WM to IBD - Need advice

Hi all,

I am sure this post has come up before but I was curious if anybody has had experience going from Wealth Management to Investment banking? I am 27 currently a Registered Associate (7&66) at Morgan Stanley (MS) Beverly Hills whose duties are mainly administrative (opening accounts, moving money, account maintenance, etc). I graduated from UCSB with an Econ/Acct degree 3.0 GPA in 2017. Currently studying for CFA level 1 and taking things one day at a time. I have been at my job since February 2019 and I would like to transition into a role that is more analytical. Ideally, I would like to stay within MS because I like the company and I would like to move up the chain. My managers know that I have ambitions outside of administrative work and would like to be more involved with the investment banking division, however, it seems that these talks never really lead to anything. I was wondering if anybody would have any immediate steps I can take to help me break into IBD. Looking forward to your input.

 
Most Helpful

22 yo recent grad in UK WM boutique.

I’d say take it step by step. i also passed CFA Level I recently and its exhausting. Make sure you prepare well and you pass it. Then, you can maybe try networking if it makes sense. However, CFA isnt very valued at IB (im 90% sure but if someone has contradicting proof - you are welcome).

I wrote this comment to say this: unless you ask yourself, they will never give you a chance. Even better, be specific by asking specifically if you could help with X project.

I dont know how things work in the US but I had to do a mini job for our UK London office and then used that to get involved in the project. I am very sociable and because people like me, they give me the most interesting work. My title is Administrator (Associate at it lmao) but I barely do any admin. I compile spreadsheets for MDs, write/format documents, make templates, one off cases like due diligence on acquisition or client specific performance of VC investments etc.

You get the idea. When i work on boring things, i never complain. When I work on interesting things, I make sure they know I appreciate it. Finally, I always make sure everything is well done. I’ll spend another 5 min to fix up the formatting of the Excel spreadsheet. I’ll read it back to front and hit F7 to try and iron the details/typos. Some people say they have attention to detail but they really dont. Think about it and triple check some of your work. Hopefully you are not one of them.

This may not answer your question but it may end up helping you get a few cooler bullet points than regular admin stuff.

For what its worth, the standard path is probably T-15 MBA and lots of networking.

Good luck, I hope this helps.

 

I respect the hustle. Your best bet is to network within MS. Banks are not even thinking about lateral hiring (unless they are Rx shops) at this point in time, but your strategy should be to network today so that you can build relationships and be top of mind when the world starts to look more normal. CFA is not super well-regarded from a traditional pipeline perspective, but you are already non-traditional candidate so you can use it as demonstrable proof that you have technical skills/ability to put a lot of hours into something when you are telling your story.

Go on LinkedIn and try to find people at MS that have successfully moved internally. Ask your bosses if they know of candidates who have rotated within MS (doesn't necessarily have to be into IB, the point is finding other people who have navigated internal lateral processes so you can use that as a shared connection point). Send these guys/girls emails introducing yourself, saying that it looks like had a successful internal mobility process, and that you would like to learn more about what that was like. It's good that your boss's are aware of your desire to move, make sure you keep performing for them so they can vouch for you or maybe even connect you to other people. Go to the WM's HR department and express that you are interested in exploring internal mobility opportunities.

Also do the same type of stuff at other banks. It would be obviously great if you can stay at MS, but you are competing for spots with other top-target kids who may be younger/have better connections.

 

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