27 Years old with only WM/AM Sales experience
Long story short, I started in WM by complete accident, and rapidly realized that it was not the place to start a career, especially without any fundamental finance experience.
I lateraled to BLK after ~3 years of being mislead, but realized being a wholesaler isn't exactly any better in terms of future, content, and exits.
I'm now 27, I left BLK (Intentionally, and by choice), have been focusing on establishing a "real" career. I've taken an interim gig that is product focused at another AM. Is there any hope that I'll ever make it into banking, or as a backup, management consulting? The way I see it now, without a ton of luck, I'll have to go to grad school to even have a chance at entering a side of the industry that doesn't involve cold calling all day.
Thanks in Advance, Just trying to sort my life out.
I was in a similar situation and know exactly how you feel. Cold-calling retail advisors all day sucks, and a majority of them are stupid pricks who think they are God's gift, and I felt like the career path was extremely pigeonholed and couldn't imagine being an externally visiting retail advisor in bum fuck nowhere or, even worse, a manager managing an internal sales desk. So it's good that you want to make the jump before it's too late.
I was an internal wholesaler at an EB AM (Janus, Lord Abbett, NB) and was successfully able to transition to a S&T fixed-income sales role at a BB, selling commercial paper to institutional clients. I believe your best bet would be to get an MBA from a target program and apply to IB MBA associate roles; I don't know if consulting has an MBA route similar to IB.
The huge issue I had when looking for a S&T role and what you may run into without an MBA is that a majority of interviewers did not think I had any transferable skills or technical skills, and they really frowned upon retail experience. My only redeeming S&T qualities were my soft skills; I had the ability to pitch investment ideas, and I already had my 7/66. So I really had to dive deep and use all the resources my firm had in regards to research, shadowing traders, and PMs, and I really focused on tightening up my technical skills and macro/micro knowledge and really perfecting my story on why I wanted to leave the AM side of the business.
I know you are not looking to transition to a S&T role, so this may be an apples-to-oranges comparison, but I believe you still have a shot, though it may be nearly impossible without an MBA in this job market. You also may want to see if your current firm will sponsor you for the 79 (Investment Banking Representative Exam) or the 86 or 87 (Research Analyst Exam). I know it's a long shot, but it's another way to attempt to get a leg up.
Super helpful response, appreciate the time you took to respond.
I'd be very surprised if they sponsored me for either of those exam simply because they arent technically banks, but definitely worth asking.
"The huge issue I had when looking for a S&T role and what you may run into without an MBA is that a majority of interviewers did not think I had any transferable skills or technical skills, and they really frowned upon retail experience. My only redeeming S&T qualities were my soft skills;" - This is the biggest thing I've run into so far. I spent my time working under institutional FI traders at the BB, but when it comes interview time they discredit the experience based on the LOB. They assume its retail mindless dribble. I landed some biotech interviews for post IB business development, and I crushed 90% of the interview until it came time to walk through the DCF. I understand the models, I can create rough ones, but without any actual on the job experience it was very obvious I was green in that department.
Anyway, seems like my hand is being forced on getting an MBA. I always hoped I could avoid it, but seems like I wasted too much time chasing shiny distractions and didnt focus enough on leveraging my roles.
You’ll need an mba. I came from your exact background. While IB has taught me a lot, I somewhat miss the sales side. Working 80 hours a week is much easier at 22 than it is at 30 with a wife. Not trying to talk you out of it, rather providing context that I wish I had.
Do you think it is worth it? I'll make 200-250 growing internally during the time it would take to get an MBA.
Are you making enough extra to make the investment, time commitment, and ensuing slave labor worth it? Or are you playing for exit ops?
I'm in a scarily similar boat, where my gf will become the wife here shortly, and presumably will have a child. Shes a management consultant, funny enough.
You’re making 200-250 as an internal or are you a hybrid?
I was making under 100 when I went back to school so it was definitely worth it for me. At your income level it might not make sense from a monetary perspective but could still be worth it if you really want to switch careers.
It was a hybrid role previously making 130, but in the product role it would just be standard progression to VP from associate level. Thats why I'm a bit torn on the process.
Yeah MBA seems like your best bet. I think HSW would be hard to get but some of the lower M7s and higher T20s (Tuck, Darden, Stern, Cornell) should be within reach as long as you get a competitive GMAT score (700-720+). They’ll all get you there as long as you network a lot. Know a guy who had your career path and got BB IB out of one of those MBA programs I mentioned.
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