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I’ve now been writing about finance careers for almost 20 years, and the topic of the CFA for investment banking never seems to die. I first criticized the CFA in a 2009 article , which generated a lot of angry comments. But earlier in 2023, the CFA Institute announced the biggest changes to the program since it started.
On that note though — if diversity events are starting though… You know On-Cycle is around the corner here… Questions I would ask if I was an Analyst in an in-person diversity session: I just saw X deal happen, new portfolio company — were you involved with that? Where can I learn more about these exams?
Better transition roles for moving into IB/PE/related fields are corporate banking , Big 4 TS/TAS/valuation , credit analysis , or even commercial real estate or management consulting. Exit opportunities are mostly to other internal groups at the company; moving into deal or investment-based roles is possible but not necessarily likely.
Portfolio Structure: Unlike MM portfolios, SM portfolios do not have to be market–neutral or based on pair trades; many SM funds also tend to run much more concentrated portfolios (e.g., Expect 3-statement modeling or valuation tests, stock pitches , and combined exercises where you do both (e.g.,
The two-front assault faced by traditional 60% equity and 40% fixed income (60/40) portfolios in 2022 was one of the most severe on record, and the worst seen in many years. As a result, this normally stabilizing counterbalance, instead contributed to additional portfolio losses.
FIGURE 3 Source: Strategas Securities LLC Another key factor in future equity market performance is valuation. A common method for expressing the value of equities is the Price-to-Earnings (P/E) ratio, a stock valuation metric that compares a company’s share price to its earnings per share. We look forward to seeing you soon!
To best leverage AI, this investment theme will be implemented within our clients’ portfolios as appropriate. These two factors paint a valuation picture that is less attractive than it had been. ChatGPT, a chatbot developed by OpenAI, eclipsed 1 million users in just five days — the fastest a company has ever reached this milestone.
Rather than trying to predict the future, we prefer to construct solid portfolios, focus on longer-term investable themes, and identify third-party manager talent with demonstrable (and persistent) alpha-generation ability. To secure that higher income for the future, we’ve begun to extend portfolio duration.
With the risk of a recession still looming, we remain defensive when considering market valuations and our outlook for a deteriorating macro view. Additionally, rising rates on cash have made allocations there more attractive as real rates (those adjusted for the effects of inflation) become positive.
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