CFA SOCIETY IRELAND CAREER GUIDE CFA SOCIETY IRELAND CAREER GUIDE CFA SOCIETY IRELAND CFA SOCIETY IRELAND CFA Society Ireland is the Irish professional body for those engaged in investment analysis and portfolio management in Ireland. CFA Society Ireland is a member society of CFA Institute, the global association of investment professionals that sets the standard for excellence in the industry. CFA Society Ireland currently has over 500 members across three membership categories – Regular, Affiliate, and Local. Annually we typically have over 500 candidates in the CFA® Program, many of whom join the society as they near completion of Level III. Enrolment in, and completion of, the CFA Program exams are not a requirement of membership, and we actively encourage Irish investment professionals to join the society. The objectives of the society are: Benefits of CFA Society Ireland Membership include the following: • To achieve, foster and maintain high standards of professional ability and • To network with peers in the industry. practice in investment analysis, portfolio management and related disciplines • To be part of an effectual and common in Ireland. voice to develop and protect the interests of the profession. • To encourage the creation and interchange of ideas and information among those • To stay abreast of trends that affect the engaged in these activities. industry in your market. • To advance public understanding of • To take advantage of local professional their functions and techniques and the development opportunities. operation of security and other investment markets. • To socialize with industry insiders . • To support and promote the interests • To access additional resources, such as of the investment community. job announcements and newsletters. © 2017 CFA Institute and CFA Society Ireland. All rights reserved. Materials may not be reproduced or translated without written permission. • To encourage and assist the study CFA®, CFA® Program, Chartered Financial Analyst®, CIPM®, Investment FoundationsTM, of investment analysis and any other and GIPS® are just a few of the trademarks owned by CFA Institute. subjects of interest to the profession. See www.cfainstitute.org for a complete list. Disclaimer: The articles and opinions expressed in the publication are not necessarily those of CFA Institute. Although every care has been taken in preparing and writing the guide, CFA Institute disclaims and accepts no liability for any errors, omissions, misuse, or misunderstanding on the part of any person who uses or relies upon it. Information contained in the charterholder profiles is correct at the time the interview was conducted. 2 CFA Society Ireland Career Guide CFA Society Ireland Career Guide 3 INTRODUCTION INTRODUCTION Chartered Financial Analyst® Charterholder – A Career Guide The investment industry – both in Ireland and globally – careers that it offers. The guide gives information on real All helped in different ways, but all have played key roles in this On behalf of CFA Society Ireland, I hope you find the guide is expanding rapidly and offers excellent career prospects people doing real jobs and has been designed to give you publication. We have also received a lot of assistance from useful and look forward to seeing more and more people for ambitious people who wish to pursue a rewarding an indication of the type of career opportunities that can CFA Institute to publish this guide Thanks specifically to Sarah pursuing the sort of satisfying career that the CFA charter and dynamic career. In the global investment industry, become available to someone obtaining the CFA charter Belenkin, Olatz Aurrecoechea, and Philip Lowther for all the time can provide. a high level of educational attainment and a professional – from banking, stockbroking, investment management, and support you have given us throughout this project. designation are vital for success. investment advice, compliance, risk and regulation, all the way to financial media where CFA charterholders are working Finally, I wish to offer my thanks to all the featured individuals CFA Institute, of which CFA Society Ireland is one of 148 for such prestigious publications as the Financial Times. for agreeing to be included in the guide. We appreciate all the Caitriona MacGuinness, CFA member societies, prepares future professionals in the The opportunities are endless. time these individuals gave to assist us. CFA Society Ireland investment industry by setting the highest standards of ethics, education, and professional excellence through its But one cautionary note: The CFA Program is challenging and educational programmes. As a result, CFA charterholders requires a high level of commitment, with literally hundreds are uniquely placed to pursue a career in the investment of hours of study required for each of the three levels of industry, whether they wish to work in Ireland or in any of assessment. However, for those who are committed, complete the global financial centres. the course, and obtain the right to put the CFA designation after their name, the opportunities are enormous. The CFA charter is a global qualification, awarded by CFA Institute, that is viewed as the “gold standard” As noted above CFA Society Ireland is a member society ACKNOWLEDGMENTS designation for anybody wishing to pursue a career in of CFA Institute. CFA Society Ireland aims to achieve, foster, the investment industry. As former Chief Executive of the and maintain high standards of professional ability and National Treasury Management Agency John Corrigan said, practice in investment analysis, portfolio management, “Wherever I go in the world, I know that when I’m dealing and related disciplines in Ireland. We also encourage the with somebody with the letters CFA after their name, creation and interchange of ideas and information among I’m dealing with a true professional.” those engaged in these activities and support and promote Caitriona MacGuinness, CFA the interests of the investment community in Ireland. Editor Just as other professionals such as doctors, scientists, and The board members of CFA Society Ireland give their time on Senior Investment Consultant Aoife O’Halloran lawyers never stop acquiring knowledge throughout their a voluntary basis to achieve these goals, and it is only with Mercer Editor careers in order to provide the highest level of service to the support of the board, along with the current President their clients; CFA charterholders do likewise by keeping of CFA Society Ireland, Francis Carter, that the publication abreast of developments in their profession that affect the of this career guide has been possible. Along with having clients they serve. We have designed this career guide to the support of the board, a team of individuals has worked highlight the skills that our charterholders deemed important tirelessly on the guide and they deserve special thanks. to their success. We hope that the guide will provide you I would like to offer my gratitude to Aoife O’Halloran, Eoin Diffley with insight into the investment industry and the roles and Claire Paul, Brendan McGrath, and Eoin Diffley. Writer Fund Manager – Indexation Brendan McGrath Irish Life Investment Managers Editor “ The CFA Program is challenging and requires a high level of commitment, with literally hundreds of hours of study required for each of the three Francis Carter, CFA Claire Paul President CFA Society Ireland levels of assessment. However, for those who are committed, complete Development Officer Head, Legal CFA Society Ireland Dexia Credit Local, Dublin Branch the course, and obtain the right to put the CFA designation after their name, the opportunities are enormous.” In addition, Mark Harrison assisted in taking many of the photos featured in the guide. 4 CFA Society Ireland Career Guide CFA Society Ireland Career Guide 5 CONTENTS CONTENTS PROFILES AND ABOUT CFA INSTITUTE INDUSTRIES 1 EQUITY 10 5 MULTI MANAGER 46 9 RISK ANALYSIS 82 HOW CAN CFA INSTITUTE HELP YOU? 112 Áine Stafford, CFA 12 David Ryan, CFA 48 Linda Duffy, CFA 84 CFA PROGRAM 114 Oliver McClure, CFA 14 Niall McDonnell, CFA 50 Kate Bowden, CFA 86 INVESTMENT FOUNDATIONSTM PROGRAM 116 Massimiliano Tondi, CFA 16 CIPM® PROGRAM 117 Shane Cahill, CFA 18 6 ADVISORY 52 10 LEGAL AND COMPLIANCE 88 CFA PROGRAM SCHOLARSHIPS 118 Piergaetano Iaccarino, CFA 20 Catherine Flavin, CFA 54 Elaine Staveley, CFA 90 CAREER MANAGEMENT RESOURCES 119 Allan Smylie, CFA 22 Caitriona MacGuinness, CFA 56 Francis Carter, CFA 92 CFA INSTITUTE WORLDWIDE 120 CONTACT INFORMATION Hugh Gallagher, CFA 58 2 CHIEF INVESTMENT OFFICER 24 Keith Jackson, CFA 60 11 OTHERS 94 Noel O’Halloran 26 Ciara Connolly, CFA 62 Toni Guan, CFA 96 Barry Glavin, CFA 28 Noel Friel, CFA 98 7 FUNDS/FUND MANAGEMENT 64 Ronan Crosson, CFA 100 3 FIXED INCOME 30 Robert Keogh, CFA 66 David Purdue, CFA 102 Gabriela Stefanic, CFA 32 Jason Poonoosamy, CFA 68 Mark Mulcahy, CFA 104 Scott Fleming, CFA 34 Thomas Plunkett 70 Laura Noonan, CFA 106 Albert O’Flaherty, CFA 36 Olwyn Alexander, CFA 72 Conor MacCarrick, CFA 108 4 ALTERNATIVES 38 8 PERFORMANCE EVALUATION 74 Alan O’Dea, CFA 40 Joe Kavanagh, CFA 76 Gearóid Casey, CFA 42 Stephen O’Donoghue, CFA 78 Adrian Byrne, CFA 44 Jose Ignacio de Andres Blanco, CFA 80 6 CFA Society Ireland Career Guide CFA Society Ireland Career Guide 7 PROFILES AND INDUSTRIES PROFILES AND INDUSTRIES In this section, 39 CFA charterholders from 11 different professional sectors in Ireland share their career stories; how they got started; the decisions