Transition into VC from Private Wealth Management/CFP. Advice?

Hi all! I am new to this forum so thank you for listening to my personal career issues. Hopefully someone else has been in my position and can provide some insight.

Background: I graduated summa cum laude with a finance degree and a minor in entrepreneurship. I love the startup scene and am a due diligence volunteer with a pitch competition/grant startup here. I interned in finance at a huge sports company last summer and then come January 2015, took the first job I was offered: private wealth management. It is a salaried job, I make above average money for entry level, but it is SO BORING. My office is tiny and rarely has much for me to do at all, often I just sit here and read my CFP books. We put our investors in a lot of PE funds (including VC) which makes our firm unique, I guess. My boss is also paying for and MAKING me get my CFP. I am only 22 and I think the CFP is the worst thing that I have ever done - I HATE insurance. I am gonna finish out the year and hopefully find a better job (maybe even with a startup?).

My main questions are: Should I stick it out and finish my CFP? Will the CFP even make me add VALUE to potential VC firms or should I just leave soon in pursuit of a better, more applicable position? Could I transition to VC from where I am now or is there a better next step I should take (internship/M&A/loads of networking)?

Thanks!

Dingus

Comments (12)

Best Response
Jun 12, 2015 - 10:27am
thebrofessor, what's your opinion? Comment below:

CFP is not relevant for VC/PE. what is your role? you haven't said anything about what your job is, only what you do all day. it sounds to me like you're in the rookie training program at a RIA or Merrill, and you won't be prospecting until you finish the CFP. my advice: ask yourself if you really want PWM or if you just took this job because it's a job. if the latter, get out ASAP, you're in the wrong career. PWM is not a stepping stone, it's the promised land and the last career you'll ever have...but only if you want it.

Jun 12, 2015 - 11:02am
Dingus_supremo, what's your opinion? Comment below:

Thx for the reply. Yeah that is what I was worried about. You're exactly right, I am an associate wealth advisor. I took the job because of the salary and everyone said "it's better to just get a job in some finance field cuz it's easier to get hired when you are employed"... I don't want PWM, it's insanely mind numbing and dry and I haven't been happy all year. Where do you suggest I look to make the change?

Jun 12, 2015 - 1:44pm
TechBanking, what's your opinion? Comment below:

A job at a startup is way more relevant to getting into VC than PWM.

Jun 12, 2015 - 2:06pm
Dingus_supremo, what's your opinion? Comment below:

Good to know. Does it matter what sort of role in the startup? Or can it pretty much be anything from financial to marketing?

Jun 12, 2015 - 7:35pm
TechBanking, what's your opinion? Comment below:

Qui voluptates nam possimus expedita excepturi id. Est est atque consectetur numquam inventore illo repellendus. Sequi nihil et unde quia ex accusantium minima. Minima repellendus omnis reiciendis perspiciatis ullam architecto id ipsa. Molestiae aut non ut repellendus omnis tempore. Itaque quia necessitatibus aut id.

Expedita ea officiis et eos alias. Quibusdam nulla repudiandae rem inventore debitis. Ut et quia sunt non cumque mollitia omnis. Pariatur quod modi rerum quod. Officiis et molestiae perferendis ex expedita id tenetur.

Et labore reiciendis mollitia qui aut et odit. Accusantium odit facilis tenetur iste quod similique earum. Minus nihil molestiae id expedita nihil et aut. Veniam necessitatibus hic aliquid ut commodi cupiditate. Vitae dolor amet unde.

Deserunt asperiores qui et vel. Et consequatur sunt nam impedit eius temporibus. Quia aut cum odio pariatur tempora rem aut.

Start Discussion

Career Advancement Opportunities

October 2022 Investment Banking

  • Jefferies & Company (▲05) 99.6%
  • Lincoln International (= =) 99.2%
  • Bank of America Merrill Lynch (▲04) 98.9%
  • Financial Technology Partners (+ +) 98.5%
  • Evercore (▽02) 98.1%

Overall Employee Satisfaction

October 2022 Investment Banking

  • Jefferies & Company (▲12) 99.6%
  • Evercore (▲03) 99.2%
  • Greenhill (▲06) 98.8%
  • PJT Partners (▽02) 98.5%
  • Macquarie Group Limited ABN (▲21) 98.1%

Professional Growth Opportunities

October 2022 Investment Banking

  • Jefferies & Company (▲05) 99.6%
  • Lincoln International (▲03) 99.2%
  • PwC Corporate Finance (▲12) 98.9%
  • Bank of America Merrill Lynch (▲05) 98.5%
  • Houlihan Lokey (▲05) 98.1%

Total Avg Compensation

October 2022 Investment Banking

  • Director/MD (10) $613
  • Vice President (38) $392
  • Associates (211) $257
  • 2nd Year Analyst (131) $163
  • 3rd+ Year Analyst (19) $160
  • 1st Year Analyst (441) $150
  • Intern/Summer Associate (83) $150
  • Intern/Summer Analyst (320) $92