Internal Wholesaler - Institutional Sales' departments in the BBs
I hope to eventually break into Sales and Trading, but I graduated in May and my networking has not paid off as much as I'd like it to. I have received an offer to work on Prudential's annuity sales desk as an internal wholesaler. Ideally I'd like to reapply to the Institutional Sales' departments in the BBs as an experienced hire in a year or so. I'd receive the necessary licensing and have more sales experience on my resume. What are your thoughts about this alternative path? 3.2 from top 15 school, four years football, BB wealth management and boutique ETF sales experience.
Interested as well; I also accepted an IW position and have been considering eventually making the jump to institutional sales
When you say institutional sales, do you mean S&T division at a bank (i assume so) or the institutional sales within the AM division? Both will real tough to break into, and you'd have to continue to network and hope for a break. Annuity sales to FAs/retail sector will have no transferable skills, pretty sure you don't get the Series 7 as well, just the 6
Would wholesaling for a mutual fund or ETF provide more transferable knowledge/skills to S&T than annuities?
I doubt it. The jobs are pretty different. Why are you looking to move? Being an internal wholesaler is not a bad gig at all.
I know, I just want to know my options in case I ever want to make a transition. I know making the jump to external is pretty competitive. Thanks for your insight
Internal/Institutional Wholesale at Bulge Brackets: Relevant Experience or Nay? (Originally Posted: 01/15/2016)
I didn't receive any IB/ER internships for the summer. Is it worth it to take an internal wholesale position over operations/risk management for the summer? Also, I'm guessing internal sales is identical to sales and trading? If I go this career route, will I have the option of making IB/ER level money for a better lifestyle ($500k-1mil comp by early 30's, $1mil+ by mid 30's, 9-5)? Can I transition out into IB or ER if I'm good enough?
I'm currently an Internal at a boutique shop in the NE. Here are my thoughts:
Yes, being an internal is a valuable experience. You'll learn how to sell (and sell yourself), which in itself is a very valuable trait since not many people know how to do it. Yes, you can make IBanking money. If you go the route of being an external wholesaler, average is anywhere from 350k-500k a year. And yes, you can break into IBanking, etc. You'll have to work hard to separate yourself, but it is possible.
But do people ever stay at internal their entire careers for the better hours? Im assuming internals are paid well (60-200k by the time theyre in peak career for a 9 to 5 job). But the higher compensation (300-500k) probably comes with more hours and stress, right?
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