Exploring Career Opportunities: Researcher with Data Science Background
Hi everyone, I’m at a pivotal point in my career and would appreciate your insights on potential paths I can take based on my experience.
I hold an undergraduate degree in mathematics and Economics from a top 10 liberal arts college in the U.S. and a master’s degree in data science from one of the leading AI and computer science programs.
For the past five years, I’ve served as the head of research at a small investment advisory firm. While the pay isn’t as competitive as my data science peers due to the firm’s financial struggles, I’ve enjoyed the work and the team environment. My role primarily focuses on retirement plans like 401(k)s and pensions, where I conduct investment research, develop research models, and create investment menus. The small size of the firm has allowed me to take on a diverse set of responsibilities; in addition to investment research, I lead financial education seminars, enhance our reporting automation, manage various short-term projects, analyze budgets and vendors, and assist with marketing materials.
Additionally, I co-founded a startup that provides investment research and selection services to larger firms. I also work part-time as a data scientist for a friend’s startup, and I recently earned my CFA designation.
As my current advisory firm is set to be acquired, I’m looking for new opportunities and am not considering a transition to the acquiring firm. While I want to move towards higher-paying roles, I’m uncertain about my options. My background lacks traditional investment banking experience at a larger bank and I feel I may not have the level of data science expertise that some peers possess at this stage in their careers. My skills encompass investment research (primarily focused on funds), data-driven model development, product creation, and some marketing and sales experience.
In the retirement plans sector, there’s a shift toward commoditization, and advisory firms typically prioritize relationship management over deep research skills. I see a potential fit in transitioning to a fund manager role where research skills are more valued and aligns with my interests, yet I’m unsure about the best approach to make this shift. With such a broad experience base, I’m concerned about how to position myself specifically for research-focused roles. Additionally, my experience has mostly been with funds rather than individual securities, and while I have some experience here, it doesn’t match that of my peers already in fund management. However, my data science modeling skills and my understanding of the environment fund managers operate in could be advantageous; I just need guidance on how to effectively communicate these strengths.
Thank you for bearing with me through this lengthy post. Any advice you can offer would be greatly appreciated!
P.S. For context, my current salary is $100,000 from my primary role, with an additional $15,000 – $20,000 from my part-time data science job (around 5-10 hours per week) and no bonuses. My startup generates about $5,000 – $10,000 in annual profit.
One response
Certainly! Here’s a response you could consider:
Hey there,
Thanks for sharing your detailed background—it’s clear you have a mix of valuable skills and experiences that can open several doors for you. Transitioning to a new role, especially in investment research or data science, can indeed feel daunting, but you have a strong foundation to build on.
Here are some suggestions to help you navigate this crossroads:
Highlight Transferable Skills: When applying for research-focused roles, emphasize your quantitative skills gained from your education and current experience. Your CFA designation is a significant asset, particularly in roles that value financial acumen. Be sure to articulate how your experience in investment research can translate to analyzing securities and how your data science skills equip you to build predictive models or analyze financial data.
Network Strategically: Use platforms like LinkedIn or industry-specific networking events to connect with professionals working in fund management or investment research roles. Informational interviews can provide insights and may lead to possible job opportunities. Your existing connections might even provide introductions to decision-makers in firms you’re interested in.
Consider Further Education or Certifications: If you feel that a deeper understanding of securities research is needed, consider online courses specifically focused on equity or fixed-income analysis. This can help bridge the experience gap and strengthen your resume.
Tailor Your Resume: Focus on your achievements in creating data-driven models and conducting investment analysis, even if it’s primarily been on funds rather than securities. Use quantitative metrics where possible (e.g., improved reporting efficiency by X% or helped clients achieve Y% returns through informed investment selections).
Leverage Your Startup Experience: Your entrepreneurial experience can be compelling in your applications. It demonstrates initiative, problem-solving, and a diverse skill set. Be clear on how this experience showcases your ability to produce valuable research and manage relationships.
Be Open to Different Roles: While you might want to transition into a research-focused position, consider roles like data analyst or data scientist within a finance context. These roles may allow you to leverage your data science background while gradually transitioning into more investment-focused functions.
Consider Short-Term Consulting Roles: If you’re open to it, engaging with companies on a consulting basis could create opportunities for you to work on research projects, gain more experience in securities analysis, and build a portfolio you can showcase.
Inquire Internally: If you have a good rapport with your current team or the acquiring firm, see if there might be opportunities within that network that align more closely with your research interests.
You’re in a unique position with experience across a range of aspects in finance and data science. With some strategic planning and networking, I believe you can position yourself effectively for the next step in your career. Good luck!
Feel free to adapt this response to suit your voice and preferences!