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Most people straight out of undergrad would most likely start out as an IW on a retail desk working with IBD's, Wires, and regionals. Potentially, right out of undergrad you may land a gig on a RIA desk if the firm you're going for is channelized to have their distribution team structured in that manner (meaning at bigger firms like BlackrRock or a WellsCap--they have designated wholesaling teams for wires/RIA's or whatever it may be). It's only been my experience, so not saying it never happens, that you need to have some previous wholesaling experience before breaking into the institutional side. Did you have any internships that exposed you to the institutional side of AM sales or anything along those lines? Are you licensed (series 7 is pretty much a pre-rec for most top tier AM's) or working towards any designations (CFA, CAIA, FRM)--I am assuming you just recently graduated so firms wouldn't expect you to have a full charter or all levels of the CAIA/FRM; however, many job posters from the firms you mentioned (BlackRock/PIMCO) are looking for someone who is at least working towards that goal.
I am new to the industry myself and didn't have any of the above just 3 years ago. However, I just put my head down, took some chances, and had to forgo many a night out with my friends and ended up at a BB as an institutional analyst, working on my CFA, and going back to school soon for my masters. And...I got my undergrad degree from a non-target school in a field that has 0% to do with finance. So if you don't have the above it doesn't mean you are disbarred from finding the job you want--it just means you might have to work a little harder and faster than the guy next to you who may have a couple more bells and whistles at this time than you do.
AM Sales & Marketing. (Originally Posted: 03/30/2011)
I'm assuming that in such positions, recruiters are looking to gauge our sales skills but also our interests in the markets. Does one need to know valuation techniques and portfolio theory?
You are correct on the sales skills part.
Typically, you would not be expected to know valuation techniques, portfolio theory, etc. You would be expected to be knowledgeable enough about the product to be able to sell it, whether that is to retail investors or institutional investors (depending on your client base), but you won't need to make any investment decisions.
So, how would you recommend someone interviewing for a primarily sales role prepare?
A few tips:
Know the company...what are the firm's competitive advantageous and what are the firm's perceived weaknesses.
Have some examples fro prior work experiences that show that you are entrepreneurial and a good salesperson.
Make the interviewer/s like you! If you can't sell them on you, how are you going to sell clients on you/the firm. So have you story down and be very personable (hopefully that is just you being yourself!).
Thank you Tan86. In terms of market knowledge, how much do you recommend I know? Also, when you mean 'story' what exactly is this?
I think it's a good thing to be able to talk as intelligently as possible about the markets. Obviously you aren't going to have the knowledge or experience of someone who has been in the industry for 10+ years, but learning the markets is a continuous process. Always be seeking to learn something new, not just for one interview, but for your general success in this industry.
If you want something a little more concrete, just know the general economic trends and how that is affecting the various capital markets. If you have been following the markets this shouldn’t be a problem.
What I mean by "story" is be able to answer the "tell me about yourself"/"walk me through your resume" question AND be able to relate your answer (story) to why you are sitting in the interviewer's office. Always tie past experiences to the job opportunity.
some great advice here...
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