mutual fund wholesaler career question
Just recently landed a position with a large Asset Management firm as an internal wholesaler. A few guys on the sales floor are studying for the CFA, cfp, etc.
So my question is..if i want to stay in sales, do i really need any of these certifications? I know there is probably not a NEED for any of them, but I'm sure they can pump up your resume.
I would like to eventually be an external and want to know if any of these certifications would be worth my time and effort.
How would you guys rank any of these certifications/degrees for wholesaling mutual funds? CFA, cfp, cima, mba
(I know these certifications are hard as hell to earn and none would hurt me, but I would just like an experienced opinion on my career path with or without them)
CFA helps if you're going to stay on the buyside, no matter the role..
Obviously a CFA is extremely hard to obtain, but does it carry the same weight for a salesman to have their CFA as opposed to a Portfolio Manager?
Wholesalers usually just regurgitate the research done by their PM's anyway.
I'm basically asking if it would be a huge waste of time to even go for it. aka what would the reward be if there even is any?
I work for a $500B+ AM shop in a non-sales role. People will definitely take you more seriously if you have a solid credential like the CFA, especially in a sales role because there are so many idiots running around selling various investment products. Once upon a time I worked for an investment consulting firm and I met with dozens of wholesalers and a few internals as well. Some of the guys were very good, but most just seemed like used car salesmen who really didn't know much about their products except for a few bullet points printed on the fact sheets. All of the wholesalers that I would put in the "good" category had their CFAs. The good guys could actually talk strategy and holdings.
Most Wholesalers: "You should buy this fund because it's 5 stars" Me: "Ok. What else can you tell me about the fund?" Most Wholesalers: "....it has 5 stars..." Me: (Palm to face)
CFA = instant credibility. if you are selling investment products I will take you 3x more seriously than if you do not have the CFA CIMA = a lot of fund guys have this. it's a super diluted CFA that you basically are just buying, but it does have some value for the wholesalers MBA = it depends. anyone can get an MBA and if I am just looking at your biz card I don't have a clue where you went to school. anyone with MBA on their bcards I just assume did an online program CFP = a valid credential, but the CFP is geared towards financial planners and insurance. it's many times easier than the CFA. the actual investments portion of the exam is minimal compared estate planning, insurance, etc...
Wholesalers come into our office everyday and most have some type of designation. CIMA or CFP is most common, seeing a wholesaler with a CFA charter is extremely rare.
Although I personally feel that the CIMA is the most applicable to wholesaling I can say this....I've never met a dumb wholesaler with a CFA charter. Can't say the same for the other designations.
After reading sfbroker's response I need to amned my previous post slightly. I probably never ran across any CFAs whose position was purely as a wholesaler. Most of the CFAs I met were in client relationship roles. Needless to say, they were responsible for generating some new business, but not to the extent most wholesalers probably do.
gut reaction is that you're lazy and looking for a way not to study for any of these. People like you are needed in middle management - keep up the good work.
That being said, if you ever met me or knew my background, you would see that I'm far from lazy.
I'm sure I worked just as hard (probably a lot harder) to be in the position I'm in today.
You sound like the type of angry employee who talks sh*t behind your co-worker's back just because you can't see that he earned a promotion while your ignorant ass was too busy scavenging WSO, looking to make rude and sarcastic comments.
I have no idea who you are or how important you think your job is, but here's a news flash dude, if you're on WSO making jackass comments to kids looking for serious feedback, you're clearly not even close to how great you perceive yourself.
I also probably make twice what you made when you were my age.
So YOU sir, should keep up the good work and just know that there's a lot of losers on this site and you rank right up there with them.
In retail sales it is not common to have a CFA, it is much more common in institutional sales. Some firms make getting the CFA a part of their entry-level institutional sales program. If you have the time, and are willing to put in the work go for it, but if you stay in retail sales you will not need it to advance.
Mutual fund wholesaler qs (Originally Posted: 04/13/2015)
Does anyone here work as an external wholesaler for a mutual fund? Curious about career progression and common backgrounds people who hold these positions have. Also curious if working as an internal wholesaler is a stepping stone, and what the differences are in these positions.
Thanks
I don't work as a wholesaler, though I am in PWM and deal with them daily. I also have a few close friends who are internals and know a few people on this site who do the same.
Would be nice to have a good discussion on wholesaling here
bump
I am specifically interested in the exit opps of internals. What if one works at a top AM firm (PIMCO, GS, JPM, Lord Abbett) and one doesn't want to go be an external. Is it possible to lateral into an actual mutual fund group/strategy team/portfolio management role?
Phil
Not sure about portfolio management, that would be tough. I think passing a few levels of CFA and going into more of a product management/high-level marketing role would be the best bet
bump
mutual fund wholesaler (Originally Posted: 01/08/2011)
hey, just wanted to get opinions on a job as a wholesaler for a mutual fund company. what are their reputations like? what would you say if someone were to pursue an internal wholesaler to eventual external wholesaler job? exit opportunities? or will your resume branded as only marketing to advisors.
thanks for your input
bump. anyone?
Mutual Fund wholesaling can be a great gig but it depends on what firm you work for. If you're working for GAMCO then you're golden. The financial analysis aspect of the job is less so than if you were in an analytic or research role, but you're still exposed. There's lots of interaction with brokers so be prepared to spend copious amounts of time on the phone and lots of stressful calls. I would look into how much interaction you're going to have with the PM.... some wholesalers don't spend the whole day on the phone, but also work on the trading desk occasionally or do some analytics. It sounds like you're applying for an entry-level job and so it should be a pretty good bet. You'll be exposed to a many different aspects of the business and have the opportunity to learn from the best if you're at a good fund. Best of luck.
thanks for your response. anyone else have any opinion on this matter?
depends on the firm.. who are you looking at? i know/knew wholesalers from tons of different funds
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