Don't like trading - how do I switch?
Hey everyone,
I need WSO's combined wisdom about my situation. I'm currently a summer intern at a BB, and I can already tell that trading (or sales, for that matter) isn't where I want to end up full-time. Instead, I think that I would be a great fit on the Asset Management side of things. While I am hoping to land a job at a smaller hedge fund, mutual fund, endowment, or other asset management fund after finishing up my studies, I wouldn't be opposed to ending up at the asset management arm of a BB, especially given how driven my bank is to keep their summer analysts.
How exactly should I make this transition? Is it worth trying to reach out to the asset management side of my bank and spending some time there, or should I stop whining and just suck it up and stay in trading? From what I understand, AM's recruiting process is completely separate from the rest of the sell-side divisions (I don't even know if they recruit analysts), so I literally have zero contacts on that side of the business. Would it even be appropriate to reach out to my current HR people about this? To be honest, I don't really care about receiving a return offer with my current group; I've been working hard and doing pretty well thus far (and I'll continue to bust my ass this summer), but I really can't see myself going back there full-time.
Additionally, if it makes any difference (which I don't think it does), my trading desk is much more prestigious / profitable than the AM side of my bank.
Thanks!
I'm a summer analyst in asset management for a BB. PM me and I'll see what I can do to help you out.
Thanks for the note -- I'll hit you up.
Anyone else have any ideas?
I would suggest voicing to key mentors that you have an interest in asset management, research, or IBD type positions (the latter two would allow you to transition to AM later in your career assuming you're unable to land a gig right out of undergrad).
I'd also try to get a hold of the recruiters or program managers for the asset management business at your BB. Tell them you're interested in learning more (NOT that you want a job) about their side of the bank and whether they know of any hiring managers that typically make use of their program and are known for their emphasis on career development and goals.
If they're amenable, they'll most likely refer you to the stars of the program-- the folks who analysts clamor to join up with for this very reason.
Great idea -- I'll do exactly that. Thanks
this is great advice.
I actually did the switch from the other side from AM to S/T so you can do it. Its an internship and we have lost interns to other groups, law school, med school and TFA quite often... you will not be the first or the last.... just be honest and keep the people that need to know in the loop and good luck
Thanks for responding, Monty. I was just wondering about this -- so you think that I should let my bosses / coworkers know of my intentions? I'm a bit worried because I've heard that not getting a return offer is the "kiss of death" for a summer intern when looking for full-time positions. Does this hold true if you're trying to change to another part of the industry?
If I tell my boss that I don't really want to do trading, then he won't give me a return offer, which could screw me over. On the other hand, if I do tell him, he will be much more prepared to look elsewhere and can start talking to other summer analysts to fill the position. My first instinct was to tell my boss, but I'd love to get some other perspectives on the situation.
Thanks again
Monty's no troll -- anyone who's read this board for 10 seconds could tell you that.
Thanks for the leads on funds, though. Much appreciated
Stay at your position, in my first years, i was often harmed by seniors, blamed for things I´ve never had done.
Trading is the best workplace you can have up to 2020. I can tell you that Asset Management is not the sector you want to end up. Its boring, not everybody is working at GSAM.
No pain, no gain, IB is no sunshine world, its hard work.
Thanks for the response, RexAlpha, but I'm not sure if I follow. What's the comment about being "harmed by seniors" about? You lost me there. Also, I never mentioned IB (I'm a trading summer analyst, if I didn't make that clear in my first post), and I have no intentions of working in IB.
I've worked at a prop trading firm and now a large bank, so I've definitely gotten to know the trading side of the business pretty well. In these experiences, I've come to realize that my skills align much better with asset management than trading. In terms of my personality, I actually find trading to be pretty boring and asset management to be much more interesting.
And yes, while not everyone is working at GSAM, let's assume that I do have the opportunity to do just that (or JPM AM, MS IM, or something of the like) -- would you still tell me not to pursue it?
Thanks again
what happens 2021?
Prop Trading Firm---> Large Bank
I dont get it ! Why ?
What's not to get? The training I've gotten at the bank thus far is leaps and bounds beyond what I learned at the prop shop. Beyond that, the work is much more interesting and the pay is a little better. The prop shop was purely quant-driven, while the bank dabbles in qualitative thinking when creating a strategy -- and I've found that I like the qualitative stuff a hell of a lot more.
Any other ideas? Thanks!
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