Career in Investment Management

Hey guys, I'm currently going into my Junior yr of college, majoring in Finance. I have a 3.51 GPA and go to UIUC. I am interested in asset/investment management and I was wondering if you guys could suggest some companies that I should try to get an internship with next summer. I am currently a finance intern at a F500 company. I would want to try to have the internship be in the chicagoland area as well.

Thanks!

 

yes a google will help

If I were you, I would focus the search on AMs that have an emerging market and/or small-mid cap fund. In my opinion, that is where you will learn the most and skills come into play. Again that is only my opinion, some people in here prefer large cap US equity funds.

 

Blackrock has internships that "considers sophomores/juniors". However, just know that most (if not all) of its interns will be juniors. They only interviewed one or two sophomore at my school this year (out of like 15 kids or something). Certain BBs also have an asset management side to their business.

For sophomore year, better look into a boutique firm rather than the big ones. Much better chances. (That's not to say you shouldn't apply, of course.)

 

Given how hard everyone else on this site gets at the mere site of "G" and "S" in the same word, I'm shocked that you completely overlooked my comment for one re: Russell Investments. GS IMD is half PWM, half AM. Great brand. Structured, paid SA program. I'd seriously consider it if I were you. Don't take it the wrong way - I'm really just trying to help you out.

 

It's basically Asset Management. Clients including institutions, sovereign wealth funds and even individuals will invest with a financial services company, which will then invest that money in their products (mutual funds, ETFs, etc.).

So it's not IB and it's more advanced than PWM

 

How well does it compare to what?

Working at McDonalds? GREAT

These posts are fucking retarded. If it's your only offer what are you going to turn it down because GSIP would be a more ideal first job? Assuming you have the offer and its your only one, take it without hesitating to ask an online forum about it to increase your self esteem, absorb and learn as much as possible, build up some solid contacts, then learn some more and come revisit this issue in a year or so.

 

Hello

Investment management field offers a more stabilized career as compared to other financial industries like investment banking, as this industry generates stability of cash flows. Normally, investment management industries are compensated a set payment as a percentage of assets under supervision.

Even though investment management fees include a performance incentive, this industry is less cyclical than other industries like investment banking. Banking fees are dependent on the number of transactions. As banking activities like IPOs and M&A transactions decreased, fees for investment banks also reduced which led to layoffs of bankers. However, on the contrary, assets are always being invested fairly.

Though an unofficial process of money management had started at the beginning of the 20th century, it did not mature till the early 1970s. Before that, investment management was totally relationship-based. Banks and insurance companies already had relationships with various institutions like companies, municipal corporations for employee pension funds which needed to be invested providing asset managers with assignments to supervise the assets.

These asset managers were selected in an unorganized manner. Assignments bound to grow naturally instead of the official request for the application and bidding procedure. The real work of the investment management was also unorganized. Since the investment industry has matured now, full amount assets under management in the United States are around $60 trillion. Globalization has produced a miscellaneous list of foremost industry players which include investment banks, insurance companies and commercial banks. Performing in an investment management field does not require that you should be from particular region of the country like other financial firms such as investment banking.

Books on Investment Management

  1. Fundamentals of Investment Management by Hirt and Block
  2. Investment Management (Wiley Frontiers in Finance) by Peter L. Bernstein and Aswath Damodaran
  3. The Theory and Practice of Investment Management (Frank J. Fabozzi Series) by Frank J. Fabozzi and Harry M. Markowitz

Hope this helps Thanks http://www.fintel.us/

 

[quote=vitun]Hello

Investment management field offers a more stabilized career as compared to other financial industries like investment banking, as this industry generates stability of cash flows. Normally, investment management industries are compensated a set payment as a percentage of assets under supervision.

Even though investment management fees include a performance incentive, this industry is less cyclical than other industries like investment banking. Banking fees are dependent on the number of transactions. As banking activities like IPOs and M&A transactions decreased, fees for investment banks also reduced which led to layoffs of bankers. However, on the contrary, assets are always being invested fairly.

Though an unofficial process of money management had started at the beginning of the 20th century, it did not mature till the early 1970s. Before that, investment management was totally relationship-based. Banks and insurance companies already had relationships with various institutions like companies, municipal corporations for employee pension funds which needed to be invested providing asset managers with assignments to supervise the assets.

These asset managers were selected in an unorganized manner. Assignments bound to grow naturally instead of the official request for the application and bidding procedure. The real work of the investment management was also unorganized. Since the investment industry has matured now, full amount assets under management in the United States are around $60 trillion. Globalization has produced a miscellaneous list of foremost industry players which include investment banks, insurance companies and commercial banks. Performing in an investment management field does not require that you should be from particular region of the country like other financial firms such as investment banking.

Books on Investment Management

  1. Fundamentals of Investment Management by Hirt and Block
  2. Investment Management (Wiley Frontiers in Finance) by Peter L. Bernstein and Aswath Damodaran
  3. The Theory and Practice of Investment Management (Frank J. Fabozzi Series) by Frank J. Fabozzi and Harry M. Markowitz

Hope this helps Thanks http://www.fintel.us/[/quote]

Thank you so much for this.

 

Dude investment management is MUCH better than IBD.

Investment management analysts at the BBs start out at 100K base with bonuses in the 200-300K range. Seriously dude, forget Ibanking do investment management.

Lots of money there. Everyone respects you. IBD is like equities in Dallas compared to Investment Management.

Seriously dude.

 

After the previous post, it is clear that investment management is preferred to IBD, but what exactly is investment management? If it is that much better than banking, then it must be that much more difficult to get into. Any explanation would be helpful.

 

Is there a way to get into investment managment out of undergrad? Is it really hard to get into Investment managment in a BB? What kind of skills are they looking for?

 

Investment management jobs are reserved for the highest echelons of the elite students. You have to be Rhodes Scholar material to even HAVE a shot at the TOP firms.

As for skills involved you need to have very very sharp quant skills, analytical reasoning abilities, and people skills. All the top tier BBs also like candidates that have non-classroom skills. Your standard range of ECs wont even qualify, I'm talking skills like nunchuck and bowstaff abilities.

What investment managment analysts do is somewhat of a mystery even for seasoned pros on the street. What is know about them is that they make LOTS OF MONEY and work VERY HARD. They also have a reputation of partying really hard. YOu can usually see them out in the clubs late thursday or friday nights with victoria secret models smoking cigars and making fun of poor people.

Seriously, if you get a chance, ANY CHANCE to land a position as an investment management analyst do everything you can to get that job, and I MEAN EVERYTHING, because NOTHING is more PRESTIGIOUS and HIGH PAYING than investment management. NOTHING. First year out of College and you can make 400K.

Salary progression goes as follows

First year: 100K 200K bonus

Second year: 200K 400K bonus

Third Year 500K 800K bonus

After MBA: 2Million 5Million Bonus

These are actual numbers from the top BBs.

Seriously Investment Management is the SHIITTTT.

 

What the hell are you guys talking about??? Investment management analyst making 200K bonuses???? Analysts in investment management barely makes 30-40% of their salary in bonuses and that is for the top performing one.. same in private banking... they start around 50K to 65K depending on the firm... Invesment management has way less hours then IB... The previous post has obviously no clue!!

 

All you IBD champs are just H8TERS. Enjoy your SHITTY 90 hour weeks and PALTRY bonuses.

I'm sitting back at my executive suite office right now sipping Cristal (I only drink now that black people dont) and eating the finest caviar off the most curvy naked buttocks of a $5,000 an hour escort while you chumps are spreading the comp and testing valuations.

Don't H8TE. CONGRATUL8TE.

 

Hey you guys should try researching the answer to this question on a cool little website I found out about yesterday called google.com

Seriously.

WHAT IS THE COLOR OF THE SKY?

DO I HAVE TO BREATH AIR TO STAY ALIVE?

WHY DOES MY PEE PEE GET HARD?

STUPID STUPID STUPID QUESTIONS FROM STUPID STUPID STUPID PEOPLE.

kthxbye

 

Gosh, here we go again. Time for some green 'internship' bankers to level charges against the merits of working in anything but IB/consulting. I have many friends that started in IMD and are now doing great. Three friends of mine that started in PWM made it to their BB's derivative desk, equity sales and CDO/ABS desk. Other's made it to Investment Professionals and are now making more money for their bank (and themselves) than their counterparts in trading/IBD. I guess I can't say this enough: it's what you make of the experience.

Things in finance aren't as static as you would expect, especially at the junior level. I wrote in a PE FoF thread yesterday about the merits of working for a FoF vis-a-vis banking. Sure enough, there are many people that join the FoF industry and do not lateral into the job of their choice. Why? Because they were too preoccupied with where they would "end up" after their brief analyst stint. They were too busy chasing the 'holy grail of finance' than doing a really stellar job.

Here's a case in point. A friend of mine, whom I hold in the highest regard, started out in a FoF. Not only did he graduate with a master's after four years, but he was also placed at the top of his class at an Ivy. Never the most career-driven, he ran with the opportunity and worked his butt off between 2006-2008 in the secondary space. He's now at a distressed fund within a top PE company, far outperforming any of his IBD peers.

This is anecdotal. And should be treated with ladles of salt. But it goes to show that perceptions generally don't matter. If you work harder than your peers, you'll be rewarded.

 

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