Asset Management vs. Equity Research

If the ultimate goal is to be a PM, which path should one take when starting right out of undergrad? Post MBA? What are the differences in their career progression? And how do the tasks differ as an entry level employee?

 
wikileaks:

I can't imagine any route more suited to being a PM than one in which you are making investment decisions.. So
Mid-tier HF > Top-Tier AM

Disagree.
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There are a lot of different opportunities. I think you'll make it in the end if you are genuinely interested and take initiative often. It also depends on what kind of PM you want to be.

The more typical route is probably ER/AM out of college and eventually transition to AM/HF (or post-MBA) but it really varies. MBA vs CFA is debatable also. I think you'll have a better feel after a few years.

 
floppity:

There are a lot of different opportunities. I think you'll make it in the end if you are genuinely interested and take initiative often. It also depends on what kind of PM you want to be.

The more typical route is probably ER/AM out of college and eventually transition to AM/HF (or post-MBA) but it really varies. MBA vs CFA is debatable also. I think you'll have a better feel after a few years.

Preferably a PM for a long only fund or mutual fund, may not make as much as in HFs but usually better quality of life and stability.

 
Best Response
wikileaks:

Does this help? I agree with you guys, I would take a Top-Tier AM over a Mid-Tier HF anyday.

Top-Tier HF (Soros, Citadel, Bridgewater, etc...) >Top-Tier AM (Fidelity, PIMCO, etc...), Mid-tier HF = Top-Tier Sell-Side ER = Mid-Tier AM

Cheers

You sir, don't know what it gods name you're talking about. Leave that ranking crap on the sell-side where it belongs.

 

Well, since Asset Management is the buy-side for publicly traded products, it only makes sense that BS ER = AM. Alternative Investments (on the public side) is also simply a subset of AM.

So it depends on the shop/strategy since AM does not equal AM.

Sell-Side vs. Buy-side: on the SS you will spend time making everything highly detailed, presentable and a lot of work will be related to gathering data, also being the middle ground between company management and the clients, so it's more of a 'relationships' role so to speak. On the BS you need to have an actionable idea with a much shorter thesis and supporting points (not to say you don't need (ideally) actionable ideas on the SS).

 

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