Move from LO to MM for an early career associate
Hi everyone,
I am a post-undergraduate research associate at one of the top LOs. The program was advertised heavily as an excellent opportunity to grow as an investor; however, it is not living up to the marketing it got. I feel like I am not developing any meaningful skills and am receiving little to no mentorship from the investment group. The work I am doing is meh(first-year summer internship vibes). I recently got an offer from one of the MMs to join their early associate program. The program is new but seems to be well structured and a good way to develop as an investor.
I know LOs are supposed to be the holy grail, and I should be eternally grateful to be graced with the opportunity to be even allowed to set foot there ( :) ); however, how would you think about the move from LO to MM in my case? Should I just keep my head down and wait for the work to get more meaningful, allowing me to develop my investing skills?
Sorry for the long post! Would appreciate any insights.
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Went from sellside to a boutique LO (>$20bn AUM), and have had the same feelings as you. I think I'm just going to wait it out. Would much rather ramp up more slowly vs. rip a MM gig and potentially be out of a job in a year or two. Feel you can generally move to MM pretty easily in first 3 years– I'd say wait at least 2-3 years.
When you say sellside, do you mean ER or IB or something else? How’d you prepare to make the jump to LO? Networking, pitches?
ER. A headhunter reached out to me and that's it really I didn't network for it
Honestly - you're young and you can take more risk so I would jump and cut your teeth at the MM. You'll learn more about good modelling and learn faster at a MM. If you burn out you can just apply for a MBA program.
What do MBA programs think about MM HFs? Obviously not a well regarded as PE, but is H/S/W in reach?
Which LO? Guessing Fido
possibly
He would have his own coverage of 10-20 names even as a first year undergrad research associate at fidelity, unless he is actually in their rotational program.
10-20 names without any co coverage? small cap names? Actually great for development bc that’s good responsibility
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