Advice for AM - Please Help
Hi everyone, I’m a rising sophomore at a Chicago-based target school (UChicago/Northwestern) and am looking to break into asset management (either top LO - Wellington, D&C, Cap, etc, or BB AM - GSAM/MSIM).
I have a high GPA, 3 relevant finance internships (2 this summer and 1 during freshman year), and solid club involvement. Does anyone know what steps I’d have to take to recruit for asset management, and what firms to target based on my background?
Any help is appreciated!
Based on the most helpful WSO content, here's what you need to know to break into asset management with your background:
Leverage On-Campus Recruiting: Given that you're at a target school in Chicago, make full use of on-campus recruiting events. Top asset management firms, especially the larger ones like Wellington, Dodge & Cox, Capital Group, Goldman Sachs Asset Management (GSAM), and Morgan Stanley Investment Management (MSIM), often recruit directly from top schools. Attend all relevant career fairs, networking events, and company presentations.
Utilize Alumni Network: Reach out to alumni from your school who are currently working in asset management. This can provide you with invaluable insights and potentially open doors for internships or full-time opportunities. Networking can be particularly effective as many asset management firms value referrals.
Prepare for Interviews: Be ready to discuss your previous internships and how they've prepared you for a career in asset management. You should also be prepared to discuss your investment philosophy, showcase your analytical skills, and possibly provide a stock pitch. This demonstrates your practical understanding of the industry.
Target Both Large Firms and Boutiques: While large firms are appealing, do not overlook boutique asset managers. Although they recruit less frequently and often not on campus, they can offer significant growth opportunities and hands-on experience. Your strategy of sending out resumes broadly is sound, especially for these smaller firms.
Continue Building Your Resume: Keep up your GPA and remain active in relevant clubs and activities. Consider leadership roles in finance or investment clubs to further stand out.
Consider Certification: While still early in your academic career, planning for certifications like the CFA (Chartered Financial Analyst) can be advantageous, especially if you're aiming for asset management roles.
By following these steps and continuing to build on your already strong foundation, you'll be well-positioned to make a compelling case for yourself when you apply for internships and eventually full-time positions in asset management.
Sources: Stepping Stones to Asset Management, Non-Target Undergrad to Non-Target Grad to Asset Management, Asset Management vs Investment Banking 101, Why Work in Asset Management?, Life as a Top Asset Manager
Bump
Sophomore internships are less common for the bigger LOs but they should all provide junior year internships. Fidelity, Wellington, PIMCO (Product, alts, & S&T only), T. Rowe, D&C, etc. They all should provide internships and you should have an ample supply to apply to. Now the openings vary some will be the Spring of the year prior others in the Fall, so you have to stay on your toes and be diligent applying.
Since you’re a sophomore and based in Chicago I would recommend applying to boutique AMs in the city to get further experience and build additional skills. Calamos, Segall Bryant & Hamill, Driehaus, Neuberger Berman, and especially Oakmark are the big players. If you’re really set on traditional LO and value investing in particular would focus on Oakmark can learn from the Bill Nygren team. IMO just as good a place to learn as the top shops. Go Cats!
Thanks for the response, it is much appreciated! I have a few followup questions if you don’t mind answering:
How competitive are the top LO AMs (Wellington, Fidelity, PIMCO, etc) and top BB AMs (GS/MS), given that I do a boutique sophomore AM internship and come from a target?
If I strike out of LO AM for my junior summer, what else could I do since everything in that realm (HFs, S&T) run recruiting at the same time and are also very competitive
Do BB AMs only recruit for sales or also for investment for junior summer? I’m not at all interested in sales to be honest Thanks!
How competitive is it? Probably 50 spots for the entire US. Uphill battle
I would also try to intern sell-side research. Even wealth management as a sophomore would be a good stepping stone to getting a junior asset management or equity research type role. Getting a buy-side job as a sophomore probably requires knowing someone at a boutique tbh.
Also I don't understand the obsession with asset management at bulge bracket banks on here.....You are getting a name that people broadly have heard of more, but it doesn't mean it's a better seat than a good boutique etc. There is alot more nuance to asset management jobs. Does the investing style match how you think? Do you have upward mobility? How is the fund's performance? What asset class are they in? Small cap has a ton of boutique firms that are really good because the nature of the asset class constrains size. The goal should be asset management if you really want to get in and not confining yourself to 10 shops. When I see these posts, it makes me think you are going into it for the wrong reasons aka prestige vs. actually wanting a career in this industry etc.
Very competitive, you’ll be recruiting against kids with similar profiles (targets, relevant experience, etc) for maybe maybe 5-8 spots max. You have to be thoroughly prepared especially with a stock pitch because you will get grilled. Regardless it’ll show your dedication, give you something relevant to talk about in interviews and hopefully prepare you for your next role. BB AMs I’m less familiar with however they’ll usually offer sales, product and an in house research position. There shoulda be variability in the roles and you could always connect with alum at the banks for further clarity.
I would prepare and look for roles in adjacent fields specifically SS ER (most of my colleagues came from SS but we also have ex IB, S&T, or HFs). If you are set on research cast a wider net and having backups would be a good idea.
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