Best route to HF/AM from non-target UK
Currently a 1st year UG at a non-target with a spring week at a MM IB (now cancelled due to covid-19) studying Economics. My end-game objective in my career is to be a PM in AM or HF, but I'm not sure of the best route.
I've read and heard a lot of people going into IB at BB/MM for 2-3 years then jumping to PE then jumping to AM/HF but this seems like a long route to take, no? I know its harder to get straight into buy-side from UG as there's fewer post grad roles but there must be an easier way than going through what sounds like an awful IB experience first!
Also, lets say my end-game objective changes for whatever reason, would there be better exit ops in AM/HF or IB, and where could the prospective roles land me in terms of industries and roles?
Also from the UK and have gone straight to AM and now ER since undergrad.
It's great that you are thinking about this in your first year... I definitely left it too late.
My personal opinion is that life is too short to do things you don't want to. 2-3 years in IB followed by a stint in PE doesn't sound like an eternity but it will CERTAINLY feel like it, especially if it's not the career you want to do.
Admittedly there aren't that many hedge funds willing to take on juniors so I would advise to target summer internships at AMs and banks (sell side ER). You will learn the skills of how to become a good analyst. If you secure a full time role at an AM you could be on your way to becoming a PM.
If you end up as a sell side analyst, you will be in frequent contact with PMs and HFs anyway. If you're good, you could get poached by one. If not, keep networking and hit up recruiters.
Can't really say about exit opportunities as I don't really know tbh.
Hey man thanks for your advice.
Would you have any suggestion on what to do in the summer after first year? Or what we can do right now to position ourselves better for SA recruiting?
Well the number one thing you can do is get experience in a relevant job. Given hiring season is over and your spring week got canned (sorry to hear about this), getting an internship over summer, especially with COVID issues, is next to impossible.
The well trodden route is to complete a summer internship after your second year at uni and secure a full time job starting after your final year at university. Most recruiting for these internships will start in August/September therefore over summer I would get a spreadsheet and list every company you want to apply to and write down when they open applications. Also look at doing a placement year (12 month role that is starts after your 2nd year) this is what I did and in hindsight was the best thing I ever did. I know almost all bulge bracket banks offer it. Other than that:
Read 1-2 investing books
Listen to investing podcasts
Read about what's going on in the markets right now
Watch some interviews/talks on youtube from investors
You want to be pinging your application for internships within 2-4 days of them opening it. Sounds keen but frankly you have to be. Follow those steps to streamline your life and when Aug/Sep comes round you aren't wasting time formatting cover letters etc.
Hope this helps
Hey thanks for the reply! You managed to get straight into AM from undergrad? If you don’t mind me asking, was that through a summer internship you managed to convert or did you go through a lot of grad role applications? Also, would you go for ER or global markets roles on the sell side to make the transition? I would be happy to do a market making role before transitioning if that would help, ideally though I’d like to go straight to analyst at a buy-side firm
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