• Sharebar

So after doing my own research and reading this site I have realized the Asset management is a solid career choice. So I wanted to know what is the usual career path to become a portfolio manger at a asset management firm like Blackrock, Pimco and wellington. Also what is the salary like for a portfolio manger at these places?

The WSO Advantage - Asset Management

Financial Modeling Training

Templates, M&A, LBO, Valuation. Learn More.

Wall St. Interview Secrets Revealed

30,000+ sold & REAL questions. Learn More.

Resume Help from Finance Pros

Land More Interviews. Learn More.

Find Your AM Mentor

Realistic Mock Interviews. Learn More.

Comments (15)

  • moneyneversleeps2's picture

    Unless you know someone or have a big enough trust fund to buy yourself into the position, no bank or AM firm is going to give you a portfolio to manage right out of college. Salary depends on AUM and the firm so for someone entry level it can be anywhere from 75-175 but typically 100k or below.

  • siux's picture

    Main difference between AM and other position is bonus. It's quite smaller.

  • nutsaboutWS's picture

    i work in AM @ JPM/GS/MS in their real estate investing arm. the PMs for our funds are about 50-65 years old. they each have probabyl been with the company for about 15-20 years./

    --
    "Those who say don't know, and those who know don't say."

  • Brady4MVP's picture

    You either have to start in AM as an analyst and move up, get sellside experience, and/or go to a top MBA program.

    Compensation can vary wildly. I imagine a PM at a place like wellington/pimco/blackrock can clear low seven-figures including bonus.

  • Something Creative's picture

    The easiest and best way to do it is to work as an analyst level at one of these places then you go into a top MBA program (for PM's it's likely going to be Booth or MIT as the best in's), then you move into a PM role as part of their MBA recruit process. You could also start as Analyst, move to Associate, then to PM, but thats incredibly hard and very, very, few people will be able to pull it off. Comp is going to be a couple 100k in base and then bonus. Starting out you will probably only clear like 250-350k including bonus, but once you're actually PM on accounts instead of just a PM you will get a % of the AUM you manage. That's when you're clearing 7fig+

    "It is hard to fail, but it is worse never to have tried to succeed."

    Theodore Roosevelt

  • In reply to Something Creative
    FutureTrader21's picture

    Something Creative:
    The easiest and best way to do it is to work as an analyst level at one of these places then you go into a top MBA program (for PM's it's likely going to be Booth or MIT as the best in's), then you move into a PM role as part of their MBA recruit process. You could also start as Analyst, move to Associate, then to PM, but thats incredibly hard and very, very, few people will be able to pull it off. Comp is going to be a couple 100k in base and then bonus. Starting out you will probably only clear like 250-350k including bonus, but once you're actually PM on accounts instead of just a PM you will get a % of the AUM you manage. That's when you're clearing 7fig+

    Thorough. U da man.

  • In reply to FutureTrader21
    ibleedexcel's picture

    FutureTrader21:
    Something Creative:
    The easiest and best way to do it is to work as an analyst level at one of these places then you go into a top MBA program (for PM's it's likely going to be Booth or MIT as the best in's), then you move into a PM role as part of their MBA recruit process. You could also start as Analyst, move to Associate, then to PM, but thats incredibly hard and very, very, few people will be able to pull it off. Comp is going to be a couple 100k in base and then bonus. Starting out you will probably only clear like 250-350k including bonus, but once you're actually PM on accounts instead of just a PM you will get a % of the AUM you manage. That's when you're clearing 7fig+

    Thorough. U da man.

    Sorry. This is wrong. Pre-MBA roles are typically Research Associate where you support the analysts and PMs. Post-MBA role is Analyst (direct promotion for outstanding RA's is also possible). After a number of years (5-15), you can become a PM. Breaking into the Analyst role is the actually the toughest transition point.

    The top MBA programs for access to the Analyst role are (in order): H/S, W, C/C (but they will all give the serious and well-prepared candidate a good shot).

    The strongest MBA candidates actually turn out to be those with prior private equity experience, valued for their fundamental due diligence/research experience, valuation skills, and typically very strong background/resume to even be coming from PE. But of course, there are lots of others that successfully make the MBA placement as well.

    Comp wise: Research Associates typically don't do very well (less than banking). Analysts do well (similar-to-slightly less than banking but better lifestyle). And of course PMs can do very very well (seven-figures) with a wide distribution depending on the firm, assets, and, of course, investment performance.

  • In reply to ibleedexcel
    Something Creative's picture

    ibleedexcel:
    FutureTrader21:
    Something Creative:
    The easiest and best way to do it is to work as an analyst level at one of these places then you go into a top MBA program (for PM's it's likely going to be Booth or MIT as the best in's), then you move into a PM role as part of their MBA recruit process. You could also start as Analyst, move to Associate, then to PM, but thats incredibly hard and very, very, few people will be able to pull it off. Comp is going to be a couple 100k in base and then bonus. Starting out you will probably only clear like 250-350k including bonus, but once you're actually PM on accounts instead of just a PM you will get a % of the AUM you manage. That's when you're clearing 7fig+

    Thorough. U da man.

    Sorry. This is wrong. Pre-MBA roles are typically Research Associate where you support the analysts and PMs. Post-MBA role is Analyst (direct promotion for outstanding RA's is also possible). After a number of years (5-15), you can become a PM. Breaking into the Analyst role is the actually the toughest transition point.

    The top MBA programs for access to the Analyst role are (in order): H/S, W, C/C (but they will all give the serious and well-prepared candidate a good shot).

    The strongest MBA candidates actually turn out to be those with prior private equity experience, valued for their fundamental due diligence/research experience, valuation skills, and typically very strong background/resume to even be coming from PE. But of course, there are lots of others that successfully make the MBA placement as well.

    Comp wise: Research Associates typically don't do very well (less than banking). Analysts do well (similar-to-slightly less than banking but better lifestyle). And of course PMs can do very very well (seven-figures) with a wide distribution depending on the firm, assets, and, of course, investment performance.

    You're talking equity space. I wasn't.

    "It is hard to fail, but it is worse never to have tried to succeed."

    Theodore Roosevelt

  • In reply to Something Creative
    ibleedexcel's picture

    Something Creative:
    ibleedexcel:
    FutureTrader21:
    Something Creative:
    The easiest and best way to do it is to work as an analyst level at one of these places then you go into a top MBA program (for PM's it's likely going to be Booth or MIT as the best in's), then you move into a PM role as part of their MBA recruit process. You could also start as Analyst, move to Associate, then to PM, but thats incredibly hard and very, very, few people will be able to pull it off. Comp is going to be a couple 100k in base and then bonus. Starting out you will probably only clear like 250-350k including bonus, but once you're actually PM on accounts instead of just a PM you will get a % of the AUM you manage. That's when you're clearing 7fig+

    Thorough. U da man.

    Sorry. This is wrong. Pre-MBA roles are typically Research Associate where you support the analysts and PMs. Post-MBA role is Analyst (direct promotion for outstanding RA's is also possible). After a number of years (5-15), you can become a PM. Breaking into the Analyst role is the actually the toughest transition point.

    The top MBA programs for access to the Analyst role are (in order): H/S, W, C/C (but they will all give the serious and well-prepared candidate a good shot).

    The strongest MBA candidates actually turn out to be those with prior private equity experience, valued for their fundamental due diligence/research experience, valuation skills, and typically very strong background/resume to even be coming from PE. But of course, there are lots of others that successfully make the MBA placement as well.

    Comp wise: Research Associates typically don't do very well (less than banking). Analysts do well (similar-to-slightly less than banking but better lifestyle). And of course PMs can do very very well (seven-figures) with a wide distribution depending on the firm, assets, and, of course, investment performance.

    You're talking equity space. I wasn't.

    OK... Then what were you talking?

  • In reply to ibleedexcel
    Something Creative's picture

    ibleedexcel:
    Something Creative:
    ibleedexcel:
    FutureTrader21:
    Something Creative:
    The easiest and best way to do it is to work as an analyst level at one of these places then you go into a top MBA program (for PM's it's likely going to be Booth or MIT as the best in's), then you move into a PM role as part of their MBA recruit process. You could also start as Analyst, move to Associate, then to PM, but thats incredibly hard and very, very, few people will be able to pull it off. Comp is going to be a couple 100k in base and then bonus. Starting out you will probably only clear like 250-350k including bonus, but once you're actually PM on accounts instead of just a PM you will get a % of the AUM you manage. That's when you're clearing 7fig+

    Thorough. U da man.

    Sorry. This is wrong. Pre-MBA roles are typically Research Associate where you support the analysts and PMs. Post-MBA role is Analyst (direct promotion for outstanding RA's is also possible). After a number of years (5-15), you can become a PM. Breaking into the Analyst role is the actually the toughest transition point.

    The top MBA programs for access to the Analyst role are (in order): H/S, W, C/C (but they will all give the serious and well-prepared candidate a good shot).

    The strongest MBA candidates actually turn out to be those with prior private equity experience, valued for their fundamental due diligence/research experience, valuation skills, and typically very strong background/resume to even be coming from PE. But of course, there are lots of others that successfully make the MBA placement as well.

    Comp wise: Research Associates typically don't do very well (less than banking). Analysts do well (similar-to-slightly less than banking but better lifestyle). And of course PMs can do very very well (seven-figures) with a wide distribution depending on the firm, assets, and, of course, investment performance.

    You're talking equity space. I wasn't.

    OK... Then what were you talking?

    OP specifically mentioned pimco and blackrock. Both are fixed income heavy. Pimco for example does not really have research associates or research analysts. They have some credit analysts, but those guys are not in portfolio management. Portfolio Associates there are below the portfolio managers. Hence you do not get hired there as a research associate post mba. you will either go in as a portfolio manager or portfolio associate if you're on the PM track.

    "It is hard to fail, but it is worse never to have tried to succeed."

    Theodore Roosevelt

  • In reply to FutureTrader21
    Something Creative's picture

    FutureTrader21:
    So what is it then?

    It's both. In equity land, the PM's are guys that have been equity analysts for awhile and then become lead strategists or pm's. Here you would be a research associate->equity analyst-> PM.

    In more complex investment funds it doesn't work that way. When you're a portfolio manager focusing on derivatives, currency, fixed income, etc, you are typically not going to be an equity analyst or a research associate before because your skill set is really not relevant. You would be some type of associate or equivalent and then become a PM or come in as a PM or associate level via b-school. It's going to depend on your previous experience.

    "It is hard to fail, but it is worse never to have tried to succeed."

    Theodore Roosevelt

  • buybuybuy's picture

    To unlock this content for free, please login / register below.

    Connecting helps us build a vibrant community. We'll never share your info without your permission. Sign up with email or if you are already a member, login here Bonus: Also get 6 free financial modeling lessons for free ($200+ value) when you register!
  • CocoaPuffs11's picture