Fidelity investments WPA wanting to jump into new career

Based on the most helpful WSO content, making a career transition, especially from a role like a Workplace Planning Associate at Fidelity Investments to a more lucrative position in Investment Banking (IB) or Sales & Trading (S&T), requires careful consideration of your qualifications, career goals, and the potential impact on your work-life balance and job satisfaction.

Given your current credentials (SIE, Series 7, 65, 63, 215) and experience in RIA, along with a finance degree from a small college, here are some thoughts tailored to your situation:

1. Pursuing Further Education (MBA vs. CFA® vs. CFP®):

   • MBA: An MBA could be a strategic move, especially if you aim for a career in IB or S&T. Top-tier MBA programs have strong recruitment ties to prestigious IB firms and could significantly enhance your network. However, considering your preference to avoid New York and your interest in trading, you might want to target MBA programs with strong finance specializations and connections to financial hubs other than NY, possibly in Europe or areas closer to South Florida.
   • CFA®: The Chartered Financial Analyst designation is highly respected in investment management and could bolster your credentials if you're leaning towards roles that involve in-depth financial analysis, portfolio management, or equity research. It's a rigorous program but offers flexibility since it's self-study, allowing you to continue working. Given your interest in the trading side of things, the CFA® could complement your skills and open doors to asset management firms, hedge funds, or research roles.
   • CFP®: If your long-term goal leans more towards financial planning and advising clients on a broader spectrum of financial matters, the Certified Financial Planner designation could be beneficial. However, for roles in IB or S&T, the CFP® might not be as relevant as an MBA or CFA®.

2. Career Path Considerations:

   • Staying within Fidelity and climbing the WPA tree could offer a stable and potentially satisfying career path, especially if you value the company culture. The progression from WPC 1 to a Financial Advisor role shows a clear trajectory with significant income potential. However, reaching your goal of making $200k+ might be more gradual compared to a leap into IB or S&T.
   • Transitioning to IB or S&T would likely require a substantial commitment to networking, further education (most likely an MBA), and possibly starting in an analyst role, which can be highly demanding. The culture in IB and S&T can be vastly different from what you're used to at Fidelity, with longer hours and a more intense work environment. However, the financial rewards and career progression can be substantial.

3. Location Preferences:

   • Your desire to work in Europe, South Florida, or a fun city in the south opens up various possibilities. Europe, for instance, has several financial hubs like London, Frankfurt, and Zurich, where an MBA from a European business school could be particularly advantageous. South Florida is growing as a financial hub, especially for wealth management and private banking, which could align well with your background and CFP® or CFA® credentials.

In conclusion, if your primary goal is to significantly increase your income in the short to medium term and you're open to the challenges of IB or S&T, pursuing an MBA might be the most strategic option. However, if you're more inclined towards investment management or financial planning, the CFA® could be a better fit. Given your location preferences and interest in trading, researching MBA programs with strong finance tracks in those regions or considering roles in asset management or hedge funds could be a wise move. Remember, networking and leveraging your existing credentials will be key, regardless of the path you choose.

Sources: What Distinction is Better - CFA®, MBA, or CAIA?, 5 things I wish I had known when I was a business undergrad...