Institutional Sales

CFA General
#1

I know the question sounds bizarre but insto sales is listed as an acceptable working experience when applying for charter holder. I have never been in or even near the sales position, can someone help me to understand the technical requirement for being an insto sales?

#2

I deal with these people all the time. Institutional sales would IMPLY that you are working directly with RIAs and high net worth individuals, as well as large shops that sub-advise. So there isnt a direct technical requirement, but you would, in theory, need to know your stuff a bit better since you are dealing with people higher up in the industry on a daily basis. I’ve met some institutional reps that are sharp as hell, and some that are complete rubes. So its not that different than anything else. Except that the sharp ones have a better shot at me allocating to their product.

#3

Institutional sales would imply you are selling to institutions… you are advising clients on investments and portfolios…yes, works for charter just fine.

#4

I know a bunch of sales people who have CFA charters.

#5

plenty of sales guys at my shop have charter

#6

I’m inst sales and charterholder. Technical requirements vary from desk to desk and sophistication level of client base. As the main contact you not only execute, but also serve as product manager and strategist as well.

#7

How does one get a job in institutional sales?

#8
  1. Get a job in S&T out of undergrad or b-school 2. Get a job at securities firm in back/middle office and network your way to front office 3. Apply directly - possibly starting at a boutique assuming you have some buyside contacts and knowledge of the product 4. Move over from strategist, product manager role
#9

Is Institutional sales = External Wholesaler? Is Institutional sales = Account Manager/Executive?

#10

CARL: you coulda stayed at Bluestar and been a supervisor in customer relations by now, instead of going off and bein’ a salesman. BUD: Look Dad, I’m not a salesman. How many times I gotta tell you. I’m an account executive, and pretty soon I’m going to the investment banking side of the firm. CARL: You get on the phone and ask strangers for their money, right? You’re a salesman.

#11

Thanks for the response. Occasionally, I came across sales that knows his/her product really well but most are not able to provide rationales behind trades etc. That’s why I normally ask to meet with the PM (luxury of being an asset owner). Guess my understanding of insto sales is not far from the reality. Always a good thing to know.