"FSA Exams"

Hi,

Haven’t posted on here for a while and needed some advice..I was wondering if some of you might be able to help.

I am currently working as an Analyst and eventually would like to be a macro fund manager. I have 4.5 years relevant experience and am a CFA Level 3 candidate. However, I feel like I need some execution experience as I haven’t don’t anything like that before (always been analysis only). This isn’t something that would be available in my current role.

I am considering taking the CISI Certificate, which from what I understand, consists of two modules (usually the FSA Regulations, and Securities & Derivatives). Has anyone recently completed these? Would these help in any way when looking for a trading role? I am even considering taking on an execution-only role just to get some experience but have been warned against it..

Anyway, my main question was regarding the CISI certificates. If I take the exams now, would it be attractive for an employer who wants to take me on in an execution capacity? Can I put “FSA registered” on my CV or does that only apply after you have been hired? How would things be different had I been working in an investment bank as a research analyst who had been offered an internal role on a trading desk? Any advice regarding the process would be much appreciated.

Cheers,
Dave

I like to know the answer to this too.

DavidCarpentier said:

Hi,

Haven’t posted on here for a while and needed some advice..I was wondering if some of you might be able to help.

I am currently working as an Analyst and eventually would like to be a macro fund manager. I have 4.5 years relevant experience and am a CFA Level 3 candidate. However, I feel like I need some execution experience as I haven’t don’t anything like that before (always been analysis only). This isn’t something that would be available in my current role.

I am considering taking the CISI Certificate, which from what I understand, consists of two modules (usually the FSA Regulations, and Securities & Derivatives). Has anyone recently completed these? Would these help in any way when looking for a trading role? I am even considering taking on an execution-only role just to get some experience but have been warned against it..

Anyway, my main question was regarding the CISI certificates. If I take the exams now, would it be attractive for an employer who wants to take me on in an execution capacity? Can I put “FSA registered” on my CV or does that only apply after you have been hired? How would things be different had I been working in an investment bank as a research analyst who had been offered an internal role on a trading desk? Any advice regarding the process would be much appreciated.

Cheers,
Dave

Click to expand...

You would be unable to write 'FSA registered' as having an exam does not mean you are FSA registered it merely ticks one of the boxes required you also have to be 'fit and proper' and other boring stuff. Whatever future role you are looking for you will have to perform 'controlled functions'. Basically this is regulator jargon which categorizes individuals who work in investment within the UK. So a fund manager will have one or more controlled functions, compliance office other controlled functions. Essentially you need to work out which exam will meet the standard for the relevant controlled function with the FSA regulations. The best way of finding this out is going to the examining body, IFS, CII, CISI whoever and asking them which qualification is suitable for which role, all the info will probably be on their websites.

Would this help in finding a trading role? dunno, it shows initiative and determination by getting the qualification to improve yourself however some employers prefer 'green' people, basically they want to train you in their methods.

I suggest asking the companies that you want to work for what they are looking for, or ask a decent recruitment consultant (are there any?).

A final thing about regulatory exams, I think mainly in the industry they are a hoop jumping exercise, there is stuff you need to know but they are pretty easy and serve to at least test if someone is a complete numpty. There is only so much you can learn in a textbook.

If you want to be a fund manager the biggies you need are 1. can you make money 2. can you communicate well to your investors 3. can you manage risk. if you cant do these 3 in the long term you are out anyway.

The FSA exam is irrelevant as a meaningful qualification, especially on the buy side. Most banks require it before you can perform any front office functions, but, with the advent of MIFiD, even that is no longer necessary, strictly speaking. That's my understanding.

To echo what MD said, it's a formality and you should find out of you need it, before wasting your time.