Getting into the industry
Could someone provide recommendations on getting into IB from another career? I have 11 years of successful sales experience in finance and worked directly for the owners of the company (approximately 1100 employees). Each of the owners is a reference. I was hoping for suggestions as to what direction I should take. Thank you.
Elaboration is the key to getting a great response!
So elaborate alot more about your situation, include in that elaboration exactly how the owners can help you? References?
Thanks
I have worked for over 11 years in the mortgage industry. I was the highest producer in the company 3 of those 11 years and always in the top 10 companywide. Over the past few years, I have moved more into management roles and focused less on personal production. Most recently, I was placed in charge of developing alternatives to selling loans on the secondary market at a loss. This interaction developed more of an interest in finance as a whole and how my sales experience and background could potentially translate into opportunities in Investment Banking. That brings me to the present, where I am seeking feedback and guidance on how to make this transition. Any assistance or feedback (positive or negative) is greatly appreciated.
The brutal truth? Absolutely no IB is going to look at you. Particularly with 11 years in the mortgage industry. You couldn't have two more complately polar professions.
Listen, forget about investment banking. Don't even research it, don't even attempt to pursue it.
A more obvious bet is to seek out retail commercial banking opportunities (e.g. Citibank) where your sales background would be appreciated.
That's just what I was looking for. I started thinking the same thing, but I wanted to make sure someone could give me that little bit of reinforcement I needed to steer me back in the right direction. Being told I couldn't do something has always been the greatest motivator. By the way, are you sales or operations?
Go get an MBA, then you can do anything. You could go into trading/sales maybe...
I've got friends who have done the commercial banking or relationship banking thing. One of them is with JP Morgan and he's making in the $300K ballpark after 10+ years of experience. This is not too shabby.
Everybody wants IB, but there's money to be made in other areas as well.
Sounds like you definitely want to leave the mortgage businss. Smart move.
However, with your seniority, you don't want to exactly start over, do you? This is why I think commercial banking might be a better fit. They'll at least appreciate your "time served"
Sure, you can do the MBA thing. Have at least a more coherent vision in mind of how you want to leverage an MBA before you take on the commitment, time and debt burden.
An MBA is a great way to reinvent oneself, but don't trust that it's a sure thing to IB. Even with an MBA and a mortgage banking background, it will still be equally challenging to do IB.
Another thing to explore if you're interested, is to check out firms that are into real estate portfolio management. It'll be a steep learning curve initially, but you could translate your common sense of the mortgage industry to try to understand a parallel business, something more higher level.
Just random ideas I wanted to toss out there for you to consider...
Thank you for making additional suggestions. I currently am having discussions with alot of people in the industry. There definitely seems to be alot of different directions I could explore. The one thing I keep consistently hearing is because I live in the Southeast, I would have much better success relocating. I am concerned, however, because everything I am seeing as a potential starting income, in NY for example, is half what I am making now and the cost of living is significantly higher. Is $200k in NY really the same as $100k everywhere else? I have been receiving mixed responses on that question.
'eh probably...
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