Asset Manager VS IB
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When weighing an internship at a top-tier asset manager (like Fidelity, BlackRock, or Vanguard) in global trading versus pursuing an IB role at an EB/BB, here’s what you need to consider:
1. Career Progression and Exits
Asset Management (AM):
Investment Banking (IB):
2. Lateral Opportunities
3. Work-Life Balance
4. Long-Term Goals
Recommendation
If you’re still exploring your career options and value flexibility in exits, pursuing an IB role at an EB/BB for 2027 SA would likely be the better choice. However, if you’re passionate about trading and see yourself building a career in AM, sticking with the asset manager could be a solid path.
Sources: https://www.wallstreetoasis.com/forum/private-equity/going-from-mm-investment-bank-to-mega-fund?customgpt=1, Lateraling Guide for Investment Banking, My Four Year Plan, Asset Management exit options vs Investment Banking, Why Work in Asset Management?
Low effort question, trading and IB are two totally different jobs. you need to think about which one you actually think you are interested in, neither skill set is directly transferable to the other.
Thats not the question. Im interested in the exits opps that open up from AM trading. What roles can you pivot to as someone who executes for PMs, and how lucrative is it compared to traditional IB exits? Maybe you're knowledgable on this since ur trading at an AM
The most probable exits in AM - portfolio manager, investment strategist/relationship manager/sales (as, well, trading is relationship driven and clients love those who 'did' the work at one point often), or pivot to trade at a hedge fund, or somewhere else, where you could both execute and express your own revenue generating ideas. You could, in theory, become a research analyst and pivot - it's not the most usual thing, but not a terribly far leap early in your career if you are a high performer... easier than coming in cold, at least. Asset owners with large internally managed sleeves, E&F's or pensions, could also be an option - and obviously simply growing within the trading vertical, you could even head towards senior leadership as a more operational/executional role if you really wanted. And if you start at the large firms, smaller firms can always benefit from the institutional knowledge you bring downstream.
Keep in mind - unless you are prop trading at a hedge fund, join a crypto fund, or similar type routes - comp is largely backloaded in AM. Your best bet is to become a portfolio manager running a strategy - often, you can really 'get paid' by trading up in position/role, by going to a smaller firm leveraging your experience and expertise.
Very insightful, thanks for your comment. I have indeed seen people on LinkedIn pivot from the role to trading at Citadel and similar. I'm torn because of all the doors that open at a BB/EB, but theres the wlb tradeoff. However, I'm sure the wlb at HF like citadel as a trader is comparable. Also, making PM at the firm Ill be at is very difficult and will take a very very long time because of how competitive it is and size of the firm. I guess the path is a decision that comes down to preference
Yes - and your experience during your internship will be hugely beneficial. In some ways, the simplest route is this - if you have a strong interest in being a portfolio manager, or working within the AM industry, trading would be the entry point. Otherwise, get some IB exposure - see if you like it (it sounds like you might have two summer stints before committing to a full time gig) - there's far worse things than spending three years in finance bootcamp at an IB - to then have optionality.
And remember - you are early on in your career. WLB is far less relevant than finding a path that interests you, builds hands on skills and experience as soon as possible, and makes you want to dive in head first. Worst case - you are early on, you can always pivot as most people highly underestimate their ability to do so especially in the first 5 years of their career.
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