Hi everyone,
What is the typical length of criminal history required to be reported on background checks for Investment Banking associate positions? I currently work as an accountant for a well-respected private equity firm and am hoping to transition into IB towards the end of either 2021 or 2022. I would look to apply to one of the Veteran Associate Programs, such as those offered by UBS or JP Morgan. When I applied to my current position, I was upfront with them about my history and was completely honest. I believe this strongly increased my chances of a successful application. I am currently enrolled in a Master of Finance program and pursuing my CPA. I would be looking to shift careers shortly after I graduate.
A little background – I was convicted of a felony assault in June of 2013, shortly after receiving an honorable discharge and leaving active duty in the Marine Corps. I understand that I am ineligible to sit for the FINRA exam until at least June of 2023, but would this bar me from employment at an IB firm until I regain my eligibility? I am turning 30 this year, so I think my window of opportunity may be closing due to my age. Would it make sense to postpone my application until it is closer to the 10 year mark.
Any advice/input is greatly appreciated.
Thank you.
some forms I have seen covered 10 years, but I don't know whether that also limits the data the employer will receive from the agencies.
That makes sense. I was thinking that if they only requested 7 years of history, then it wouldn't bar me from employment due to my FINRA disqualification. But if they ask for 10 years, then it is most likely due to that fact. I would still disclose it up front with the hiring manager in any case.
I think in today's world of data storage, you have to assume it's always find-able. If an application says 'ever' without time limitation, being honest is crucial. If it is limited to 5 years, you still should be careful.
There can be sneaky questions about ability to get licensed, bonded, or other things like that. I think a lot of employers are willing to be reasonable, but that generally comes from up-front honesty on your part.
A big part of the disqualifications come from failure to disclose. It doesn't sound like your record has any real meaning on your ability today or overall integrity. So, I'd err on the side of caution.
That makes sense. I tend to be up front about it, as I think the experience played a crucial role in my personal development over the last decade. I was in a pretty bad place in terms of my mental health after leaving the Marine Corps infantry, and the primary cause of the situation was my inability, at that time, to control my alcohol consumption. My main concern was being outright disqualified from an IB position due to being ineligible to sit for the exams.
My end goal is to get onto a real estate private equity deal team, so I may just look for a transaction advisory role in that industry while I wait to hit the 10 year mark.
I don’t think any reasonable employer would hold this against you. It is not “moral turpitude” or related to financial fraud. I wouldn’t worry too much, but I would err on disclosure.
I’ll add, the real estate world would not care, lots of wild backgrounds. plenty of ex-military who would help you in the CRE world
The 63 and 79 are required, so if you are unable to sit for those exams until '23, then you have no choice but to wait. Would continue to network and hope that someone will go to bat for you.
I gotcha. Is there a set time period that you have to have the exams completed by after employment?
You should check if you can get a waiver to the FINRA rule, many orgs/license boards have the power to do this. You have to essentially appeal the rule and explain your circumstances. I'd ask a lawyer who represents licensees with FINRA matters, it may be easier than you are thinking.
To note, those waiver review type processes can take months, so factor that into overall timing if its even a possibility. Still, I woudn't consider the 10 year thing a definite without talking to a relevant lawyer.
Do you know whether the waiver is something I could pursue independently before applying? Or would I need a firm to sponsor me first? I will definitely look into having a discussion with a lawyer. I was not aware there were any who specialized in this matter.
I’m not sure the process, I’d strongly recommend finding a lawyer who specializes in this. I would guess you need to have an active application, as they would probably want to review the entire file.
I’m not a FINRA licensed person, so outside my world. In real estate licensing I know you have to fully apply, which doesn’t require sponsorship. I worked at a firm where we wanted to hire a guy who had a conviction for street racing as a teenager, he had to this process to get approved. took three extra months, but we still hired him
FINRA may be tougher, so I’d research now
Better call Saul
IB’s do FBI background checks which include fingerprinting, so I believe they can see the conviction no matter how many years it’s been
Employers or hiring managers could also ask for clarification, i.e what actually happened. In some states felony assault means you inflicted (any) physical harm to someone else without justification. If that is what people mean by that, the bar is set very low.
I mean, come on..... how many times have we punched and kicked others because of an argument, it is not a big deal as long as it didn't go any further than that.
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