PWM to IB w/ Mid tier MBA
Hello everyone,
Just wanted to get some thoughts on moving from a career in wealth management to investment banking. I’m 26 years old and recently obtained my MBA with a finance concentration from Pepperdine University (ranked 60th best in the US so I guess that’s a “mid-tier” but I GET IT- it’s no top-class biz school). I had spent my time in retail banking and some time a small business banker for the same commercial bank. I just recently got hired by Merrill Lynch where I am a financial advisor. I am studying for my Series 7 & 66 licenses and I just know the position is going to be BS- essentially moving traditional retail Bank of America clients over to Merrill and setting them up into fixed date funds and such depending on their financial situation. I’m a pretty technical person and I want to do something more impactful in finance- PE/IB etc.
I just have no idea how to make that transition. When I first got the job I thought it would look good but after reading so many posts on here- I realize that IB firms laugh at wealth management (lol) and they are not even going to consider the work I am doing here. So I am reaching out to the community to get some recommendations on some steps I could take to hopefully transition in the near future.
Some things I considered:
The CFVA certification from the Corporate Finance Institute to get some credentials on financial modeling, etc.
Becoming a CFA (although this may take a while!).
Looked at IB intern spots and analysts but I get TD’ed left and right because I either graduated already and they are looking for like juniors who are getting their undergrads lmao or my prior experience isn’t matching what they are seeking.
Am I doomed? 😖
Thank you in advance for reading and kindly responding to my inquiry.
-Joe
I’ll give you my two cents from interacting with some private wealth management folks at my previous BB and how they made jump. From my conversations with them they were in a program similar to yours and the moment that got on the desk they made sure to crush it in their role but they also networked like crazy with people in corporate banking and investment banking and any business line that overlapped with wealth management and was related to some type of cap markets/advisory role. You’ll need good ratings and probably way more people vouching for you than someone looking to move from DCM to IB. Since you’re just starting I wouldn’t do that right off the bat but roughly 4-5 months in reaching out to folks in IB in your geography will be helpful. I’ll be honest and say that i rarely saw it happen but there is no downside in at least trying. Putting your MBA and it’s ranking aside … I would ask yourself why you really want to go into IB? Is it money, prestige, skill sets,exit opps? If I were in your shoes I would get some experience under my belt and then go to a place that has top pay in PWM. I’ve heard Goldman Pays MBAs pretty well (~150K+ for base). Scales as you grow client base/assets. Decent WLB outside of the client gathering part.
Thank you very much for your prompt reply. I appreciate the advice. I had an interest in IB since I started learning about the functions of IBs during my undergrad tenure. Unfortunately for me I was still in retail banking and only recently transitioned roles and am learning the hard way that’s it’s not an easy switch since I didn’t punch the right cards at the right time. As of my intention of switching besides my general curiosity/fascination with the role- I see myself as a much more technical person and not as interested in a very sales heavy role. I also think (and this could be ignorant of me) that IB is much more impactful than PWM. So I suppose prestige? A challenge? And perhaps something I could be very proud of doing! Hope that makes sense. Thank you again my friend.
I just made the move from PWM to corporate banking but not at a major BB bank. A big one, but not one of the main leaders in that space. I had passed two levels of the CFA and networked. The Merrill program is going to have you try and build a book from scratch which is…well…incredibly difficult. PWM is a great option in the long run because you basically have ownership of your book and sell the book for 2x T12 revenue. It’s basically like an asset you sell for retirement. But you need to build it up and that in itself is difficult without a strong strong network. PWM is great for people who want freedom and have good personalities for sales. As in the beginning, it’s all sales. So maybe give PWM a shot to see if you like it. If you still want to go into IB, I would try your best to reach out to alumni on LInkedIn (or their work email) and start networking hard. Corporate banking is an easier transition and since it is mainly lending, you can actually pivot to a lot of higher paying jobs such as private credit, possibly fixed income asset management, and other corporate functions. The issue with IB is you’ll go in as a first year analyst at 26, which is tough because the hours are rigorous. It is even more possible if you’re in a big city like NYC. Have a good story, know why you want to do IB, and network. No need to do the CFA, it’s too much of a time sink and very difficult imo. Best of luck.
Thank you for your prompt reply. I appreciate the advice. Corporate credit was something I was recommended by one of my peers so I may look into that as well. Thank you for your two cents on the Merrill program. I had no idea. I'm a very sociable and friendly person but I am still pretty introverted if that makes sense. Although I have played the sales roles for the past 7 years (got into retail banking at 19) I realize it may not be my forte given that I feel that "I'm bothering people" and I don't take rejection as well as my peers do. Granted- I've gotten much better and I can hustle! But as of me actually enjoying it, that may be a different story lol. I will give the ML program a try and as mentioned in prior advice, I will try for 6 months to a year and see how I like it and go from there. Interesting point on fixed income asset management- I have been getting prospected by PIMCO on their associate role. I never quite looked that deep into it. I'm assuming it's another sales role but apparently the position also entails research on fixed income as well. What would PIMCO fall under? Thanks everyone!
Oh, and by the way. I live and work in Los Angeles.
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