Aug 14, 2024

Asset management - Typical Day??

anyone have any insight as to what a typical day looks like when working in asset management? Also, what is recruiting like for undergraduates in this space? I don't see many listings on our campus job portal for AM

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5 Comments

O

25d

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

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AM

24d

Banter on IB chat.

Clearing House Meaning

IB

Intern in IB-M&A

23d

As an associate, you update models, read sell-side research, build analyses that your analysts give you, occasionally independently pitch stocks, sit in meetings with management all day, and think about how how whatever xyz event is going to impact LT FCF.

IB

22d

Watch the S&P all day

AM

22d

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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.

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