Paths other than becoming MM PM?

Based on the most helpful WSO content, here are some alternative paths to consider if the MM PM route doesn't align with your long-term goals:

1. Long-Only Asset Management (LO AM):

   • LO AM is often highlighted as a more stable career path compared to MM hedge funds. The work-life balance (WLB) is generally better, and the risk-adjusted salary can be quite attractive.
   • While PM roles at top LO firms (e.g., Fidelity, Wellington, Capital Group) are typically internal promotions, transitioning as a senior analyst is feasible. This path offers stability and the opportunity to focus on long-term investing rather than short-term performance pressures.

2. Single Manager (SM) Hedge Funds:

   • SM funds can provide a more stable environment compared to MM platforms. While the comp may not always match the highs of MM, the employment stability and focus on long-term views can be appealing.
   • Career analyst or sector head roles at SMs are viable, especially if you build a strong track record and develop deep expertise in a specific sector.

3. Infrastructure Funds / Private Equity (PE):

   • Transitioning to infrastructure funds or PE could be an option, though it may require additional effort to bridge the gap if you lack deal experience. Highlighting transferable skills like financial modeling, due diligence, and sector expertise can help.

4. Corporate Strategy or Investor Relations:

   • These roles offer a way to leverage your analytical skills in a corporate setting. They typically come with better WLB and less comp volatility compared to MM hedge funds.

5. Business School:

   • While you mentioned not wanting to go to business school, it remains a potential pivot point for exploring new industries or roles, especially if you're considering a significant career shift.

6. Specialized Roles in Asset Management:

   • Consider roles like ESG investing, thematic investing, or private investments within large mutual funds. These areas are growing and may offer unique opportunities.

If you're leaning towards LO or SM, it’s worth networking and exploring opportunities now to position yourself for a smoother transition. Additionally, focusing on building a strong track record and honing your research and idea-generation skills will be critical regardless of the path you choose.

Sources: PM / Sr Analyst at MM HF to LO PM -- doable?, Life decisions...buy-side equity analyst, MM to SM is it possible, https://www.wallstreetoasis.com/forums/mm-analyst-comp?customgpt=1, ER Career Paths