How to Launch Your Career: Jessica’s Journey and Advice (Transcript)

By datatrekresearch in Blog

In our latest video, DataTrek co-founder Jessica Rabe shares:

• How she used her unconventional background to start working as an analyst for a global brokerage in NYC at 19 years old
• Her best career advice for Millennials and Gen Z
• 3 interview questions and answers young adults should know if they want to work on Wall Street

Watch it here on our YouTube channel! Feel free to share this video with anyone early on in or about to embark upon his or her career, and please hit the like and subscribe button if you find it useful!

Transcript:

Hi, I’m Jessica Rabe, one of the co-founders of DataTrek Research, and I’m often asked: How did you get your start in your career? Even though I started working on Wall Street a decade ago, I’m 29, so the pressure of figuring out how to forge a new career is still fresh in my mind.So for today’s video, I’m going to share my story and offer up some general career advice for Millennials and Gen Z. I hope this helpful for anyone watching who is early on in their career or  knows young adults that might find this information useful.

I’ll start by giving some brief background on how I got my foot in the door in finance, then offer up some of my key tips for those early in their careers, and finish with answers to some interview questions you should know if you want to work on Wall Street.

First, my story is a bit unconventional, but it shows there are many ways to get from point A to point B. I did not graduate from Harvard and none of my family members worked on Wall Street. But I was still able to create a career in finance. Mostly I did so by working hard and thinking outside the box to do what I could to stand out. In high school I was anxious to get through my education and branch out into the real world, so I managed to convince my principal to let me graduate in 3 rather than 4 years by doubling up on some classes and taking courses at a local college at night. I finished my BA degree even sooner in 2.5 years by taking on heavier class loads each semester, even during winter and summer breaks. Now, of course you don’t have to graduate early to get an edge over other job candidates, but this was one way I was able to show prospective employers my ability to challenge myself and make sacrifices to meet a goal.

During my last semester of college, I interned at a small Registered Investment Advisor in New Jersey and stayed on as a research analyst for a little while after I finished school. I knew it would help me learn the ins and outs of the business and I could assist the firm’s owner in completing consulting studies for the mutual fund industry, merging my affinity for both writing and capital markets. I was also able to convince him that it was worth the time and energy to write what ended up being my first book, which we co-authored and got published by Wiley Finance when I was 20. The subject was a then little-understood type of investment product called liquid alternatives,  and the focus of our book was to educate financial advisors on these new offerings. 

During my time at the RIA, I also published articles on different financial sites. My Dad, being a Dad, used to forward them to his Wall Street friends. One of them showed my articles to the Chief Market Strategist at the NYC brokerage I would soon work. When we met, it just so happened that both of his research associates were leaving, one for grad school and the other for a new job. I interviewed and started that same week.

So, in a nutshell, that’s how I started working on Wall Street as a research associate for a global brokerage in NYC when I was 19 years old. This also helps explain why I look so young. It’s because I graduated high school and college in 5 1/2  years, but like I said earlier I’ve now been working in the finance industry for a decade.

This is also how I began working with Nick Colas, the other co-founder of DataTrek Research. He was the Chief Market Strategist I got the gig with at the brokerage. Soon after I started, I tried to show value to the company by convincing Nick I could do the job of two people. That way, the company could save money and I could potentially make more money and get more mentoring time to learn from Nick. That meant sacrificing much of my social and personal life, but I knew it was worth it and would pay off. And it did, by 21 I was promoted to Vice President of Market Strategy. After 3 years of making up the market strategy team with Nick, the brokerage we worked for was sold and we split off to start DataTrek Research now over 7 years ago.

The upshot to this story is that my process-driven nature and focus on goals drove the trajectory of my education and career. Based on this experience, here’s 5 lessons I’d give young adults who want to work in finance or really any career:

First, be an advocate for yourself and work hard to follow your own path. I received plenty of push back from friends and authority figures on my decision to graduate early from both high school and college. The number one question I used to get was: “why the rush?” In hindsight, the timing could not have been more perfect each step of the way from then to where I am now being able to co-own a research firm and visit clients all over the world by age 30. Go after what you want and don’t worry about other people’s opinions, because whether your decisions go by societal standards doesn’t matter, it just has to be right for you.

In the same vein, there may be people who doubt you, but don’t worry about it because you can have whatever career you want and are willing to work for.  I certainly took an unconventional approach with my education, graduating from a small Christian liberal arts college. Then I chose a career that none of my family worked in. Maybe you have made some unique choices yourself – done things your own way rather than sticking to conventional paths. You just have to work hard, be strategic and find niches for yourself that set you apart.

Second, the single best thing a young professional can do is find a mentor. Every industry, large or small, is complex and has its own orally transmitted knowledge that only a mentor can teach. But know it’s a two-way street. When I first started working for Nick, we each had our own mandate: he’d give my writing exposure in his notes and help me get into a top business school, and I’d assist in his research process and get his reports out on time. This dynamic has since changed of course now that we’re business partners, but we continue to have clear roles that make our working relationship productive in furthering each other’s goals.

At the same time, great mentors are available everywhere. Steve Jobs lives on at YouTube. TED talks let you learn from the best. Twitter and Instagram allow you to hear directly from your role models. Watch a instructional video or listen to a podcast every day. Sign up for free business seminars in your area of interest. Listen to A16Z podcasts if you have an interest in technology or working at a startup. Name dropping Marc Andreessen in an interview works, even if it’s just that you’re quoting him from a podcast.

Third, develop niche expertise to get an edge. While Nick and I write about a wide array of topics, you’ve probably noticed we each have certain themes we cover regularly. One of mine early in my career, for example, was the US legal marijuana market. I was one of the first financial analysts on Wall Street to start taking it seriously almost a decade ago. Building an expertise in a new disruptive growth industry gave me the opportunity to do everything from getting widely quoted in the financial press to speaking at institutional investor conferences or being interviewed on TV in my early 20s.

The extremely competitive world of finance makes it that much more important to identify what makes you different and useful to clients, employers or both. Just like investors are always looking for “the next big thing”, you have to constantly adapt and apply that discipline to your own list of “value-ads”.

One obvious but still important piece of advice I’ve received as a woman that I think applies to everyone is whatever area you choose to work in, be very disciplined. If you want to work in finance, you have to read the Wall Street Journal and CNBC among other financial content every single day, no exceptions. The same goes for any industry. Professional development never ends, so the sooner you make it part of your daily routine the better. 

Fourth, and you probably hear this all the time, but it’s important that you grow your network of contacts. I connected with Nick through my Dad’s childhood friend. Leverage your connections and reach out through LinkedIn or email. This is not easy for many people, but as with the prior point it is something to work on every day.

Fifth and lastly: remember to strike a positive work-life balance. Nick gave me that invaluable message a year into working for him. He cautioned that’s the only way to make my career sustainable. Without that push, I would not have had some of the most fun and rewarding experiences of my life, like getting my skydive license. And, in turn, this personal endeavor actually taught me a lot about investing, like learning how to manage risk. Jobs in finance demand so much time and intellectual effort that getting away from it is important to keeping your ideas fresh and not burning out.

So my bottom line here is that whatever you want to achieve in a career, have conviction, work as hard as you can to accomplish your goals, and follow the path you think will get you there regardless of others’ opinions. Process – committing daily to those goals and working to achieve them - is the key.

Wrapping up, here are 3 interview questions you should know if interviewing for a job on Wall Street:

First, don’t walk into an interview without know simple stats like the current price of the S&P 500, oil, gold, Treasury bond yields, the VIX and other important market data. You should also be able to discuss anything that has appeared on the home page of the Wall Street Journal in the last few weeks.

The point here is that the easiest path to getting a job in finance – or any field, really – is to sound like you already work in the business.  This is where all your daily discipline will pay off. If you are doing the reading, listening to podcasts, and all the other work I mentioned previously, you will have a real edge over candidates.

Second, you’ll be asked to pitch a stock if you’re looking for a job in research as an analyst or to work for a portfolio manager. When deciding on stocks to pitch, avoid big names like Apple or Nvidia because everyone’s already heard their stories. The key is to find your own story and understand that the difference between a good company and a good stock is valuation. Stock prices discount future earnings based on everything investors know about a company. The only thing that changes the market’s view is getting new information that is different from expectations. It’s not enough to say that X or Y are great companies so their stocks will go up over time. To make a thoughtful investment argument, you need to explain 3 things that the market does not fully understand about their businesses and three catalysts that will make the market come around to your point of view.

Third, and most importantly, be able to answer the simple question “Why do you want to work here?” No two Wall Street firms are the same, even if they appear so from the outside. Not only do you need to research the role you are applying for and explain why you are a great candidate and how you can contribute, but also show that you’ve done your research on the company. Know the name of the CEO and senior management, and read or watch any content they have recently released. 

With that, thank you very much for taking the time to watch this video, please feel free to share it with your friends, colleagues, or anyone early on in or about to embark upon his or her career. And as always, please hit the like button and subscribe to our YouTube channel if you enjoyed it.You can check out our website datatrekresearch.com for a free trial to our daily reports on markets, data and disruption. There’s no credit card or personal information required, just drop your email in.

Thanks again for watching and we hope you have a great day!