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Tag Archives: CFA Program

Changing Perceptions Interview with Jeannette Parr, CFA – Senior Portfolio Manager

23rd March, 2018 · CFAMNEB · Leave a comment

Tell me a little about yourself.

I am originally from Nebraska, and went to the University of Nebraska-Lincoln majoring in finance. While there, I got a good taste for money management through a student-managed fund opportunity. I came to Minneapolis after graduation and started out at a small equity firm with 10 employees. After a year, the principals couldn’t agree on a philosophy and things fell apart leaving us young folks looking for new jobs. This brought me to what is now ING where I got familiar with fixed income I was hired as a trader, and moved into an analyst role making high yield corporate bond recommendations. That led to a portfolio manager role focused on insurance company portfolios. Because Minneapolis was such a great center for financial management, brokers would sponsor road shows – breakfast meetings to ask management questions, learn about companies and risks involved. I met folks at American Express and when they had an opportunity and knocked on my door, I had to say yes. It really propelled my career forward, and I spent the next 10 or so years there.  Like many women at that stage in their career, the demands of family and work can be difficult to balance. My husband and I had two big careers, three busy children and felt we needed to  make a tough decision. While it wasn’t the best financial decision, we agreed both of us would be happier if I spent more time with the kids, so I took a five-year break. After that, I took a position at the University of Minnesota, which was a good way to transition back into the markets and fulfill my intellectual curiosity. Working with students on an investment fund was a great opportunity for me to get reacquainted with the tight network of mentors at the university from our local investment community. This is how I met the CIO at Prudent Man Advisors where I currently work; we manage money for public entities across the Midwest. My current role as portfolio manager in a small firm is a nice cumulation of everything I’ve learned in the industry.

What sparked your interest in the investment industry and CFA Program?

Math was a subject that I enjoyed but didn’t have a clear career path. I was encouraged by professors early in my college years to take the actuarial science path but realized it was more theoretical than I wanted. I preferred an applied math route and switched back to finance I learned about the CFA Program through my undergraduate finance professors and jumped into the CFA Program 1 year after graduation as I was used to studying and it dovetailed nicely with my work. My employer supported me in the process, paid for my exams and offered career potential. I was surrounded by CFAs in the investment department.

How did you land your first role?

It took a long time to find my first job, which can be true today. Back then the effort was focused on newspaper want ads and sending out resumes by mail. It can be highly competitive and you must be persistent and believe in yourself. I encourage recent graduates to actively pursue their career goals. Whatever role you want, put yourself in a position to interact with those involved and do what you can to manage your own portfolio, even if it is hypothetical. Be persistent and continue to learn. You’ll find the opportunity, though it may take time.

Did you have a mentor or champion who was instrumental in your career?

All of my bosses along the way were influential. Doug Hedberg, CFA at Washington Square Advisors was my main mentor early in my career. He gave me lots of opportunities to try new things. One example was being a young professional and voicing a contrary opinion that high-yield bonds weren’t gone forever after failure of Drexel and Michael Milkenhad caused in the market. It was a way to grow in my presentation skills, embrace that it’s okay to voice an opinion and take some risks.

What professional opportunities and challenges have you experienced?

I do feel like it’s a bit of a male dominated field. Early on if you were not playing golf on Friday afternoons with the rest of the leaders you had more challenges. I had clients that preferred a male portfolio manager so there was overcoming some of those gender preference hurdles. The industry can be a bit like a locker room; there’s a lot of culture that stems from a male dominated way of doing business. I was still able to thrive and move forward staying true to my beliefs, morals and values. One of the most interesting aspects of finance is the ability to learn about so many different industries and have an inside view of how the world is changing. Transferring that information into wealth accumulation and risk management for clients so they can achieve their goals is very satisfying.

What is the biggest risk you’ve taken in your career?

Stepping away from the field and spending time with my family. I wondered if I was ever going to come back and how it would alter my future path. Had I known then what I know now, it would have made the decision so much easier! It worked out just fine. During my break, I managed my own portfolio, went to some CFA meetings, kept my CFA Charter going and stayed in touch with that circle. I think there’s always a door open and an opportunity will arise.

What got you here; how have you been successful in investment management?

I think the key to success is being informed and humble; I saw a lot of people along the way who weren’t long-lasting. Some investment ideas work for a short period but burn out quickly. To have staying power, you need all the things that CFA Charter stands for. If you balance all those things, the financial industry is a great place to help a lot of people and institutions reach their financial goals. We all have to deal with finance in one way or another, it’s a skill-set that transfers well in people’s lives.

18% of CFA Institute’s members are female, and 14% of CFA Society Minnesota members are female. Do you have any thoughts on why more women aren’t pursuing a career in investment management?

I think culture is part of it, women not knowing if they’ll fit in. Secondly, it tends to be highly competitive. Hard driving teams are not always that welcoming to women’s typical work style or interests. The industry is also known for some long hours, so it can be a tough work/life balance.

Research has proven that the returns of diverse investment management teams out perform those of non-diverse teams. Have you seen this in your experiences?

I do think whether it’s gender or other kinds of perspective, groups benefit from that variety. We all come to the table with different experiences and having a diverse team does help. It’s a field where you debate ideas, and the more angles you have, the more developed that thesis can be. Communicating a message is also key to success, and having a professional staff that is reflective of your client base can be very beneficial.

Do you have any advice for young professionals interested in a career similar to yours?

Try to spend some time with people in the industry talking to friends of your parents, neighbors, etc. You’ll be surprised how small the world is; someone is always a phone call or two away. Don’t be intimidated, know that the steps in this career path are achievable and attainable.  Take the time to build the foundation and follow the path that is most interesting to you. There are many directions the industry and the CFA can lead you.

As a longtime CFA Charterholder, how have you seen the CFA Program and industry evolve?

One of the biggest changes is that information is so much more available. It used to take lots of staff to create a financial model for a company. Now we have data downloads and with a push of a button, instantly 10 years of history. You must be a good consumer of information to be able to discern fact from fiction. The markets are faster, there’s less time to gather information (compared to road show days) and to vet ideas. Different skills are required than you might expect; practice writing and speaking, the best investment idea doesn’t get anywhere if you can’t communicate. Developing all of those soft skills will help you go far.

 

This interview was conducted by CFA Society Minnesota’s Member Services Manager, Diane Senjem.

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Posted in Local Charterholders | Tags: American Express, CFA Charter, CFA Program, Chartered Financial Analyst, ING, Prudent Man Advisors, University of Minnesota, University of Nebraska-Lincoln |

Changing Perceptions Interview with Mariann Montagne, CFA – Portfolio Manager

16th March, 2018 · CFAMNEB · Leave a comment

Tell me a little about yourself

I earned my bachelor’s degree in finance from the University of Detroit then immediately began studies to become a CFA Charterholder. I am a portfolio manager at Gradient Investments, an investment firm with $2bn AUM and about 15 portfolios.

What sparked your interest in the investment industry and CFA Program?

I set out to do a book report on John D. Rockefeller in 8th grade. For research, I called Merrill Lynch and talked to a broker. I was fascinated with the amount of information this broker had at his fingertips. Throughout high school and college, I read the newspaper cover to cover and talked with my dad about investments. He also has a degree in finance from the University of Detroit, though he was not an active investor.

How/where did you land your first role?

After my second year in college, I went door to door to brokerage firms, banks, savings and loans and insurance brokerages for about a week. At the end of the week, I had two offers and went with a regional brokerage firm.

Did you have a mentor or champion who was instrumental in your career?

The interesting thing about mentors is that I am still looking for mentors —men and women, old and young people— people with good insights, experience and inputs. But no, I did not have just one.

What professional opportunities and challenges have you experienced?

A few challenges would be keeping up with day-to-day changes in the investment arena, and taking time off to be with my kids for several years. Because I am very eager to learn every day, I find that opportunities may show themselves from new inputs. A big opportunity I had was to come back to work for the same bosses twice in my career.

What is the biggest risk you’ve taken in your career?

The biggest risk I’ve taken was choosing to stay in the Midwest. I have friends who are in New York and can just go down the street for new opportunities. But I really value the honesty and integrity of the Midwest.

What got you here; how have you been successful in investment management?

Along with eagerness to learn, I was naturally an extrovert in an introvert role. I asked questions others are afraid to ask, I take good notes, I ask good questions and compile good data, noting the cadence of performance vs. expectations has been helpful in my career.

18% of CFA Institute’s members are female, and 14% of CFA Society Minnesota members are female. Do you have any thoughts on why more women aren’t pursuing a career in investment management?

I have wondered about this for a long time. I was the fifth woman president at the CFA Society Detroit in 2004. The first woman president was in 1983. I keep looking at the progress. It took 20 years to have the fifth woman president; why 20 years? I don’t understand. I think that maybe we need to address the girls when they’re still in middle school and not wait for the discussion in college. We need to get them interested in the idea of compounding and being patient, long-term investors. I think we just need to start earlier. There’s some unconscious bias by everyone to think that this is a man’s type of profession but look at Muriel Siebert – the first woman to own a seat in the New York Stock Exchange and opened her first firm in 1967. Money is agnostic, it doesn’t care what you look like. Why not just gather the skill set and use some determination? There are a lot of attractive aspects about this business.

Research has proven that the returns of diverse investment management teams outperform those of non-diverse teams. Have you seen this in your experiences?

I think so because most women are more patient and less trigger happy. I know sometimes its client driven and they want to see a change in sells and buys, but women are more cautious about changing from an old horse to fresher horse. Having that level of patience pays off in the long run.

Do you have any advice for young professionals interested in a career similar to yours?

My advice is to be more extroverted than others and resilient, keep that childlike eagerness to learn and always maintain your integrity. Find the place where you respect the people around you – but if you don’t, move on.

As a longtime CFA Charterholder, how have you seen the CFA Program and industry evolve?

When I first started, it was a rarity to hear people say they are studying for the CFA exam. Now, it’s more common. The pass rate is still low, but more people are attempting it. I am blown away by the numbers that are added to the rolls each year.

 

Student Interviewer

Yeng Lee is a first-generation student at Gustavus Adolphus College in Saint Peter. She was born and raised in Saint Paul and was first introduced to economics in her senior year of high school, which really intrigued her. Yeng is studying Financial Economics and English with a writing emphasis. After she graduates, she plans to take the CFA Exam and build on her experience to become a financial analyst. Yeng’s lifetime goal is to be a philanthropist.

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Posted in Local Charterholders | Tags: CFA Charterholder, CFA Program, CFA Society Detroit, Gradient Investments, John D. Rockefeller, mentors, Midwest, Muriel Siebert, New York Stock Exchange, regional brokerage firm, unconscious bias, University of Detroit |

Volunteerism is Currency that Appreciates

5th March, 2018 · Craig Popp, CFA
Craig Popp, CFA

People choose to volunteer for a variety of reasons. Some want to give back to their community or support a cause they’re passionate about. Others see it as a way to develop a new skill or build real-world experience. Volunteering is an excellent way to boost your career prospects. But for many, it’s because someone asked them.

Don’t believe me? I’ll offer you proof. According to PTO Today, the number one reason people say they don’t volunteer is because no one asked them. It’s worth noting the asking part requires a personal approach. I am the example. My participation on the CFA Society Minnesota (CFAMN) Membership Committee began with an email from your Society Vice President, Chris May, CFA.

Hey Craig,

I hope that you are doing well. I wanted to follow up on something that we talked about a while back – CFAMN participation. Would you still be open to being a little more involved if it could work with your schedule? I lead the Membership Committee which is responsible for a few things, but in reality our main function is to ‘add value to CFAMN members.’ We have plenty of freedom to execute that……..

We lost a committee member due to relocation, but were lucky enough to gain a new member quickly. However, I would like to have one or two more individuals and I thought of you……

In the past, I made false promises to myself about getting involved. First it was “After I pass Level III.” Then “I have to finish grad school.” I easily could have said no to Chris with a valid excuse—given that I live 100 miles west of Minneapolis. You can surmise that I said yes.

The experience has been fulfilling. Witnessing engagement ideas develop is one of the highlights for me. Do you like seeing the Membership Milestones on the monthly email from CFAMN? That was a Membership Committee idea. Personally, I suggested an individual who participated in the Industry Roundtable event held last fall. I was proud to make a contribution to that great event.

Being an outstate volunteer isn’t as difficult as I thought it would be. The committee meets four to six times per year. I have attended half the meetings in-person and the other half via teleconference. When I attend in-person, I typically spend the day in the metro area conducting client meetings or catching up with colleagues. The committee also tries to schedule our meetings to coincide with other society events such as the Society Social or luncheons.

I’ve learned that involvement is a great way to meet people, and I’ve been able to develop relationships with other committee members. Attending society events is also more enjoyable—predominately because I know more people. Have you ever attended a Society Social and felt awkward that you didn’t know anyone? These events are littered with Society volunteers.

Volunteering is good for you—for your health, your career, your self-esteem and enhances your Curriculum Vitae. I’ll simply conclude by following the lead of Chris May and ask you to get involved with CFAMN. Many of your society committees are looking for help. If that’s not for you, CFAMN is always looking for volunteers to help with things such as the mentoring program, CFA Institute Research Challenge, or simply to have coffee with someone who wants to learn more about the CFA Program.

 

Bio/Disclosures

Craig Popp, CFA is a Financial Advisor with Raymond James Financial Services, Inc. Member FINRA/SIPC located at 115 Litchfield Ave SE, Willmar, MN. Craig Popp can be contacted at 320-235-1416 or craig.popp@raymondjames.com. Any opinions are those of Craig Popp and not necessarily those of RJFS or Raymond James. Expressions of opinion areas of this date and are subject to change without notice. Investment Advisory services offered through Raymond James Financial Services Advisors, Inc. Raymond James is not affiliated with CFA Society Minnesota.

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Posted in Hot Topic Commentary | Tags: CFA Institute Research Challenge, CFA Program, CFA Society Minnesota, Committees, luncheon, Membership Committee, mentoring program, outstate volunteer, Society Social, Volunteer |

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