Alternatives AM vs IB
I have a summer offer from a relatively strong AM firm in the UK (think Abrdn, Schroders, L&G) within their alternatives division.
I am just looking for some advice on whether this is a good place to start my career. I’ve always thought IB was the best place because of the skill set and CV value it holds so I am wondering if this role will also carry the same weight or not. Would love to hear peoples thoughts on exit opps, culture, wlb etc (the usual) vs IB.
The only strong company out of that list is Schroders. Abrdn seems like a dumpster fire.
"Alternatives" is extremely broad. You're gonna have to give more of a clue as to which asset class you're likely to be in.
I haven’t been told which asset class I will be placed in yet but have been told it will depend on business need so will likely be PE, infra or renewables as these are the firms biggest teams.
Yeah then I can pretty much guess the firm.
There's really no way to compare here. Like you're asking does it carry the same "weight", and the follow up question is "to whom?"
Generally when you're working in buyside, that is the exit opp and generally any further moves are lateral around the space you're in. WLB is again gonna depend on the exact nature of what you're doing but considering IB and MF PE are at the worst ends of the hours scale, pretty much anything else is better by default. Culture - no one can possibly know because its all firm, group, etc. dependent.
But again, everything should be taken in context of some sort of ultimate aim (or at least direction).
In my experience, alternatives at those AMs are not comparable to specialized alternative investors. This might be a bit off but it is like comparing in-house consulting to MBB - sure, you are basically doing the same thing. But common... nobody claims that they are in the same league.
So it ultimately depends on what you want to do in your career. If your end goal is MF PE or MM HF, taking the AM seat is worse than BB IB. If you are fine with a career in AM and prefer to have a life over the additional "prestige", alternatives at an AM is heaven. Your call.
Really helpful insight thanks, just wondering how it would compare to MM IB as I think I’ve missed the boat on BB IB
It really depends on what you want to do. I know that it'd be more helpful if I could give you an answer like X > Y > Z but that's not what reality looks like. For each and every one, something else is better.
If your goal is to work in alternative investments at a top investor, I'd probably recommend choosing MM IB over AM. At the end of the day, you'll have much more deal exposure during your analyst stint, you'll acquire a broader set of skills and you'll learn to work in a highly dynamic environment which sets you up for PE/HF/DD/...
Note: Don't decline the offer just because some guy on WSO tells you that there might be another way. AM is fine. If you have nothing else lined up, accept the offer and renege if you come across some other opportunities. But don't decline.
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