4 Comments
 
Best Response

Yes, both private equity firms and traditional long-only asset management firms recruit straight from undergrad. However, these are two distinctly differently kinds of firms, and their recruiting processes are subsequently quite different as well.

Among PE firms, generally only the largest megafunds (e.g. Blackstone, Bain Capital) maintain undergraduate recruiting tracks, and they're usually reserved for students at top targets. Unless you go to Wharton, etc. I doubt this path will be feasible for most people.

Undergraduate recruiting at long-only Asset Management firms is a bit more open. Almost all of the major asset managers now have junior internship programs, including Fidelity, Wellington, T. Rowe, MFS, AllianceBernstein, the asset management division of JP Morgan, etc. You can also enter as a rising senior in some places. This is probably your best shot at directly entering the space-- unlike in PE, these AM firms prefer to recruit most of their first year associates straight from college, so their internship programs have public job postings.

However, I always advise people pursuing asset management as an undergraduate to be realistic about their odds. These AM firms don't have a lot of spots-- regarding undergraduates, these big firms now hire most of their full-times from their intern class. This year, I don't think Wellington even took applications from rising seniors, because too many of their interns accepted full-time offers. Fidelity, aka the largest traditional asset manager around, probably hires 10-20 junior interns. I interviewed for T. Rowe's fixed income associate program, and they told me upfront that they were hiring 3 seniors in the country this year (admittedly, T. Rowe's fixed income associate program is a relatively new compared to others - they only hired MBAs previously). Compare these numbers to the 200+ class sizes of bulge-bracket investment banks.

 

How are the experiences at Fidelity/Wellington/any similar firms? All I've heard is that they've started to recruit undergrads, but I haven't heard too much about hours or the type of work you do. You seem to be in the know - any thoughts would be appreciated!

Array
 

Dolorem ea quo sunt facilis blanditiis minus est. Reprehenderit maiores nihil fugiat quis. Facere pariatur ea quos voluptates aliquid optio vel. Accusantium vel veritatis quidem tempore a.

Unde dolor voluptas est minus quisquam velit doloremque rerum. Dignissimos consequatur omnis unde dolorem nihil nihil iste. Nihil quia quidem est accusantium. Voluptatem veniam rem qui eum ex est.

Career Advancement Opportunities

June 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.8%
  • JPMorgan 01 98.2%
  • Guggenheim Partners 01 97.7%
  • Morgan Stanley 07 97.1%

Overall Employee Satisfaction

June 2026 Investment Banking

  • Moelis & Company No 99.4%
  • Morgan Stanley 01 98.8%
  • Evercore 01 98.2%
  • BMO Capital Markets 12 97.6%
  • Banco Santander 01 97.1%

Professional Growth Opportunities

June 2026 Investment Banking

  • Moelis & Company No 99.4%
  • Evercore No 98.8%
  • Morgan Stanley 05 98.2%
  • JPMorgan No 97.7%
  • BMO Capital Markets 12 97.1%

Total Avg Compensation

June 2026 Investment Banking

  • Vice President (14) $434
  • Associates (43) $259
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (22) $179
  • Intern/Summer Associate (13) $156
  • 1st Year Analyst (75) $151
  • Intern/Summer Analyst (67) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
BankonBanking's picture
BankonBanking
99.0
3
kanon's picture
kanon
99.0
4
Secyh62's picture
Secyh62
99.0
5
CompBanker's picture
CompBanker
98.9
6
DrApeman's picture
DrApeman
98.9
7
dosk17's picture
dosk17
98.9
8
Betsy Massar's picture
Betsy Massar
98.9
9
GameTheory's picture
GameTheory
98.9
10
bolo up's picture
bolo up
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”