Which job, PWM or fund accounting?
Hi guys, I am faced with a question right now that I will have to answer pretty soon and I would greatly appreciate anyones feedback.
I have just graduated from a non-target school, although its a good business school not many people on wall street have heard of it. I have a moderately good GPA, but not excellent which is what I would need coming from this school, especially with this job market.
The only places really even hiring right now on an entry level basis seem to be PWM or fund accounting within a BB bank. I am looking at a few possible offers and Im wondering which route would be better to take. Ive heard that fund acct might not be the best way since its tough to move from back office, but it might be good initial experience, but on the other hand PWM can get you Series 7 and 63 licenses which could help when looking for a job later.
I also plan on enrolling in the CFA program for the level I in december. So given all that, what do you guys think is the best gateway into banking maybe 6 months to a year from now? I'm leaning towards PWM, but I could be wrong.
Thanks for the help!
I did a PWM internship last year and I would never want to do that as a full time job.. as many people here probably feel that have done the same.
So my vote goes to fund accounting - at least you'll get good experience and can network and work your way out, hopefully.
Wait for other responses though - I am not that qualified as I am still an intern ;)
while it's not for me, i definitely do see it as a great career. my boss makes high 6 figures, keeps very reasonable hours and generally takes at least one day off every other week.
Base on many of my friends' experience, NEVER, I repeat, NEVER go into fund accounting. I come from a very non-target and a lot of my friends work full time in fund acct at BB's and absolutely hate it. I heard it's incredibly boring and there's really nothing to learn about finance, since it is an accounting job. I'd say if those two are your only choices, go with PWM (but only with a BB). I know an analyst who've moved from Piper Jaffray PWM to a boutique IBD role, but I've never heard of anyone moving from fund acct to IBD.
Agreed, go into insurance or internal audit at a F500. Before you do fund accounting at a BB. I have heard fund accountants go to FO, in smaller boutiques and hedge funds, but BB are picky enough with pedigree that the leap would be extremely hard.
hmm yea, i would have to agree with lynnventures response most. Im doing some temp work for a fund accounting group at JPM right now and it really seems dead end. Its quite boring and not very substantive...which i understnad might be more or less similar for any entry level job, but there are people who have much more experience than me doing the same shit. And i feel like goin from back to front office was more realistic liek 10-20 years ago and not so much now.
I also know people that have worked at PWM and moved to IBD...and the PWM roles I am looking at right now are at BB banks.
Thanks for the responses guys, and i appreciate any further feedback from anyone else.
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