Career Path Guidance Needed (Current Role: Researcher at Advisory Firm with Data Science Background)
Hello everyone! I find myself at a pivotal point in my career and would greatly appreciate your insights based on my skills and experiences as I consider potential new directions.
I hold a bachelor’s degree in mathematics and Economics from a prestigious liberal arts institution and a master’s degree in data science from a leading AI and computer science graduate program. Over the past five years, I’ve served as the head of research at a small investment advisory firm. While the compensation is significantly lower than what many of my peers in data science are earning, I’ve loved working with my team on various projects. My role involves researching investment options for retirement plans like 401(k)s and pensions, building research models, and creating investment menus. However, being in a small firm means my responsibilities are quite broad but not as deep in specific areas. I also engage in tasks like conducting financial education seminars, automating reporting systems, managing short-term projects, performing budget and vendor analysis, and producing marketing materials.
Additionally, I’ve co-founded a startup that focuses on investment research, working with larger firms to provide research insights and investment selection projects. I also contribute part-time as a data scientist for a friend’s startup. Recently, I obtained my CFA designation, further enhancing my credentials.
The advisory firm I currently work for is in the process of being acquired. I’m not interested in transitioning to the acquiring firm and am now seeking alternative options. I aim to move towards higher-paying positions, but I’m uncertain of my next steps. I lack a traditional investment banking background from a major institution and my data science experience isn’t as extensive as that of my peers. My expertise lies in investment research (specifically on funds rather than individual securities), building data-driven models, product development, and marketing.
In the retirement plans industry, investment roles have become quite commoditized, and firms often prioritize professionals who excel in client relationship management over those who bring robust research expertise. I believe that transitioning to a fund management role, where research skills are more highly valued, would be both a logical next step and a fulfilling opportunity for me. However, I’m unsure how to effectively make this transition with my broad range of experiences. I worry that my varied skill set may not adequately position me for a research-focused role, and I recognize that this shift would necessitate a deeper understanding of securities research, where I have some knowledge but less experience than candidates already working in fund management.
If you’ve made it this far, thank you for your time. Any advice or guidance you can offer would be incredibly valuable as I navigate this change.
P.S.: For context, I currently earn $100,000 in my primary role, along with an additional $15,000 – $20,000 from my part-time data science work (averaging 5-10 hours a week), with no bonuses. My startup generates a modest profit of $5,000 – $10,000 annually.
One response
It sounds like you have a diverse skill set and a wealth of experience that can be leveraged for various career paths. Here are a few suggestions to consider as you navigate this transition:
Investment Research Analyst at a Fund Manager: Since you have experience in investment research and have developed models, consider targeting roles specifically in fund management. Start by networking with connections at funds and reaching out to recruiters who specialize in investment roles. When presenting your experience, focus on how your research skills, CFA designation, and data science background can provide unique insights and value to the fund. Highlight your ability to analyze funds and your familiarity with modeling, as this can help bridge the gap.
Quantitative Analyst/Researcher: Given your background in data science and mathematics, a role as a quantitative analyst might be a good fit. These roles often require strong programming skills and robust analytical abilities, and your experience building data-driven models would be beneficial. Highlight the quantitative aspects of your work at the advisory firm and your startup when applying.
Data Science Roles in Finance: Since you have a Master’s in data science and part-time experience, consider exploring data scientist or analytics roles within the finance sector. Financial institutions often seek professionals who can analyze large datasets to derive insights, optimize investment strategies, or develop algorithms. Your experience in investment research could be an advantage in these roles.
Consulting or Advisory Roles: Your extensive experience in investment research, financial education, and your startup could position you well for consulting roles. Look for firms that provide consulting services to investment managers or retirement plan providers, as they might value your broad skill set and understanding of the industry.
Networking and Informational Interviews: Leverage platforms like LinkedIn to connect with individuals in your target roles. Request informational interviews to learn more about the positions you’re interested in. This will help you understand what specific skills or experiences are valued and can help you tailor your application materials.
Skill Development: If you’re concerned about gaps in your experience, consider taking online courses or obtaining certifications specifically related to securities analysis or quantitative finance. This can bolster your resume and demonstrate your commitment to transitioning into a new role.
Tailor Your Resume and Pitch: When applying for roles, tailor your resume and cover letter to emphasize the skills and experiences that are most relevant to the position. Focus on your ability to conduct deep research, your CFA designation, and any quantifiable successes from your work, such as improved model accuracy or successful project outcomes.
Consider Relocation or Remote Opportunities: If you’re open to it, broaden your search geographically to include firms in larger financial hubs or consider fully remote positions that may offer higher salaries and more opportunities.
Ultimately, you’re well-positioned to make a successful transition. Be confident in your abilities, and don’t hesitate to highlight the unique perspective your varied experiences bring to potential employers. Good luck!