Non-traditional backgrounds in Private Banking: CAREER CHANGE

Currently work at a distressed debt fund (small family office) in the Midwest. The firm has significant cash flow problems and I do not see a long term future here. The firm has a decent reputation, however I must stay in My state long term for personal reasons and there are no other opportunities in the same strategy here. If I could go to NY I would be set, but I cannot.

I recently received the CFA charter and want to use this time as an opportunity to change career paths. The most prevalent opportunities appear to be in private banking, and I believe I can be successful in this area of finance.

After additional research, I am most interested in the investor role. With my current comp at ~145k, I am looking at the associate role.

I have 5 years experience as an associate acquiring distressed companies and assets, so while my experience is in a different area, I do not think I would be entry level.

I am hoping someone can help me answer the following:

1) will it be a huge challenge to go from my current buy-side role to an associate role in private banking?

2) is there any appeal to my specific background for a private baking role? What role would that be?

3) how stringent are firms regarding the series exam licensing, particularly for the associate role? Do I need them before applying?

4) am I correct to shoot for the associate investor role? Or is my only way in the analyst path?

5) with my unique background, is applying through the website The way to go? Or should I go the informational interview route? If I focus on networking, who should I try to meet up with? Analysts? Associates? VPs?

6) how common is a non-traditional background in the associate role?

Thanks. Any advice is truly appreciated.

3 Comments
 

It seems like you would be a good fit. A lot of it will depend on whether or not you can get the right person to get your foot in the door. CFA and experience in a family office is good. I'd start networking my way into an interview.

"Everybody needs money. That's why they call it money." - Mickey Bergman - Heist (2001)
 
Best Response

Sit molestiae quidem dolores accusamus facere totam praesentium. Laboriosam numquam deserunt facilis. Quaerat consequuntur adipisci et aperiam. Quibusdam et voluptatibus inventore et reprehenderit ut. Doloremque alias culpa praesentium dolores necessitatibus distinctio.

Career Advancement Opportunities

June 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.8%
  • JPMorgan 01 98.2%
  • Guggenheim Partners 01 97.7%
  • Morgan Stanley 07 97.1%

Overall Employee Satisfaction

June 2026 Investment Banking

  • Moelis & Company No 99.4%
  • Morgan Stanley 01 98.8%
  • Evercore 01 98.2%
  • BMO Capital Markets 12 97.6%
  • Banco Santander 01 97.1%

Professional Growth Opportunities

June 2026 Investment Banking

  • Moelis & Company No 99.4%
  • Evercore No 98.8%
  • Morgan Stanley 05 98.2%
  • JPMorgan No 97.7%
  • BMO Capital Markets 12 97.1%

Total Avg Compensation

June 2026 Investment Banking

  • Vice President (14) $434
  • Associates (43) $259
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (22) $179
  • Intern/Summer Associate (13) $156
  • 1st Year Analyst (75) $151
  • Intern/Summer Analyst (67) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
kanon's picture
kanon
99.0
5
CompBanker's picture
CompBanker
98.9
6
Betsy Massar's picture
Betsy Massar
98.9
7
DrApeman's picture
DrApeman
98.9
8
dosk17's picture
dosk17
98.9
9
GameTheory's picture
GameTheory
98.9
10
Mimbs's picture
Mimbs
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”