Asset Management from UG
What's a typical route for someone looking to break into Asset Management from UG? In the long run I can imagine myself attempting to head towards portfolio management.
I'm currently a sophomore, and will be applying for summer internships next fall and winter.
Thanks for the responses.
PM me. I'm currently a junior who had multiple AM/IM internship offers for this summer. I'd be happy to give you my input.
PM me
Even though you want to eventually do PM, you should be open to exploring other opportunities within AM firms. While it is uncommon to go BO/MO to FO in IBD, it is far more common to move laterally into PM at smaller firms if you excel in your given role and have the quantitative skills to handle the job. Working in other groups also gives you a chance to learn more about your company's products and about the markets in general. Im not saying to give up all hope of getting a PM internship, just don't limit your options while you're still so young. Especially if you are at a non-target, it is much more probable that you will land a BO/MO gig given that the top firms (think PIMCO, Wellington, State Street) recruit almost exclusively at Ivies for PM internships.
rooster:
what type of positions should i be looking for BO/MO ? Are the lateral transitions typical preMBA?
When talking about asset management, in general there are three main groups - account mgmt, product mgmt, and portfolio mgmt. Portfolio mgmt is generally the hardest to break into, considering that someone straight out of undergrad doesn't really have that much to offer or add value to a desk, but the desks do sometimes take undergrads. In account management your role is much more client focused, but you have an opportunity to learn A LOT about the industry and your company's products. Product management has a more internal focus and is also a great place to start. However, in these positions you have to (a) bust your ass and (b) continue learning more about portfolio mgmt outside of work. Read, read, read, and read some more. If you have the drive and can eventually show the right people that you would be more useful to the company in portfolio mgmt, the lateral transfer shouldn't be too tough to pull off.
Do you have any suggestions for introductory reading about the topics? I have absolutely no knowledge about the field and would like to develop it.
there is a vault guide out there for investment management. that's a very basic one.
If you're looking to go into AM/IM from undergrad, no one is expecting you to know everything. You can absolutely bank on being asked in an interview...if I gave you X million dollars, how would you invest it? To answer this, you need to be up on current market developments and be able to logically explain your reasoning for investing/not investing in certain assets. If you're going into a firm that primarily does fixed income, you should read up on Fabozzi. If you're going into a firm that primarily handles equities, you should read up on some of the more classic texts (i.e. those by Benjamin Graham and Peter Lynch) to form a foundation. Either way, your main focus should be on current events and recent market news. This is more important than anything. If you can speak confidently and intelligently in an interview for 3+ minutes on a current, relevant topic, while forming your own opinions rather than just adopting those of others, you should be fine. In interviews, your main pitch should be that while you are extremely skilled at XYZ due to coursework/internships, you realize that you have a lot to learn and want to further develop your skills so you can begin to contribute to the team as quickly as possible.
Do want to work for a firm like BlackRock? or for a hedge fund...
thanks rooster
redhill: im thinking a firm like blackrock
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