Moving from IB to AM - Process
Hey guys,
So most are familiar with the general process for moving from IB to PE/HF, but what about moving from IB to traditional long AM (equity space)?
I'd love to hear if any of you made this shift, and how you went about it. I assume you didn't go through headhunters like with PE/HF, but how did you, or would you go about this process?
Do you feel like an investor after doing IB? Just curious.
lmao he probably wants to be an investor after IB. You'll never feel like an investor in IB, even though you'll be forced to think like one at times
Lol no, but that's part of the reason why I'd like to make the shift
Interesting... I'm currently starting my career at a small micro-cap hedge fund....and NOW I see why IBD isn't useful. Literally, ya sure, the modeling/accounting you gain from IB helps, but you as an IBer have no idea why an recurring SAAS is more attractive than say a generic semi-conductor company--it all comes down to Return on Invested Capital (higher ROIC implies more of EBITDA translates into FCF), something you would never get exposure to at IB.
I personally did not make the shift but an acquaintance made a similar shift by doing an MBA and sitting level 1 of the CFA.
Interesting. Do you know how many years of IB this person did before they went to business school? Jw if they did 2 years, or 4 years, etc.
Also, by any chance, do you know the shop (or similar shops) that this person ended up?
2 years as an Analyst and 2 as an Associate. Regarding the institution, think Fidelity, Vanguard, BlackRock.
Moving from public finance i-banking to asset management (Originally Posted: 10/11/2013)
I am currently an associate for a boutique investment banking firm specializing in public finance and recently I've become interested in moving into Asset Management focusing on municipal bonds with a goal of eventually becoming a portfolio manager. From what I've seen it appears that a lot of portfolio managers start out on the buy-side as a junior portfolio manager or an investment analyst. I know that I can't just jump right into a portfolio manager position from investment banking so I am looking into roles within fixed income research as a way to strengthen my credit analysis skills. Also, I am enrolled in the CFA program and am currently a level II candidate.
I've been applying mainly to credit research jobs, however, I haven't had much luck in obtaining any interviews. I am wondering if my experience within public finance is too narrow as I currently only work with issuers located in NY from the County level and down. I've recently been offered a position with another investment banking firm that can give me a broader experience with other municipal issuers, like utilities, transportation, and big state agencies and I will cover a much larger geographic area but I am a bit hesitant to accept this position because this will also result in much longer hours and will impact my ability to study well for the cfa exam. Do you guys think it would be better for me to accept this job and work in investment banking for another two years before looking again for fixed income research positions or should I stay at my current firm and continue with my search and networking? Thanks in advance for any feedback.
Anyone?
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