Switching from IB to AM/WM in undergrad?
So here is my situation. I am a junior at an ivy, with a strong undergrad cv for finance. I help run an investment group on campus, and I have done a PE and BB IB internship. I am finishing up the BB IB internship right now. I have an offer for next summer at a top BB IB. I've got ok academic performance (~3.6).
From my BB IB experience (after about a month) I have realized that there are aspects of the business which I severely dislike. And also that with my long term ambitions, AM/IM may better fit my desires around work/life balance.
I hate consistently working 80 hour work weeks. From the work at home environment, it's even more miserable. I don't have a weekend, and only found the minimum amount of time to work out/eat with my family. I know that this would only be worse if I accepted my BB IB and got a FT offer there, working 80-100 hours consistently. I thought that I could put away my personal interests/hobbies to work in IB, but it just makes me sort of miserable.
I like the fast pace of IB, and also like to follow markets. Something I've also found that I'm good at, and that I enjoy, is the relationship building in IB. Though the actual work is just excel/ppt, it is still a very relationship-based environment. I still wanna be comped well, and I'm fine working 50-60 hour weeks consistently.
What should I do? Would asset management be a better fit for me? Should I tough out IB next summer and try for AM full time? All thoughts/ideas appreciated!
Seeing as I am a student, I am in no position to give you advice. The advice I will give you though, is just to be more concise and make the post shorter, so that more people could give you their advice. Good luck!
Thanks for the advice, I shortened it by a lot now!
Look into an endowment or foundation role or a FoF/Secondaries type of role. Good pay, analytical work, better work life balance
There are very few people who can swing WM (paging Brofessor) but I know top level ML guys can swing a million. I think the fail out rate is >95% Its worse in AM. I'm part of a tiny contingent. I got out to AM.
Also, does anyone else laugh at John Mayer's name? (the finance guy)
WM is a combination of macro finance and human psych. You have to have empathy, solid understanding of the markets, strong presentation skills, and appropriate aggressiveness (ability to both OPEN and CLOSE). You also must be tenacious and have a very thick skin. Most of this will be acquired over time but there has to be a base within your personality or you'll be one of the 95%.
Lot of misunderstanding of the sales role. More of a counselor than a knee slapping car salesman. Those days are over (or should be). Essentially you need knowledge, relationship building skills, motivation, and strong work ethic. The knowledge part is easy (like any profession, it just takes time, interest and reading).
Many of the wires and national brokers will put you on a team, eventually hand you smaller accounts and orphans, etc so you can cut your teeth. They'll also provide the infrastructure for ongoing training.
However, to really make it, you either "got it or you don't". Guess it depends on how you define make it. Good jobs available that will ultimately pay six figures in the advisor support roles (paraplanners, portfolio builders). The real money , sustainable several hundred k , is for the rainmakers and actual advisors who can attract business and manage relationships over the long haul.
Great way to make a living if you are realistic about who you are. Many or most of the 95% simply think they are the advisor and they're not but could be quite happy in a well paid support role.
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