IB at low-tier BB vs AM at top BB
I have an IB offer at UBS/Barclays/DB and an AM offer at GS/MS/JPM. The AM role is on the sales/client side rather than the product/investing side.
I don't want to throw away a coveted IB spot and better exits for something that is more of a sales position, but I also think I might have more fun in AM. But at the same time, I checked LinkedIn and a lot of people in this AM role did an MBA to try to break into IB which makes me feel stupid for thinking about going the other way.
People on this site speak very highly of AM b/c the pay is good for the hours, but I feel like they're talking more about the product/investing side rather than the sales/client side. I'm a very extroverted person, but I haven't worked in sales before and I'm not sure how much I would like it.
I could also switch over to the product/investing side of AM after a couple years if I really want to, but I could probably also do that from an IB role (I think?)
Could anyone comment on the differences between the sales/client and product/investing sides of asset management? Would love to hear any comments/advice.
I think, even if you wanted to get into product/investing side of AM, the low-tier IB is a better bet. Although there is a gap in the way you frame your view on a company between IB and LO AM, the fundamental skill sets you obtain in IB is very transferrable and the reputation IB has when it comes to grinding, I would assume, is a strong merit in the eyes of LO AM recruiters.
Sales/client side of operation seem pretty interesting. They are a necessary component to AUM gains along with good performing product/fund. I've seen some sales folks contribute tremendously to AUM gains and these guys travel all the time pitching funds and maintaining relationships. They work very closely with investment professionals and know in very detail the ins and outs of how their IPs invest. At the end of the day, both the investing and sales roles are replaceable, it's just the matter of how well you've done that will secure your position. But then again, I've seen less than a handful of sales person making the transition to research/investing role... so if you are hard set on building your career path along the lines of making investment decisions, I'd would strongly discourage you from taking the sales role.
Really appreciate the insight here. One of the main reasons I'm leaning towards the AM role is I'm not very excited about PE exits in the future, and I value client interaction and better WLB more than higher pay/exits. But I'm tripping because so many people would kill to get an IB job, and I've worked really hard over the past couple years to break into IB. Now that I have both offers, going into AM feels like I've wasted my time with all the IB preparation and networking
At the end of the day, you're going to have to choose - and for your sake, earlier you choose the better (at least in my opinion). Sure IB is known for the prestige, exit opps and all the glory but as you mentioned it has its downsides too and the upside to the job is only as good as your capacity. The time and effort you spent on IB prep and networking is an asset. Consider it as a first stepping stone to developing your soft/sales skills for your sales job should you choose to go that route. You've done that well to land yourself an offer from a lower tier IB.
I just want you to know what you really want to do. A lot of the times, people make LT career choices without knowing full context what that entails. Rightfully so, since they are young and unexperienced. Some people mature in way and stick through their choices. Others make the hard choice of giving up the time and effort put in to reach their initial goal to move to something they find they like later on in life - this is much harder and once you have a family, almost prohibitive.
Sales is a good job. Not all but a lot of the people in sales are very respectable and work very hard to succeed in their roles (same can be said for any job really). The only downside is the optionality into other high-finance careers that IB provides. But on the other hand, sales is a skill you can you anywhere - even outside of finance.
Do a bit more research, try to meet with people on both aisles and probe about what the life is like and extrapolate what your life may look like from that.
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