If the ultimate goal is to be a PM, which path should one take when starting right out of undergrad? Post MBA? What are the differences in their career progression? And how do the tasks differ as an entry level employee?
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ER & CFA over MBA.
I can't imagine any route more suited to being a PM than one in which you are making investment decisions.. So Top-Tier HF > Mid-tier HF > Top-Tier AM > Top-Tier Sell-Side ER
I agree with the disagree
There are a lot of different opportunities. I think you'll make it in the end if you are genuinely interested and take initiative often. It also depends on what kind of PM you want to be.
The more typical route is probably ER/AM out of college and eventually transition to AM/HF (or post-MBA) but it really varies. MBA vs CFA is debatable also. I think you'll have a better feel after a few years.
Preferably a PM for a long only fund or mutual fund, may not make as much as in HFs but usually better quality of life and stability.
Does this help? I agree with you guys, I would take a Top-Tier AM over a Mid-Tier HF anyday.
Top-Tier HF (Soros, Citadel, Bridgewater, etc...) >Top-Tier AM (Fidelity, PIMCO, etc...), Mid-tier HF = Top-Tier Sell-Side ER = Mid-Tier AM
Cheers
Glad we got that settled.
You sir, don't know what it gods name you're talking about. Leave that ranking crap on the sell-side where it belongs.
Looks like your a recent grad working for a $100B Fund and I may of insulted your pedigree? I don't think anyone can argue with the rankings. These are facts.
Working at a fidelity or Pimpco isn't all it's cracked up to be. Look around, there are plenty threads discussing top AM shops. OP get something where you are making investment decisions or do sell side work.
This is the best question on this topic
ER vs AM (Originally Posted: 03/31/2014)
Hi, At analyst level, what is the difference between equity research and AM firms focusing on equities? I'm guessing in BB ER, your work won't be directly used to make investment decisions but what about buy-side RE vs AM, it seems the same to me?
Well, since Asset Management is the buy-side for publicly traded products, it only makes sense that BS ER = AM. Alternative Investments (on the public side) is also simply a subset of AM.
So it depends on the shop/strategy since AM does not equal AM.
Sell-Side vs. Buy-side: on the SS you will spend time making everything highly detailed, presentable and a lot of work will be related to gathering data, also being the middle ground between company management and the clients, so it's more of a 'relationships' role so to speak. On the BS you need to have an actionable idea with a much shorter thesis and supporting points (not to say you don't need (ideally) actionable ideas on the SS).
Differences in set skills: Asset Management vs. Equity Research (Originally Posted: 06/18/2014)
I know that the actual terms may offer AM under Equity Research (or vice versa). I was wondering if there were specific skills that would be useful in both fields: I haven't really decided which path was more suited for me. However, I would like to brush up on values that would be favored in both topics. Moreover, is there are standout skills in each field?
I apologize in advance if my question is vague and naive (sounding). I just never really understood the differentiated needs and skills I need to specialize in each category. Thanks guys!
Also if you ca include certain programs that help either or let me know.
Also, if you guys know any good lecture videos on what would help, please leave the link below!
Refreshing this thread.
If we're talking strictly sell-side equity research versus being an analyst at an asset manager, writing skills are more heavily required for ER and a broader knowledge of the investment process may be more heavily required for the AM role.
What are the most important skills for equity research?
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