INVESTMENT CONSULTING: OVERVIEW
“The lines of delineation, particularly between asset managers and
consultants, have started to blur. A CFA could fi nd himself doing
quasi-structuring work which might have been the preserve of the
asset managers or banks a few years ago” Joseph Hamilton, Deutsche Bank
system and allowed them to specialise after a couple of
years. Now, we’re going specialised straight away,” says
OSCAR PEARCE-HIGGINS
Deane-Williams. In fact, the fi rm has announced a
Title: Analyst
record increase in graduate intake, doubling its intake
Current employer:
from 2006 to 31 in 2008.
Thinking Ahead Group,
Industry experts believe that because of the Watson Wyatt
broadening of the roles available at consultancies, they University: Exeter University
are able to lure talent away from other business areas for
Degrees: Bachelors in Economics
the fi rst time. “Th ese things ebb and fl ow. At the
and Statistics
moment, the opportunities to work in investment banks
Professional qualifi cations:
CFA level III candidate; IMC
aren’t as good as they were three years ago. If you’re a
bright, young numerate graduate, and you want to be
intellectually challenged, then consultancy is appealing.
What attracted you to this career path?
It’s not appealing for those who want a sales role or
Being part of an organisation that advises large asset owners is
want to push products,” explains Andrew Drake,
interesting. We have a bird’s eye view of the whole investment
executive director at Morgan Stanley, who is responsible
process and an understanding of how individual bits fi t together.
for the fi rm’s UK pensions advisory business.
Joseph Hamilton, CFA, director and head of the
What are the major challenges you face in your position?
pensions advisory business at Deutsche Bank, believes
We don’t have a crystal ball (unfortunately!) so it is a question of
that a newly qualifi ed CFA could fi nd him or herself
anticipating what could happen and advising on appropriate
taking on more traditional asset management roles within
positioning. There are many different sources of change:
an investment consultancy. “Th e lines of delineation, demographics, politics, fi nancial markets, etc. These are changing
particularly between asset managers and consultants, have rapidly, so it is certainly a challenge.
started to blur. A CFA could fi nd himself doing quasi-
structuring work which might have been the preserve of Are there certain skills you would consider useful for your job?
the asset managers or banks a few years ago. Implemented My role requires an ability to assimilate a broad range of
consulting means consultants can pay better than they
information and opinions then distil it into advice for our clients.
used to be able to do,” he explains.
Obviously, an interest in the theoretical and practice aspects of
investment is important.
OPPORTUNITIES
Th ough even the largest consultancies are small by asset
How do you think the role you’re in now will change over time?
management standards, candidates must pick their
Clearly, the way companies deliver pensions is changing. With the
companies carefully for the opportunities they provide in
transfer of pensions from DB to DC, how we deliver advice and the
their particular speciality or area of interest. “Four or fi ve
problems our clients face will be different.
years ago you had an investment consulting world that was
pretty similar. Now, you have all sorts of diff erent off erings
Do you have advice for someone intending to pursue the same
out there. It doesn’t make it easier for the consultant – they
career path?
have to work hard to diff erentiate themselves. But clients
I would certainly recommend working in an investment consultancy.
are better off ,” says Deane-Williams.
Each consultancy has a distinct culture so go for one you will be
So, presumably, are those who are interested in
happy with. I advise undergraduates to do an internship. These are
valuable learning opportunities. Don’t be put off by intimidating
making their mark in the investment consulting
application processes. They are worth the effort (really!)
business.
Cg
WWW.CFAUK.ORG CAREERS GUIDE 2009 57
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