Asset Management sales to S&T?
Hi guys,
I’m currently in a sales position at a top 5 fixed income asset management shop, selling to money managers, wire house financial advisors, and banks. I have a couple friends from school who work in S&T and I’m curious if anyone has made the jump from AM sales to S&T. I’m interested in working on a bond desk, whether that’s in sales or doing syndicate work. On paper, it seems that fixed income market/product knowledge, licenses, and sales skills would be transferable but not sure to what degree. Any feedback would be greatly appreciated.
I know a couple of people who have, but it is not common and that is mostly because banks suck at hiring entry level sales people. So if a bank was hiring you to work in FI sales you would be coming in as an analyst, your experience while relevant is not "associate level" experience and you are not at all ready to cover clients on your own. You are going to need 2-3 years in that analyst role doing to grunt work and learning how things work. Most of the banks would rather hire someone out of college who has no experience for that role, generally someone who came through the internship program, as their ramp to covering clients is going to be about the same as yours. From what I have seen most of the people hired into sales roles right out of college don't stick, idk what it is but most leave after 2-3 years for something else or if they do end up staying they are not very good. The path to advancement is just tougher on the sales side than in trading and someone who was able to beat out thousands of kids for one of the few seats is going to find something else to do if they feel like they are not moving up fast enough. The people who tend to have success in sales generally do something related for 2-4 years and then transition over (most of the senior sales people I know did not start in sales right out of school, I have been @ 3 BBs over my 15yr career and buyside for a couple of years before that). I think its just a "appreciation" factor having worked somewhere else making less money and then getting a pay increase makes you more willing to put up with the BS that is necessary to move up than someone who got the job right out of school. Also I think there is a maturity factor that kicks in after some time working that just makes you better at the job than someone right out of school.
All that being said, you have a very relevant background and people will for sure want to talk to you, and if you are willing to put the work in to network you can make it happen. Get people on the phone, go meet for drinks, go visit trading floors (once COVID is over). If you are friendly with any of the traders or PMs at your current firm feel them out for intros to their sales coverage. Have a relevant story as to why you want to do S&T over your current role. There is going to be a bank out there who is going to need someone who they can plug in tomorrow and can't wait for the next analyst class its just about finding that opportunity.
Wow this is extremely helpful, I really appreciate the response. Definitely going to start networking w/ alumni and anyone that I can. I like my current role a lot, but want to interact with bigger clients in a somewhat similar role. Thanks!
Asperiores nihil tempora alias optio voluptatem velit nulla. Quae odit deserunt cumque est ratione a. Aliquid recusandae excepturi officia aspernatur sint fuga nihil. Occaecati quia est modi.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...