Breaking into asset management

Well if you're in a position to do a fancy MBA, then maybe you should do it. However, asset management doesn't do a ton of MBA recruiting, it's not really a common path I've seen for a career changer to do an MBA and then enter a buy-side research role. I think it might be smarter to target a sell side job in trading, banking, or research out of a school, and then worry about transitioning to the buy-side later, if you still want to do it at that point. That's because the most valued credential for a buy-side analyst, trader, or PM is experience. And not just years of experience, but relevant useful experience. A buy-side team need people that can generate good ideas more than they need a large workforce to sell or pitch things. Put more simply, people that invest lots of money don't want someone pulling the trigger their first day on the job. Rightly so, because there are important lessons to learn before you can make credible judgments or recommendations.

That said, a broker at Schwab is close to the management of money, but doesn't actually accrue experience managing money. You have sales experience, you could try to get a job at a broker dealer in sales and trading. Working on a trading desk provides experience in evaluating investment ideas to sell to institutional clients. If you manage to get involved in trading, it may involve valuing securities and managing risk.

Another approach might be to find a place that runs some money and work for cheap. You'll need to tap your network or pound the pavement here. But there are opportunities. Insurance companies, government pension funds, small money managers, family offices, sometimes opportunities come up that don't pay that well but provide the right experience, and Johnny on the spot might clinch a gig where experienced folks are looking for a bigger paycheck. Good luck.