How to evaluate other opportunities outside IB?
Hey guys,
Given the ongoing bloodbath on Wallstreet, I've been thinking of diversifying my career options by looking into PWM/financial advisory. I understand that PWM is different from investment banking, but I'm wondering if one is considered "better" than the other, or am I comparing apples to oranges?
When I mean "better", I mean in terms of compensation, hours (work life balance), prestige, and exit opportunities. I have the opportunity to join a pwm company as an undergrad that comps 70k+bonus, but I haven't heard of them before. They don't hold any assets, but advise clients on what they should do with their money. Based on the people I've talked to, they have a management team from top schools and recruit from top schools as well (Stanford, Wharton, etc.). Oh, and they have a long waiting list of cliets... That's good news?
However, based on the posts I've read, everyone wants to get into PWM at an investment bank, what's the deal with that? What about some of the smaller PWM firms out there that you may not have heard of? If you haven't heard of them, then they probably aren't good opportunities I'm assuming? I know this company pays well for a first year position, but I think the name is pretty important when applying to grad school and looking at alternative opportunities down the road. They come up as the first result when googled, but other than that they aren't all over the news.
What are your thoughts?
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Dude, prestige is out the
Dude, prestige is out the window these days get a job
PWM is respectable and the comp seems decent just be wary of groups that are built on all commission models and expect you to build a book of business without a lot of support
Hrmm... I know about the
Hrmm... I know about the global credit meltdown, but it just hasn't hit home yet. I still feel really optimistic about getting a job...
Ok holy crap, I just typed that a minute ago and I literally just got a call from Merrill telling me they are rescinding interviews... Never mind, I'm shitting bricks now. So basically take any job that you can for now?!!! What about exit opportunities for private wealth management, I still want to go to a good b-school, but haven't heard much on how b-schools look at wealth management firms...
:(
did jomo get an offer at
did jomoe get an offer for the same group?
its too bad for everybody
its too bad for everybody going into pwm because there are still kids getting into gs ibd or mer ibd at bank of america. these people will have better exit opps and chances at b-school
hrmm... is financial
hrmm... is financial advisory considered pwm, if there are no aum and no commissions?
i guess we're all screwed...
I know almost nothing about
I know almost nothing about PWM so take this with a grain of salt, but what could the exit opportunities possibly be. You might make good or even great money if you stay within PWM but what could you do after? I would look at F500 Finance type jobs before PWM. Unless you really want to spend your life as a financial advisor selling advice to people who should probably know better than to pay the high fees you charge.