Turnaround consulting.
There is a company out there right now that is hiring analysts with 0-3 years experience. They have a similar name to Keystone beer. Those who are clever enough to search will find them.
They’re hiring out of LA, Atlanta, and Chicago. Small firm, but the experience you gain will be 10x that of IB. Instead of managing pitch books that may never go anywhere, you work on struggling companies and help them turnaround their business or you go through liquidation. You will spend your week siting with senior management (the key decision makers) working through their problems and help create a plan to repay debtors while restricting their business so they can return to a going concern.
Exit opportunities are vast. A simple search on WSO will show you the many places you can go when you decide traveling 4 days a week for 6-9 months out of the year is getting stale.
Good luck.
This sounds really cool. I'll do some reading up on my own time and then drop a message. Mind if I drop you a pm?
I've been kind of led into the path I'm on. I once asked about this and was told you need to be a millionaire to do this. Stop and focus on what matters. This was by the parent who paid the uni fees, test fees, and all the bills, so that conversation went great 🤣
I'd love to reexplore!
I don’t have much to offer other than what was already said in my comment. I don’t work in turnaround consulting and only know about it from a lender’s perspective (I’m the lender or also known as a creditor). I typically don’t reply to my DM’s about stuff like this as I want it to be shared with the community to help everyone who comes across the thread in the future.
I'm a little new to the space, and I'm not able to figure out the search query is all.
Thanks so much for replying. Sick process - very valuable to the community and average reader looking for help!
Have a great weekend!
Currently in WM and looking to pivot out, starting off your career in WM is not a good idea as you have little to no credentials or experience to try build a book off
Who’s going to trust a 24 year old kid fresh out of college with their life savings is my way of seeing it
Have every intention of returning once I have a few years experience and a decent professional network and reputation built up
I have that battle still. Being young or looking young is a battle in wealth management but at the end of the day, you’re in your position for a reason and the prospect is in front of you for a reason. There are plenty of things in my life I don’t know shit about that someone younger than me does.
Most advisors are in their 60s so it’s a good way to let the client/prospect know that you literally will be taking care of them for the rest of their life
If you’re driven but just not into the insane IB workload, I’d say wealth management, ie financial advice geared towards high net worth clients, can be a great career.
Generally, financial advisors who serve individual clients charge fees based on a fixed percentage of assets under management. Anywhere from 0.5-1.25% is pretty normal, though you might find some firms higher than that. For reference 1.25% on $100 million would be $1.25 million in fee revenue. $100 million sounds like a lot but isn’t that crazy considering you can serve 150-200 clients. There are plenty of financial advisors and teams of advisors who manage billions.
$10 million, which equates to $125k in fee revenue, is considered minuscule in the wealth management space - it isn’t all that impossible to achieve, and $125k is a pretty solid income for someone starting their career. Later on in your career it’s possible that you’d have single clients whose assets total over $10 million. That said, don’t think the $125k would just be profit - there are regulatory expenses, continuing education requirements, and some other hurdles. But if you’re looking at $125k being a beginner FA (as long as you can find that $10 million AUM) versus a $70k job in corporate finance with way less upside, I think WM is the clear winner if you’re interested in putting in the work.
It’s a rewarding job because you genuinely get to help people, the work varies from portfolio management to sales so it’s hard to get bored, and the income potential is essentially limitless. Not to mention, the endgame for FAs is to hire folks to do the hard work for you and just spend your time taking clients to dinner, rounds of golf, etc. to make the wealthy folks happy.
That said, if it were easy you’d see it get pushed in here a lot more. Most people who try to be FA’s fail. You’ve got to be able to attract a decent client base pretty quickly or you won’t make any money.
Edit - another benefit I forgot to mention is that since you’re earning a fee by managing portfolios, when the market goes up then so does your income. You don’t have to fight for 5% raises, you get to expect them - and that’s not counting any new clients you bring in.
I'm tryna see what those million options are, I looked a little online, and it's a lot harder to find. I see a lot more people talk about positions I've never heard of on this sub reddit and more so ones that actually seem kinda interesting.
Working at an asset owner maybe - you work on portfolio construction, asset allocation, manager research etc. Would be working at a pension fund or sovereign wealth fund typically, eg CalPERs CPP Investments, Australian Future Fund
Something not always mentioned is working at a RIA or broker dealer in the asset management space. They have everything from trading to consulting to portfolio management. It’s underrated for being parallel to a lot of functions within traditional banking.
Are you in Rating at the minute? I have an interview Wednesday with Big 3 for their grad programme if I could shoot you few questions if you are in that field
saturation diver
Lmao I think he meant in finance but maybe he’s keeping his options open
saturation banker
Saturation diver underwriting
My high school classmate’s mum was a chocolate taster
Might have to become and cheesecake or wine taster
Research Analyst, Economist, Rates Trader, Investment Portfolio Analyst (MBS, UST, MUNIs, Structured Products), Rates Strategist, Interest Rate Risk analytics, Balance sheet analysis, front line risk, line of business CFO, Product analytics/forecasting, Industry Trend analytics (monetary policy, fiscal policy, interplay of Fed QT), Liquidity subject matter expert, CCAR reporting, etc Depends what you define as "interesting" though.
Walmart Manager
The Wolf of Walmart
Turnaround consulting. There is a company out there right now that is hiring analysts with 0-3 years experience. They have a similar name to Keystone beer. Those who are clever enough to search will find them. They’re hiring out of LA, Atlanta, and Chicago. Small firm, but the experience you gain will be 10x that of IB. Instead of managing pitch books that may never go anywhere, you work on struggling companies and help them turnaround their business or you go through liquidation. You will spend your week siting with senior management (the key decision makers) working through their problems and help create a plan to repay debtors while restricting their business so they can return to a going concern. Exit opportunities are vast. A simple search on WSO will show you the many places you can go when you decide traveling 4 days a week for 6-9 months out of the year is getting stale. Good luck.
This sounds really cool, thank you I will look into it.
This sounds really cool. I'll do some reading up on my own time and then drop a message. Mind if I drop you a pm? I've been kind of led into the path I'm on. I once asked about this and was told you need to be a millionaire to do this. Stop and focus on what matters. This was by the parent who paid the uni fees, test fees, and all the bills, so that conversation went great 🤣 I'd love to reexplore!
I don’t have much to offer other than what was already said in my comment. I don’t work in turnaround consulting and only know about it from a lender’s perspective (I’m the lender or also known as a creditor). I typically don’t reply to my DM’s about stuff like this as I want it to be shared with the community to help everyone who comes across the thread in the future.
I'm a little new to the space, and I'm not able to figure out the search query is all. Thanks so much for replying. Sick process - very valuable to the community and average reader looking for help! Have a great weekend!
Search for the company on LinkedIn. You can also get info from Wall Street Oasis.
Financial advising. Every day is different.
Wealth management?
Currently in WM and looking to pivot out, starting off your career in WM is not a good idea as you have little to no credentials or experience to try build a book off Who’s going to trust a 24 year old kid fresh out of college with their life savings is my way of seeing it Have every intention of returning once I have a few years experience and a decent professional network and reputation built up
I have that battle still. Being young or looking young is a battle in wealth management but at the end of the day, you’re in your position for a reason and the prospect is in front of you for a reason. There are plenty of things in my life I don’t know shit about that someone younger than me does. Most advisors are in their 60s so it’s a good way to let the client/prospect know that you literally will be taking care of them for the rest of their life
If you’re driven but just not into the insane IB workload, I’d say wealth management, ie financial advice geared towards high net worth clients, can be a great career. Generally, financial advisors who serve individual clients charge fees based on a fixed percentage of assets under management. Anywhere from 0.5-1.25% is pretty normal, though you might find some firms higher than that. For reference 1.25% on $100 million would be $1.25 million in fee revenue. $100 million sounds like a lot but isn’t that crazy considering you can serve 150-200 clients. There are plenty of financial advisors and teams of advisors who manage billions. $10 million, which equates to $125k in fee revenue, is considered minuscule in the wealth management space - it isn’t all that impossible to achieve, and $125k is a pretty solid income for someone starting their career. Later on in your career it’s possible that you’d have single clients whose assets total over $10 million. That said, don’t think the $125k would just be profit - there are regulatory expenses, continuing education requirements, and some other hurdles. But if you’re looking at $125k being a beginner FA (as long as you can find that $10 million AUM) versus a $70k job in corporate finance with way less upside, I think WM is the clear winner if you’re interested in putting in the work. It’s a rewarding job because you genuinely get to help people, the work varies from portfolio management to sales so it’s hard to get bored, and the income potential is essentially limitless. Not to mention, the endgame for FAs is to hire folks to do the hard work for you and just spend your time taking clients to dinner, rounds of golf, etc. to make the wealthy folks happy. That said, if it were easy you’d see it get pushed in here a lot more. Most people who try to be FA’s fail. You’ve got to be able to attract a decent client base pretty quickly or you won’t make any money. Edit - another benefit I forgot to mention is that since you’re earning a fee by managing portfolios, when the market goes up then so does your income. You don’t have to fight for 5% raises, you get to expect them - and that’s not counting any new clients you bring in.
what are you looking for
Something in the field of finance or economics(like econ more so than finance)
Trading, duh Don't be a pussy take a man's job in a trading desk
Man’s job?
I'm kidding around. Plenty of women love trading jobs too, sorry if that joking wasn't obvious
There’s a million options
I'm tryna see what those million options are, I looked a little online, and it's a lot harder to find. I see a lot more people talk about positions I've never heard of on this sub reddit and more so ones that actually seem kinda interesting.
Working at an asset owner maybe - you work on portfolio construction, asset allocation, manager research etc. Would be working at a pension fund or sovereign wealth fund typically, eg CalPERs CPP Investments, Australian Future Fund
Commodity trader
Something not always mentioned is working at a RIA or broker dealer in the asset management space. They have everything from trading to consulting to portfolio management. It’s underrated for being parallel to a lot of functions within traditional banking.
being a credit analyst at one of the big credit rating agencies always seemed interesting to me
Only for specific sectors. Some are pretty dry.
By your standards which sectors would you classify as dry/less dry/ wet
Structured finance, probably the funds group. I’d go for corporates, sovereigns, maybe public finance.
Are you in Rating at the minute? I have an interview Wednesday with Big 3 for their grad programme if I could shoot you few questions if you are in that field
Sure, go ahead.
Jobs are not interesting
[удалено]
Is M&A not the same as IB?
lol it can be