Depends on your background. For example in pharma, a Qualified Person (essentially in charge of declaring the product as fine for commercialisation i.e. if shit hits the fan you'll be the first to be hanged) starts at about GBP70k. However you first need 2 years of relevant experience.

 
Best Response

PWM typically isn't a stepping stone to get to IB or anywhere else. It's a career and a very lucrative one (potentially). You don't even need to be connected to a big bank as many financial advisors are independent. That said, starting with a large brand would likely be easier (payouts are MUCH lower at the banks once you transition to fee based or commission but they did help you get your start).

I work with many who make high 6 figure , low 7 figure in recurring revenue model. Early years are lean and difficult. You have to be great at building and managing relationships, client facing activities, and closing. One thing institutional folks don't necessarily appreciate, the retail advisor actually has to ask for and get checks. It's very different when someone is giving you their personal money to watch over vs. doing something for their company. If the company takes a hit, so be it. If you lose their personal money, that's a big deal. I've been on both sides, and believe me, they care a lot more when it's their money.

A benefit of starting with a brand is working as part of the WM team, training, advertising, etc. They also will give you some client facing responsibility with smaller accounts (although none of them should be too small within the PWM arm of a BB or large institution. Many will have minimums of 500k) For those that make it, they typically become lifers at the firm (because breaking away and moving clients is too difficult - also they become institutionalized and don't want to do it on their own) or break away fairly early to set up their own shop. The independent world is great but it's not for everyone.

Ultimately, this is a relationship gig. You become the product. The real money is in it for those who stay a long time. I'm 54 and most of my contemporaries in this space don't need to work. They have books of 100M + and earn a minimum of 100 Bps on a recurring basis. Their early yr hustle has turned into a relationship management / client service gig. Many don't even take on new clients because they don't need to, work less than full time and make seven figures, all while helping others reach and maintain their financial goals.

 

I don’t really view college as providing a career path as it’s not practical training, rather education. Certain schools that have specialization programs offer a career path. Schools like Harvard that offer the most powerful people in the world who graduated from there offer various career paths. But generally, an education seems like an isolated achievement.

There are some programs like the smeal school and Nittany Lions that seem to offer a career path (based on recent activity I’ve seen, not personal experience) or even the McCombs program that is trying to help actually launch kids specifically into Wall Street. My school had one of the top accounting programs in the north eastern region and specifically geared students for the Big 4. We also had a PA program that did pretty well.

You have to know this about your own circumstances, whether your school offers a career path or not. But if you’re at a school where what you’re interested in isn’t offered, then it doesn’t matter about career paths unless you’re willing to change course.

 

Funny you ask. I don't have the pedigree or math skills to get an interview. Retail trading =\= insitotuonal trading but my personal account has grown a great amount especially after trading this volatility lately. Learned from a close knit group who do it for living a couple have made millions off the strat. This would be one of those things I would keep to myself and make the most money I can.

Array
 

As an alumnus of the University of Pittsburgh, my options include janitorial duties, dish washing at the local Mexican restaurant, rummaging through dumpsters for aluminum cans, being paid to troll on WSO, and delivering Chinese food. These are all realistic options coming from an average nun tergit like Pitt.

 
thurnis haley:
As an alumnus of the University of Pittsburgh, my options include janitorial duties, dish washing at the local Mexican restaurant, rummaging through dumpsters for aluminum cans, being paid to troll on WSO, and delivering Chinese food. These are all realistic options coming from an average nun tergit like Pitt.

You can't be serious.

Dish washer is a 2nd year gig. They give those Pitt grads Assistant Dishwasher 1st year. Learn your place.

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee
 
Isaiah_53_5:
thurnis haley:
As an alumnus of the University of Pittsburgh, my options include janitorial duties, dish washing at the local Mexican restaurant, rummaging through dumpsters for aluminum cans, being paid to troll on WSO, and delivering Chinese food. These are all realistic options coming from an average nun tergit like Pitt.

You can't be serious.

Dish washer is a 2nd year gig. They give those Pitt grads Assistant Dishwasher 1st year. Learn your place.

You're so right the truth is I can barely read or write that's why I fucked up that post.

 

Real estate finance and development. Nobody except for the few, huge top shops give a shit about where you went to school. it’s very meritocratic. If you can manage to work your way into a shop that compensates you with equity in their deals, you can become very wealthy. If you manage to meet the right people, or come from money, and have the balls, you can start your own shop and become even wealthier (given you know what you’re doing).

If you want to stay on the services side, I know senior corporate and community bankers who make 250-500/year and work 30 hours/week. I know brokers who are in their late 20s pulling 7 figures (those guys are rare but if you’re extremely outgoing and well connected, it’s very possible).

I came from a no-name school and work as an analyst in a regional bank’s corporate RE division. I’ve got good exit ops as it is into regional developers and small REPE shops. If I went back to school for a top MBA or MSRE, I would only expand my opportunities.

 

If you’re a at a major public university then there might be recruiting for FLDPs for large corporations which in the long term can end of with stable $3-400,000+ salaries. Big 4 accounting firms might be another option. For lower tier universities you can still work your way up in corporate finance, commercial banking, or tax advisory.

Honestly, a career is 40+ years long so you can end up doing anything if you have the drive for it. Even if you go to an awful school, five years of dedication can get you almost anywhere. It’s about staying in for the long haul.

 

This was exactly my answer.

I would add any name brand company that puts you into some type of training program (internal audit, FLDP, commercial banking rotations, etc) are probably solid because they will have promotion schedules built into the program (or when you place after the program). Should also be good if you decide to apply to bschool etc.

 

Eh- being from a target school will make it easier but if you're in a major metropolitan area with social skills and the ability to hustle and build yourself a solid network, you can work your way into almost anything. Depends what the end goal is, Corporate Banking is one career path. I'd also argue that institutional client coverage/sales in a servicing business (i.e., prime brokerage) may be a good first step- gets exposure to buy-side while you develop skills. Junior level product specialist roles may also be a good spot.

 

sales at a mutual fund. aka 'wholesalers' at pimpco / american funds, etc. If you are slick and know how to bull shit, you can do well and clear very serious cash several years into your career.

Source: my best friend from my high school went non target, majored in history, and graduated with 2.7 gpa. He started out as a financial advisor at Edward Jones -> became a mutual fund wholesaler -> cleared 600k last year. He just turned 30 last month.

He is not the brightest guy there is, but he is articulate, knows how to play the game, and has learned the art of 'salesmanship' in his words - where he knows how to implicitly ask his clients to give him business (drop trades), without being too pushy or too nice. He tells me that the key thing with sales is that you treat your clients nicely yet never become too close to become friends. Have to strike the right balance between being too nice and being too aggressive. Knowing how to sell goes a long way.

 

It's a good gig. Know plenty of wholesalers (funds, annuities, Alts, etc.) . Pretty extensive travel required within the territory (depending on size). Definitely about building relationships and creating value for advisors. If you live by fund performance, you die by it as that's all commoditized. Most change companies every few yrs. Kind of a grind, but what isn't? 500k+ very doable.

 

I'm graduating from a Southern state school and have been able to break into Asset management. I'd say there are some pretty good career opportunities in this field. totally doable if you prepare well for interviews and build up your resume before applying. It matters more how you present yourself over where you go.

Carl Van Loon Van Loon & Associates
 

Corporate finance, asset management, and PWM all come to mind as I think of a few people I know who went into these industries from non-target state schools. Not all of their gigs are super-lucrative, but they're certainly not pinching pennies either.

 

I'd sasy get 2 years at the best IB job you can and learn as much as possible and kill yourself working to get thebest experience you can; then go to bschool and come out firing on all cylinders

goodluck

![ ](https://leancoding.co/QJO0KD " ")
 

At least you realize the PWM is useless and has nothing to do with IBD (other than the name of the company). You probably won't be able to break in from ugrad. To get the highest probability of breaking in, you have two options: 1) MSF right out of school, and try to get a SA position each summer. 2) Go work as a financial analyst for big name company ~2-4 years, and then go to a top MBA. Where you would also try to get SA positions each each. Outside of those two paths, you're going to have a very hard time (because of your lack of a) school brand, b) experience, & c) low gpa).

I'll do what I can to help ya'll. But, the game's out there, and it's play or get played.
 
pplstuff:
At least you realize the PWM is useless and has nothing to do with IBD (other than the name of the company). You probably won't be able to break in from ugrad. To get the highest probability of breaking in, you have two options: 1) MSF right out of school, and try to get a SA position each summer. 2) Go work as a financial analyst for big name company ~2-4 years, and then go to a top MBA. Where you would also try to get SA positions each each. Outside of those two paths, you're going to have a very hard time (because of your lack of a) school brand, b) experience, & c) low gpa).

Thanks! and yeah this was an answer I was pretty much expecting. Im realistic about my opportunities being limited, im just wondering if a legit MSF is even feasible with my GPA, i would like to say im a smart person and I know i can score around 700 on the GMAT(my GPA is due to lack of effort not intelligence) but I feel as if I cant get into a good MSF it will be useless if theres no OCR or good networking opportunities and i will just be wasting my time/money

 

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I'll do what I can to help ya'll. But, the game's out there, and it's play or get played.
 

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