Asset Management/Investment Management Gig out of Undergraduate?

artfuldodger23's picture
Rank: Baboon | 111

Hey Guys

I was wondering how the job prospects were to get a decent job at a Asset Management or asset management job right out of undergraduate business school. I am planning to continue graduate studies afterwards and I am looking just to gain some simple real world AM/IM experience so I am not looking necessarily for a big name like BlackRock but at least something along the lines of Merrill Lynch or a smaller firm, but overall a pretty decent job at one of the mid to smaller types of firms. How hard would it exactly be?

Thanks

Comments (25)

May 21, 2012

There is definitely recruiting for BBs for their AM arms. There are also mutual fund companies and traditional asset managers like Blackrock, Fidelity, etc.

Then there are a bunch of really small places that want research analyst/associates.

May 21, 2012

They are out there, but you definetly have to go network for them, especially any non-BB AM funds

May 21, 2012

Ha I'm actually trying to do the same thing, but out of ER which for me so far has been a dry, life sucking experience.

Obviously can't give you advice on how to break in, but I'm pretty sure places like Wellington and Fidelity have research associate programs for which they recruit some undergrads. Also you might want to try joining the local CFA Society, do some ass kissing, and see if you can get someone interested.

In terms of books/training, beyond reading general investing books, I'd recommend taking some course work that will sharpen your abstract thinking. You'll see later on in the industry that valuation is not some cut and dry number crunching formula like some finance classes make it out to be. Being able to critically analyze and make sense of information will go a long way for you.

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May 21, 2012

JP Morgan Investment Management hires out of undergrad, as well as Goldman Sachs AM. Awesome places but would be tough to break into unless you can find alums there.

Penn State has a lot of alumni all over the place so check Linkedin and start cold emailing.

May 21, 2012

T.Rowe Price in Baltimore and Owings Mills (near Baltimore) hires heavily out of undergrad from what I've seen. Legg Mason, PNC, and M and T bank come to mind as well.

May 21, 2012

AllianceBernstein and BlackRock also hire straight out of undergrad, but again you'd need relevant experience to be able to attain a full time opportunity at these places.

May 21, 2012

Fidelity hires out of undergrad, but only about 5 out of about 1000 applicants (this year at least).

May 21, 2012

aside from the ones mentioned, wellington and putnam also hire out of undergrad for research associates. I think that vanguard also hires for some roles.

But just for fair warning, getting a research/trading job at any of these firms is quite difficult, especially without a solid junior year internship. While the 5/1000 number above is slightly exaggerated (the 5 is only for equity research associates, it doesn't count fixed income/trading/rotational roles), it will be extremely difficult to get one of these jobs without OCR and coming from a penn state satellite. You may have to look at smaller firms.

May 21, 2012

Aberdeen Asset Management is a great firm that has its North American office in Philadelphia. I would definitely send them my resume if I were you. They have an amazing 18 month rotational, get to live in London & Scotland for free for 6 months. It's also pretty big company. I interned there as a junior, but they also take seniors into their program. Pretty flexible with letting people into their graduate program, they don't stick to rigid application process.

"Success is not final, failure is not fatal: it's the courage to continue that counts" -Winston Churchill

May 21, 2012

Thanks that's helps a lot,
Another thought is that my long term goal is to get into a MBA program after a few years in the field,
That being said what would graduate programs like to see more. A position in the department that is most suited for what my interests are in, or should I just try to find anything at a well known firm so they can recognize the firm without asking?

May 21, 2012

IT would be far easier to list the ones that dont hire undergrads.

That would be none.

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May 21, 2012

Doesn't D.E. Shaw hire out of ugrad as well?

May 21, 2012

D.E. Shaw does, but you basically have to be a computer genius along with being from HYSWP. It's more difficult than SilverLake or Blackstone I hear.

May 21, 2012

Take whatever you need to take to get into Berkeley as a transfer for econ/Haas.

May 21, 2012

Most of those, if not all, are done recruiting for full-time spots.

May 21, 2012

Why didn't you start looking summer/early fall?

May 21, 2012

Yeah, recruiting is pretty much over at the big name shops. Smaller buyside gigs will pop up in the spring, so sit tight and keep your eyes peeled until then

May 21, 2012

Most of those wrapped up recruiting by mid-November, if not October. You can always get lucky, but you really missed the recruiting cycle. If your school has any alums at boutiques, I would try networking there...but many smaller firms just aren't recruiting this year.

May 21, 2012

I know I should've been looking earlier but I didn't know what I wanted to do and didn't want to apply for random positions. I have contacts at most of those firms who are sending my resume around but I agree, I think I'm just going to target to boutiques. What names do you think I should be looking at?

May 21, 2012