Presently working in primarily Long Only research at one of the largest Asset Managers in London, moving to the US in one year. Is it worth pursuing a Top15 MBA?
Presently have 3 years of experience in Equity research, and 9 years total work experience (switched careers from consulting). Not from a target school in the UK. Have a CFA. Just want to know how helpful it would be to get a Top 15 MBA in the US as I have heard it's not easy to get into certain Hedge Funds/long only firms in the US without coming from a target school. Thanks!
Not related sorry, but who are the top L/O in Europe?
Do they hire from IB?
What does the comp look like?
Same names you'll hear in the US. Tier 1 generally recognised as Wellington, Capital Group, PIMCO, T Rowe. However, in London, these 4 will probably hire less than 50 graduates combined in research.
Tier 2 would be Blackrock (Fundamental Active Equities etc.), Fidelity International, JPAM, GSAM.
Tier 3 generally the likes of the other BBs, large European AMs (Allianz, NinetyOne, Amundi...)
Comp in Tier 1 will generally be in line with SS ER at junior levels, and S&T at mid-senior. Think £80-90k grad TC, with potential for £200k in 5 years.
This isn't completely off but it is somewhat off... AUM/IP matters a lot in the industry
T1- Welli/FMR/Cap/Pimco/T,Rowe hire less than 10 grads combined in research on average in Europe per year, normally even less ( source at 1 and friends at 2 others)...PIMCO doesn't hire people in credit research out of undergrad in London as well.
T1B- Likes of MFS hire out of ss research such as GIR, JPM SS , elite boutiques eg orbis hire almost exclusively oxbridge great track record
T2- Ninety One/ Lazard Asset Management/Fidelity International ( same TC out of undergrad that you mentioned circa 90k , although FIL is lower at around 75k)
T3- Schroders, M&G , Aberdeen
MBA is mandatory to get a work visa unless you have a green card.
Career-wise, a top 15 does help to get a job - there are a ton of funds in the US, don't worry if you can't join the brand names.
From experience, I can say I understand where you are coming from. Even where I work, it looks like nearly all hires come from Wharton, Harvard, Stanford, or UChicago Booth. I can say with your experience + having the CFA sets you up for LO much better than you think. I would say for top MBA, it will probably only help you if you're able to get into one of the ones I've listed above.
For HF, having an MBA might be better, especially since it appears that CFA doesn't matter as much for those roles, but I am uncertain since I have only worked in LO.
Ultimately, for LO, I don't think you need an MBA. For HF, maybe, but I'm not sure.
Great, thanks! I was considering the part-time MBA at Booth, if I am unable to get into the full-time programs at HSW.You think someone with my stats can get into T.Rowe or Fidelity for Long Only without an MBA? I work at one of the arms of the Big 5 Canadian banks that have bought into the UK if that helps. Thanks!
Are you transferring internally so will have a job or trying to move to the US? I am assuming transfer.
I think this is a good plan and frankly you don't need to make a decision yet:
- Apply to HSW
- Apply to Booth and maybe Columbia part time
- Try to switch in a few years to the bigger funds
I have to say if I were in your shoes it would be tough to justify the HSW opportunity cost/re-recruitment risk given you're already reasonable established. I would probably lean towards the part time MBA as the best of both worlds. You may be able to get away with nothing and get into a top firm if you are in a very niche area of investing (just to use a fixed income example if you were a municipals expert that may trump prestigious schools), but less likely if something generic like equity industrials analyst focused on value.
***If trying to move to US and not internal transfer then I would advise against the part time route and focus on the full time and/or applying to funds directly.
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