eFinancialCareers

Following on from my article of last week, I’d like to highlight the academic possibilities open to an unemployed ex-intern.

If a Master's isn’t an option this year, there are always professional exams that can be taken. And by comparison with a Master's, these won’t break the bank.

I personally am considering taking an Investment Management Certificate (IMC) course, which is usually a prerequisite for investment management roles. There is also the option of studying for the Chartered Financial Analyst (CFA) Year 1 exam, which can be taken twice yearly. Usually both qualifications are expected for those working on the buy side of the market.

The downside is that if you start the exams early, you will have to pay for the course without financial sponsorship from an employer. However, the fact that you’ve started them at all shows potential employers how focused you are.

For anyone considering middle and back-office routes, there is always the Investment Administration Qualification (IAQ), which is a programme for administration and operations staff.

Another option is to take the Postgraduate Certificate in Education (PGCE) teaching qualification, or to join the Teach First scheme, which is heavily promoted by banks. Those with a finance background are considering teaching Maths – music to the ears of the public sector, which is in serious need of Maths teachers, particularly in Inner London.

Having spoken to various postgraduate admissions staff members, they have reported a significant increase in Master's applications. It’s therefore best to start early this year as some places will be filled ‘unofficially’ on a first come, first served basis.

I plan to apply for an MPhil/PhD starting in September 2009. Obviously, this option is not for everyone, but for those who want to work in structuring, this postgraduate qualification is usually a necessity.

Securing a grant for the PhD will provide you with funding for the three years of study, which will also equip you with teaching skills, helpful if you decide to become a lecturer rather than a banker. Three more years of study may seem daunting for some, but right now studying seems to be far more appealing then heading down to the job centre to collect the jobseeker’s allowance!