Going from WM to S&T?
Do you think it’s possible to go from WM to S&T? I would be more interested in the sales side. Not in a FA program but currently an analyst in WM at a BB. Just realized it’s not for me, and to be honest while I might enjoy it at some point I don’t want to become an FA. Please save the “sales and trading is dead”lecture for another time, I’ve heard it a million times.
It is possible. Haven't done it myself but I've seen it happen.
I'll be frank and say that many within S&T don't look at WM with the most favorable light so you'll definitely need to be a top performer in your group and well regarded in general. So i'd get to networking, especially with desks that might work the products you pitch. Example of this is networking with the Equity derivs sales team that handles structured notes/products for GWIM clients and so forth. That's where I've seen WM people lateral over.
You think the CFA might be of any value?
I think CFA level 1 could be of value. Just as a way of showing that you are serious. But very few in S&T actually have it so hard to tell how much weight people will give to it if you get all 3.
What's wrong with wealth management?
Just the perception. They are not seen as the brightest folk, generally speaking.
Not my view, just what i've noticed from speaking with people.
Wealth management is for losers it’s below us high finance individuals
Makes sense appreciate the input
I know of someone who did this very early on in their career (analyst level). Was interning in WM and recruited FT for trading positions in S&T.
Very hard- need to be at the right place at the right time.
What about for the sales side? Equally as difficult? I would be more interested in the sales portion, and yeah assumed it would be pretty difficult. Also thanks for the response
Unrelated, but can I ask what has you so convinced? I'm not trying to dissuade you from taking the S&T path at all, I am considering it myself but am a little scared off by the threats of automation, the secular decline, etc. talks that seem to be pervasive on this site.
Yeah not necessarily super convinced just an option I would obviously highly consider. Still open to lots of other things, assume I could always do tech sales or something like that and make a decent living. Would love to do sales or business development at a AM firm/just stay in the finance field in a different capacity, but those can be more difficult to come by.
Gotcha, well to answer your original question I also work at a BB and was just offered a spot in S&T as an analyst through an internal application process. Happy to talk through that process if need be. I'd reach out to HR to see if your BB offers a similar process.
It’s possible, but I’d say not easy. I’m not even going to lie to you, most of us think PWM/UHNW people are idiots, seriously the questions these fuckers ask sometimes (got asked if a disco was still callable @ par the other day by a liaison...). Anyways you could prob still network in, I’d say sales would be easier as it’s more similar, trading will be tough unless you network like a mofo and convince traders you’re brilliant. That’s my two cents
Yeah fair enough makes sense, appreciate the insight
I have seen people from PWM in MS/GS in their Miami LATAM practice lateral to S&T desks. Know two people who have done this within the last three years. Probably more out there. But tbh in order to do this you need to be fluent in Spanish. So, there is that.
Lol I'm definitely not fluent in Spanish, but appreciate the response
This is all about how you position yourself, what you are is a lower risk junior hire in sales. You already have your licenses, some knowledge of markets/products and experience in a client facing role. While its not directly applicable to sales and trading you would come in miles ahead of some kid from college who has only internship experience. Polish, professionalism and the ability to deal with challenging personalities are much more important for junior sales hires than product and process knowledge (you can learn those on the job). If I'm interviewing you for a junior sales role I already know that you have those things as you have a track record of working, the kid out of college I have no idea. I think the S&T world is slowly learning that people who do something else first are more likely to stick around than kids out of college. When your first job really sucks, a job that sucks slightly less but pays a lot better will keep you coming back vs a kid who has never worked anywhere else. While it is a very tough time for networking you just have to get out there and talk with as many people as possible. Go through the firms you would like to work at and see if any of them have people working there who have anything in common with you and try to get them on the phone.
I would also look into sales roles at AM firms, a lot of people move from WM to sales at AM firms. I would imagine you already know some AM sales people as you are the end client for their products. There are a lot more of those jobs than their are junior S&T roles. I do not think it would be hard to get interviews at any of the major AM firms with your background.
Really appreciate the advice, and yes definitely have looked at some AM sales jobs as well.
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