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PWM --> S&T seems very difficult IMO (PWM is very salesy)
FairView, I'm confused at what you are asking. You are giving no real details concerning what you are trying to do as well as what the relative time frame is? Are you a Freshman? Are you looking at FT now? What's the deal and we can give better advice.
PWM: need to bring in a rolodex of wealthy clients. Which generally means you are very well-off yourself. I worked for a BB PWM VP who came in no earlier than 10 and left no later than 2 on a regular basis. IF you do not have said rolodex, you will be making cold calls all day.
There's no free lunch in this business.
Sorry, let me elaborate. I am currently a junior with a few internship offers to do S&T and a PWM offer for GS. I always have been strongly interested in investing and have had a dream of being a PM at a hedge fund someday. Was wondering if that route is possible after sometime at GS PWM (assuming I have the skills).
I am worried about going into a contracting industry (S&T) as well as going to GS PWM and not being connected enough with investing and possibly getting stuck with few options if I am unhappy.
I am considering interning as my route to FT as most places say they try to fill full-time out of the internship.
PWM --> hedge fund PM is not a likely path. I am not saying it's impossible, just unlikely, as the skills you learn in PWM won't teach you to be a successful PM. Ideally, if you want to be a PM you should get into ER or IB.
Also, at a junior level in PWM you aren't expected to bring in clients yourself (maybe at firms like Edward Jones and Ameriprise you would be, but not at GS, JPM, CS, etc). Rather, you are going to be doing a lot of analysis on current client and prospect portfolios -- seeing where there is opportunity to increase revenue, putting together pitch books, etc.
Boutique PWM career path (Originally Posted: 01/30/2013)
as you might notice via other posts, I am deciding between a prop trading offer I have, and a potential private wealth management position at a boutique firm in NYC. Obviously, I don't wanna be a salesman for the rest of my life, but I know that given my non-target school and non-target major, I gotta start somewhere. What kind of exit opps would I have from boutique PWM? Could I get into i-banking or PE, would I have to get an MBA? Really, whats making me think hard about this is the big sum of risk capital the prop shop wants me to pay.
A decent prop shop doesn't ask you to put up "risk capital". That's an arcade. Take the PWM role.
PWM doesn't have any exit ops to be honest... what I mean is that it won't open any doors to IB or PE because you obviously are doing completely different things... however, PWM can be a good experience (you get out of it what you put in) but you really have to create the exit ops for yourself by dedicating your free time to networking and doing WSP or BIWS financial modeling self study courses so you can show I-Banks that you've been building that skill set. Also if you don't want to do PWM for the long term but don't have any other options I would suggest trying to make the jump within a year or so, the longer you stay the harder it will be.
Here is my story that posted on a thread a few weeks ago:
"I ended up getting a full-time offer from my PWM internship, worked there for a little over a year while getting licensed and polishing my excel/modeling skills to build my resume, all while studying for the GMAT to get into a solid MSF program. Once I did that, I began networking my ass off, prepping for technical/fit interview questions, and secured a 4.0 in my MSF summer term so I could take advantage of OCR in the fall."
For your situation you can substitute GMAT/MSF with networking with boutique and MM IBs since you will be in NYC and have plenty of opportunities to do some proactive networking.
How's your GPA? If you have a sub 3.5 gpa at a non target majoring in sociology then yeah I'd take the PWM role as more education might be a long shot. Prop Shop would look better on a resume though if you don't mind losing cash potentially (I'm not risk averse at all and would go that route).
its very similar to LYNX Capital Partners
BB Private Wealth Management Paths (Originally Posted: 11/29/2017)
Hello all,
I wanted to know if someone could help define a few of the paths that exist in Wealth Management - starting from analyst position ie which leads to a more client facing role, which is more research based etc. etc. Been doing a lot of googling but it's hard to find definite information.
Thanks so much.
click on my profile, look at past threads I've created, I wrote 4 threads on the space a couple years ago, the info is all still correct. feel free to follow up with questions
These are great! Thanks so much, I'll be sure to send any questions your way
A major question I have is how do the summer internships, analyst/ associate roles figure in to the path. Is that mostly a PB thing?
Just a follow up here to OP. Honestly take the time and read the information this man has posted. Some of the most beneficial info I read during my undergrad.
PWM career progression in/out (Originally Posted: 05/21/2009)
I have a question about being a PWM adviser.
What is the deal, is this an option that is easy to transition into if you have had a lot of years experience do actual other finance related work?
If you start off in PWM as an adviser or adviser associate or assistant, is it easy to change careers into another finance career? I would think not?
Im assuming the norm is after gaining experience in busines or finance most people transition into PWM to be an adviser?
Also whats the comp like as an adviser at an IBD, I assume its very high salary too like IBD? and probably a lot less hours?
Didn't you make more money than all of us?
"Also whats the comp like as an adviser at an IBD, I assume its very high salary too like IBD?"
No.
im just thinking, because I did work in PWM for about a year and maybe would like to go back to it. But I changed as I dont think its a good place to start to learn about companies and business, industries etc. So one day in the distant future maybe iw ill go back.
And im thinking as I worked at a BB in australia, if each adviser had 100 clients which they were supposed to, and each portfolio was a min 2 mil. And I think they took about 1%, thats a minimum of 200 mil under manaagement, and a min of 2 million dollars a yar earnings. That aint too bad. More then most IBD players make I expect? unless at the very top level?
1% is a bit much. plus, the bank keeps 60% of fees usually.
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