FS Strategy Consulting ---> S&T?

Have you guys ever heard of someone from FS consulting at a decent (not top tier by any stretch) firm lateral over to a sales position at a bank? I've basically given up on trading at a bank, but am quite interested in sales still.

Ideally I would like to lateral in at the VP level after getting promoted to engagement manager level here at my firm. I'm under 2 years away from the promotion right now.

I've been networking with recruiters/headhunters like crazy, and have some contacts at RBC capital markets and TD Securities, but other than networking, what can I do if this is something I decide I want to seriously pursue?

A little more about me...
UG in pure math + top 10 MFE + solid knowledge of traded products in fixed income, commidities and equity derivatives. Again, i'll be engagement manager level when I seriously look into the switch.

 

From what I've seen, Big 4 Manager is more like associate level when someone manages to lateral, not VP. A VP in sales needs to be able to run their client accounts pretty much solo (at least that's the case for our coverage) so I can see why a bank might be leary on hiring someone from left field on that.

There have been many great comebacks throughout history. Jesus was dead but then came back as an all-powerful God-Zombie.
 

Ah I see. Not sure how it is in audit but some of the managers in my group bring in decent revenue, and I've started establishing my client base as well. I've brought in two tiny engagements (50K and 75K) in the past 3 months so if I keep at it and expand my client base over the next 18 months, do you think it will make me a better candidate for a VP spot in sales? Or is it basically associate or nothing, coming from Deloitte.

What about this?

in 6 months, lateral to Oliver Wyman FS at the same Senior Consultant level wait to get promoted to engagement manager there then when I get that title, try to lateral to VP sales

I have a solid lead at OW FS and I think I can pull it off. I just want to have at least a year at Deloitte before I move again. (I was only at my first firm for like 3 months).

-MBP
 

Not sure why the obsession with being a VP? An associate at a bank will make at least what a Big 4 manager does, and you'll have (by my count) around 4-5 years of experience and no MBA, which is unlikely to fly for a VP position. Honestly if you're being successful with consulting not sure the interest in doing sales, either. From what I've seen sales gets clogged with VPs and directors who never make MD. Maybe people in the industry can add some color to that.

Remember that the "sales" in sales&trading for the most part isn't like selling consulting services-The sales people who cover us have a book of clients and they're responsible for maintenance and relationships more than new business generation (because to everyone already has HY coverage at the top 20 banks, for example, so you're not going to go find some fund that doesn't have a BoA salesperson.) There are exceptions (like being the sales guy for an illiquid/chunky product at a small bank) where hustle has a lot to do with it, but sales in a mainstream product at a big bank is 90% making phone calls to your existing client and pimping your bank's instruments. Again, maybe people who've seen it from the inside can add some color.

My comment refers mostly to advisory, not audit-I've only seen audit to anything front office once or twice.

Editing to add: Can't really tell you there; you say you're in FS consulting but it's not really clear what exactly that entails, that may or may not be appealing to a desk.

I dunno whether Oliver Wyman would be preferable to Deloitte or not since either one is a non-traditional move to make.

There have been many great comebacks throughout history. Jesus was dead but then came back as an all-powerful God-Zombie.
 

Thanks for the input bro. It's not so much an obsession with the title. It's just on a personal level, I don't want to leave consulting until I get to Engagement Manager. Once I do get to that level, I would feel like going to Associate in sales would be taking a step back. Maybe I'm thinking about this all wrong, but since I started my MFE, S&T was the goal. I didn't make the cut straight out of school, but It's still something I want to go for. With trading, I know I would need to start from scratch, and that's not something I'm willing to do 2 years from now. I think I would really enjoy sales tbh, and don't really care about getting to MD.

-MBP
 
Best Response

By FS, I mean strategy work but focusing only on the financial services industry. I usually get staffed on engagements for capital markets clients. As an example, I had to help establish a new counterparty risk group at a bank, for which I needed to work closely with many trading desks, looking at products on trading books, reviewing modeling/risk methodologies, planning the governance structure and integration with trading desks etc. Because of the MFE and the products I've been exposed to through these engagements, I've developed a pretty good understanding of this stuff.

-MBP
 

Have you thought about risk management-related MO positions? A number of people from my old advisory practice got these jobs and some of them seem to really like it; the pay is pretty good and the hours are nice and you can get your hands on some pretty cool exotics/derivatives if you're on the right desk. I would think with your MFE and the experience you described they'd be all over you.

There have been many great comebacks throughout history. Jesus was dead but then came back as an all-powerful God-Zombie.
 

It's funny you mention that because for the past few months, I've been averaging a call a week from headhunters wanting to place me in MO risk roles. The hours are definitely great, but I'd rather be closer to the money. The positions I've been approached with pay like 130-150K, but growth from there is slow. What have you heard about comp in these roles? VP Sales would be at least double, if not triple from my understanding. Plus I'd make much better contacts in that role.

-MBP
 

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-MBP

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