Really not enjoying my LO AM Internship
Preface:
I have been investing since I was 16 even creating an account with an American brokerage the day I turned 18 to trade options (BIG MISTAKE) so I came into university knowing I wanted to be in IM.
So when I landed an internship with a very prestigious asset manager (think Fidelity, Wellington) I was really excited and knew I was on track to hopefully achieve my dream goal of becoming a PM even reneging on a BB offer. Over the past few weeks, the wool over my eyes has been removed. It could be my specific company but they have made something I am passionate about so boring. Due to the lack of enjoyment in the work, I can't justify all the negatives/opportunity costs of pursuing LO AM over other roles. (Potentially I will come back after an MBA)
I understand that this is the purpose of an internship to see if I like the role/company but I have been getting more and more depressed every day. I was tearing up today because I'm discovering I don't enjoy what I have convinced myself for the past few years was my calling and I can't help but feel I have crippled myself for FT as I don't know what I want to do and I probably don't have relevant experience to land the FT role.
Do you think I can break into IBD FT with an AM background or should I apply to internships and try to convert to that same year's intake? (Not having a job lined up after I graduate is a luxury I can't afford)
What do you find boring about it / why return after an MBA? I am one year into my FT job at a large ($500bn+) AM out of undergrad and have been having second thoughts about starting in this industry as well.
Mind to elaborate why? Heard a lot people say AM roles are extremely coveted
Questioning the comp / WLB trade-off. Depends on the team, but I’ve found mine a bit too sleepy.
Also the importance of having a cohort as a fresh grad cannot be underestimated. As the only person under 30, with most in their 40s-50s, I feel like I am missing out on a lot of important socialization and networking opportunities with my peers.
However, I want to be a long-term investor and AM is more inline with my philosophy & process than HFs. And I find the job fascinating although there are days when the grass is much greener on the other side.
The slower pace everything happens at. Coming back after an MBA, I would be an analyst and be directly managing money.
If you think LO AM is boring wait till you see how IB is...
You don't realize what you have brother. Stick it out. Many of us would dream of joining a top AM firm
Thanks man! I spoke to my manager about my worries and have been increasingly staffed on interesting work and I'm really being challenged. I still don't think the slower pace of the company works for me but thanks for showing me the grass isn't always greener.
There are different ways of doing public market investing, and LO AM is only one of many (no care about the prestige stuff). You can always try out hedge funds, family office, fund of funds...if investing is your true passion. It is more important to understand which part of the process you found it boring.
Don't sweat about IBD FT recruiting. The LO AM internship will serve you well in pivoting your story easily.
if it's any consolation, i guess when a bunch of hedge funds blow up, you'll feel better about your sleepy job. in my experience, being in public markets role is like 95% self learning anyways, so being in AM (esp as an intern) you can optimize your time and effort.
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