How to get into Sales/Client side of AM
Hello everyone, I am a rising senior at a non-target, but well-known, state school, studying finance with a data science focus. I am interning this summer in a portfolio analyst role of a large asset manager ~ 600b aum. The role is a good learning opportunity, but is ultimately more MO, and I'd like to move to a different path upon graduation. I am especially interested in working in a sales/product/client facing role within AM, as I am outgoing and personally enjoy sales, eat-what-you-kill environments, and the lifestyle that can lead to down the line.
How would you recommend trying to make that move? I would love to gain experience in an internal wholesaler role. Do large shops hire undergraduates into IW roles, or does it typically require a couple years of experience? Is it feasible from my non-target background? Thank you for the help!
from what I saw, cannot guarantee all places are like this: There are usually analyst programs that you need to get into by interning in junior year, which will start after graduation. They over hire in those and during the program students are responsible for securing their own permanent offer, so the competition is quite fierce. you can also try to get to sales of smaller company and show your ability during experienced hire process, but there will most likely be an edge given to internal candidates, from other FO teams.
So you work at DFA?
Hey man maybe I can shed some light on this. I'm currently working as an internal at a top fixed income shop. While there are certainly analyst programs that hire from internships, many firms hire off-cycle. I'm a 2020 graduate and got hired in January of this year for the July 2020 class. You can definitely get hired as an IW even if you missed the summer analyst application. In terms of schools, it varies a ton from what I've seen. My class has a Georgetown, 3 Boston College, 1 Brandeis, 2 Penn State, 1 Muhlenberg, and 2 UVA kids.
Extremely helpful, thank you!
As someone who did the opposite of what you are trying to do, it is definitely possible. My biggest piece of advice would be to network with people on the sales desk this summer, and reach out to alums who work in distribution at an AM. From my experience, most sales desks hire at least a few people each year and will have some sort of defined process for hiring. Most will have some sort of public posting, but a few that I spoke with will just have people on the desk push resumes and not have it be a very public process. Most people try to do the opposite of what you are doing, so I bet your resume will stand out as you'll have an investment internship at a reputable shop.
If you can shed any light on this, is it common at all for people in private wealth/banking to move over to the institutional side?
I have close contacts in private banking, but ultimately I only want to work with institutional clients.
From what I know, it shouldn't be too difficult, but moreso early on in your career. A lot of firms use their entry-level sales desk as a stepping stone to the first institutional spots; some places have rotational programs/hire directly at entry-level for those roles. As you get further along it becomes harder, as you can't leverage the contacts you have developed and moving to the other side is essentially starting over, and this goes both ways. A lot of firms will just hire from outside to get someone who has a lay of the land and contacts at the major players. There's also groups like platform/national accounts which are essentially institutional-level retail accounts, could be interesting to look into. So long story short early on it shouldn't be too hard, just have to get your foot in the door on a desk or program, and look to make the move after a few years.
Appreciate the insight!
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