What is the best job in Asset Managment
(I am a current junior at a non target, but I got a 4.0, diversity, 2 years in financial mgmt and I am applying for 2021 Summer Analyst Positions)
Yesterday I had a call w someone whose a VP at a Top Tier Asset Management company and at the end he told me to apply there and he will help me get my foot in the door.
However, after I filled out the resume I can only submit it to two teams and their are like 60 possible teams to apply for and I am not sure what is considered the top in AM.
I want to make sure I apply for a front office job where I can work long hours, get great experience and do important and challenging work. But I am not that familiar with the terms in Am and he is on vaca w his wife and wont get back until after the App closes.
So i would really appreciate any help from someone who can tell me what are the positions that I want to apply for.
I have removed most of the departments that are obvious back role jobs or that I am not interested in and I am left with
I can only apply to 2 roles and I would greatly appreciate any advice on which to apply for
Investments: roles include Alternatives, Client Portfolio Solutions, Equities, ETF & Index Investing, Fixed Income, Multi-Asset Strategies, Quantitative Investing and Trading, Lending & Liquidity
Advisory Services: roles include Financial Markets Advisory
Analytics & Risk: roles include XX Wealth Tech, Financial Markets Advisory, Portfolio Analytics, Quantitative Modelling, and Risk & Quantitative Analysis
Business Management & Strategy: roles include Strategic Initiatives & Business Management and Corporate Strategy & Development
Sales & Relationship Management: roles include XX Client Services, Product Management, Sales and Relationship Management
This is Blackrock. You only want to go for the following:
- Alternatives
- Equities
- Fixed Income
- Quantitative Investing & Trading (if you're into that)
- Maybe multi-asset strategies? idk
Probably in that order, though I'd prioritize the first three.
Thank you so much!!!
How can your contact help you? I heard that BlackRock's first screen is conducted all by HR.
Honestly, aside from listing his name under references I have no clue. He said my resume should be enough to get into the final interview stages but that he would talk to whoever is handling applicants.
In AM there are two primary functions within the business, managing money (across any of their asset classes) and distributing the management of money (revenue generating - sales / relationship mgmt, etc.). They are different and both quite lucrative. One isn't better than the other, they are just different. Do you want to be in a client facing role (institutional, HNW, retail, etc)? Do you want to be in equity / credit research and ultimately portfolio management. Very different paths. Both require a lot of knowledge of the markets, macro economics. The ERs/PMs take a much deeper dive in the technical side. The relationship folks have to know a lot about portfolio construction and the world around us and have the ability to communicate that to relevant stakeholders.
Everything else is in some form of supporting those functions and the overall business. Those are very good roles too but more similar to support roles and are part of the running of the business, not in the business of the business (i.e. corp fin, data analytics).
What about those quant jobs? ie quantitative research. Are these back office/supportive functions? These are the places where most international students (China/India) land their jobs.
Kind of a hybrid as they are more about trading which is actually a big part of PM in terms of constructing a portfolio, pricing, execution, etc. I would probably classify them as MO but I don't think that really matters. They're essential as you can't build a portfolio without it. Also, there is a ton of algorithmic trading / activity taking place (more Equity than Debt) so quant jobs will be even more important as passive equity investing continues and fees compress.
Mine, but you can't get it, I already have it.
You need to ask: are you a people person?
You've got to be one in sales. Being a good looking white male doesn't hurt either. It's a slog to get a territory, but you can make a good chunk of money there.
Investments is the tough route. People will still judge you, but your data and investment analysis matter much more than people skills here. You can spend years in the wilderness, and years slogging up from Analyst to PM, but a rockstar PM can out-earn the CEO.
Is this for FT? I heard from a Blackrock MD that they are not really going to be bringing on new people for next year. What has your VP contact said in regards to the numbers for next years new hires?
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