Breaking into AM in UK/EU starting from behind
Long story short: this summer I will graduate from an unknown university in southern Europe with an average grade that in UK would be considered somewhere below 2:1. Also, it took me 5 years to obtain this 3-year bachelor's (economics). The reasons of all this have not much to do with my ability to study. The point being: I'm entirely convinced that I can graduate on time with honors from my next school. My only work experience is a 6-month internship in management control.
In the following weeks I will apply to EDHEC's Master in Finance and ESCP's Master in Management. I'm quite confident that I will be admitted to the latter, since it already happened twice (like I said, long story), not so sure about the former. Still considering applying to other schools, if you have suggestions.
I'd say my biggest advantage right now is having a strong vocation and a precise idea of where I would like to be. I want to work in a team that invests in equities for the long-term (10+ years time horizon), looking for firms that have the potential to multiply their value several times based on innovation trends on one hand and fundamental/strategic analysis on the other.
Essentially, I want to do growth investing. I'm aware there are several funds with this approach, but I fell in love with Baillie Gifford's LTGG in particular, and working there is currently my dream job. Of course, I would be grateful to accept most asset management jobs as long as they deal with equities. What I refuse to do is settling for a career that doesn't inspire me just because I made a couple mistakes along the way.
If you read all this, first of all thank you for your time.
And second: what do you think? Is my plan sound? What are my chances of breaking in after the master? Do you have any tips, things I should consider?
I broke into asset management through:
1) Tailoring my CV to make small experiences relevant to the industry stand out far more.
2) Being in financial services (audit) and once again, highlighting the skills most relevant to asset management during the interviews
3) CRUCIAL: Spending 10 hours every weekend for a few months learning how to build financial models in excel.
4) Applying to tonnes of jobs - it’s a numbers game.
Finally, If you are having zero luck with AM firms, look at accountancy firms (ideally big 4). Whilst I’ll tell you straight up it’s boring and rubbish pay, getting a professional qualification like ACA, CFA or CTA will give you a definite edge.
I’ve not done a masters but personally so I’m probably biased but I think if you aren’t going to a top target school, then you are better off gaining work experience + a professional qualification rather than an MSc.
Hope this helps 🍌
Thank you for your answer. I will definitely keep your advice in mind.
Learning financial models has been on my to-do list for a while. I have saved two sites which I have yet to delve into: A Simple Model and Multiple Expansion. Do you know them? Would you say they are a good place to start?
Regarding the master: I take note, but I still think it's the right path for me. I've actually thought quite a bit about putting myself on the job market. But I have the feeling that doing so with a bachelor's in economics from an unknown university, average grades, and no relevant work experience would put me at a significant disadvantage.
Both programs I'm applying to incorporate an internship, so I would still get some experience, and while they are not Oxbridge they still rank pretty high according to Financial Times. By the way: I have no evidence that those rankings are useful for my goals, and if you (or others) have any info I would gladly hear it. But all in all they seem like a good investment, both for learning and for employability.
Fair enough - if the masters includes an internship then I agree it will certainly enhance your profile. I did the Corporate Finance Institutes FMVA programme for modelling. I’ll Dm you the details!
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