Leaving wealth management
Long story short, I took a job with Ubs and wealth management. I had a scary realization that my only career path is being advisor. I find advising very boring and not a lot of action. What opportunities are there to lateral. I enjoy researching equities . In a perfect world I transition to IB asset management, sales and trading or something more than managing a 75 years old money in stocks and bonds. Any ideas?
Based on the most helpful WSO content, transitioning from wealth management to more dynamic roles within finance, such as investment banking (IB), asset management, or sales and trading, is indeed a path taken by some professionals. Here are a few steps and considerations that might help you navigate this transition:
Leverage Your Current Experience: While you're currently in wealth management and find it not as exciting as you'd hoped, it's essential to leverage the skills and experiences you've gained. This includes client management, understanding of financial markets, and possibly, exposure to equity research. Highlight these in your resume and interviews.
Networking: This is crucial. Start connecting with professionals in the areas you're interested in transitioning to. Use LinkedIn, alumni networks, and even your current connections at UBS. Networking can provide insider insights and potentially open up opportunities that are not advertised.
Education and Certifications: Consider furthering your education or obtaining relevant certifications. For someone interested in equities research and asset management, the CFA (Chartered Financial Analyst) designation is highly regarded. For IB, an MBA from a top school can significantly enhance your profile, especially if you leverage the school's recruiting resources.
Internal Transfers: Since you're already at UBS, explore internal transfer opportunities. Large firms often encourage mobility within different departments. Express your interest in exploring other areas to your HR department or your mentor within the organization.
Skill Building: If you're aiming for a role in IB or sales and trading, start building relevant skills. This could include financial modeling, valuation, and understanding of the sales and trading operations. WSO offers various courses and resources that can help you upskill.
Start Small: If breaking directly into IB or asset management seems challenging, consider roles that can act as a stepping stone. This might include positions in a smaller boutique firm, equity research roles, or even corporate finance positions in non-finance firms to build your experience.
Showcase Your Passion: In your applications and interviews, make sure to showcase your passion for the field you're transitioning into. For equity research and asset management, demonstrate your interest and knowledge in analyzing companies and markets. For IB and sales and trading, show your enthusiasm for deal-making and fast-paced environments.
Remember, such transitions require patience and persistence. Keep learning, networking, and applying strategically. Your background in wealth management can be a valuable asset when framed correctly, highlighting your client management skills and financial acumen.
Sources: Switching from IB to AM/WM in undergrad?, Transitioning from Tech Sales to IB, https://www.wallstreetoasis.com/forum/asset-management/could-use-some-insight-on-careers-in-asset-management?customgpt=1, Transitioning from tech to a serious finance job (yes, you read that right), Asset Management vs Investment Banking 101
Bump! Same boat
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