Long story short,28M, I work as a CVICU nurse, initially wanted to become a CRNA, no longer wish to remain in healthcare.
Have been a longtime follower of Downtown Josh Brown and more recently The Compound (podcast/yt show with the people from Ritholtz Wealth Mgmt). Basically decided I want to do what they do.
I plan on beginning to study for my CFA L1 here pretty soon despite not having a background in finance. Will also go back and get a degree in finance.
As a non-trad applicant, what is my best chance of breaking in to wealth management?
Any advice is welcome! Also feel free to roast the fuck out of me if I’m naive and far removed from reality lol.
Skip the CFA; get into an MBA/MSc program.
Really? From what limited research I’ve done I get the impression non-traditional career jumpers should almost certainly try to earn their CFA. Am I mistaken in this belief?
Only know the IB route but I assume wealth management is similar - you most likely have to do an MBA (preferably M7 or T15) to give yourself the best chance to succeed, while also getting CFA in the meantime (I think level 1 should be enough to show your interest in finance, as well as get the fundamentals in).
Try looking at non-traditional wealth management associates/analysts in Linkedin and see how they got there - my assumption is that most likely they have MBAs as career pivots. You can also cold message/email them as well
Depends on what spot in WM you hope to land. If Goldman, JPM PB, etc - top MBA is going to help there.
Also, are you looking to be a portfolio manager or an investment advisor? If the latter, skip the CFA and get your CFP.
Advisor Route:
If I were in your shoes, I would look at local wirehouse teams (WF, BAML, MS, etc) or RIA's and see if you can get in front of them. You're looking for an entry-level position (basically a glorified admin) to learn the ropes/ industry and prove your value. As your knowledge base and skillset develops, you'll be given more responsibility until you're a full-fledged advisor. At the highest level, the core competency is sales and relationship management. You'll take a pay cut for a few years, but can make multiples of what a CRNA makes if you stick it out.
PM in WM:
A lot more nuanced and can mean a number of different things. Using my example above, some teams manage the portfolios themselves, others farm it out to firm-wide PM solutions.
If you can afford it, MBA is your best bet. CFA will only give you the license/title on your resume, but an MBA will also earn you the chance to network as well as access to internship opportunities.
If you managed to get into a target school MBA - then employers will even come to recruit on campus.
If you did not get into a target school MBA - then a combination of MBA + CFA sends a strong signal that you are serious for a career switch and is competent enough to do so.
There is also a possibility of you breaking into finance as is, but it will be more in an operation/support role. Depending on what the role is, there may be opportunities to pivot within the firm you work at towards a role that is closer to what you are looking for. I have even seen an executive assistant pivot into senior marketing role at my shop.
You can use your background as a slight advantage for a more health-care exposed job. For example a client service associate on a team at an asset management/wealth management firm that services healthcare clients.
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