Hey guys, hope all is well! I recently received an offer for an analyst position at a smaller AM firm of a couple billion AUM - institutional clients, etc. They're located in a financial center in the South and do non-performing mortgage and mortgage-related securities investing.
I really like the firm and what they do and I think I can probably learn a lot, but part of me wonders in case my interests change, whether I can move to other areas of buy-side finance. I'm not necessarily so interested in PE but I have considered things like public equity fund shops, or even possibly moving to the endowments and foundations side of things. I'm also aware that I'll probably be learning about a lot of RE related finance and public RE Asset Management (REIT funds, etc.) is also pretty interesting to me. I'm definitely going to start working towards a CFA.
I'm also considering going to business school, it's maybe a bit early to be thinking of this but I think I'd have a shot at M7 based on GPA/scores. I'm just wondering if I'd still have a shot at an M7 MBA program from such an AM shop.
So I guess my question is, while the strategy of this firm is pretty specialized, do you think I'm pigeonholed or is it possible to go to other areas of AM if I'm interested? And how much do business schools care if you have larger corporate experience versus experience at a smaller firm?
Thanks all, have a great day.
What's your background? Are you in undergrad now or what? What are you alternative opportunities?
It definitely wouldn't keep you from a top program, if that's what you're worried about.
From the limited amount of info it provided it sounds like you're still early in your career, so I doubt it would pigeonhole you. If anything, I think it would be an interesting experience that would help your resume stand out, as long as the firm has a good rep at what it does.
If nobody has ever heard of this firm before it would be a challenge vs. having a brand like Wellington, Fidelity, Cap, or whatever on your resume. I would focus on whether you like the opportunity, the firm has a good rep, and you like the people. Keep in mind that a MBA program is a means to an end, not an end in itself.
Thanks for the response! This would be my first job out of undergrad. I really liked the people I met at the firm at my superday and I think I'd fit in pretty well, I don't really have other offers at the moment but I've interviewed for different (mostly MO) roles at the mega-AUM firms (BLK, PIMCO, Wellington, etc. - I get that FO work is very high-stakes at these places and that's part of the reason why my feelings for them soured) as well as a few sell-side places and I'm excited most perhaps about what these guys do. The rep is small but growing as they've made very successful investments in the past (their first few around 2010 returned >30%) and they're starting a new fundraising round, so I'm assuming their name will get better-known in the institutional realm. It's a very small office so everyone gets a lot of responsibility and I'll be close to people who are making really important decisions (and a lot of money presumably!)
Hope this gives you a better idea of where I am. I do understand that business school isn't the end goal, but they want to know what your story has been and will be, and I'm seriously thinking about what that story is for me, just to the end of organizing my life, haha!
Sounds like an easy decision...
The risk with the smaller firms is always that they lose a few big clients, or performance turns bad, or some of the partners split, etc. and as a result you get laid off. This happens a lot more often than you would think. I would try to ascertain the stability of the firm, who owns it / is backing them, and what turnover has been among the investment professionals.
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