How's this for a strategy?

Knowing that applying to BB's FT for IBD without a connection is basically a lottery, would the odds be better if I just apply to PWM for BB and focus on MM and Boutique IBD (I do have a very good MM connection).

Honestly, at the end of the day I need a job and I'm going an unconventional route (straight from law school). My interest in IBD only came recently and I've always followed the markets so I wouldn't mind working in wealth management.

Comments (7)

Aug 4, 2011

Wouldn't your odds be better for landing a BB IBD job if you actually applied for one? Also, wouldn't applying to more jobs across the board make your odds of landing any job ultimately go up?

If you want to be at a BB in IBD, why not just apply? It's not that hard. You won't find out if you could have made it if you don't try. If you just want to take the easy road and apply where you know people, that is your call.

Aug 4, 2011

PWM is a great career after a few years. Wherever you are, it's much easier to network when you're inside.

The worst thing that can happen to you maybe... you get an internship at a PWM. When you're at a PWM group at a BB, you get wholesellers all the time. They come with food, display their wares, sell their closed-end fund etc., tell you how many basis points -- then you strike up a conversation with the CEO. CEO runs the investment management arm of an umbrella PE corporation (think PEI 100) with 3.3B.

Directly to PE. (True story).

What's your rank in law school. Top 15? I know you're set on IBD, but perhaps you are not. Look into management consulting, especially the finance track at Oliver Wyman, First Manhattan Consulting Group. A year or two here, and your clients are say... BNP or UBS -- you lateral clientside. If you didn't exhaust the Vault 50 IB, and then the Vault MM guide, then you haven't tried hard enough.

Be very flexible is my opinion.

Aug 4, 2011

Depends on your law school. Top 5? IBD. Top 14 and top 15-20% in your class? Apply. Otherwise, PWM.

Aug 4, 2011

Law School is a top 14. You are right, I will start contacting recruiters soon, I heard non-accelerated FT recruiting starts late august? I didn't realize vault had an MM edition...

I've been crushing b-school classes and am taking CFA level 1 this winter. I worked at an IBD in legal this summer. Although I didn't have nearly the analyst hours, I got to see on a regular basis what they do and I feel like I would fit in pretty well (the whole neurotic pitch-book prep thing fits my personality).

Worst comes to worst I don't get anything and become an FA or do sales somewhere. I turned away from law after my first summer mostly because I wanted to get involved on the business side.

I will also consider consulting, I do know someone who recruits for Big 4 advisory, is that advisable?

Aug 4, 2011

Really all of this wouldn't be a problem if I could apply to IBD and PWM without repercussions

Aug 4, 2011

Really all of this wouldn't be a problem if I could apply to IBD and PWM without repercussions

Aug 4, 2011
Comment