So...wealth to IB?
This is going to be a somewhat long post, I’ll keep it as succinct as possible.
About me:
-Work in wealth management
-Grew up poor, living in a room with cousins and siblings
-Parents immigrated to America and are blue collar. I’ve worked for them since I was 14
-I had bad grades in college because when I started, my dad lost his business and became basically homeless and my cousin passed away. I became a existential, suicidal alcoholic with no direction or guidance, away from home, and with multiple part time jobs and no money
-I’ve always been “smart”- good standardized test scores, in magnet programs, advance classes, etc. despite the rough upbringing
-even as a child, I was abused and I know I come from a “disadvantaged background” but don’t let it bother me
So, here’s my issue: I’ve excelled in every job. My net worth went positive this year after 7 out of college. Ive battled terrible bouts of optimism only to be let down, with a lot of luck along the way. I want to work within equity capital markets because honestly, it’s a combination of the things I enjoy in this world: analysis, macroeconomic and industry trends, sales, and coaching (in this context, what makes the most sense for a company to do). The money wouldn’t hurt either, even as an analyst (honestly, 1.5x what my parents raised us on).
I don’t want to be the guy to say “say never”, but it seems like a long shot for me to become an analyst in ECM, especially when I can’t afford an MBA. Is there any shot? How can I make it? What can I learn or do to prove I have what it takes?
What kind of wealth management firm employs you? Does it have an IB division? Have you explored financial aid options at MBA programs? You seem to be an ideal candidate for a full ride at B-school.
It’s a big 4 “wire house” and does have an IB division. I haven’t considered applying for B school because of the financial implications but maybe I should.
Also just out of curiosity does your firm have an educational reimbursement program? or Scholarships?
If you are grinding for your team and perform well, you should try to transfer within your bank. I assume by "wirehouse" you mean BofA, MS, WF, and UBS? Internal transfer is your best bet. Otherwise your highest value prop may be to continue grinding it out in wealth management. You can still make good money.
Yeah, that’s right. I’ll try to work those angles, which has pretty much been what I’ve done so far. Thanks for the response and advice.
If you also have access to a company directory I would even just shoot your shoot with the ECM team and see what they recommend. You may also be able to get the CFA which could be a big indicator that you are dedicated to the switch.
Yeah internal transfer or applying for a B school scholarship seem like your best bets. Another option is you can pound the pavement and apply to boutiques, but I’d recommend the first two above this just because the shop quality will be lower. (Unless that doesn’t matter to you which is ok as well)
if you are actually "great" at what you do then stay in PWM. The top 5% of people in PWM are making slightly less than MD's in IB, but are absolutely killing it
Not on a team, work in a different capacity in a “front office” role. I know some EDs where I work can make upwards of 500k, but I am interested in ECM because of what the role entails
This isn't that much of a long shot. Start networking both internally and externally within ECM and see if they'd take you as a lateral. Banks usually want experienced hires but the lateral market is on fire right now, and especially internally they might consider it. Do that for a few months, but also keep an eye open at MBA programs for fall 2022 entry and what those timelines look like. Part time programs are not the best route to recruit IB, but if you can swing a full time program (including any scholarships) you will be extremely competitive for an IB summer associate role. This saves you at least 2 years of the analyst stint, so not really even a waste of time.
Would be mindful of why you really want to do IB in the lateral process. It's unusual for someone who's ~30 and works a solid finance 9-5 to suddenly want to head into a very grueling job with horrible hours. Make sure you have an answer for that.
Noted, thanks for the advice! Much appreciated. Based on this thread, it’ll reach out to internal teams and start looking at B-schools.
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