Asset management - Typical Day??

Based on the most helpful WSO content, here's what you need to know about a typical day in asset management and the recruiting process for undergraduates:

Typical Day in Asset Management:

• Work Hours: Typically, asset managers have 40-60 hour work weeks. The larger the fund, the more hours you might put in.
• Vacation Time: You start with around 3 weeks of vacation time and can work your way up to 5 weeks.
• Culture: The culture in asset management firms tends to be better than typical finance firms, with significantly less turnover and more development/promotion from within.
• Career Path: Generally, you start as a research associate supporting analysts and portfolio managers. Post-MBA, you move into an analyst role and can be promoted to portfolio manager in 5-15 years.

Recruiting for Undergraduates:

• Competitiveness: Breaking into asset management directly out of undergrad is highly competitive. Most roles are filled through internships, and many firms do not hire regularly from undergrad.
• Class Size: Asset management firms have smaller classes compared to investment banks. For the largest AM firms, around 5 hires per year per asset class is a reasonable assumption.
• Target Schools: Top asset managers typically recruit from top target schools. They look for candidates with a track record of investing and a clear commitment to pursuing investing as a career.
• Boutiques: Smaller boutique firms rarely have openings due to low turnover and small, tight-knit teams. They often develop and promote talent from within.
• Application Strategy: Besides on-campus recruiting, sending out your resume (including a well-done stock pitch) via email can be a solid option for finding open positions, especially with boutiques.

Additional Insights:

• Internships: Internships are crucial for landing a full-time role. Many undergrad hires are former interns or have connections within the firm.
• Geography: Unlike banking and private equity, asset management isn't exclusive to major cities. There are opportunities in various locations, including those with a view of the beach.

For more detailed discussions and personal experiences, you might want to explore specific threads on Wall Street Oasis.

Sources: Why Work in Asset Management?, How competitive is it to get asset management out of undergrad?, https://www.wallstreetoasis.com/forum/asset-management/could-use-some-insight-on-careers-in-asset-management?customgpt=1, Asset Management vs Investment Banking 101, Life as a Top Asset Manager