Semi-Target Sophomore Breaking into Buy-Side
Hello everyone, I am currently a sophomore at a semi-target school in LA who has developed a huge interest in the public equity space (especially in small-cap stocks). The end-goal is to work at either a long-only funds like Fidelity, D&C, etc. or long-bias HFs and become PM. AM/MF seems to offer better work life balance, but I'd rather crank out 60-70 hours a week doing interesting work and learning as much as possible during my youth. For this summer, I'm gonna be interning at a value fund with AUM of roughly $250m (expense ratio of 1.5%). If anyone was in similar shoes as I currently am, what career path do you suggest I take? Plus, in term of comps for PM & senior research analyst during someone's 30s, what is the reasonable expectation in this space? Thanks!
Ah, the journey to the buy-side is both thrilling and demanding, much like navigating the dense jungles of Wall Street! Based on the most helpful WSO content and threads, here's a path carved out for an ambitious soul like yourself, aiming for the stars in the public equity space.
Career Path Suggestion:
Compensation Expectations:
Remember, the path to becoming a PM is as much about the journey as it is about the destination. Embrace each learning opportunity, challenge yourself, and don't forget to enjoy the process. The world of small-cap stocks is vast and full of potential; keep your curiosity alive, and who knows, you might just uncover the next big thing!
Sources: Career Paths/Exit Opportunities, Want to quit, but have no clue what else to do. Anyone have a similar experience?, Career Paths/Exit Opportunities, 30 and a bit lost in career - Advice Appreciated, Miserable in consulting, how to improve situation?
If the last 15 years are any guide, avoid small cap stocks at all costs.
I understand they're underfollowed and it's potentially easier to find bargains in that space. But it's also an impossible to scale niche, given the low liquidity in the stocks.
Was in similar shoes but chose to move away from LO after my internship. For your next summer maybe target a large shop internship or even smaller (but still decent) sized LOs. I interned at an LO with 20-30b as a junior and got good traction with FT interviews for some of the bigger LO shops among other non LO funds/PE and IB. The decent-sized LOs offer good resources, support, comp, etc. and you could still crank 60-70hrs. You also get a structured mentorship/training program which will be super helpful in your early stages. By getting a good brand on your resume you will have optionality should you choose to do something else in your career later.
Thank you for the answer. In term of comps and work-life balance for someone in their 30’s, what’s a reasonable expectation in this space? Thanks
I'm not sure about comp, but most people in their 30s were in at 8 and out by 5.30-6, maybe 7 max, at the fund I worked at. Some PMs were out by 5, and a handful of analysts stayed late until 8-9, but most of the office was empty by 6. So, I imagine the WLB was great.
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