Did I make a big mistake in choosing my first job out of undergrad?
Allow me to provide some context. Long-term career goals are to be in AM ER. I had an internship in Corp Dev and was offered a FT role at a better company for Corp Dev. I took that job because I liked the technical, modeling, and company-specific analysis exposure (good for ER).
Unfortunately, job was rescinded due to COVID and I had to re-recruit in late April/May. I got an offer from a WM/RIA where the job stated that I would be in a client facing role working on their investment portfolio. I thought that was cool because I get client facing and investment strategy experience.
After a couple weeks on the job, I learn that most of my job consists of performance reporting, reconciliation, one-off requests from clients, and putting together materials for client meetings. I will still be able to go to those meetings, but not quite the job that was advertised.
TL;DR: Corp Dev FT offer rescinded due to Covid, so took a WM/RIA job that isn’t quite as advertised with little investment exposure. Goal is to end up at AM ER.
Did I make a big mistake in taking the job? Did I dig myself a hole and will only be competitive for WM/RIA roles in the future? Are most entry level jobs like this that build up into the “better” stuff as you become more senior? How long should I wait before I can leave?
You can do a few things:
a) still work your ass off at the WM job
b) blast applications to apply elsewhere
c) study for the CFA exams
Thanks for the quick response.
I am studying for December L1 already and I plan to do A in the meantime.
I would love to do B, but wouldn’t it be too soon after only working for like a month and a half? How long would be enough time?
Also, the reason why I didn’t/couldn’t get any ER job out of school was due to lack of experience in markets-related internships. I had some strong interviews and always made it to the final rounds, but they all said they wanted to take someone with more relevant experience and that it had nothing to do with my ability. This was also another reason for choosing this FT because I though it would be market-related.
If you want to go another path or industry, its perfectly ok to voice that in interviews. You've only jumped once and can explain that you just had to settle, but are 'looking for a better fit' or 'what you're really passionate about'. Its probably going to take a few months for your resume sendout to stick anyway so best put in the work if you're thinking about it.
I guess if it’s only once, it can be explained. I don’t want a reason for recruiters to be hesitant about my profile and loyalty.
You bring up a good point, recruiting will likely take months and plus, I will need time on my end to make sure I am ready to go as well. Using that timeline, I could probably start looking in a couple months.
Always network so reach out to people in analyst/associate roles now, let them know about long term trajectory etc etc and keep reaching out throughout your WM stint. Get some solid technical training and study up on bottoms up investing and pitching stocks. -Best case scenario, you find a solid connection and can transfer into an associate role if they are impressed with your ability and curiosity -base case take the CFA to signal your interest on the technical side of things, and then you come across a connection that can push you forward to an investment role -worst case, you transfer into an AM firm in a client facing role and lateral into an associate role. This transition ,depending on the firm, might mean you have to take the CFA as well. All options will require heavy networking
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