Hey all, I'm a high school senior who will be attending Wharton in the fall and I'm looking for advice on how to get a job/internships in Asset Management, specifically one in equity research. I've seen some internship opportunities, but it seems like there aren't nearly as many available as there are for investment banking. So, What opportunities exist for internships/jobs in asset management (firms like Wellington, Putnam, Fidelity, etc.) out of Wharton? Should I have a portfolio (and if so how much money should be invested)? Which clubs and activities would be best to get into the industry? Any random advice?
Thanks so much for the help.
Many mutual funds and hedge funds recruit on campus at Wharton. You should absolutely have a personal account that you can intelligently talk about. You should have at least 3 to 5 stocks in your PA that you can discuss. Join any investment management related clubs on campus and attend all the weekly meetings to get up to speed on the recruiting process and interview prep. Pursue summer internships in fundamental analysis roles and you will be more than set come graduation to work in AM.
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I don't think focusing on one sector is necessary but if you find something that you really enjoy learning about and researching, that is definitely a good thing. Yes, interns at those firms are offered FT roles, but the pipeline isn't as defined as in IBs. Reach out to firms and try to get some internships in fundamental research roles, and you will be able to get a good gig out of Wharton.
Thank you for the advice
As far as getting involved in organizations at school, student-run endowment fund investment groups provide extremely valuable experience. Having experience managing a large, multi-million dollar portfolio as well as the experience of the research process for investment pitches will provide volumes of topics to discuss in interviews for internships (as well as a large alumni base within the group that helps with networking and the internship process).
I do not necessarily agree that it is essential to have your own PA, especially if you get involved with groups similar to what I just discussed (your involvement will provide ample experience to talk about specific sectors, companies, etc. that you have researched or invested in and their performance). However if you're in a financial situation where you can afford investing your own money then by all means. I personally have a small amount invested in a fund but do not actively maintain a personal portfolio. That being said, I was able to intelligently talk about markets, investing, AM, etc. through my universities student investment group and just by keeping up with the current economic environment, market trends, etc.
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