Internship: Blackrock PMG-FI or PIMCO Product Associate?
Hello all,
I was just curious what people thought of the following internship opportunities: 1. BlackRock PMG-FI Intern, located in San Francisco 2. PIMCO Product Associate intern, located in Newport Beach
I have offers for both of the above for this summer and am trying to decide between the two. Any input anyone has about either of these opportunities is greatly appreciated.
Thanks!
PIMCO is more prestigious firm
but PMG-FI > product associate intern, anyone on these boards will tell you that
Agree with lifesgreatmystery.
PMG is awesome, especially so early in your career. You are deciding between an investing and a non-investing role.
Product is definitely not a bad position, but it is primarily marketing work at most firms, including PIMCO. Only a few, typically conservative firms (e.g.Capital Group) have product teams that help actually build funds. Generally the product team helps determine what sort of fund would "sell", then the portfolio team builds a fund to maximize returns within those constraints.
If you want to do any sort of portfolio management or HF type work in the future, PMG will open up more doors. Even if you plan on jumping to banking/f500/whatever, PMG will give you more analytical skills.
I can really think of only 3 reasons you would take the product position: 1) You want to work in product or something similar. 2) You are extremely averse to FI, and are not willing to do an internship in the division. 3) You like the people at PIMCO, but not at BlackRock.
Thanks for your comments. I am really torn between these two offers because I feel like both are great opportunities. By any chance do you know what you could expect later on in your career for both of these options (in firm career advancement, future salaries, possible exits, etc)? I.E. If I take the Product Associate position at PIMCO would it be tough to transition to PM later on? And is it really the case that the Product Associate position has NO investing? I talked to people at the firm and they said what they do is similar to PM's, and that there are many different projects interns can take on. Any insights?
You won't be poor as a product associate, but you won't see the 7-figure salaries some of the senior PMs get either. It is not an investment role; while you could potentially design funds maximize return, more often you are building a fund around what is "hot".
To differentiate the positions, say your firm wants to build a new fund. In product, you would gather data and determine that there is significant interest in a consumer goods heavy equity fund, for instance. The PM and his analysts would then determine which specific consumer goods companies they want to invest in to maximize return.
There is the potential to recommend specific securities in product, but again it comes down to being able to sell the fund effectively. For instance, last year you might have recommended that they include a gold etf so the fund could be marketed at having exposure to gold.
It is certainly possible to transition to PM, but it would be through networking, not any set career path. You would probably want a MBA to make the transition.
If you want to be a PM, whether at BlackRock or PIMCO, take the PMG-FI job. The best way to get PM jobs is to have experience. Your question is analogous to saying "I want to be an investment banker. Should I be an IBD analyst or work in equity research?"; relevant experience trumps the slight prestige differential.
If you don't want to be a PM, then the above doesn't really apply. The PMG-FI internship will be more quantitative, and be seen as more relevant if you want to do trading or really anything involving the markets. Product would give you a better story if you wanted to go into marketing, client relations, etc.
But again, both are great offers. You will be fine at either firm. One might require you get a MBA to make the switch in PM, but the door would not be irreversibly shut.
Definitely Blackrock PMG. Pimco is as equally prestigious, but PMG beats product associate.
Blackrock. PMG is an amazing group, especially FI.
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