Breaking Into Front Office From Back Office - Study Master or internal transfer?
Hi, I graduated from G5 uni in UK, bachelor in economics, went straight working in a Mid/back office graduate scheme in a US BB ib in London and currently near my end of second year. I've completed all 3 levels CFA exams.
My ultimate goal is to go to FO, current objectives: S&T (as my current role is more close to trading) or asset management (purely interest).
I've received a Msc offer from Cambridge, starting from this Sep, but given the current market situation (layoff, no headcount, job freezing) The internship application looks worse than I imagined last year when I applied for master.
I'm also aware of internal transfer. But also heard the likelihood of BO to FO is small, and due to the recession currently even no FO jobs in internal job board. Also don't know if internal transfer is more competitive, as my CFA helped me in technical, but sounds like internal transfer more depends on network (compared with internship/graduate)
So I'm wondering if in current economic situation, I shall choose between go to study master then try FO internship or stay at BO for more years and try to look for FO jobs internally? Also how shall I leverage my CFA in breaking into FO?
Master cost is not an issue, and I’m willing to start from analyst 1 if I can jump to FO.
Thanks.
Given you've been to a target and the current market, I'd suggest staying where you are and just constantly networking internally. Completing the CFA is a hallmark, especially for AM that you can handle the technical component
For you, it's pretty much waiting for a seat to open. The only way to do that is through constant networking and talking to see where people have a spot open.
Leave for the masters sabotages your income, and essentially gambling on getting an internship (with banks slowing down their hiring, it's a big risk).
Thank you for your reply. Understood your point, I'm just hesitating given the current condition, whether there will be junior position open (and even I could get it), essentially I'm gambling on open roles
Well if you want to think about it in terms of risk, so you know the market is horrible right now:
Stay in job, keep getting paid whilst having a chance of moving to FO.
vs
Leave job, no income, take on huge payment for masters, and still have low chance of getting FO, not to mention you will probably have to do internships first.
Since you joined a BB, you have other analysts in your class / who you go to drinks with, ask to sit with them on their team's desk or speak with someone on their team to find out more. It'll be casual but treat it like pitching your skills to them. After every meeting ask if they know anyone else you can talk to. Repeat and once you've spoken to enough people, there's bound to be a position through word of mouth.
For example, if an analyst leaves after their 2 year stint, that could be you to take the seat.
Thank you very much for your advice, much appreciated, will take into consideration.
Masters
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