Breaking into AM from a non target
Is recruitment in AM as competitive as IB interms of the schools they recruit from? Possibly going to UCL/Bath/Kings/Bayes/Manchester, certain I don't want to work in IB but what are the odds of getting into front office asset management from one of these schools?
Breaking into front office asset management (AM) from non-target schools can indeed be challenging, but it's not impossible. Here’s what you need to know based on the most helpful WSO content:
Target Schools Predominance: Top asset managers tend to recruit almost exclusively from top target schools. However, schools like UCL, King's College, and Manchester are well-regarded and can be considered strong semi-targets, especially in the UK. This increases your chances compared to other non-target institutions.
Internships and Networking: Securing internships is crucial. Most roles in AM are filled through internships, similar to the banking sector. Leverage any internships and use them as a stepping stone to demonstrate your skills and commitment to a career in AM.
Boutique Firms: While larger firms have rigorous recruitment processes favoring target schools, boutique asset managers might offer more flexibility. They often value direct applications and networking. The culture in these firms is typically tight-knit, and they may prioritize finding the right fit for their team over pedigree.
Resume and GPA: Ensure your resume is polished and highlights relevant experience and skills. A strong GPA and relevant coursework or projects can also significantly bolster your application.
Utilize Available Resources: Make the most of your school's career services, alumni network, and any finance clubs or societies. Attending industry talks and networking events can also provide valuable connections and insights into the industry.
Persistence and Broad Applications: Be persistent and apply broadly. Consider various roles within AM firms, including those that might not be your first choice, to get your foot in the door.
While the competition might not be as fierce as in investment banking, the smaller intake in AM does make it competitive. Equip yourself with a strong application, and leverage every opportunity to network and gain relevant experience.
Sources: How competitive is it to get asset management out of undergrad?, Asset Management vs Investment Banking 101, Breaking into long only Asset Management, Asset Management vs Investment Banking for exit opps into value-based hedge funds
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