High Finance Career for Someone Not Interested in Relationships / Salesy Roles
Currently a coverage ASO1 at an EB in NYC. I was never gung-ho about PE. I decided to give IB a fair shot and honestly, I've enjoyed it. Yea sure the hours are bad, and you're at the mercy of the client. But outside of the that, the work to me is interesting.
However, as I think about a career in banking and look at the senior bankers in my group, I realize that I'm not a fan of what they do / I don't think I have that personality. Specifically, the huge focus on relationships, keeping updated about the industry, "covering" companies. Maybe this is a function of being in a coverage group, since we're expected to be "experts" on the industry we cover (an industry I do not find interesting btw). I love and enjoy finance, but I could not care less about our client hiring a new CEO, or that X client vaguely mentioned they're interested in M&A in TX so we slap together a 90 page book on all the things they can by in TX, or that Y client has an interest in expanding into the northeast so we must continuously throw books at them on how the market in that area is evolving. This is also why I would not like PE. Everyone says PE is cool because there is an operations angle. I'd hate that. Talk to me about financial markets / finance or don't talk to me (as it relates to work, loll).
Maybe this is a function of being at an EB since we solely do advisory. And since we don't charge hourly, companies end up treating us like jack-of-all trades consultants. I once had to put together a deck on the professional background and compensation of peer company management teams since our client needed help on who their new CFO should be (and wanted to right size their c-suite comp)......
So my question is, someone who wants to double down on finance and less on industries specifics, what potential high finance careers are feasible from my level (I can't become a quant, I'm not math genius and also can't really go back to school for a math degree). I want to focus on markets, macroeconomics and financial products. I don't want to focus on business strategy, non-financial industry trends etc. I could probably ride out this group for a few more years but I'd get more and more pigeon-holed into the industry I'm covering. I'd rather make the shift sooner rather than later and start developing the skillset in that area.
I've considered moving to the M&A group as I imagine they're more focused on the structuring, financial aspects of the deal. Of course it's still a relationship business, and at the senior level I'm sure you get slotted into the "M&A banker" for X industry or something. Other potential area that I find interesting is capital markets since they're more focused on the financial markets, macroeconomics and how best companies raise capital. Don't think DCM bankers are putting together materials on where the client should open their next office based on where peers are located...
Any advice is appreciated!
Based on the most helpful WSO content, here are some potential high finance career paths that align with your interests in finance, markets, and macroeconomics, while minimizing the focus on relationship-building and industry specifics:
Mergers & Acquisitions (M&A) Group:
Capital Markets:
Hedge Funds:
Asset Management:
Proprietary Trading:
Research Roles:
Risk Management:
Quantitative Analysis (Non-Quant Roles):
Given your current position as a coverage ASO1 at an EB in NYC, transitioning to one of these roles would allow you to leverage your existing finance skills while aligning more closely with your interests in markets and macroeconomics. Consider networking within these areas and seeking out opportunities that match your desired focus.
Sources: High School....now what? AM career??, Career in Finance - Reality or Reach?, Finance Career Path & List, Corporate Development Manager - Q&A, Lesser known MBA career options? Looking for advice on what to do post-HBS.
Go to a hedge fund
DCM or Structuring sounds up your alley
DCM isn't technical at all, you'll die of boredom. Join a hedge fund as mentioned above.
Macro research at an asset manager or hedge fund.
Also equity research - yes you'll cover companies and need to care about them changing their CEO, but it's much more from the stock catalyst angle than advising the company
there is no way around sales and relationship building in almost any area of high finance. all investors have to build and maintain investor relationships. obviously investment banking is a client business
you also wont be able to advance internally in any area of finance without building a strong base of internal supporters and mentors. this also requires salesmanship and relationship building
the ability to crunch numbers and crank out reams of work isnt enough to succeed in almost any profession tbh
Being a software enigineer would work though OP can sill change the profession. But seriously, I think trading/HF is a good way to go, many introverts end up there, and it's about analysing the data and acting fast, rather than being a salesman
I don't like framing this as "being a salesman." Relationship building and being effective at the work are interrelated.
Think of relationship building as identifying exactly how you can be most effective to the people around you. This lets you channel your hard skills most efficiently
Relationships/relationship building is still incredibly important in trading, especially sell side S&T
Unless you're at a hedge fund trying to monetize your views on markets
There is nothing quantifiable about your skills in giving your perspective on big picture macro, so it comes down to relationships at the end of the day
There are market strategist roles where it's your job to give your views on macro, so that might interest you
Definitely look into product groups on the capital markets side. You'll still have client interaction of course but your coverage bankers will drive most of the "salesy" aspects of the relationship, you'll just be called in when your product is relevant. DCM could be good but as another commenter mentioned may be too bland for you. I'd suggest lev fin, ratings advisory, or structured products. If you don't mind a pay haircut for better hours some traditional banking product groups like treasury management, equipment finance, or global trade products could be a good fit. You can still make pretty good money, we had an internal job posting for a deposit products lead at my bank and the base salary was $350k (with probably a 40%-50% bonus target on top of that).
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