10/5/09

Hello,

what are the exit opportunities facing analysts in PWM from bb firms.

Is it common for analysts to go to grad school and transition to IB, hedge funds or PE?

Comments (27)

10/5/09

Not much in my opinion.

PWM for me is mostly just sales, and doesnt teach good fundamental skills as other areas in finance do.

I was working PWM for a BB, luckily I got out early after a year.

Not that I am discounting it as a bad area to working, I think it is quite enjoyable, but I'm of the opinion you are better starting off in another area, learning good technical and fundamental skills, then transitioning into PWM after this.

Just my 2 euros

Big 4 Accounting Guide to Getting Hired Contains interview questions, exactly how to answer, resume guide, how to make an impact and a guide to the firms and service lines.

Financial Modeling

10/5/09

Would anyone agree with this?

10/5/09
balooshi:

Not much in my opinion.

...you are better starting off in another area, learning good technical and fundamental skills, then transitioning into PWM after this.

Just my 2 euros

why start off in a different area and then go to PWM...i think u meant transitioning to IB..

5/21/10

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10/5/09

Wage5941 did you apply online to JP Morgan's PB/PWM analyst program or through a resume drop at your school? Also when exactly is the superday? Thanks in advance.

10/6/09

I believe there are not many exit ops from pwm after a while. You are pidgeon holed as a salesman to the retail market.

But thats just my opinion,

Big 4 Accounting Guide to Getting Hired Contains interview questions, exactly how to answer, resume guide, how to make an impact and a guide to the firms and service lines.

3/2/10

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Financial Modeling

5/21/10

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10/8/09

I know a few people who have been through that program in the past 3-4 years and those who wanted to get an MBA ended up going to top 5 programs. Who knows if PWM helped or hurt, but they did go to great schools after the 3 year Analyst program.

10/8/09

I've come across profiles of former PWM workers on the websites of top 5 MBA programs. The not-so-harsh hours probably afforded them time to do other things outside work that made them stand out as real, multi-dimensional people with great potential to be leaders.

But as others in this thread have already said, PWM will not give you great exit opportunities b/c you are basically pigeonholing yourself as a salesman who can hawk a security without really knowing the ins and outs of finance.

Best Response
10/25/10

Actually in pwm you need to have a very broad knowledge of finance and may specialize in a given area. The exit opportunities can be exceptional usually due the ability to network and source clients (the sales side) and having the ability to analyse project and advise clients on a range of financial issues. It's a tough job and few can succeed, you have to work smart and structure your own time. Anyone can learn the ins and outs of a security and pick up technical knowledge that's the easy bit but not just anyone can source and build a client base from scratch!! That kind of skill can push you all the way to MD or CEO level in any financial or non-financial organization.

Sometimes I do wonder about the ignorance of people on this forum. Most people only have conventional employee mentality and just want easy money. Remember if you are an analyst/associate "glorified administrator/assistant" you have work to do because your superiors are sourcing clients and bringing on work. Anyone with just above average intelligence can do your role but can you do theirs? That's why only 5% of analyst get to MD level!

All business is based on sales and that means building client relationships and doesn't matter whether its private or institutional, people are people. Investment banking is a sales job certainly at the top level. I did it for 7 years. Analyst level you are no more then an assistant to the sales guys yes that the VP's and MD's.

Remember that

11/16/10
Expatasia80:

Actually in pwm you need to have a very broad knowledge of finance and may specialize in a given area. The exit opportunities can be exceptional usually due the ability to network and source clients (the sales side) and having the ability to analyse project and advise clients on a range of financial issues. It's a tough job and few can succeed, you have to work smart and structure your own time. Anyone can learn the ins and outs of a security and pick up technical knowledge that's the easy bit but not just anyone can source and build a client base from scratch!! That kind of skill can push you all the way to MD or CEO level in any financial or non-financial organization.

Sometimes I do wonder about the ignorance of people on this forum. Most people only have conventional employee mentality and just want easy money. Remember if you are an analyst/associate "glorified administrator/assistant" you have work to do because your superiors are sourcing clients and bringing on work. Anyone with just above average intelligence can do your role but can you do theirs? That's why only 5% of analyst get to MD level!

All business is based on sales and that means building client relationships and doesn't matter whether its private or institutional, people are people. Investment banking is a sales job certainly at the top level. I did it for 7 years. Analyst level you are no more then an assistant to the sales guys yes that the VP's and MD's.

Remember that

Unbelievably well said. --Guy who's done 2 summers of GWM and 6 months of post-undergrad PWM.

11/21/10

Instead of pwm, if I can get into asset management instead, what are my exit opportunities after 2-3 years as an analyst?

12/19/10
wsib1:

Instead of pwm, if I can get into asset management instead, what are my exit opportunities after 2-3 years as an analyst?

you should think starting a new thread...

12/19/10

what do you want to do?

12/19/10

Really depends. First off, what do you want to do? You have to answer that before you go about looking for exit opps.

What is your role as an associate? Focus on increasing AUM? Managing part of the book? Equities, fixed income, both?

12/19/10

Is it possible to move to inatitutional side? Or become fund/portfolio manager? What about IB associate? I am interested in equity research so starting in a fund would be my next hope, however is that a logical jump? Any advice on ways to help make that happen (besides "CFA")

12/19/10

I don't know what you do because you ignored my questions.

12/19/10

also interested in this

12/19/10

any replies?

12/19/10

B-school to reset is the best route for IB, if that is your end goal.

12/19/10

Addressing your questions in order:

1) Highly unlikely that you can jump to AM straight out of PWM for several reasons:
- you possess zero fundamental equity research experience and judging by the role you described likely zero experience tracking different fund styles IE deep value, value, GARP, etc.
- buyside roles at AM shops are highly coveted. You are competing with the best and brightest who likely have better schooling, better resumes and better connections
- Its hard enough trying to convince a long only or long short that you can adapt to their investment style coming from sellside ER, so what makes you think you can do it from a PWM role? (I would know from experience)
- IMO a great transition could be moving to BB Private Banking (manager research where you can learn about investment styles) and trying to make the jump from there.
- Look at sellside ER.

Your move will likely need to be one of the below paths

PWM > MBA > AM
PWM > PB > Sellside ER > AM
PWM Sellside ER > AM

2) unfortunately not great. I am sure there are 2398749237490823749732 other kids out there with similar stats and similar PWM backgrounds with the same story ( interested in stocks because of XYZ, pursued CFA to further that interest yada yada yada). I would try and do something really interesting that separates you from your candidates. Great example: I knew a kid who worked at a very small sellside ER firm covering transaction processors and payment names. Become enamored with the value chain associated with payment names and decided to apply it by leaving his job to form a microfinance organization serving small communities in Africa for 8 months. Kid had subpar stats, but had a fucking FANTASTIC story to tell. Ended up getting into 1 of the M7's he applied to.

Sorry if this sounds blunt. Just my two cents. Im sure people will disagree.

Here's the thing. If you can't spot the sucker in the first half hour at the table, you are the sucker.

12/19/10
12/19/10

Here's the thing. If you can't spot the sucker in the first half hour at the table, you are the sucker.

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