Internal Wholesaler - Institutional Sales' departments in the BBs

I hope to eventually break into Sales and Trading, but I graduated in May and my networking has not paid off as much as I'd like it to. I have received an offer to work on Prudential's annuity sales desk as an internal wholesaler. Ideally I'd like to reapply to the Institutional Sales' departments in the BBs as an experienced hire in a year or so. I'd receive the necessary licensing and have more sales experience on my resume. What are your thoughts about this alternative path? 3.2 from top 15 school, four years football, BB wealth management and boutique ETF sales experience.

 

When you say institutional sales, do you mean S&T division at a bank (i assume so) or the institutional sales within the AM division? Both will real tough to break into, and you'd have to continue to network and hope for a break. Annuity sales to FAs/retail sector will have no transferable skills, pretty sure you don't get the Series 7 as well, just the 6

 

I'm currently an Internal at a boutique shop in the NE. Here are my thoughts:

Yes, being an internal is a valuable experience. You'll learn how to sell (and sell yourself), which in itself is a very valuable trait since not many people know how to do it. Yes, you can make IBanking money. If you go the route of being an external wholesaler, average is anywhere from 350k-500k a year. And yes, you can break into IBanking, etc. You'll have to work hard to separate yourself, but it is possible.

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But do people ever stay at internal their entire careers for the better hours? Im assuming internals are paid well (60-200k by the time theyre in peak career for a 9 to 5 job). But the higher compensation (300-500k) probably comes with more hours and stress, right?

 

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