRAM level
QUALIFICATION Professional/graduate
IS RIGHT
CFA INSTITUTE PORTFOLIO
What is required to enter You must meet one of the following criteria:
the program? Have a bachelors (or equivalent) degree
Be in the final year of bachelors degree program
Have four years professional work experience
Have a combination of professional work and
university experience that totals at least four years
CFA INSTITUTE
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CAREER GUIDE
94 2014
CIPM
CLARITAS
PROGRAM
Professional/graduate level
INVESTMENT CERTIFICATE
Foundational level
Investment performance and risk evaluation, All professional disciplines working in financial
risk management, financial planning, manager services outside of investment roles
search and selection, investment analysis, and
client relations
No requirement No requirement
CFA INSTITUTE
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CAREER GUIDE
2014 95
CFA
PROGRAM
CFA INSTITUTE PORTFOLIO
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
96 2014
How does the CFA Program compare with an MBA program?
The CFA Program focuses specifically on investment knowledge,
while most MBA programs cover a broad range of topics.
The self-study nature of the CFA Program enables
candidates to continue working full time while enrolled
CFA INSTITUTE
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CAREER GUIDE
2014 97
CFA PROGRAM ROADMAP MY CFA PROGRAM
JOURNEY
Buwaneka Bandara
Become a CFA Program candidate*
Financial Analyst, Sri Lanka
CFA INSTITUTE PORTFOLIO
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
98 2014
2014
CFA INSTITUTE
RESEARCH CHALLENGE
The CFA Institute Research Challenge is a global competition that tests the
equity research and valuation, investment report writing, and presentation
skills of university students. This annual educational initiative promotes
best practices in equity research among the next generation of analysts
through hands-on mentoring and intensive training in company analysis
and presentation skills.
Report Graders should be CFA charterholders and have at least five years of experience preparing
or reading equity research with a strong understanding of the financial markets and investment
process.
To find out more about how you can guide the future of tomorrows leaders of the investment
industry, please visit www.cfainstitute.org/researchchallenge.
CFA PROGRAM
SCHOLARSHIPS
CFA INSTITUTE PORTFOLIO
ACCESS
SCHOLARSHIPS
Access Scholarships provide needs-based scholarship opportunities for
those unable to afford the full price of the CFA Program enrollment and
registration fees.
Award Waive the CFA Program enrollment fee and reduce the exam
registration fee (includes access to the curriculum eBook) to
US$250.
Award Access scholarships are awarded in December
Cycle to be applied to exams in the following year.
Awards can be applied to any CFA Program level
(I, II or III) and either exam cycle (June or December).
Important 2014 Scholarship Application Period:
Dates 1 March 15 September 2014 (for 2015 awards)
CFA INSTITUTE
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CAREER GUIDE
100 2014
www.cfainstitute.org/scholarships scholarships@cfainstitute.org
AWARENESS
SCHOLARSHIPS
Awareness Scholarships are designated for key influencers in the academic and
financial communities such as college/university faculty, college students affiliated
with our Recognized Universities and CFA Program Partner schools, media organiza-
tions, and governmental securities regulators and central banks around the world.
Awareness Scholarships offered:
Recognized University Scholarships
Program Partner Scholarships
Professor Scholarships
Regulator Scholarships
Media Scholarships
Award Waive the CFA Program enrollment fee and reduce the exam
registration fee (includes access to the curriculum eBook) to
US$350.
Award Awareness scholarships are awarded as they are received and
Cycle processed in the current year.
Awards can be applied to any CFA Program level
(I, II or III) and either exam cycle (June or December).
Important 2014 Scholarship Application Period:
Dates Deadline for June 2014 exam: 3 February 2014
Deadline for December 2014 exam: 2 September 2014
CFA INSTITUTE
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CAREER GUIDE
2014 101
CLARITAS
INVESTMENT CERTIFICATE
CFA INSTITUTE PORTFOLIO
Formally launched in May 2013, the Clari- including an interactive ebook, self-tests of
tas Investment Certificate was developed in each chapter, a full mock exam, and videos. A
response to the global financial crisis, and as print version will also be provided at an addi-
part of a global call to action for industry par- tional cost. The multiple choice, computer-
ticipants to play their part in addressing the based exam can be taken at your convenience
overall lack of trust in financial services. This at available test centers around the world.
follows feedback from industry leaders, gov- From July 2013, you will be able to leave
ernment regulators, academics, and investors, the test center with a preliminary result and
which revealed a need for an accessible, foun- receive their official result within a few days
dation-level program that gives a clear under- after the examination. Successful candidates
standing of the investment industry and the will be awarded the Claritas Investment
professional responsibilities within it. Certificate.
CFA INSTITUTE
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CAREER GUIDE
102 2014
BENEFITS TO YOUR CAREER
Share a common
understanding
Raise your professional
competence by understanding
industry functions, relationships,
and your role and responsibilities
Our Claritas Pilot Partners:
in the big picture.
Here is a list of the companies and
organizations who have agreed
to be named as participants:
Improve your performance
Improve your performance AFAP SURA SA, Abu Dhabi, Investment
Authority, Allianz Global Investors,
by gaining a common global Alston + Bird, Ascendant Compliance
standard of the industry and Management, Ashland Partners,
ASISA Academy, Aviva Investors, BBC,
sharing a common body of BlackRock, BNY Mellon, British Airways,
knowledge, whether you Pension Investment Management, BT
Investment Management Ltd, California
work in New York, London, Public Employees Retirement System
Mumbai or Hong Kong. (CalPERS), California State Teachers
Retirement System (CalSTRS), Calvert
Investments, Inc., Central Depository,
Company of Pakistan Limited, Cognizant,
Stand out from your peers Credit Suisse, Dubai Financial Market,
FleishmanHillard, Franklin Templeton
Gain a fundamental framework Investments, Hong Leong Asset
and knowledge of the Management Berhad, Income Research
investment industry so you + Management, Legal & General
Investment Management, MacKay
stand out from the crowd in Shields LLC, Malaysian Association
a competitive industry. of Asset Managers, Massachusetts
Pension, Reserve Investment
Management Board, Morningstar, Inc.,
NASDAQ Dubai, New York Hedge Fund
Roundtable, New York Lifes Investments
Build your confidence Group, Nordea Wealth Management,
Feel more confident working Old Mutual Investment Group South
and communicating with Africa, Professional Association for
Investment, Communications Resources
global colleagues and clients (PAICR), Perpetual, Schroders, State
by understanding the industry Administration of Foreign Exchange
(China), T. Rowe Price, UBS, Unin Capital
and how your role impacts AFAP S.A., University of Montevideo,
the rest of the business. Wells Fargo & Company, William Blair
& Company, Wilshire Associates
CFA INSTITUTE
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CAREER GUIDE
2014 103
CIPM
PROGRAM
CFA INSTITUTE PORTFOLIO
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
104 2014
I was able to reschedule my exam date to a date two weeks earlier. This flexibility
is very important because most candidates who take the exams are full-time work-
A Knowledge Base
The CIPM curriculum covered exactly what I needed to build a knowledge base
of how to implement a new performance reporting and attribution function within
the performance team for the separately managed account product as well as pre-
pare our firm to become a GIPS-compliant firm.
Being able to apply what I had learned from the curriculum to a real-life situation
helped me climb up the learning curve very rapidly and, more importantly, gave me
more confidence and credibility when I spoke with the senior management team,
legal and compliance staff, portfolio managers, and sales and marketing teams.
The performance team plays a key role in providing and reviewing all the perfor-
mance, firm and product assets, and other key quantitative and qualitative metrics
information to many parts of the organization. Moreover, because most of my per-
formance team members either had their CFA or CIPM designations or were CFA/
CIPM candidates, the portfolio management teams often came to us for help with
selecting new managers and conducting due diligence review of existing fund-of-
fund managers.
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 105
A
POWER TOOL
FOR
BUILDING
TRUST.
When a firm adopts the Asset Manager Code of Professional
ConductTM, it demonstrates a commitment to the industrys
highest ethical standards. One universal set of principles
recognized by investors worldwide.
Visit cfainstitute.org/assetcode to learn more.
CFA MEMBER
SOCIETIES
AND PARTNERS
CFA MEMBER SOCIETIES
AND REPRESENTATIVE
CFA MEMBER SOCIETIES AND PARTNERS
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
108 2014
CFA INSTITUTE
UNIVERSITY
CFA INSTITUTE
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CAREER GUIDE
2014 109
CFA INSTITUTE
UNIVERSITY
CFA MEMBER SOCIETIES AND PARTNERS
PROGRAM PARTNERS
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
110 2014
CFA INSTITUTE
UNIVERSITY
University of Melbourne
Melbourne, Australia
Master of Finance
Bachelor of Commerce (Major in Finance)
University of Otago
Dunedin, New Zealand
Bachelor of Commerce in Finance
University of Sydney
Sydney, Australia
Bachelor of Commerce
with a major in Finance
Bachelor of Economics,
with a major in Finance
CFA INSTITUTE
ASIA-PACIFIC
CAREER GUIDE
2014 111
CFA INSTITUTE
RECOGNIZED UNIVERSITIES
CFA MEMBER SOCIETIES AND PARTNERS
Lingnan University
Hong Kong
BBA Finance Stream
CFA INSTITUTE
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CAREER GUIDE
112 2014
RESHAPE FINANCE.
REBUILD TRUST.
THE FUTURE
OF FINANCE
STARTS WITH YOU.
We can create an investment industry that is a force for good
in the world. But we need your passion, insights, and commitment.
Explore how at cfainstitute.org/futurefinance