Asset Management in Canada
Hi Monkeys,
Can someone enlighten me on how to break into AM in Canada, the salary and how the promotion process to PM is? More so in mutual funds in Canadian banks, or well-established investment management firms like Fidelity and CI.
Thanks
Re: breaking in, pretty similar to the US - target school (Laurier in particular has a pretty good shot of going direct after U/G), some experience (ER is a good feeder, especially for top-ranked analysts; funds would sometimes let their sales reps or some analysts know that they're hiring), and knowing your shit (this part is important because that plus the intangibles like fit and your attitude will be what seals the deal in a final round).
I want to emphasize knowing your shit because it's pretty easy to tell who's a dud and who's not - most candidates would say they're passionate about investing but when you dig into details (e.g. what do you do to improve, depth of thought in a prior pitch) they fall apart. If you really want this, stay humble, be a sponge, and eventually someone will notice because over time those who've been persistent will likely be better than those who've don't actually care. For example, I'd take someone from with no direct experience but can talk in-depth about some of their picks (why the market was wrong and what their edge was) over someone who stayed in SS ER for 4 years and is still pitching a company because of "great business and great management".
Promo to PM I'm not sure (not there yet)...maybe someone else will chime in.
Seems to me that ER is a much easier transition to AM. Would you say that investment bankers have decent chances or would they find it rather difficult to do a lateral into PM?
it's possible a few of my fellow banker colleagues made the switch (although most switched post MBA). Keep in mind though that although banking provide an excellent training, it's really hard for analysts to actually invest (or have a detailed thesis on a stock they don't directly cover) given lack of time and investing restrictions (some banks have banned individual stock investing altogether) and I understand that demonstrating a passion for investing is really crucial to landing an AM position (much more so than technical / valuation skills).
That's a fair point. Would you happen to know what compensation is like 5-10 years down the road in AM in Canada?
Comp is less standardized than in other finance field due to the flat hierarchy and large performance component so it depends. If you are passionate about investing in the public market, I'm sure you'll find the comp satisfactory. I literally don't know anyone who works in AM who doesn't love his / her job. Also, glassdoor.com
Agreed with what mtnmmnn said re: banking analysts giving good training on the technical side but should brush up on demonstrating why they want investing.
On the comp side, it's pretty variable across firms and in some cases even within firms (due to differences in progression between two people). Pension funds have their salaries online if you want to check, but it's safe to say that if you're good and have a good personality you'll be comfortable.
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