Hi Everyone,
I am currently a sophomore majoring in finance and minoring in econ going to a non-target (Rutgers) and after learning about the different sectors in finance, I figured out I would love to have a career in asset management.
What should I be doing to enhance my skills and receive a full time offer?
I have been doing Wall Street Prep, received the CFA Investment foundations certification, and plan on taking the SIE exam.
Any advice is deeply appreciated! thx everyone!
My dad is in AM, and I have other friends in IB right now that plan to switch to AM down the road. This is the advice shared with me, not my personal experience. It may be anecdotal, but nonetheless here it is.
AM is all about gaining the trust of clients through your experience and your results. It can be very difficult for a 22 year old to gain the trust of 50 year olds who are looking to invest their entire life savings.
My plan for going into AM is to work at a big bank for a some or most my 20’s, meet other high income earners, and learn the industry from the sell side. I am planning on becoming a CFA, but a T7 MBA may be better(not sure). After that I will eventually settle down as an asset manager.
Clients really don’t understand what you do, that’s one reason why they are hiring you. That’s why a recognizable University (which we have), and some “name brand” experience can help for a 25-28 year old trying to prove yourself in the field.
Looks like we are headed down similar paths, best of luck to you! Also, just keep killing it and don’t stress too much. You are doing all of the right things. We just need to enjoy school while we are here too lol.
Although I agree with the issues surrounding HNW having confidence in a 20 something re their investments, you are describing WM (wealth mgmt) not AM. They are different. Not sure what the OP is interest in but for clarity purposes:
WM - is essentially managing individual client wealth (could be institutional as well). As in they give you X to manage. Also spills over in to tax and estate planning. Think Private Banking.
AM - is the institutional mgmt of assets (equities, fixed income, alts, RE, PE, HF) for a WM to use for the mgmt of his clients wealth.. So a mutual fund family (AM) manages several different types of funds. An investment advisor (WM) will decide what funds to use for their client.
Very different as a WM is managing money per the specific risk tolerance of that individual client. An AM is managing assets per the mandate of the fund and doesn't care about an individual's assets. They will have a growth fund, an aggressive growth fund, a growth and income fund, a income fund, a muni fund, etc. They create the funds. The WM decides which make sense for their clients.
Ok thanks for the clarification!
I would second this. As a sophomore you should at least be starting to think about where you see yourself/where you want to be (career wise) in 5 years, 10 years, 20 years, etc. A big part of that for me was figuring out which side of the coin would give me more satisfaction. I was a sophomore like you when I made my choice. Ultimately, I wanted to be able to know that I was making a direct and tangible difference in someone's life, and be able to see that for myself first-hand. That's why I ended up in Wealth Management. Being able to give client's peace of mind is something that's important to me. It might not be for you, and that's okay. But it's up to you to narrow down your focus another notch.
Put some actual money into the market, there is no better way to start learning. If you don't have much, start a mock portfolio. There are several different sites with mock portfolio platforms
Great idea!
Hey @ChimpPE,
I'm a bit late to the game here, but passing the SIE is definitely a very good way to enhance your resume and improve the chance of you getting a full-time offer. It shows employers that you have a strong base of finance knowledge, reduces licensing risk, and just overall demonstrates that you're willing to go the extra time. It'll also qualify you for entry to FINRA's FIND program, which essentially is a lead list that finance companies use when they're scouting for candidates.
WSO has partnered with us at Achievable to offer a cutting edge SIE prep course - check it out!
Thank you so much man!! Will certainly look into! Stay blessed!
Thank you so much man!! Will certainly look into! Stay blessed!
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