Transitioning from Tech Sales to IB

Hi all, a friend in the IB community turned me on to WallStreetOasis a few weeks ago and I've been able to take away quite a bit from these forums so far. That said, I haven't found any posts that reflect my current situation so I wanted to start my own to get some feedback.

I currently work as an account executive in technology sales for a big tech company, and after three years with the company I'm looking to do a career shift and get into IB. I've done my research, spoken to colleagues in analyst and associate roles at BB banks and other smaller firms and I'm confident I have the cognitive capacity, mental toughness, and the work ethic necessary to succeed in a transition like this. However, I'm coming from a liberal arts background (History major) with my only finance experience coming from a program similar to the Tuck Bridge program before my senior year of College.

Has anyone seen someone make this kind of transition before? Does it matter what my background is if I can prove I can do the work?

Thanks,
CM

 
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Given that you have 3 years of experience in technology sales, I am assuming you graduated in the 2014 time frame.

We all know the work in investment banking is not rocket science, however it is going to be a tough sell for you to be able to lateral into a BB/EB in NYC as an Analyst hire at 25/26 and Associate definitely will not happen given you have no prior banking experience. It does not matter that you can prove you can handle the work, investment banks tend to have very structured hiring processes.

If you are really set on doing banking, I would say you should start studying for the GMAT and apply to a T15-T20 MBA Program when your ready and assuming you have the stats. Most of those schools should give you good access to NYC banking and you should be able to get an Associate role in IB if you are relatively competent. This is an expensive route.

Another option assuming you aren't in NYC is to try and break into MM and LMM banks in your city or secondary cities in the industry group you are already in. This may still be difficult but has some chance at success.

Also, I wouldn't discount tech sales. From what I have heard it can be a fairly lucrative career path with decent work/life balance. Remember, IB at the highest levels is also a sales job.

 

Thanks for the response TennisGuy. You're correct, 26, trying to make the lateral transition, aiming for an analyst position.

Setting the GMAT aside for a moment, do BB or EB banks not do non-traditional hires? I understand the structured hiring process, I just have a hard time believing a bank is so tight about who it lets in that they would overlook a candidate if there was a need and a fit.

In response to your point about MM and LMM banks in my city - what about LMM and MM banks in New York. If I'm dead set on IB, and dead set on moving to NYC, are those banks better options given they don't have the same level of structure in their hiring process.

These might be questions you can't answer, I'm just trying to get an idea of where I should be focusing.

Lastly, I'm out on tech sales. I don't enjoy it at all and wan't to do something that gives me more lucrative prospects career wise.

Thanks, CM

 

"not do" are strong words as my motto is never say never.

However, I have rarely if ever seen something like this happen. BBs/EB's just don't have as much motivation at the analyst level to hire lateral candidates who don't have prior relevant finance experience. They assume lateral hires should be able to hit the ground running and you don't have that much in the way of relevant experience you can offer them. Although IB is less attractive than it used to be, there is still no dearth of talent at the analyst level and there are many qualified candidates that can fill these coveted roles at 22 years old fresh out of school. The Associate level is a different story which is why T20 MBA's have a relatively easier process breaking in.

Yes, MM and LMM in NYC is an option but I was simply suggesting secondary cities because there is a smaller talent pool and banks may be more flexible on background if you can come up with the right story. In general though, yes this route may be your best bet.

 

It's a tough transition to make directly in the absence of an MBA. Most of your competition is going to be from candidates with more direct finance/accounting experience, whether that's a smaller bank, Big 4 audit or TAS, etc. And while you could certainly ramp up quickly, all the aforementioned roles seem like a much more natural transition from the perspective of interviewers. Ie: you may be able to do the work, but so are most of the other candidates w/ more "typical" profiles

Since you've been working for a few years already, I'd be hesitant to suggest a "stepping stone" like TAS, since you probably wouldn't end up making another transition until you're 27/28, by which point it's going to be even tougher to sell your story.

That's all to say that if you're set on IB and don't want to do an MBA, I'd cast a wide net and try to break in as soon as possible. Generally the smaller the bank, the more flexible they are/ You can always keep trying to making incremental moves to larger banks but it gets harder and harder the longer you're out

 

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