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i get this question asked all the time sebastian why are you getting into investment banking for the money hey no i'm just playing you guys know i'm joking it's for the career opportunities i've ever wanted to leave investment banking plus i feel like i'm always being challenged with all the work that i do in investment banking what's up you guys it's sebastian here if you're new to the channel i'm a future investment banker and i'd love to give my insights on personal finance lifestyle items growing your wealth and of course investment banking in today's video i want to take one of my previous videos that i did in terms of how to know if investment banking isn't for you and i'll link that video up at the top i want to take that video and take it a step further because if you watch that video and you find all the indicators and all the red facts are matching exactly the type of person that you are and you've identified that maybe i'm not the best fit for investment which is totally okay i wanted to make this video to give all the information possible about the best alternatives to investment banking if you were considering getting into the industry and now you want to take a step back or if you're already in the industry and you're thinking about making a career switch but before i get into it just don't forget to give this video a like down below subscribe to the channel it's totally free i don't know why you wouldn't do it and hit the notification button you're notified when i post the first alternative to investment banking that i put on this list is wealth management as you guys know who follow the channel this is exactly where i started my career in finance i'll link my video about my journey to finance up the top if you want to check that out it goes much more in detail on this but i worked in a wealth management shop merrill lynch between the summer of my freshman and sophomore year that was a great great experience for me and it allowed me to get my feet wet within the finance industry all of the big major investment banks the bulge bracket banks have wealth management arms the arizona goldman sachs morgan stanley jp morgan ubs barclays credit suisse deutsche the big major investment banks have their wealth management arms typically located in the big cities but they're also found in the suburbs and what you'll find is there's multiple wealth management offices that these big banks have in these locations all spread out designed that way so that way the financial advisors have easy access and can easily reach their clients and their clients vice versa can easily reach their financial advisors so for example when i was working at merrill lynch i was working at the office that was close to my house but at the same time there was so many different more offices of maryland wealth management within all of the la area so this just shows the plethora of opportunities that are existing in wealth management and it's a great entry-level position whether you're a freshman looking to get an internship or if you're coming out of undergrad and want to get yourself started in the finance industry it's a great opportunity whether you're working at one of the big major banks that i just mentioned their wealth management arms or if you're working for an independent firm with maybe one guy starting up a shop and now there's he's got a few workers for him or something like that all that is is just you get a great experience at any wealth management shop that you're going to as long as you're working with some of investment professional that has access to actual client funds and you can kind of see a little bit of insight into the investment community seeing how capital is deployed and it's a great way to kind of get yourself started in the world of finance the second alternative that i put on this list is asset management asset management and wealth management tend to get confused with each other but they shouldn't be used interchangeably asset managers serve the big money institutional investors these like pension funds endowments other institutions whereas wealth managers they serve more of the individual now some of these big banks have almost net worth minimum requirements that you would have to have in order to have an account with their wealth managers but just some other just general wealth managers they don't really have a cap they're just serving just the individual retail investor like you and i but if i had to choose coming out of undergrad between asset management and wealth management i would go with asset management because i would want to see how such big money is being deployed obviously that depends on which division within the asset management firm that you're working in to be able to kind of experience those opportunities but still i would love to have that opportunity to see all this big money see where it's going see how that affects the markets and at the end of the day with wealth management because of its smaller scale you just don't get that and some of these best big asset managers are blackrock which is the world's largest asset management firm it's an amazing amazing firm vanguard state street fidelity these are the real real big ones of the asset management industry we also have other ones like capital group franklin templeton just name a few and typically these asset managers will recruit for internships like the big internship which is the internship between your junior and senior year that summer that would hopefully lead to a full-time position they typically recruit around the fall of your junior year with wealth management it's a lot different because it's almost like scattered all over the place like different all different timelines for me for example like i got my wealth management internship offered during the winter of my freshman year so it's really all over the place but asset management another great alternative if you didn't want to get into investment banking i personally know and i've seen people at blackrock stay at the firm for so so many years and that's just a testament to how great the firm blackrock is the third alternative i slap on this list is venture capital and unlike wealth management and asset management venture capital is not as entry-level friendly what i mean by that is venture capitalist firms don't typically hire out of undergrad that's not to say that they never hired an undergrad no that's not true but it's just not typically found and if so those little limited spots that they hire out of undergrad are very very competitive typically venture capital firms will wait until you have some sort of experience in the investment or just finance industry whether that be like investment banking for example before you lateral over into venture capital now some of the biggest players in this space are like anderson horowitz y combinator sequoia capital and typically these firms will focus a lot on tech startups that's what venture capital is it's still working with big money like asset managers are but the difference is they deploy capital in more of these early stage startup companies whenever you hear like series a series b series c series the funding rounds those are venture capitals firms putting money to work and investing in almost start-up companies and so if you wanted to get into that kind of startup world and wanted to see that investment philosophy of how it is to invest in startups and more so like early stage companies then venture capital is a perfect place especially if you wanted to be on that buy side which is being the one who's investing so great alternative to investment banking but more so this is reserved for if you've already you're already in the finance industry and you're looking to get out maybe of investment banking go somewhere else the fourth on this list hedge funds now i know i know hedges have gotten a really really bad rap recently with this whole gamestop frenzy and for much more detail on that you can check out my video on the gamestop saga which i'll link at the top but part of the reason that hedge funds have gotten themselves into this mess is because of their investment approach as their name implies hedge fund what they do is they might go long on a stock they'll take a long position between the share price is going to go up but to hedge their bet they'll short something else now as much as some people want to hate on short selling it is still important to providing liquidity to the system and short selling being that you want to capitalize on shares prices may be going down and you do this by selling borrowed shares but the reason why hedge funds in this case when they short something or providing liquidity to the system is say if you think that a stock has great long-term prospects and you think that the stock price is going to go up like so many other people now you might want to buy into that stock but in order to buy you have to have somebody willing to sell you those shares but if so many other people share that same investment philosophy as you thinking that the share price is going to go up nobody's going to be selling you those shares now a hedge fund that's shorting a stock might come in with that contrarian view and they help provide liquidity to the system by taking borrowed shares and selling those borrowed shares to you in order for you to get in and try to participate in the long-term prospects so really at the end of the day these hedge funds are still vital to making sure that there's liquidity in the stock market now there's two main different types of hedge funds you have your just normal regular hedge funds and then even quant funds which stands for like quantitative funds they use algorithms a bunch of math to calculate their investment decisions and some of these quant funds are like renaissance capital to sigma jane street compared to some of your normal hedge funds more regular hedge funds which are like your bridgewater associates which is the biggest hedge fund run by ray dalio you have your battle post citadel melvin capital which got in a lot of trouble recently with all gamestop thing yeah 0.72 just a bunch of other hedge funds out there but at the end of the day hedge funds are still very very competitive to get into and typically they're not entry entry role friendly so it's hard to find positions in hedge funds out of undergrad so typically what you'll do is you'll be in the finance industry for a few years and then if you wanted to lateral into hedge funds that's definitely an option and if you wanted to get exposure to equities great exposure to equities hedge funds are a great opportunity to do that the fifth and it's my personal favorite obviously besides investment banking but my personal favorite on this list that's private equity and the reason i like private equity so much is that with private equity unlike with venture capital you're not investing in these early stage tech companies that do have potential to 100x or just go to zero i mean with venture capital you're gonna have a few winners that outweigh all the losers but with private equity you're investing in more of these mature businesses more of these stable businesses with consistent free cash flow and that's what i like that's where i feel like i can better understand these business that i'm investing in and i'm not to say that i don't like venture capital i think venture capital is great this is just kind of where i almost find myself resonating more with now again private equity is not the best for entry-level positions not to say that there aren't entry-level positions out of undergrad like with working as an analyst at a private equity shop but it's a lot harder to get into private equity coming out of undergrad and typically you want to be in the finance world for a few years maybe investment banking or consulting before you move over into private equity but with private equity i love it because you have the opportunity to invest you have an opportunity to participate in some of the returns that your fund generates not to say that other funds don't do this as well but i love the ability to be able to analyze businesses that i really truly have a better understanding on and i can actually visualize their full long-term prospects better than i could with just an early stage company so with me that's kind of where i find myself now with private equity you have your mega fund private equity firms these are your areas your apology your letter greens your tpgs your blackstones your kkr's just to name a few but with all these private equity funds you also have the mid cap funds they're the smaller funds but still like you have their upper middle upper middle market funds so there's still great opportunities especially like the upper middle market as well and two if you wanted to work with small cap that's another great option but still almost a lot of these private equity funds are not going to hire directly out of undergrad and typically they want to see that you have some sort of experience in the finance industry before you can get in to private equity the last on this list is consulting now i'll be the first to tell you that i don't know much about the consulting industry but within consulting you have the big three management consultant firms these are bcg mckinsey and bain and you also have the consulting arms of the big four accounting firms which are devoid kpmg pwc and ey within consulting it's great because they do offer entry level positions at a higher out of underground like investment banking does not say that it's not very competitive which it is but for these undergrad positions they're typically looking to recruit in the fall of your junior year for internships taking place between the summer of your junior and senior year these are the big internships hopefully leading to a full-time position if you get a return offer but with consulting i would just point out that relative to the other alternatives on this list consultants specifically like just your normal management consultant has a lower salary again relative to the ones that are on this list now it's not to say if you're working the software side of it that's completely different but just regular management consultant the base typically around 65 000 but so if you're just wanting to pay attention to salary that's just something to keep in mind looking back at my own experience i wish i would have just broadened my scope a little bit paid a little bit more attention to some of these other alternative to investment banking before just diving head first into recruiting for investment banking this is not to say that i'm unhappy in any sort of way with how things turn out because i know investment banking is an amazing opportunity out of undergrad and even if i looked into these other opportunities i think i still would have ended up going into investment banking coming out of college anyway but i would have liked to at least have a chance to experience some of the other recruitment processes for some of these other alternatives that i mentioned just to kind of get a sense of how it's like and now if you were in my shoes and you're like four years back from where i am now maybe you're a freshman you're a soccer going into college or whatnot i would just encourage you to pay attention and consider looking into just some of these other industries before you just go right into investment banking and focus all your attention on that again investment is a great great industry to be in just always being able to keep your options open is a great thing but that's all we have for today guys thank you guys so much for tuning in i really appreciate it as always if you guys enjoyed this video please make sure to give it a like down below subscribe to the channel hit the notification button notified when i post for more of this content be sure to check out my investment banking playlist and for more of my smart money content be sure to check out my smart money playlist thank you guys so much i hope you guys are doing well i'll see you in the next one that's a wrap