I currently work in a consulting role post-undergrad and have just received two job offers: one as a private wealth analyst in an ultra high net worth group at a major wealth management firm and another as a fixed income portfolio analyst at a large institutional asset management firm (that will deal primarily with pension funds). I plan on staying in this job for 3 years or so then do my MBA, and after transition into a hedge fund. Both companies are considered to be "prestigious" names, though the institutional asset management firm more so perhaps according to WSO standards. I need advice on what to pick in order to accomplish my long term goal.
The private banking role interests me because I would be dabbling in not only fixed income, but a wide range of investments including alternative investments and more due to the UHNW clients having a higher risk tolerance. I would be involved in the investment process along with research and some modeling. I feel like these are skills hedge funds look for. However, the Inst AM role is also appealing to me due to the prestigious name it carries, I'd be managing institutional money rather than the money of UHNW individuals, and I would be doing way more technical modeling. I also have my CFA, so I'm hoping this helps when I apply to hedge funds down the road.
Appreciate any advice. Thanks!
I would go with the fixed income portfolio analyst job
The private wealth analyst job would absolutely be a move in the wrong direction if you want to end up in any investment role. PWM is sales. You will be responsible for gathering assets and essentially all of the investment decisions are handled by a central portfolio allocation team. At best you may get exposure to some PE co-investments, but don’t expect any more than that. Recruiters won’t even give your resume to hedge funds if you’re in PWM.
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