Investment Manager Research

Among the mass amount of applications I have been sending out, I applied with a mid- sized investment consulting firm. They primarily provide consulting to mid-size pensions, endowments, and corporate cash. They don't actually do they investing, they create the allocation plan, then pick the managers.

I applied as an Analyst, and (surprisingly) have received an interview. It looks like this job will be primarily screening and doing quant/qual research on everything from SMAs to PE funds. That includes analyzing past performance, their investment process, and meeting their staff to decide whether they are approved for client use.

Anyone have any experience with this type of firm? How much do you learn? Are you just taking managers and saying, "ok, you've done well in the past, you're ok for clients to invest in." Or do you actually learn some skills which are transferable to AM? What are the exit ops?

I am looking to eventually find my way into AM (if possible without an MBA, but that may have to happen).