Hey guys:
My name is Paul and I am a long time follower on this site; however, this is my first post on WSO. I have been trying to obtain a buy-side career, mainly IBD or mm, for years and I am starting to losing hope. Last Friday I was in position for an entry level job with a BB IBD in my hometown of Houston, TX. The Hiring Manager called my office and told me that the IBD is reorganizing and that the position was being merged with another already filled position. That job was the last opportunity I had in my pipeline. So In my frustration I decided to reach out to WSO for some guidance. I respect so many of the members here and their input. I am hoping maybe for some ideas to fill up my pipeline again. I will give you some info on me.
I am currently a Financial Advisor for the same BB mentioned above; however, the retail side and the IBD side never occupy the same space. I went to a non-target school as I had no plan to even attend college until my senior year of HS. I always believed I would enlist into the Marine Corp; however, my mother begged me to try a year of college first. I had great success in college and found out how passionate I was about finance. I decided my sophomore year to move to Austin and attend the more highly recruited University of Texas; however, during the planning process my father passes away. My father’s passing changed my plans and I had to take a full time position and miss a semester of class. I finally did graduate from my non-target school with a slightly above avg GPA.
Since all my work experiences are on the sales side I am constantly offered sales roles. Also, I have no internships as I had to work a full time and part time job to support my family. When I finally left college I applied to be an Analyst at Edward Jones Investments but was offered an Advisor position. I enjoyed working at Jones but it wasn’t what I wanted in a career. I was then recruited with a very nice offer from a BB. The Regional Manager from the BB also mentioned possible advancement into their IBD but as of last Friday that is no longer a possibility for the foreseeable future.
I am also studying for my GMAT in hopes to enter a MS Fin this fall. I cannot afford a top BS MBA right now but I plan on attending one in the next 5 yrs. I am also studying for the CFA and I am planning to test for Level 1 in 2013.
So that is my story in a nutshell. I am not looking for pity just guidance. I respect your opinions and will take them to heart. I know no one in banking so WSO is my only outlet for discussion and information.
P.S: Please excuse my grammar as I am writing this between my appointments with clients.
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Can't add anything on the MSF, and the MBA should be at least a few years down the road.
@ duffmt6 Thanks for the feedback. To answer your questions. I was waiting to take the cfa in 2013 because I am getting married this year and also getting a house built. I prolly put in 3-5 hrs of study time a week right now. I was waiting for the choas to calm down. I agree it might be a waste if I go IB but I also have interest in MM.
Networking is my biggest weakness outside the firm. I've done the cold emailing but I haven't really obtain any leads or interviews from it. So I need to work on that because it is evident I am doing somthing wrong. You are the 2nd person to mention middle markets to me so I need to locate some in Houston.
I have had great luck networking in my BB even as a FA. One day a few months ago I worked up the courage an emailed the CEO of my firm. He replied back in less then 30 mins and we email once or twice a month now. He actually set up a day for me this past August to shadow a Banker here in Houston. I emailed him again yesterday asking for the same experience. I even voulenteered to fly to NYC and shadow an assoicate if he was willing to make it happen.
Yeah being an FA doesnt help me one bit. So, I am even considering becoming a teacher. This would allow me the summers off to maybe land an SA when I start my graduate studies.
My question: How should I network? Have you used the tips on WSO? Thanks for the help
I would take it one step at a time. Have you looked into PWM? I have seen a lot of people going from PWM to IBD.
Getting in touch with the CEO and shadowing a bankers is a great first step. Build relationships with those bankers and see if they can referral you elsewhere to regional MM banks as well.
@oldmansacks- Thanks...Our CEO is an amazing guy. I am amazed he even emails me when he is the most famous CEO of BB right now. The PWM intrigues me greatly and I will look into that. Are you fimilar with any MM's in Houston?
I do not. you should look into the company database on this website, its a great tool for finding regional investment banks.
I think you should not limit yourself to IB. Cast your net wide, as they say. Look at ER, Asset Mgmt, IB boutiques, corporate finance roles, valuations shops, transactions services at the Big 4, valuation shops (also Big 4), etc. All could lead you to investment banking jobs down the line as they allow you to develop some of the skills you get doing IB and it is a step up from what you are currently doing, from a finance perspective.
As far as how to get in the door, network your ass off and send resumes to people as quickly as you can after striking the connection (of course, be smooth about it). Leverage linkedIn: look for recruiters and managers on the site at companies you’re interested in. See if you can leverage some alumni that is in any of these industries, or your school's career office. Go to CFA events; you can go even if you didn't sign up for the exam. Write equity research reports and send it to analysts that cover the company to see if you can get some connection going – it will show them that you know how to do the work and will be good practice, as well. These are things I've done or that other people I've spoken with have done with some success. Just some ideas – figure out what makes sense for you.
And yeah, I think you should do the CFA to show that you are serious about finance and also sharpen your knowledge.
Are you sure you want to start working as an analyst right after getting married?
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