So I've received this offer to intern at a value-investing fund in NYC, holding about $7b AUM. My experience from personal investing and the investment club I was in this past year really helped me articulate my thought process and investing style over phone interviews with the PM that I had cold emailed a few months ago. I will be quitting my current Corp. Finance gig for this if I take the position.
My question is, how good are Asset Management internships overall? Most of it is just researching companies, the boss saying no, and going at it again researching (my naive first impression). My job would be unpaid while my corporate finance gig is paying ~$1000/week, where I work to help allocate cash to different business sectors/make sure expenses are allocated similarly and handle a lot of internal accounting work.
Obviously, I'll take the job that better prepares me for IB junior year recruiting, but I'm also hesitant because making money to pay off student loans this summer would also be nice (as well as making some money for spring break), and I still have the summer after sophomore year to get some other AM internship.
I consider myself really lucky that I acquired an internship at a large AM firm, but are they a dime a dozen or actually really hard to break into? I've often had the impression that you do IB --> buy side, but if I can get an internship after just emailing and calling a PM showing my genuine interest, what makes this AM internship so elusive?
Stocks are pretty interesting to me, obviously because you make money from it and the whole process going through, but I'm not sure I would want to do it as a career path. More so, a side hobby. Yet, I'm only 20 years old, so I wouldn't know if 6 years from now, I decide I want to just sit and do investment management for the next 20-30 years.
- should I drop a paid corporate finance internship with a Fortune 100, getting paid about $15k through the summer, for an unpaid internship at a $7b AUM Asset Management firm?
- how useful are AM internships in the route to IB? I know PWM is generally a pos, while AM is good in that you actually do research, but is it really that great of a talking point for switching to IB?
- are obtaining AM internships generally difficult (especially for freshies/sophomores)? It's no hedge fund (just long only positions), and there are tons of them out there.
Thanks for your input, I really appreciate it.