Career Advice - Retail banking (Credit) vs Operations (AM)
I'm looking for a career advice / different perspectives into which role I should take if my end goal is a front office position in IB/HF/PE/VC/AM
Quick Summary:
Graduated with a mathematics degree in 2020, CFA level III candidate.
2 years retail banking experience (credit analyst) assessing residential loan applications, been offered a back office role (operations) for a middle market alternative investment firm specialising in PE, VC & Credit.
I'm been having troubles landing any FO jobs so I'm leaning towards taking the back office role as it would provide valuable insights in the investment management industry and I can hopefully leverage some of the skill and knowledge going forward.
Pros of current role: Higher pay + bonus structure, work life balance.
Cons of current role: Unchallenging, skills aren't really transferrable
Pros of new role: Gain exposure to the investment space, develop holistic views of fund accounting etc and hopefully transfer those skills to FO roles.
Cons of new role: Bad feedback online for operation roles, might be tedious and repetitive, etc
Given my current situation, should I consider taking the back office position or stay in my current 'front' office retail bank? Which provides more value if my long term goal is in IB/HF/PE/VC/AM.
Thanks
The second you take a middle/back office roll your gonna be stuck in it for the rest of your career. They will not promote you internally and you cannot use the position to jump into a front office roll and a different fund. It would likely be better to stay put where you are at and keep looking. (Source, ex CPA).
Your situation is way different than op! He's analyzing mortgage loans and is going to be CFA soon. Nothing but upside for him. He can take the BO role and then try to network into FO after obtaining the CFA. If anything, the BO role will get him more exposure than what he's currently getting in his current roles. BO at an alternative investment firm could help OP narrow down what he wants to do + he can network with the FO people there. At the end of the day he'll get a idea of whether the alternative credit space, which is expected to grow significantly, is right for him (or her).
Swagee. I'm not in a position to advise you on whether you should take that BO role, partly because you're situation is not completely clear; however, I can advise you on what you can do in your current situation...
Right now, regardless of whether you pass on the BO role or take it, you're still on your way to being a CFA and trying to get into the FO role you want. You are in the perfect position to develop a natural conversation with other professionals in the FO role that you want. I advise you to start finding who these people are and start reaching out to them on LinkedIn. Explain your situation and ask for advice. Speaking to real people directly will allow you to get a better idea of what you need to do and could also help you clarify the type of FO position you want.
Get on LinkedIn and start reaching out to people.
BO at an alternative investment firm is significantly better than what you're doing now.
To your main post I would add the following information: How long do you have to make a decision? How long have you been looking?
Congrats on the new role. That's a huge step forward.
I definitely agree with you here, the operation role would definitely diversify my skills and provide a good opportunity to network and figure out my passions.
I would assume the BO role provides more value than working in residential mortgages.....was looking for reassurance from people within the industry, so thank you. I've been looking around for a couple of months (3)?
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