LO Internships
I feel like the AM forum has been dead so opening up an interesting topic about LO internship interviews. I think it can give others a sense of the overall hiring market. Right now my internship invites are solid, but curious to hear how others are faring.
Me: T10, prior AM experience
Interviews (1st and final rounds all in Jan):
Radio silence from Wellington, a few hedge funds, and all sell side opportunities.
Based on the most helpful WSO content, it seems like your lineup of LO (Long-Only) internship interviews is quite strong, especially with firms like Fidelity, Capital Group, and T. Rowe Price in the mix. These firms are known for their competitive hiring processes and preference for candidates with prior AM experience, which aligns well with your background.
Radio silence from Wellington isn't uncommon, as noted in previous WSO threads. Wellington tends to focus heavily on their intern class for full-time hires and may not always actively recruit externally. Hedge funds and sell-side opportunities can also be more sporadic in their recruiting timelines, often depending on specific team needs.
For others navigating the LO internship market, it's worth noting that firms like Fidelity and T. Rowe Price often have limited spots, with some even hiring as few as 10-20 junior interns annually. This makes prior experience and strong interview performance critical. Keep pushing forward, and good luck with your January rounds!
Sources: Wellington Early Investors Program, Breaking into long only Asset Management, Interview with Simple As...Hedge Fund Analyst, Allen & Co. - An In-Depth Review, What, if any, hedge funds offer internships?
Are you MBA or undergrad? Is this for 2025 or 2026 summer?
Any idea on the interview process for these LO shops?
What is the final round usually like? Any modeling tests?
Typically first round interview with an analyst or HR, second round/final on site super day with 4-8 30 min interviews. Fidelity is known for their p-test (modeling and 10k analysis) before the final round. I did four super days and none of them had a modeling component.
Thanks. What type of questions do they usually ask? For the final round, any technical questions about investing apart from a stock pitch?
How's the recruiting process so far this year? Any offers out yet?
Bump
Bump. Is recruiting done for the top LO firms?
Most offers went out by first week of Feb at the latest. So for the biggest firms, yes
Did you interview for the internships? Any idea how many interns across each of the top firms?
Trying to prepare for the next recruiting cycle. Thanks
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