Stuck in BB S&T
26 and in Sales at a BB. I am not getting any younger, and I am not building relevant skills here. Most of the industries I want to switch into value IB skills that I do not have. At this point I feel like I have to go to business school, and even then I’d be late to the party if I threw my name in the hat for this years cycle.
Does anyone have any advice?
what do you want to do? working in IB and I've always fancied working in sales @ a bb in a s&t capacity
Sales is a deadend job in my opinion. I want to move away from the public markets and learn more about corporate finance, strategy and development.
Not true. There always will be sales. In fact, many banks salesperson be head of sales and trading.
You are at the right age for business school...so that should be an option.
Are you clients institutional, or more toward retail or PWM?
If you are in sales and you help cover hedge funds and other large asset managers, that is different than helping individuals with 500k-1mm create personal portfolios.
If you cover institutions, then you could make an effort to learn more about the products to learn about relative value...you could learn to code....if you have a list of clients that like you, you could try to lateral and take your clients with you.
Switch to another industry. Look my Bloomberg terminal today, the biggest headline is a massive layoff is coming!!!
Start with Goldman and soon will be everywhere on Wall Street!
What a surprise. Here you again spreading fear rhetoric on s&t
A big loser. In fact, the biggest of losers. I have known him my whole life and everyone calls him a loser. He's such a loser, some have even said that he should be on the Biggest Loser. I never said that, but a lot of very good people in very good places have said that. -Donnie T
Join buy side!!!!!
in sales, you don't develop the skills that the buyside wants (maybe IR.....maybe)...the buyside generally hires traders not sales. However, some sales people write a daily commentary and have their own well thought out trade ideas (and track them over time...entry and exit....play that you are a PM). Send these to all your buyside clients...and over a few years you can develop a following, which eventually can become a job opportunity....but only if you have a good track record. I know a few rates sales people who eventually (after 15 years) got jobs as portfolio managers at hedge funds from doing exactly this. They probably could have made the jump sooner...but sales is a low risk job if your customers like you, so staying is easy if that's an option
Sales is a great opportunity to create a track record without actually risking any money of your own.
faceslapping - you are a good poster on the forums - this fake VP is a troll
This is such a remote possibility that its almost irresponsible to give out as advice.
It's getting harder and harder for traders to make the switch to the buyside. For sales people? Its damn near impossible.
Even if you come up with the most brilliant ideas to pitch to your clients, most of the analyst or traders on the buyside are simply going to think:
i.) This guy is basically repeating whatever his trader is telling him
ii.) Their desk must be looking to offload some positions
A few thoughts…
Switch Desks There are value add sales roles and no value add sales roles. I find the value add ones are really sales analysts and on desks that are more specialized in nature. I would classify equity research sales as broadly no value add, but if you’re covering a specific vertical where you can develop a skillset that’s a different story. All the distressed and event driven sales guys that cover me are more like desk analysts and do provide a good service. I’ve known a few off and on over the years that have moved to funds as similar trader/analyst roles and done quite well. Obviously switching desks is easier said...
CFA If you want to sharpen your finance skillset and become more of an analyst, the CFA program can only help.
B-School The best way by far for a complete career reset. Throw in the CFA (or at least a few levels of it) and you’re in great shape for a summer in IB, ER, AM, etc…At 26 you’re also not too far off the average age.
Best of luck!
Move on
Is there anything you are passionate about that you could see yourself doing as a career? Maybe something a bit risky, but fulfilling? Also depends on what your financial situation is and how much you've saved. MBA seems like a 120K ticket (not counting opportunity cost) to change careers when you could just do that with a bit of grinding/networking. Sales is tough because I think it's really hard to come away with a solid skillset that presents an obvious value-add to other types of roles. Play up your product knowledge and sell yourself to other firms as more than just a skillset. Make the move ASAP and don't wait.
I am a PE analyst at a MM LBO shop considering to move into sales, would you switch spots with me? Should I make the move or should I stay in PE? I'm also 26 and don't know what to do lol.
Would make a lot more sense to do sales at a PE fund - why would you want to move to public markets?
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