Breaking into the Asset Management /HF world from being a traditional Adviser
Hey all!
25, Graduated from a non target State School in California going on 3 years ago, High GPA, 4 yr collegiate athlete. Got immersed in Asset management and trading my senior year, and took a Financial Advisor position with BAML thinking Id meet tons of advanced traders with their own strategies, where I would learn a ton and gain lots of valuable experience. Quickly found out I was wrong, no one trades or wants to trade, this role is solely a high ticket sales/ relationship job. They actually make it harder to execute trades, with no emphasis on any Asset management skill development and rather promote outsourcing all together. I feel there is no career development path aligned to my goals in this role .
I have applied to countless HFs and Asset Management firms, but have had no luck. Along with my Resume, I include a short (2-3pg) paper with my resume detailing some asset management techniques I use with some clients now.
Any advice how to break from this traditional Financial Adviser path into the HF/AM world as an analyst?
The way I see it, traditional advisers for the most part are an unnecessary middle man, and in my opinion the double fee structure is going to be eliminated in the next 10 years. Why pay someone who is outsourcing your investments to ETFs or funds that you can buy yourself and save the 1-2%? Especially if there is no active management or value add.
Would really appreciate some insight, advice, critiques,
Thank you
Assuming you aspire to researching stocks at a HF / AM, you need to demonstrate ability to do fundamental analysis. The best is a 2-3 pg write-up on a stock idea.
I don't know what "asset management techniques" means, but that gets you nowhere for a fundamental research role.
You are going to need an MBA to reset. No one is going to hire a financial advisor.
Lol I guess the truth hurts huh? Monkey shit for saying the same thing as below.
Monkey shit doesn't change the reality. It's merely a reflection of self-denial.
Two ideas:
Do the CFA program and get into a top 10 MBA program, then pivot. Going to be next to impossible to move to AM/HF from a financial advisor role. Truth be told, even doing this will be tough as HF/AM roles are hard to land. Your backup would be IB first post-MBA then after 2 - 3 years a buy side role. The CFA will help mitigate your pre-MBA work experience, financial advisors are considered more relationship types than investors. Don't study for the CFA / GMAT at the same time, I would ace the GMAT (or GRE) first then switch to the CFA.
Do the CFA and push hard to get a S&T sales job. I've known ppl who moved from PWM to institutional sales, very tough but it has been done before. The problem is you need to be trained, the CFA will help, but won't solve the issue that your current job doesn't exactly transfer over.
I think the first path has greater chance of working out. Either path is a long difficult road if you want this career.
Best of luck!!
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