BB AM vs. BLK/PIMCO for SA
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Did a product role at one of the two mentioned firms. I found the work to be pretty solid and a better wlb than banking (which I have also done). You aren't going to be investing but you will be learning about the strategies used and how PMs at your firm are thinking through deploying capital in a meaningful way. The more boring work will be things like RFPs and the more exciting work will include work on client deliverables related to the funds like attribution analysis or sometimes trade case studies.
Comp is fairly good with decent upside through career, you aren't going to make IB money but it will still be pretty good and you'll be working 30-50 hours per week less than them most likely.
Exits vary with MBA being by far the most common of them after which there are many possibilities from IB to consulting to an investment role (not very common, would most likely require M7).
Some exit pre-MBA into fields like MBB consulting or into product or investor relations at another firm plus the odd strategic role at a non AM.
Thank you! These are extremely helpful insights. I wonder what's your take on the BB AM Arm vs. Actual AM firm debate? …BB's AM arm always tries to advertise their internal mobility (lateral to in-firm IBD/S&T in the future if AM doesn't work out) so I wonder how truthful is that?
If you want to be in AM, take a role with the AM firm. Not a knock on the BBs but the reality is they are not the core focus of the mothership and do not receive the resources of a core focus business. There is also culture to consider. BB AM arms are still very much part of the bank. They have the culture of the bank (I don't mean hours but overall feel). Another point to consider about BB AM arms is the potential for their business to be sold, merged, etc. Happens all the time (again not the core focus so the corp strat folks ponder what to do with "that unit".) A lot of them have grown through the M&A so it stands to reason that that's always an option.
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