Getting Passed Up on Analyst Roles
I’m currently 26 and work at a decently reputable wealth management firm as a wealth management associate. I’ve been working here for about 2 years and realized I’d much rather go down the path of trying to become a PM.
I currently have my degree in finance, the two years in wealth management, and some real estate experience working with investors. I didn’t go to a well known school in the industry but I do have some experience doing financial modeling, investment research, and investment analysis experience and recently started studying for the CFA. I’m applying mainly in the Philadelphia area and have submitted dozens of applications all investment analyst positions.
so far I haven’t had the chance to even get on a call with any of the places I’ve applied, just got rejection emails even though I’ve networked and talked to tons of people at these companies and some have allowed me or submitted a referral. Obviously this is a very broad overview of my situation but I’m more making this to know if anyone has any tips on how to make this change, any idea on why I could be getting passed over, or what I can be doing to make myself a better candidate. To be clear this is not a pity post but one to know what I can do to make myself a better candidate. Any advice would be greatly appreciated.
Uh ... be a better stock picker?
Write a stock pitch and send it along with your resume! If your idea is good, you’ll be much more likely to get interviews. If your idea sucks, they’ll appreciate the effort and might give you feedback. You’re competing with thousands of other candidates, many of whom have a better background/resume than you. They’re also most likely doing the same exact thing you’re doing now (ie. networking and applying online). Your best bet to stand out as someone coming from WM (typically seen as less analytical and rigorous) is to show what you’re capable of in investment research.
Do what this guy said OP
This is great! I really appreciate this advice. I have done stock pitches before as practice so I’m start sending some in with my resume!
this
This is 100% the answer. I would take it one step further and continue to write up stock pitches while you are recruiting. Don't just write one and call it good.
It doesn't sound like you have the most prestigious background, so you have to get the attention of these firms somehow. If you connect with someone in an analyst seat while networking, you should be sending them new stock pitches as regularly as possible. As mentioned above, they may give you some valuable feedback or if you are lucky, push you through to an interview. It also shows that you want it and are willing to work for a seat.
Also, by writing up a bunch of pitches and building a bunch of models, you are practicing your technicals which should leave you better prepared to get through the interview process. Analysts at these firms can talk in-depth about a bunch of stocks which comes from spending a ton of time researching them and writing them up. Practice = experience.
Depending on your firm's compliance restrictions, it may make sense to create an anonymous Twitter profile and tweet out your pitches. Just another way to get people's attention and maybe get some good feedback.
Source: Non-target that started doing research at a WM shop and now an analyst at a large boutique.
Yeah I have a good amount that I have worked on over the past couple months. Mainly just for practice to build my technical skills. I am already working on other one now to continue to practice and to send to out with my resume and to those I network with!
I don't think you'll find many opportunities in the Philadelphia area. I can't even think of a single large asset manager that has offices in Philly. I hate to say it but you should focus your efforts on NY/Boston/SF. There are some outliers like T-Rowe in Baltimore but generally speaking you won't find much outside of those three cities.
Philly generally has very few active equity & fixed income seats left amongst reputable LOs (even less following recent consolidation in the industry) in which you are actually performing security analysis. You will find a lot of RIAs around the area that have Investment Analyst roles that are an amalgamation of doing ops/manager research/client service & maybe doing some security analysis if they are running their own model portfolio strategies (otherwise they outsource).
Obviously in the 'burbs/Main Line you have a number of hedge funds (Blackstone's Harvest Energy Fund) comes to mind, as well as Vanguard (Active fixed income), & Wellington (active equity).
Off the top of my head Philly-proper LO public market seats: Macquarie (credit/equity), MetLife (credit), Brandywine (equity/macro credit), Abrdn (credit/equity), Penn Capital (HY credit), T Rowe Price (HY Credit -- team brought on from Henderson), PNC Capital Advisors (credit).
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