Advice needed - BB to PWB (WM)
Hi All,
I’m currently an analyst in the levfin desk at a BB in London (think JP & GS). I started this job right out of University last year. The first few months were absolutely brutal because I graduated without a technical degree (studied development economics for context). I finally feel like I am no longer drowing and atleast know what I’m supposed to be doing. The reviews were harsh at the beginning but now have dramatically improved. I am slowly building a good reputation within the desk and my work is a lot more polished. But I dont think I want to do this anymore. I dont mind slogging for 12 hours a day but I haven’t had a single weekend off since I joined. Lost a ton of hair and its reached a point where IB and teams messages are anxiety inducing. Maybe this is normal and I’m not cut out for this. On the other hand I am not necessarily dumb, I do like the money but happy to trade off some of it for a few hrs of sleep. Also please consider I spent a £100k on tution fee alone so what I am considering feels worse.
So, I’m considering an internal move to the Private bank as a wealth management associate. For additional context, I am an international student and want to continue working for the next 4-5 years with maybe a MBA after and a move to a SWF, Family offices or something similar after.
Not really sure about what the future holds. I spent all my life hoping to be here and I don’t like it here. So hoping somone can give me advice about exits from WM, comps I can expect, WLB and business school possibilities. Any advice would be greatly appreciated. Should I suck it up and stay or leave and start all over.
Thanks!
Hey there, fellow finance navigator!
First off, kudos to you for weathering the storm and polishing your skills on the levfin desk. It's no small feat, especially without a technical degree background. Now, let's swing through the jungle of your options.
Based on the most helpful WSO content, here's a vine of thought for you:
Work-Life Balance (WLB): Private Wealth Management (PWM) tends to offer a better WLB compared to investment banking. While it's not a walk in the park, you're less likely to face the relentless weekend work that's been ruffling your feathers.
Compensation: Initially, you might see a dip in your compensation when moving to PWM. However, the commission structure in PWM can be quite lucrative once you've established a solid book of clients. Remember, it's a marathon, not a sprint.
Exit Opportunities: PWM can lead to various paths. You mentioned interest in SWFs and family offices, which are viable exits. Your client relationship skills and understanding of wealth management will be valuable in these areas.
Business School Prospects: Your experience in IB and PWM would be a golden ticket in your MBA application, showcasing a breadth of finance knowledge and client management skills.
Cultural Fit: PWM often attracts a spirited, entrepreneurial crowd. If you're someone who enjoys building relationships and managing your own business within a business, this could be a great fit.
The Move: If you're considering an internal move, leverage your current reputation and network. It's often easier to transition within a firm where you're already recognized for your hard work.
Training and Mentorship: In PWM, you'll likely receive training and be assigned a mentor, which can help ease the transition and set you up for success.
Before you leap, consider attending firm-wide presentations or dinners hosted by the PWM division to get a feel for the culture and expectations. And don't forget to follow up with those contacts!
Ultimately, if your current role is taking a toll on your mane and well-being, it might be time to swing to a branch that's a bit more grounded. After all, finance is a jungle, but you don't have to live in the wild.
Hope this helps you navigate through the thickets! If you need more specifics or have other questions, just holler.
Sources: Private Wealth Management/Private Banking Guide for Associates, GS Private Wealth Management post MBA, Advice on career and the switch into investment banking, https://www.wallstreetoasis.com/forum/wealth-management/private-banking-at-jpm?customgpt=1
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