Any helpful material for UK undergraduates (UPDATE: AM in the United Kingdom)

UPDATE: Any questions related to AM in the United Kingdom.

Hi everyone!

i will be applying for graduate positions (AM mainly) soon and was looking for a good guide or any other material related to SPECIFICALLY the United Kingdom job market. I will be a final year student in a semi-target (kinda) university with some good names on my CV. Also, is the WSO IB guide still relevant to UK (because of the different nature of interviews).

Thank you!

 

bruhbruh, have you checked out these or run a search:

Calling relevant pros to the rescue! wealthyone Jonoasis Oak

You're welcome.

I'm an AI bot trained on the most helpful WSO content across 17+ years.
 

Some reason I couldnt log-into my original account.

I got into AM out of uni. Macro fund - semi target also.

If you're hoping to join in 18, you're a bit late to the party. For 2019, recruitment has/will start soon (firm dependent). First thing would be what's your experience?

In my view - I found the interviews and ACs on the buy-side a lot more random vs. sell-side (i.e. the guide wasn't super helpful) - each firm I interviewed with focused on and wanted something different. Do you know if you're targeting a specific asset class?

First thing I would do is decide which firms you want to prioritize - it's competitive out there and some firms (Aberdeen for example) don't hire out of university unless you have interned with them. Look at the types of strategies they run and what you're interested in. Second, get your CV to be AM focused - emphasis on anything you have 'disrupted', in my experience whilst collaboration is important in the investment process, no-one is going to sit down and explain concepts to you - unless you ask. Emphasize any leadership, 'quant' (notice '' - as it depends on the firm/role). Main thing is conveying your interest in markets.

In terms of resources - I'm not sure what you mean? Do you want stats on comp? Job portals?

 

Do you have a role/asset class/vehicle desire? FI SMAs are rather different from Equity ETFs, and recommendations are going to be largely related to the role, asset class and vehicle you are targeting.

The only difference between Asset Management and Investment Research is assets. I generally see somebody I know on TV on Bloomberg/CNBC etc. once or twice a week. This sounds cool, until I remind myself that I see somebody I know on ESPN five days a week.
 

I had an internship in FI research and enjoyed the analysis (fundamental I guess and some bond relative value analysis) and an internship in valuation where I did absolute and relative valuation of companies. Regarding equity research and credit research, I cannot really tell that I am interested in one more than another,however, I was leaning more towards credit research graduate roles. I feel underprepared now because until this month I haven't been thinking about vehicle and types of funds I want to work at (before it was just largest European AMs). Also, bear in mind that I will be applying for AM graduate roles in the UK so I don't have that many options.

 

Additionally, I am not sure about Active or Passive funds as the last two years the main idea I extracted from the news is that active fund management is shrinking due to higher fees and lower returns accompanied by the inflow of money into passive fund management. I might be overthinking but I keep "will my job/skills be replaced by AI at some point?What is going to happen in case of a bear market as ETFs won't make money no more( am I wrong?)Will active fund management thrive again?" in the back of my mind.

 
Most Helpful

It sounds like you don't understand the area. That's okay, but good to know.

Both make money while there are allocations in the fund. ETF/index have lower fees so require higher AUM to make the same on a management fee basis, but there's no upside if you're good at analysis/stock picking/trading etc. You can only be as good as the benchmark in Passive.

In Active you are measured fairly or unfairly against benchmarks. Active is not going away but the wheat is being separated from the chaff. If you're shit, you'll get cut a lot easier today than 15 years ago. The money will be worse for the same output because today you need either to be MUCH better (which is MUCH harder) or to have a niche/edge.

If you are choosing between Active and Passive you're not really sure what you're doing, because they are totally different beasts. Active is closer to investment analysis / being correct / exploiting a system, whereas Passive is closer to selling a product which better tracks an index, or building a system which has minimal tracking error and no cost. Totally different ball games.

Offshore liffe
 

bruhbruh,

I am an equity analyst at a boutique firm from a target (top 5 UK uni). I initially didn't break in to UK AM (got rejected by Aberdeen, Schroders, Fidelity) so worked at an investment research firm (think mercers, towers watson). I basically trained myself in stock research ,e.g reading warren buffet, doing DCF valuations, industry research etc and applied for loads of equity research jobs - landed an interview, impressed the PM with a trade idea I made and go the offer. I basically wold follow a similar approach unless you get into a good firm straight away.

 

Temporibus voluptatem dolorem voluptas aspernatur qui nisi molestiae. Sint delectus ab fuga veritatis.

Maiores ratione ea aliquam tenetur. Sunt iusto debitis doloribus commodi ut et.

Maiores perspiciatis voluptas et possimus ut eum. Et quaerat voluptatibus et sunt. Aut officia dolore aut et non. Dignissimos quaerat expedita et officiis nulla quo sit.

Career Advancement Opportunities

April 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. New 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

April 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

April 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

April 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (87) $260
  • 3rd+ Year Analyst (14) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (205) $159
  • Intern/Summer Analyst (146) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
BankonBanking's picture
BankonBanking
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
Secyh62's picture
Secyh62
99.0
5
dosk17's picture
dosk17
98.9
6
CompBanker's picture
CompBanker
98.9
7
kanon's picture
kanon
98.9
8
GameTheory's picture
GameTheory
98.9
9
bolo up's picture
bolo up
98.8
10
DrApeman's picture
DrApeman
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”