Exit opportunities from PWM

Investor1's picture
Rank: Senior Baboon | 206

What are some exit opportunities for those who have completed 2 years as a Financial Analyst in the PWM division of a top BB (GS,MS,JPM)?

Does anyone know if Hedge Funds look to hire any Financial Analysts from solid PWM divisions?

I decided that PWM was what interested me most when compared to proprietary equity trading and I felt that the reputation and name of my employer would be a big advantage when it comes time for B-school admissions a few years down the road.

Some have mentioned hedge funds in Asia actively look to hire PWM Financial Analysts. Can anyone confirm the statement and do hedge funds in the United States look to hire PWM Financial Analysts?

Region: 
All Asia Pacific

Comments (27)

May 28, 2008

In rare cases I have seen PWM analysts get into pe as well. http://www.omerscapital.com/index.cfm?PID=16271&PI...

May 28, 2008

I know a West coast PWM Analyst who joined a HF, and a UK PWM Analyst who joined BX.

May 28, 2008

1) Use appropriate forums
2) You should have took the prop trading gig from FNYS.

"Oh - the ladies ever tell you that you look like a fucking optical illusion?"

"Oh the ladies ever tell you that you look like a fucking optical illusion" - Frank Slaughtery 25th Hour.

May 28, 2008

A guy from PWM joining the sacred Blackstone?? I am pretty excited by that piece of information...people here make PWM seem like a dead-end job. I have read first-hand top wealth managers can make over $3 million per year (Vault), and now apparently exit opportunities to top private equity and some hedge funds are there.

I don't agree at all trade4size. I'd rather have the name of a top BB employer, guaranteed very solid compensation, and better chances for top B-school admission rather than some firm that most average joes have never heard of and the risk of having my compensation be crap because my pay is based purely on P&L. Not to mention, I don't think First New York will have nearly the same effect as this particular BB for top MBA programs and I have heard of good internal mobility for top PWM analysts from this BB to other divisions such as IBD or S&T.

I have evidence now that exit opportunities from PWM from this particular BB to hedge funds and private equity do exist. Sure, it might be harder, but coming from my undergrad school I wasn't even supposed to have the opportunity I have now.

May 28, 2008

Do you think it depends on the size of the portfolios as well? As in, wealth management vs. Private banking (10-25mm)?

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May 29, 2008

Wealth Management is more like a brokerage from what I understand. If you have a lot of clients and Assets Under Management, I don't see why a hedge fund wouldn't want to hire you.

May 28, 2008

The guy that joined BX didn't join their PE group, btw, rather one of their public equity groups - still none too shabby.

BTW it would be nice if you PMed with the info I was after.

Trade4size is just winding you up - he loves his trading.

I still believe you made the right decision for the long-term. It will give you a top shot at Bschool.

May 28, 2008

newbie2banking, I would like to offer assistance and I understand that getting any contact information or leads helps greatly when trying to break into the field. Unfortunately, I don't have any contact information that I can give you.

Good luck though.

May 29, 2008

PWM/Private Banking actually consists of a few distinct divisions and it differs from firm to firm. Some firms breaks down the key function into relationship management, investment consulting, structured products sales, investment strategy/research and other general treasury functions like FX sales and dealing. Some BBs combine the relationship management role together with the investment consulting role while others separate them. If you are in one the 'analytics' role like investment consulting, structured products sales or investment research and other treasury functions, you will certainly have the chance to move on to the sellside since you are already coming from the buyside. For instance, people doing structured products sales or FX-related stuff can switch to similar roles in investment banks (but coming from the sellside of the picture) while those in investment research roles or investment consulting roles can switch to Asset Management or hedge funds. I would think that PE will be more difficult in this respect since the skillset is pretty different.

In Asia, PWM FAs from BB do move on to other solid jobs in S&T, hedge funds or asset management. I think this is partly because there are far fewer BBs positions available in Asia as compared to elsewhere. Hence having a BB brandname in Asia opens alot of doors even if you come from PWM. I am not surprised that hedge funds in Asia hires from BB PWM because as a FA, you are exposed to all asset classes and multiple regional markets. Such skill sets are very useful in the hedge fund context. Besides, being able to squeeze into a markets-related role (PWM analytics roles inclusive) at a BB in Asia speaks volumes of your ability and therefore I wouldn't be surprised that Asian hedge funds will hire you even if your experience is not fully related.

Just my thoughts and hope you find it useful.

May 30, 2008

The good news is at my bank they separate the client relationship (client analyst) from the portfolio management/ investment research/product allocation etc.(financial analyst). I will fortunately be on the latter side so I should gain some solid technical experience.

Nov 3, 2011

If you want to do b-school, this is a no-brainer. It's nearly impossible for prop traders to get into a top 5 MBA program. They just don't have the skills and experiences that these schools are looking for.

Dec 10, 2012

Brady4MVP, it's not true, I was a prop trader and now I am at one of the top international schools.
and I have several classmates who were prop traders at major banks as well.

Dec 15, 2012

To simply say that PWM has poor exit opportunities would be wrong. It's a really large industry, with lots of different job types within it. Most of the senior people on my desk did MBAs at top schools (in Europe and North America). B-School applications are all about how you pitch yourself and what you can bring to the table. If you spent two years simply crunching numbers and analysing trends, your chances of getting into, say, Harvard aren't necessarily better than someone who spent two years acquiring new clients and helping the desk increase revenue.

May 19, 2013
Investor1:

What are some exit opportunities for those who have completed 2 years as a Financial Analyst in the PWM division of a top BB (GS,MS,JPM)?

Does anyone know if Hedge Funds look to hire any Financial Analysts from solid PWM divisions?

I decided that PWM was what interested me most when compared to proprietary equity trading and I felt that the reputation and name of my employer would be a big advantage when it comes time for B-school admissions a few years down the road.

Some have mentioned hedge funds in Asia actively look to hire PWM Financial Analysts. Can anyone confirm the statement and do hedge funds in the United States look to hire PWM Financial Analysts?

Sorry to bring up an old topic, but did you ever decide to make an exit Investor1? I am currently an analyst/associate at a BB and am considering a new role. Thanks!

May 19, 2013

It is easier to go from consulting to IBD

Consulting is more respected and challenging in my opinion

People I know in PWM stay in PWM

May 19, 2013

Ditto. Are u using banking to go into PE? Cause u can skip banking altogether.

Overall, consulting is better..depends on what type of consulting though. Restructuring, Valuation, IT?

Overall, if its restructuring or valuation, take it. If its like IT and operations consulting, I'd probably take the PWM.

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May 19, 2013

Why would you want to work at GS/UBS/MS anyway in this market??

May 19, 2013

Generally... PWM is perceived very poorly. You just don't get a chance to build the type of analytical skills that's more broadly applied in IB, consulting etc. PWM is always going to be regarded as a sales/marketing or a "soft" career. My two cents...

May 19, 2013

That's not entirely accurate, but when someone talks about analytical skills in IB you mean addition subtraction and maybe even division. The maths required in IB is not hard that's why they recruit people with history and art degrees. PWM maths is about the same level except you would rather be client facing then being just a spreadsheet monkey. Maths is only an issue in finance if your are in algorithmic trading for example.

May 19, 2013

Summer internships don't go into the "exit op" category. You exit back to school. Exit opps are for the career itself, as in "where do most ibd guys go after two years?"

What year are you? What type of school do you go to? What type of activities are you in? What is your GPA/major? What is your calling in the field we call Fi-nance (thats a soft "i" son)

The internship basically will show that you know how to file and that youre interested in Finance. Its a pretty common fist or second year internship though.

Fill in some details and people will definitely help you out

May 19, 2013
Emerging Alpha:

Summer internships don't go into the "exit op" category. You exit back to school. Exit opps are for the career itself, as in "where do most ibd guys go after two years?"

What year are you? What type of school do you go to? What type of activities are you in? What is your GPA/major? What is your calling in the field we call Fi-nance (thats a soft "i" son)

The internship basically will show that you know how to file and that youre interested in Finance. Its a pretty common fist or second year internship though.

Fill in some details and people will definitely help you out

I know it's just an internship, but I want to know the exit opp for the PWM guys. I am a third yr international at a non-target public, Finance, 3.6 GPA, in a lot of business clubs including an investment group. So PWM probably is the best I can get right now in BB FO, and I got it through connection. However, I want to get into institutional side of the business. As for now, I am likely to end up in retail for full time. I know grades are not that good and I am not in Ivy either. But what do I need to do to move to institutional side?

thx

May 19, 2013
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May 19, 2013