Asset Management Target Schools
According to WSJ (A List of Top Schools Feeding the Asset Management Industry), top schools for breaking into AM out of ugrad include:
- HYPW
- Chicago
- Columbia
- Stern
- Berkeley
- MIT
- Dartmouth
- BC
- Northwestern
- UCLA
aka.. mostly your typical IBD targets (with the exception of maybe BC and NU which are generally considered semis)
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Any other input on which schools are targets / semi-targets for going into AM?
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Can anyone provide details on the recruiting process? There isn't a whole lot on here apart from the recruiting timeline being slightly later than IBD and that it is just as competitive (if not more).
The following schools were listed due to their MBA programs. Yale's the odd one there but the rest looks solid.
For AM, its better to specify exactly what you want to do. Are you looking for the BB bank's AM programs? (largely FoF, WM, some direct investing?), mutual funds (Fidelity, T Rowe, Cap Group?), hedge funds (DE Shaw, AQR, P72) or even the specialty areas of AM (insurance LDI, endowment FoF, portfolio analysis, quant research, pension analysis, etc)
'Target' schools are really broken down by geographic proximity to the fund. They often extend far outside the typical target school as long as there's some alumni present. With investing, there's more of an emphasis on what you know as ugrad AM roles tend to be even more sparse than IB.
Recruiting process for internships/FT has now been starting from August and will typically go until Nov/December for the larger firms, with boutiques in the spring. As you alluded, there's typically less competition by volume of apps, but the quality skews a bit higher as the students applying tend to focus on AM vs banking.
Interview process tends to have 2-4 rounds. 1st round: phone screen, 2nd round: mix of behaviourals and technicals focused around markets, 3rd round: case situation where you have to do dilligence on a given investment. 4th could be an additional math/writing screen. Process takes 1 month total, so its important to be prepared long before recruiting season. Know well why this asset class, strategy, firm, investing etc.
Let me know if you have any specific questions.
Great information! Currently a freshman, so not exactly sure yet..
Hypothetically speaking, what would "targets" look like for mutual funds in the NE (Boston)? And how about BB AM NYC?
And if you don't mind, what is the "typical" path? PWM internship after freshman year => AM boutique sophomore year => Top AM junior year => offer?
I wouldn't say there is a "typical" path. You should focus on learning as much as possible, gaining quality internship experience, and networking with all the firms you may be interested in.
Do you know of any wealth/asset/investment management firms that have been open to internships for underclassmen?
I've been in the industry for a while and have always been surprised how many University of Wisconsin grads end up in the industry. In the midwest, the best buyside shops always have a good representation of UW alumni. But you'll find them spread across the country as well.
How would you say UW alumni compare to those of Kelley on either coast, since I'd assume they both place comparatively well in the Midwest.
The full eVestment report is pretty interesting, Boston-based and Midwest schools do super well. I've personally heard from several people that Boston College has the strongest alumni network in Boston for some reason. Top LACs (mostly NESCAC) do really well too scaled for size.
Would also add that for the United Kingdom, the main targets are... * Oxford/Cambridge * LSE/UCL/Imperial * Warwick Econ/Durham/St. Andrews
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