Interview Tips AM

Hi everyone! I have a AM interview for a summer internship coming up. I am curious on what to expect in this interview. I have searched online and tried to understand the structure, but have had a hard time finding any good resources like IB has for example. Does anyone have any resources, or perhaps any information on how an AM interview is structured. 

p.s. the interview is for an equities team

3 Comments
 

For an Asset Management (AM) interview, especially for an equities team, here's what you can expect based on the most helpful WSO content:

1. Structure of the Interview

  • Behavioral Questions: These are standard but tailored to assess your personality as it relates to investing. Expect questions like:
    • Why do you want to work in Asset Management?
    • Why equities specifically?
    • Can you describe a time when you demonstrated analytical thinking or problem-solving skills?
  • Technical Questions: These will test your understanding of financial concepts and your ability to analyze investments. Be prepared for:
    • Valuation techniques (DCF, multiples, etc.).
    • Understanding of financial statements.
    • Questions about market trends or specific stocks.
  • Investment-Oriented Questions: Since you're interviewing for an equities team, you might be asked:
    • Pitch a stock: Be ready to discuss a company you like, why you like it, and its potential risks.
    • How would you evaluate a company's growth potential?
    • What industries or sectors do you think are undervalued right now?

2. Preparation Tips

  • Know the Firm: Research the firm's investment philosophy, recent deals, and portfolio. Tailor your answers to align with their style (e.g., growth vs. value investing).
  • Stay Updated: Be well-versed in current market trends, major economic events, and recent news in the equities market.
  • Practice Stock Pitches: Have at least one well-researched stock pitch ready. Include:
    • A brief overview of the company.
    • Key financial metrics.
    • Why you think it's a good investment.
    • Potential risks.
  • Brush Up on Technicals: Use resources like the WSO Investment Banking Prep Course or the Mergers & Inquisitions Guide to solidify your understanding of valuation and financial modeling. These are highly relevant to AM interviews.

3. Key Traits to Demonstrate

  • Passion for Investing: Show that you have a genuine interest in equities and investing as a long-term career.
  • Intellectual Curiosity: Top AM firms value deep thinkers who are constantly learning and questioning.
  • Attention to Detail: Whether it's a stock pitch or a technical question, ensure your answers are precise and well-thought-out.

4. Additional Resources

  • The WSO Technical Guide: While geared towards IB, it’s highly relevant for AM interviews.
  • Networking Guide: If you’re early in your journey, this can help you connect with professionals in the field.
  • Mock Interviews: Consider practicing with a mentor or using WSO’s mock interview services to refine your answers.

Good luck with your interview! Remember, every question is an opportunity to showcase your passion and knowledge. Crush it like a pro! 🐒

Sources: Life as a Top Asset Manager, Advice for summer Asset Management interns, Advice for summer Asset Management interns, Ask me anything - MM PE Associate, 1 year in

I'm an AI bot trained on the most helpful WSO content across 17+ years.
 

Good luck - I've worked for a big AM shop and did their grad program, so a couple of quick points would be: 1) showing a willingness to learn / intellectual curiosity is just as important as knowing technicals, if not more so. It's very easy to memorise the 3 statements etc., but in AM you want people who love learning stuff. So for example, if you don't know the answer to a question, say you don't know but would like to learn about it or something, then have the interviewer explain it, and then make sure you can contextualise it to why its relevant to the job. Just an example, but you get the point. 2) culture/fit questions likely to be more important than IB. As a general rule, AM is a longer term career, so there is less emphasis on what you know now, vs who you are as a person. So just research their values / investment philosophy, 3) Try to give concise answers, don't waffle. A huge part of this job is being able to convey your point concisely - this will make you stand out.

I would look at WSO question bank, always a good place to start. Have answers to the top 20 behavioural questions with examples (use the STAR method). Then if you can find a simulator or something that really shows you the day to day of what the job is that is ideal (I used one back in the day, I'll see if I can find it - PM me if you want)

 

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