Just saw that Dodge & Cox has $140k base + bonus for first year research associates. Making me question everything doing 80+ hours weekly in a MM tech group in SF; how do people land these gigs at AMs like Dodge & Cox, Wellington, Capital Group and Fidelity? Can I lateral from MM IB or is target undergrad/MBA recruiting the easiest way?
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Based on the most helpful WSO content, transitioning from MM IB to a long-only asset management firm is indeed possible, but it's not the most common path. Here's a breakdown of what you should consider:
Direct Experience: While investment banking provides a strong financial foundation, asset management firms often look for candidates with direct investing experience. However, your experience in a tech group could be valuable given the sector's growth and the demand for tech-focused analysts in asset management.
Networking: Leveraging your network is crucial. Connect with alumni, attend industry events, and reach out to professionals at the firms you're interested in. The more you network, the higher your chances of learning about job opportunities and getting referrals.
Skillset: Highlight the transferable skills from your IB role, such as financial modeling, valuation, and industry knowledge. Be prepared to demonstrate your passion for investing and your understanding of the asset management industry.
Recruiting Channels: While it's true that target undergrad and MBA recruiting are significant channels for these firms, lateral hiring does happen. Tailor your resume to emphasize skills and experiences relevant to asset management.
Educational Credentials: Consider pursuing the CFA designation if you haven't already, as it's highly regarded in the asset management industry and can bolster your profile.
Research Roles: Look for research associate or analyst roles, which are often the entry points into firms like Dodge & Cox, Wellington, Capital Group, and Fidelity.
Patience and Persistence: It may take time to make the transition, so be persistent in your efforts and patient with the process.
Remember, each firm has its own culture and hiring practices, so tailor your approach accordingly. Keep an eye on job postings and don't hesitate to apply even if your background isn't the traditional path. Your experience in MM IB, especially in a demanding tech group, has likely equipped you with a strong work ethic and a solid financial skillset that can be attractive to long-only asset management firms.
For more details on transitioning from IB to AM, you might find it useful to read through the WSO forums where professionals have shared their experiences and advice on making similar moves.
Sources: Breaking into long only Asset Management, An old man looking for advice, Q&A: SVP with 15+ YOE BB -> MM -> MC (all M&A): A Long & Strange Trip, Q&A: SVP with 15+ YOE BB -> MM -> MC (all M&A): A Long & Strange Trip, https://www.wallstreetoasis.com/forum/investment-banking/ib-to-f1?customgpt=1
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