Analyst vs Sr Analyst vs APM vs PM - at big 4 MMs

how interchangeable are these titles at c/m? seems like some analysts run carves, some sr analysts don't, some analysts run bigger books than a PM at same firm (esp MLP where there are sometimes just PMs under SPMs, other times analysts directly under SPMs).

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WSO Monkey Bot

O

9mo

At big 4 multi-managers (MMs), the interchangeability of titles like Analyst, Senior Analyst, Associate Portfolio Manager (APM), and Portfolio Manager (PM) can vary significantly depending on the firm's structure, investment strategy, and asset class focus. Here's a breakdown based on the most helpful WSO content:

Analyst vs. Senior Analyst:
- Analysts are typically responsible for research, modeling, and supporting investment decisions. However, at some firms, analysts may take on more responsibility, such as running carve-outs or managing smaller books, especially in niche areas like MLPs.
- Senior Analysts often have more experience and may oversee larger or more complex carve-outs. However, the distinction between Analyst and Senior Analyst can blur, as some analysts may perform tasks typically associated with Senior Analysts, depending on their skill set and the firm's needs.
Associate Portfolio Manager (APM):
- APMs are generally on a track to become PMs and may assist in managing books, making investment decisions, and handling risk management. However, in some firms, this role might not exist, and analysts may report directly to Senior PMs (SPMs) or PMs.
Portfolio Manager (PM):
- PMs are responsible for managing books, making final investment decisions, and overseeing risk. However, the size of the book managed by a PM can vary widely. For instance, in MLPs or niche strategies, some analysts might manage books comparable in size to those of PMs, especially if the firm has a leaner structure.
Variability in Structure:
- In some firms, there are clear hierarchies with PMs under SPMs and analysts under PMs. In other cases, analysts may report directly to SPMs, bypassing the PM layer entirely. This variability often depends on the firm's size, strategy, and organizational design.

In summary, while these titles suggest a hierarchy, the actual responsibilities and influence can overlap significantly, especially in specialized or leaner teams. The structure and expectations are often dictated by the firm's culture and the specific asset class or strategy being managed.

Sources: Q&A: From Big4 Audit -> Big4 Advisory -> MBA -> AM Portfolio Manager, PM / Sr Analyst at MM HF to LO PM -- doable?, Q&A: Non-Target School to Portfolio Manager at a Top Hedge Fund – 6 Years Out of Undergrad, https://www.wallstreetoasis.com/forum/private-equity/why-i-left-pe-switched-to-the-public-markets?customgpt=1, Q&A: Former Long/Short Research Analyst at Top HF -> VP of Growth Equities at BB

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sick_willy

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9mo

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I've worked at a couple of the multimanagers.

BAM
- 10 years ago BAM used to be more wild west but they're much more citadel 2.0 since like 2017/2018
- intoduced a new risk mgmt team, more capital, fired a bunch of people, etc.
- that's just some context...anyway, bam used to be analyst, senior analyst and PM. Pretty straight forward with the PM usually decicing if the hire was going to be labeled an analyst or senior analyst
- More recently, BAM has been more structured in terms of promotions and titles ala citadel
- BAM recently introduced an "associate" level a couple of years ago, which is most people's first public equities buy side job (mostly juniors helping senior analysts with modeling)
- Then there is analyst/senior analyst. Again - i think the title is mostly up to the PM, doesn't really matter.
- Then you have APM, which is the official title for running a carve under a PM
- then there is PM who reports to head of equities
MLP
- much less structured in terms of titles and/or promotions and how much the firm has input into it. at bam for example, if you crush it as an analyst and have your track record, mgmt will talk to your boss to try to get you promoted. not the case at MLP because they're hands off (part of their pitch to SPMs)
- Don't recall having seen an "associate" title there, though it could exist
- analyst/senior analyst. runs the gamut here. can be someone's first buyside job or it could be someone with 10 years of HF experience. This title is up to the PM
- i'm actually not 100% sure if analysts/senior analysts run official carves, but I don't think they do, at least not those I spoke with...I'm guessing some definitely do and can still be called an analyst or senior analyst, depends on the SPM and
- However, there is a PM title, which basically means the firm knows that person can trade autonomously within the team, this is usually an analyst with an official carve. PM at MLP = analyst with a carve, though like i said, there may be "analysts/senior analysts" also running official carves but whose SPMs don't want to give him/her a PM title.
- anyway, these PMs/analysts with carves report to the SPM, which is the same thing as a PM at other MMs. Head of the team/firm effectively.
- There are huge teams, so a structure could be an SPM, 5 PMs (each with 1-2 analysts beneath them and junior analysts and/or data analysts beneath them potentially). Another team could be SPM and 5 analysts, maybe some run carves, maybe some dont. another team could be 1 SPM, 1 PM with a junior analyst underneath him, and then 3 other analysts on the team reporting to the SPM
Citadel
- associate title for new folks, similar to bam. have seen senior associate before too
- analyst is effectively a PM running their own carve/book. dont think there is a difference between analyst/senior analyst, but not 100% sure
- PM is PM, straightfwd
P72
- i know this one the least but i think it's just analyst/PM.

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Authored by: Certified Hedge Fund Professional - 3rd+ Year AnalystCertified Hedge Fund Pro

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Analyst 1 in HF - EquityHedge

9mo

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Analyst vs Sr Analyst vs APM vs PM - at big 4 MMs

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