Breaking into PWM or ANYTHING from a non-target?

Hi,

I posted in the asset management section, but no one is answering my questions. I'm wondering how hard it is to get into Wealth Management from a non-target school, even if you get advanced certifications like the CFA and things like that? If PWM is hard to get into, is there any job a finance major from a non-target can get that pays decently? Which of the fields are attainable from the non-targets, because a lot of people here make it seem as if going to a non-target and majoring in finance is as bad as being a history major from a not HYPS school or something in terms of employment prospects?

Also, I got a mixed answer to this question, but is PWM more about advising people how to manage their assets or about making commission off of sales? I'm more into helping people manage their assets and helping them figure out which stocks are good, so is that what PWM is about, or is it all about cold-calling people and selling them stocks (like you saw in Boiler Room)?

thanks

 

there are non targets and there are NON targets such as Umass amherst vs Salem State. If you went to Umass or a decent state school you shouldn't have too much trouble breaking into PWM given if you have a strong GPA and such.

KICKIN ASS AND TAKING NAMES
 
BudFox24:
You should be fine then. OU is considered tier 1 so you try hitting up your alumni network.

Wait, I said UO (as in University of Oregon), no OU (Oklahoma University). Are we on the same page?

To the other guy:

Yeah I know that I have to like it, which is why I'm still trying to figure out how much of it is based on sales/commission. Also, are any of the other fields besides WM possible from non-targets? I've given up on I-banking, but what else can you do? Corporate finance at a F500? Also, is it risky to do finance instead of accounting since my school is a non-target?

Pretty women make us BUY beer. Ugly women make us DRINK beer.
 

Find your alumni network, search search search.

I guarantee there are successful alums from your school in the industry, get into contact with them, ask them for advice, and you will not be shut out from any industry.

Keep your GPA high, a low GPA will hurt your chances significantly.

Find what you want to do, don't just do PWM since you think it will be the easiest for you to get into (it won't).

You should be fine from there but it won't be through campus recruiting, network network network.

 
Best Response

Take it from someone who went to a non-target state school not very close to Wall Street....you can do whatever you want as long as you network right. Are you a junior or senior? (and if you are below you can definitely do whatever you want)

I would say WM or S&T are definites and banking is the most difficult from a state school.

WM is definitely based on commission at the front line (i.e. the actual relationship managers) If you were to get a job as an analyst you would most likely not be working with the clients but doing more product office or portfolio analytics. Sample wealth management analyst positions are financial planning/portfolio planning (working on the asset allocation of a clients portfolio and what spaces they should be overweight/underweight). Depending on the company and their platform you could do external fund research (this is very good work if you are thinking about joining a fund one day since you can make some great connections). But there are also jobs like portfolio risk stuff, where you just make sure the client portfolios are in the proper risk positions every day. If you are at a smaller WM firm, you would most likely work on an private bankers team and therefore do a wide variety of tasks, doesnt limit you much in the future since you get a wide scope, you just need to know how to spin it.

If you want to work in finance you should do it. Non target means nothing once you get your foot in.

 
Hyped31:
Take it from someone who went to a non-target state school not very close to Wall Street....you can do whatever you want as long as you network right. Are you a junior or senior? (and if you are below you can definitely do whatever you want)

I would say WM or S&T are definites and banking is the most difficult from a state school.

WM is definitely based on commission at the front line (i.e. the actual relationship managers) If you were to get a job as an analyst you would most likely not be working with the clients but doing more product office or portfolio analytics. Sample wealth management analyst positions are financial planning/portfolio planning (working on the asset allocation of a clients portfolio and what spaces they should be overweight/underweight). Depending on the company and their platform you could do external fund research (this is very good work if you are thinking about joining a fund one day since you can make some great connections). But there are also jobs like portfolio risk stuff, where you just make sure the client portfolios are in the proper risk positions every day. If you are at a smaller WM firm, you would most likely work on an private bankers team and therefore do a wide variety of tasks, doesnt limit you much in the future since you get a wide scope, you just need to know how to spin it.

If you want to work in finance you should do it. Non target means nothing once you get your foot in.

Nah, I'm not a junior, I'm about to be a sophomore. The trouble is, aside from the non-target, I transferred a couple of times (no, I'm not going to transfer again and I had my reasons for doing so), and I didn't do that great my first year. Part of the reason I didn't do as well is because I started pre-med and got a couple of Bs and B+s, and I'm not very good at econ and had to drop it the first time I took it (got an A- the second time around though). I plan on really picking it up from here, but I'm still skeptical.

So aside from majoring in finance, is there a double major I should take up that will help me? I was thinking about doubling in my school's version of MIS to get some technical skills as well, but would that just be a waste of time perhaps? Are there any other classes, besides upper level calc, (I can do stats and am somewhat mathematically inclined, but I'm horrible at anything beyond integral calculus and taylor series stuff) that might help me out? Also, you said S&T is possible, so what would I need to do to get on the trading floor (I can't do sales)? You also talked about more research roles in PWM, so what is the probability of landing something like that?

Pretty women make us BUY beer. Ugly women make us DRINK beer.
 

Thank you for this post. I realize this is from '09. I've been reading on PB/PWM as a career change and this served as a good morale booster. Also, it would appear that PB/PWM doesn't get much air time on this site, especially since WSO is geared toward IB/PE/VC. Even the Asset Management forum appears to not cater much to this space.

In any case, thank you.

Jim

"Now go get your f'n shinebox!"
 

Still better answer than "everything is possible". I dont believe that faith is all I need, I wouldnt bother to write my questions if I did. That's why I asked about advise on action I can take.

 

Well do what you can to keep you GPA above a 3.5 and I would not concentrate too much on what classes you take or double majoring. I found my double major did little help for me, and students who took a much more rigorous math oriented finance major that took students who would normally get 3.8s to 3.3s, that there was no reward for this difficult coursework.

If you think a class will help you in your interviews, take it, but I wouldn't really suggest taking on a crazy courseload if it will just hurt your gpa even more.

Why can't you do sales? To get onto the trading floor as a trader is much more of a challenge. I did find that many traders are from top ivys, but it is possible. Do work outside of the classroom on trading to have a better understanding of how it works and that would be your best bet.

Probability of landing a research role depends on how hard you network. It is not an easier or harder than other roles especially from a non target.

Honestly, you can do all of the preparation you want but if you aren't making contacts you won't have anyone to relay it to.

 

It's absolutely possible. I did it and so did many others on this forum. You just have to hustle, network, and show that you deserve to be there. There are volumes written on this subject posted here.

 

If the cost of private school or out-of-state tuition is an issue (it was for me), transfer to Florida State. At the very least, you now go to a flagship state school with a recognizable brand. I know a lot of bright folks from Northern Illinois University, but going to The University of Illinois meant people treated me ever so slightly more seriously on Wall Street. (Still, I had to prove myself every fricking day to these people.)

My advice to you is to moderate your ambition for money or lifestyle and focus that ambition into learning new things and creating stuff. It's kinda funny but the people who make the real money tend to be the ones focused on creating stuff and learning things- and worrying about the money later.

 

The best advice I can give is to cast a wide net. Chances are there are entry level positions in things you have not thought of but they don't require a certain pedigree. From my non-target i wanted ib at this tiny boutique Sooo bad and I was sure I would get it. I did not get it, ended up at a mm bank in equity research, and now work at a ssg pe fund- and i would not trade this gig for anything. So keep your options open. Look for real estate pe, equity research, mutual funds, family shops, consulting, and try to network into any of them. When coming from a true non-target, your options are the call center at Schwab or any front office position you can possibly get your hands on. It really is initially less about "what you want to do".

 

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