Has anyone done the sophomore or junior summer internship at Fidelity Investments (equity research)? Anyone have any idea on hours, comps, exit opps, etc. Would be greatly appreciated
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You literally will have hit the jackpot if you land at Fidelity for equity research. Let's leave it at that.
I would do it for free and work 100 hours, and it IS the exit op.
ignore this
Care to elaborate? If you’re interested in breaking into AM an internship at the largest MF in the world seems like a pretty good place to start.
Dick - do you have any more specific insight into recruiting process / technicals required? I’m in the process for soph internship, and they said there’s 2 spots for equity specialist and 1 spot for RE debt. Perhaps you can infer based on similar roles. Should I prep for standard equity research (if so, could you help outline process)?
No idea on RE debt. The equity specialist is probably the standard equity role, which involves a p-test: https://www.wallstreetoasis.com/forum/equity-research/fidelity-fmr-equi…
The sector specialist role is an auxiliary role to the ER teams. You would provide support to the analysts in conducting forms of "proprietary" research, so it's more of a MO support role (albeit still great as a sophomore summer role).
Dick, what about Fidelity's reputation for being political / having a bad culture? Have heard a lot of people in the industry say this
Sorry, what are you looking for specifically?
The ER summer associate program at Fido is very much a sprint. You work for 60-80hrs a week making a stock pitch on a new company every 2 weeks. Summer associate comp shouldn't matter but fwiw its in-line/higher than street.
i heard full-time comp is well below IB comp though…
First year/2nd year comp is slightly below street. By 3rd year it reaches parity and scales far more quickly
Can you PM? Have some specifics.
OP - stick to your interests. WHat IB comp is compared to Fido ER is irrelevant. You're not interested in IB. It's like saying Fido pays X but orthopedic surgeons make Y. Who cares, you're not a surgeon and don't want to be one. Now is a good time to learn to stop the constant comparing to IB. If you want IB, great. If not, you'll drive yourself crazy with comparisons. FYI- if you make the incredibly competitive cut (way more competitive than IB - I mean WAY!) at Fido ER, your income tract will be awesome. Some will stay as analysts their whole career and make 7 figures. Others will move to PM and make multiples of that. Worry about getting the job and thriving at it vs. IB comp comparisons.
Best of luck BTW!
Thanks! Really appreciate it
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