Asset Management Internships
I am interested in breaking into pure play Asset Management from undergrad. I've noticed that many firms recruit undergrads (T Rowe, Fidelity, Wellington), but I would like insight into the process and difficulty breaking in.
A couple of questions to spur discussion: Is it a hyper-target-only industry? Do people generally go in through diversity programs? Is it diversity-only at my stage? What skills are required/how do I know I am a good fit for the industry?
Any insight would be well appreciated!
Hello,
I'm currently a senior at an T-20 liberal arts college, and I'll be joining Fidelity FT next year after two asset management internships with them. (my advice will be in the context of working at fidelity) I can say that my first internship was through their DISE program, which is an extremely competitive process (15 final spots out of 700-800 applicants) and then returned for another in a specific division. What I can say is that 1.) making yourself a cultural fit is key (Fidelity is comparitively friendly and has pretty cheery work environment outside of maybe a lil bit sweatiness in ER & FI), so try to figure that out first 2.) on the technical side, it really depends on your route, but I'd make sure you're comfortable talking intelligently about the market and specifically YOUR own views ( I cannot stress that enough; your independent thinking is your edge).
On the target aspect, you'll find plenty of people from typical target schools + NESCAC, but also a lot of people from school in Massachusetts (think babson, umass, boston college, etc.) However, I really wouldn't let your school deter you. Diversity programs are a great way to break in, and within finance asset management particularly struggles with diversity so it's for good reason. As far as whether it's just diverse at your stage, whats your grad year?
I think as far as being a good fit for the industry: AM people have the smarts of anyone in say IB, but also value sleep, their kids, hobbies, etc. etc. If you're a mega hardo it can work out, but you'll definitely not necessarily fit in with Fidelity (again, Equity Research may be exception here). As for other firms, I don't know. If you're curious, can present and communicate well, and have a well developed problem solving process, they'll help you quite a bit.
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