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Based on the most helpful WSO content, here are some insights to consider when deciding between high yield/leveraged loans and equities at a top 10 asset manager:
High Yield/Leveraged Loans:
Equities:
Considerations:
Ultimately, both paths have their merits, and the best choice depends on your personal interests and career aspirations.
Sources: Why Work in Asset Management?, Best Places to Start in Commercial Real Estate?, Asset Management vs Investment Banking 101, AM vs HF: The Business of Our Business, Stepping Stones to Asset Management
Bump
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Obviously depends on what the AM firm specializes in. But all else equal, equities is pretty over saturated these days (as everyone since the history of WSO have pointed out before) so I’d say HY will prob provide a lot more opportunities down the line.
Plus HY is one of those spaces where a fund manager’s skill really does materially impact returns. With equities, you tend to see smaller dispersions between the performance of the top and worst equity fund managers. With HY (and FI in general), that dispersion tends to be a lot wider.
Skillsets wise, both HY and Equity have similar fundamental analysis processes, just that the knowledge base, investment mindset and nuanced expertise is totally different.
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