Portfolio Analyst at a top-tier AM: Back office or not?

I just received a PA internship position, and was wondering how this position if you would transition into equity or fixed income research, IBD, or S&T full time. I'm asking about transitioning because I am pretty sure this firm does not give out FT offers to undergrads.

Also, if I do manage to get a FT offer for this role and all the research I did about not giving FT offers was wrong, is PA back-office/not as prestigious as a research role for getting an MBA and for eventually becoming a PM? Would you suggest transitioning from being a portfolio analyst to being a research analyst?

Here's the description of the role (at least for the intern):
Provide security, portfolio, and benchmark information to investment managers
Analyze benchmark data and its impact on the portfolio
Review portfolio reports, client presentations, and data requests.
Work together with PMs, researchers, and traders.

After speaking with some PAs and Investments analysts at AM firms, I was under the impression that portfolio analysts act more as a research/trader hybrid, in the sense that he applies the research to make/recommend investment decisions and analyzes the portfolio to make necessary changes, and communicates with traders to execute these changes. It does not seem like a back office role to me, but that was until I started looking up the differences between this role and that of a research analyst.

I've gotten very mixed results about this question when looking at past threads (and there are not many threads about this), so decided I'd post something myself.

1 Comments
 

Voluptatum neque enim est debitis. Ea molestiae a dolorem quis. Omnis minus quaerat id temporibus. Distinctio molestiae ut iste voluptatem. Aut voluptatibus sint dolorem rerum maxime debitis provident.

Similique corrupti voluptates quidem rerum exercitationem ad non. Rerum hic sit quia ipsum aut ducimus asperiores. Accusantium dolores perspiciatis voluptatem ut sunt culpa eveniet. Nihil deserunt ut deserunt esse sit.

Ut nihil eos beatae sed enim est sint. At nostrum nesciunt sapiente. Commodi odio eos aliquam soluta fugit. Dolor corrupti voluptatem modi et. Iste asperiores natus qui officia at corrupti dignissimos.

Career Advancement Opportunities

September 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 98.9%
  • JPMorgan 01 98.4%
  • Goldman Sachs 01 97.9%
  • Morgan Stanley 07 97.3%

Overall Employee Satisfaction

September 2026 Investment Banking

  • Moelis & Company No 99.5%
  • Morgan Stanley 03 98.9%
  • Evercore 01 98.4%
  • Banco Santander 02 97.9%
  • BMO Capital Markets 12 97.3%

Professional Growth Opportunities

September 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 98.9%
  • Morgan Stanley 07 98.4%
  • Goldman Sachs 01 97.9%
  • JPMorgan No 97.3%

Total Avg Compensation

September 2026 Investment Banking

  • Vice President (16) $429
  • Associates (51) $260
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (26) $182
  • Intern/Summer Associate (15) $159
  • 1st Year Analyst (84) $151
  • Intern/Summer Analyst (76) $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
kanon's picture
kanon
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
Secyh62's picture
Secyh62
99.0
5
Betsy Massar's picture
Betsy Massar
98.9
6
dosk17's picture
dosk17
98.9
7
DrApeman's picture
DrApeman
98.9
8
CompBanker's picture
CompBanker
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...”