Wealth Management to Equity Research
Hi Guys,
I am a recent graduate and got an offer from Bulge Bracket wealth management in Philadelphia My goal is to break into ER research. But I am not sure if it is possible to transition to ER from WM.
Please give me some advice. Thanks!
Wealth management, as in financial advisor/stock broker? No, that won't help get you to equity research.
this
Try to go WM -> AM -> ER
First things first, when you say BB do you mean a firm such as JPM/GS or ML/MSSB? ... Also, are you going to be joining a team as an Analyst (this would be with a firm such as JPM/GS) or are you in a new FA training program (this would be with a firm such as ML/MSSB)?
Being an analyst puts you in a MUCH better position to transition out because you don't have to worry about building a book of clients so you can spend a lot of time networking and learning the BIWS modeling courses inside and out (so you can put them on your resume) and honestly it just looks better to have your resume say Analyst rather than Financial Advisor (the term FA magnifies the stigma of PWM). When/if you are able to get interviews coming from a PWM Analyst role, you can explain what you have learned from working as an analyst on a small team in a client-focused environment, supporting senior team members and learning how to be 3 steps ahead of them at all times so you can make their lives as easy as possible (VP and MD interviewers love hearing that).
But it really is all about networking and making connections, especially with boutiques and smaller firms that may like the idea of hiring someone who has FT work experience rather than a fresh graduate. Once your able to get your foot in the door you can keep working your way up to bigger firms.
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Asset Management Intern to ER? (Originally Posted: 07/04/2016)
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It all depends on how you package it.
On the one hand, your experience does not seem all that relevant to equity research as you haven't described anything that suggests you know how to develop an investment thesis or model it.
However, what you bring to the table is intimate industry knowledge that even senior analysts covering asset managers may not have (depending on how good they are and their own background). To this end, one option would be to market yourself as someone who really understands asset managers (as a business model) and has first hand experience in developing Asset Management products. While it's no guarantee, if you see any analyst that covers the large competitors to the firm you worked at, you may be surprised at what you can bring to the team.
Of course, don't be a one trick pony. You need to be able to develop an investment thesis and build financial models and be open to covering sectors besides AM, but this can definitely be a differentiator.
Hope this helps and reply if you have any other questions!
GWM to ER (Low GPA) (Originally Posted: 05/03/2012)
Currently working in Wealth Management, had a low GPA during undergrad from top 25 University.
Taking CFA L1, hoping to break into ER within the next couple of years. Would a low GPA hinder my chances?
Advice is appreciated, thanks!
Yes.
I believe a low GPA will hinder your chances in any situation, but wouldn't fully limit you from getting it.
Yes, it would obviously hinder your chances. However, there are ways to prevent it from hurting you too much. If your major GPA is higher then you can emphasize that. Putting SAT/GMAT scores can pull the attention away also.
If they ask you during interviews why your GPA is so low, say that you don't believe that it was low considering your challenging schedule.
Make sure you have other things on your resume that are impressive.
Resume Review - trying to make the jump from WM to ER (Originally Posted: 07/13/2015)
I'm currently working in an Equity Research capacity in WM, am a CFA L3 candidate, and I'm currently taking the Full Training the Street Course so I have a 'hard credential' aside just from what I do day to day.
I'm asking for help because I have been applying to entry-level/junior ER positions and other positions at BBs with an ER tilt (i.e. Sales w/ equity idea generation...) and have only received one interview from a BB but that was months ago for their Third Party Distribution group which I did not get an offer for.
I know I have the skills to get in the door but for the life of me I don't understand what is deficient on my resume that is causing me to not get any calls back from these hiring managers.
I need a fresh prospective on my resume and the WSO community has been a tremendous help since I first joined years back - any insight is appreciated.
I really don't like the resume format. The objective/statement at the top and the headline are just odd. It reads like a cheap Northwestern Mutual commercial. The check marks and bullet points peppered all over the place make it look like a block party invitation flyer. I'm actually quite surprised there's no clip art of staplers and paper clips anywhere.
Resume formatting aside, you might be coming into a very cold sell-side research job market right now. Keep your head up and reach out to any contacts you've made. Good luck on L3.
Flake Thanks for the feedback - I wasn't 100% comfortable with the format or the 'slogan', this was actually from a 'professional' resume writer who specializes in financial services resumes (...yeah I know). I'll de-third grade art project this and repost. Flake, aside from the shit format - what are your thoughts on content, phrasing, verbiage? Anything screaming deficient or noticeably absent for an applicant shooting for ER/Capital Markets w/ research tilt?
Any chance you can move internally at your current BB? Could be an easier transition to get your foot in the door.
@wallstreetcatalyst.com" At my firm if we interview internally we get 'one freebie' interview where we don't have to tell our manager, if invited back for a second round your current manager has to be notified. The problem is that my current boss that I work for is very well-known throughout my firm and I feel like there's no way me applying internally won't get back to him at some point. WSC.com; do you have any experience transitioning internally within a BB?
I'm not an expert. But things I don't like are below: * Shaded headings * Use just EXPERIENCE mm/yyyy -> mm/yyyy format saves space, but makes it difficult to read. * Different kind of bullets (square, check, music play button) * Font * Narrow margin (full 1 inch margin makes it very easy to read), Margin from top and side are different * Just write VBA (instead of advanced Excel+VBA) * Write something like DCF, LBO instead of financial modeling (what is financial modeling?) * Chartered Financial Analyst (CFA) - Level III Candidate is just too long. * Jobs done at the WM BB just too long too. (Maybe shouldn't use more than 5)
Generally, make it short and plain. Less is more. Good luck.
@[email protected]", appreciate the feedback; I can attribute most of that 'fluff' and shading/gimmicky bullet points to the resume writer. But you're spot on - fin. modeling is definitely weak - explicitly saying "Run DCF on ABC..." must better and less ambiguous. Really helpful - much appreciated
Having worked in ER for almost a year- I can say that aside from a god awful resume which has probably prevented you from getting your foot in the door in the first place. You may be considered too old/experienced for an entry level ER position at this time.
Have you considered B school? There is the possibility of entering ER or any other industry for that matter out of B school and may be an easier option for you at this juncture in your career.
futures trader man, It's implicit that it's awful due to lack of interviews, so we both agree there. Given your 1 year of experience in ER - what jumps out at you that is particularly god awful? How should I go about improving the resume format and given that you see my experience and background - are there classes or courses you would recommend to strengthen my candidacy? I've thought about B school by wanted to see if I passed L3 of the CFA before adding GMAT and other coursework to workload.
If I'm being totally honest I love seeing this stuff because I'm also looking at ER and if this is my competiton then I am A.O.K.
Real humble kid.
No need to worry about competition, indeed. With that kind of attitude you've already lost.
theteam, I wish you the best of luck in your job search; as you know it's never easy getting a new job and I'm just trying to better my life just like you my friend - Godspeed
This topic is interesting.
You may want to take the time to have your resume reviewed by a professional third party. I would recommend a company like Let's Eat, Grandma, LLC (Google it). They offer free resume reviews, all you have to do is sign up on the website and email them your documents.
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