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Dirk Gojny Quote
 
April 2008  
corner There Must Be More
by Rose Fry  
 

Dirk Gojny, CFA

A kind man with a huge laugh, Dirk Gojny, CFA, exhibits the sort of practical humility that endears him to most everyone he meets, both in his native Germany and in his world travels. In a cold, spitting rain as trains pull in and out with hissing brakes and gliding doors, Gojny explains that he simply likes to learn.

That passion seems to be the secret to his enthusiasm for his career in finance. As head of a research department with 50 analysts, he describes what attracted him to the field: “One of the most interesting things is the fact that broad changes happen very, very fast in the financial sector. You have to be able to follow them, so you have to learn much every day.”

Following the rapid changes, staying ahead of the products and the financial markets, Gojny sums up the complexities of his work quite succinctly: “You have to have an idea of what’s next.”

New hires to his department quickly find out what’s next for them. “All my people, all my staff have to do the CFA Program.”

“I think it’s one of the best things you can do, both for the employer and for the employee,” he explains. “If there is a position out for a financial analyst or something like that, or a portfolio manager, in Germany, you can now see a CFA designation is a must.”

Gojny has always pared complex things down to a few essentials like that. Raised by hardworking parents, he was forever curious. The drive to learn how things work led him to pursue any given topic to the point of exhausting his resources. Even then, Gojny was often left with a persistent dissatisfaction, saying, “There must be more.”

Thus naturally suited for a lifetime of inquiry, Gojny eventually made his way to the finance industry and the CFA Program. In fact, Gojny was drawn to study finance because of an article he read while still in high school. The story was about technical analysts and for some reason the idea took hold. He began to read about the field, and at the tender age of 16, he was already searching for equity instruments that were easy to use.

When he found a book that explained equities well, the obvious thing to do was to apply to the university where the author lectured so he could learn from him directly. Fortunately for Gojny, the author just happened to be one of the first people in Germany to understand the Black–Scholes option-pricing model.

Once at the university, Gojny met the man and immediately asked if he could work with him. Explaining modestly how the interaction went, Gojny says, “I had some luck and he said, ‘OK, if you like.’”

Such direct tactics and understated successes are the result of a man merely following his interests. Gojny both studied under and worked for the scholar during all of his undergraduate years. After one year, Gojny was able to price options. He also secured an apprenticeship at the English Common Trust Fund, where he was invited to continue working after graduation. Subsequently, Gojny helped the fund sell East European companies formerly owned by the government to investors immediately after the reunification of Germany.

On completion of that apprenticeship, Gojny had what he calls “an opportunity to rethink what I liked.” After exploring accounting, business development, and a PhD, he saw an ad in the newspaper for a financial analyst at Hamburgische Landesbank. “I said, ‘Okay, sounds interesting. Try your luck.’”

Again, his luck was good. He’s been there ever since. Perhaps that’s because Gojny continued to be persistent in improving his knowledge. Well into his years at the bank, he sought an additional credential from the local analyst society. But when he passed their exam, he said again, “There must be more, and you have to learn more.” So he turned to the CFA Program.

“I was interested in the curriculum, and I was interested in taking an exam in English and in getting a more international approach,” he explains simply.

Gojny allows his staff three weeks off to study for a CFA exam, just as he did himself. “I think it’s better if you are able to prepare on your own because it’s more efficient,” he says. “And the people are in the office if you need them.  I think that’s one of the other advantages of the CFA Program compared with the other program we’ve got in Germany.”

Now, Gojny lectures at the Prague Business School in the master of finance program. He believes so strongly in the CFA Program curriculum that he integrates parts of it into his teaching as much as possible.

As the shrill whistles announcing each train’s departure pierce the air, he explains that a searching curiosity pays off in a career in finance. “I think everyone who is working in the financial business has to take at least Level I.”


 
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