Funniest
DurbanDiMangus:
Sure let me just pull out a fucking 60 page report on it./
Come on dickhead. I thought this was forum to learn from others. Your part of the reason why we have the stigma of pretentious assholes.
I Got a dollar and a dream...
 

I'll assume you mean straight out of college-

AM/HF- Mostly math/physics/engineering kids for quant type roles. No business/finance kids front office.

IB- Any major

Base salaries will be similar for each (60-70k) with a variable bonus depending on how profitable the firm is/ deal flow on the sell side.

Hours in AM range from 45-60/wk whereas IB 50/60+

I would say the interview process for AM is MUCH more difficult as I was asked ACTUAL technical questions (probabilities etc, not fucking DCF). My IB interviews were mostly fit.

 
wadtk:
I'll assume you mean straight out of college-

AM/HF- Mostly math/physics/engineering kids for quant type roles. No business/finance kids front office.

IB- Any major

Base salaries will be similar for each (60-70k) with a variable bonus depending on how profitable the firm is/ deal flow on the sell side.

Hours in AM range from 45-60/wk whereas IB 50/60+

I would say the interview process for AM is MUCH more difficult as I was asked ACTUAL technical questions (probabilities etc, not fucking DCF). My IB interviews were mostly fit.

please never post again.

50/60 hours ib LOOLOLOLOLOLOLOLOLOLOL

your clueless stop spreading false information.

 

First thing is first, you gotta learn how to read the journal as the writers intend for it to be read. That way you'll get the most out of it. I remember having a convo with a lady in HR at Goldman, she said that a lot of kids don't know how to read the WSJ properly. Learn it, like it, love it: http://info.wsj.com/college/guidedtour/index.html

After you learn of to read it things will become much more clearer. For IB NYT Dealbook is a fairly good resource.

In terms of interviewing: IB looks like it would be harder, but in my experience analyst interviews in AM are tougher: Its much easier to run through DCF and statement analysis, than it is to put together an investment pitch, allocation and strategy. I think its also indicative of the type of work you do in both fields. IB is more relationship based, I mead you do some modeling but the higher up you go, the less you do. AM is more hands on, cause a PM is responsible for everything that happens in their fund.

 
Walkio:
In AM it also depends entirely on the type of position you're applying for and strategy of the fund. E.g. interviews at PIMCO are going to be very different to say, Pictet AM.

Do you mind to share some information about the interviews at Pictet AM? What makes them different to other AM?

 
ER_Lover:
Walkio:
In AM it also depends entirely on the type of position you're applying for and strategy of the fund. E.g. interviews at PIMCO are going to be very different to say, Pictet AM.

Do you mind to share some information about the interviews at Pictet AM? What makes them different to other AM?

Don't want to be a dick bro, but I really think you should go out and read about them. http://www.pictet.com/en/home/tools/disclaimers_pam.DoAck.html has A LOT of information.

 

WSJ is not going to give you a competitive advantage. It's just a newspaper. Deal Breaker, Deal Book, Financial Times, et al. are also good. But 95% of news is entertainment not education.

Maybe look up some 'day in the life' segments of the different careers or read some of the books out there about people's experiences in the business (e.g. monkey business) so you have some idea. They are two very different businesses.

 

Dude, either job requires a lot of research. If you went through the first page of threads on either you would have found the answer. If I hadn't seen multiple different threads answer these questions in the last week I would have answered it for you. Sorry.

"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
 

Two MM firms. My buddies decided to work there, and yes, they work around 60 /65 a week avg (one in pub fin IB, other in corporate). One is a firm that gets relentlessly bashed on this forum, you figure it out.

 

As someone that recently transitioned from AM to IBD, I can tell you that in MOST cases, IBD will pay more than AM initially and as you move up the ladder. Equity analyst comp is nice, but usually tops out around $500K all-in until you make PM, which may never happen. PM comp can exceed $1MM annually, but alpha is tough to deliver and firms are quick to make a change if a PM is becoming too expensive after riding a nice bull market. Also AM comp is highly correlated to AUM, which is driven primarily by marketing and often is out of your control.

To be clear, I am referring to vanilla asset management/mutual funds in this post, NOT hedge funds.

 

IM/AM: Don't forget to differentiate between the buy-side and sell-side. At the moment, it will be easier (but still very difficult) to secure a position in IM versus IBD. Asset Management is the "safest" track out of IBD, S&T, and AM in this climate. The pay on the sell-side is maybe 70-75k + bonus, but don't expect a fat bonus like you'd get in IBD. And also, your raises are more flat. On the buy-side, entry-level total packages can reach up to $110k+. It starts raining when you become a junior PM+. As far as profiles go, I don't know what wadtk is talking about. Sure there is a quantitative aspect to AM and thus many quant groups, but there is also the "business" / sales side as well. For example, working in an equity fund where your job is to simply pitch stocks -- no fucking quant can do that.

IBD: If we are talking about BB's, then the pay is nice. Expect to work 80-100 hours. If you are a top performer at a BB, you can make as high as 150k. Very competitive recruitment cycle coming up for IB this year, so it's going to be tough.

 

as far as analyst positions go at BBs, the base is the basically the same whether it be banking, s&t, IT, AM, etc...but the bonus structure is just not the same. S&T and Banking analysts get much larger bonuses.

 

By how much? My SA position is a prorated 60k salary. I would assume the FT would at least match that salary... plus what? a 10-15k bonus? Am I being too wishful?

Is trading more respected than solid AM experience? I know a few people moving onto hedge funds post-AM stints.

 

they would match base. by next year salary for 1st yr analyst salary will be around 65 most likely. I don't think you are being to wishful with bonus. obv depends on performance of the group, and the bank. could be more than 15, IMO. As far as exit opps...dont know much about AM, but as far as trading goes it really depends. If you are at a BB just trading flow, not taking much risk, etc, exit opps are not the greatest. If you are doing prop, or trading more complex products, there are better exit opps.

 

Hours are chill. like everything, it depends on your immediate group (mid cap equities, real estate acquisitions, etc), but hours are usually great... 830-630. Give or take an hour for some groups.

Rumors I grabbed for first year bonus was about 10-20 at my BB. Roughly 20% increase in bonus the next two years with about 5k added onto to base each year too.

 

Both internships are during the summer of my junior year. Which one do you guys think would best position me for P/E and which one would best position me for an MBA from an IVY league?

 

IB. There's a reason it's the traditional route. Go to some PE funds you might want to work at and check the associate bios. I doubt you'll see any AM alum, or if you do very few. Don't get too caught up in the "buy-side" label--it's more about the similarity of the work

The Ivy qualification is strange since it eliminates many of the very best business schools but regardless the business school route is far more ambiguous. At most schools finance careers are still quite over-represented. Still, large AM is still likely impressive to AdComs, but I cannot say for sure. I know much less about that area.

 

Congrats on passing level I. I am studying for Level I right now actually.

Banking is a very client oriented business where you are at their mercy, therefore leading to long hours/no life, but you become very proficient at excel, PP, building models and basically learn almost everything about financial statement analysis. It is usually the starting point for someone in finance where you decide on the career path, whether HF's, PE, B-school, AM or even realizing finance is not at all your thing.

Since your interests lie in AM and research I would suggest you do what makes you happy. If you go into banking half hearted, most likely you will not get through even 1 year without breaking down. Also, the CFA is most relevant to AM, Research and HF's. A master degree will put you ahead of the pack, but I suggest getting a prestigious experience on your resume and doing an MBA from a top 10, which is a bigger plus than just a masters. Think about it this way...whats the point of having the CFA and a master in Finance...doesn't really make any sense, but a CFA and MBA would be a deadly combination. I am going to quote from investopedia, "CFA is a mile deep and a foot wide, while an MBA is a mile wide and a foot deep"

 

I would get an MBA like the above poster suggests. From a practical perspective, you will be exposed to more recruiters for AM firms earning an MBA. Also, your CFA will make you stand out as most MBAs don't have that distinction.

Also, I would look at the big AM firms, like Fidelity, T Rowe, Wellington Management, out there that recruit from undergraduate colleges. They might find you an interesting candidate and all have research associate/rotational programs. The programs are highly selective. Good luck!

 

I would get an MBA like non-target suggests. From a practical perspective, you will be exposed to more recruiters for AM firms earning an MBA. Also, your CFA will make you stand out as most MBAs don't have that distinction.

Also, I would look at the big AM firms, like Fidelity, T Rowe, Wellington Management, out there that recruit from undergraduate colleges. They might find you an interesting candidate and all have research associate/rotational programs. The programs are highly selective. Good luck!

 

Hey guys, Thanks for the comments. An MBA at this point wouldn't work for me because of lack of work ex. Getting a good gig is difficult for someone like me with little resource, so I hope to use a MSc Finance degree to break into the industry. I was hoping to learn more about possible entry level routes to AM or research based roles and ways to make myself a better candidate. Please share your inputs or general thoughts on this matter.

Thanks people!!!

 

Three things get you a job; experience, good education or connections. Sometimes even with the exp. & edu. its almost impossible to break in without connections. See you have to understand people need to trust you and if they don't know you, no ones going to hire you. People need to know they could trust you with the work because you are dealing with a lot of money and work under pressure. You just need to be persistent without being annoying and work on your CFA in the meanwhile and apply to colleges for advanced degrees while looking for a job.

Trust me on this because I am trying to break into HF/AM as well.

 

I am interested in Portfolio management or equity research type roles. But at this point, I don't think I'm qualified or knowledgeable enough to narrow down too much. I am just hoping to learn more about different entry level routes into AM or research based roles as this will give me a better idea of whats out there, what to expect, do further research and prepare myself as best as possible. So people appreciate the inputs, so please continue to share your constructive thoughts.

Thanks

 

Why reveal the asset manager but not the MM IB? Help us help you. Regardless, find out what exit opps happened for past junior folks that worked in the Fortress group. If they consistently exit well, then it might not matter what you decide to do. IB is a no-brainer. Everyone knows that's the primary role before PE. My guess is that IB is the better decision here.

 

Yeah unfortunately those skillsets are somewhat different. While I think the AM job is going to be more exciting for you right out of undergrad (better lifestyle, more impactful work, steeper learning curve etc), i don't think it sets you up particularly well to recruit for PE. There's a pretty clear path from banking into PE after a couple years given those guys really want to see live deal experience.

 

Accidentally gave this a banana, was mean to MS. Questions this obvious warrant offers being withdrawn

"After you work on Wall Street it’s a choice, would you rather work at McDonalds or on the sell-side? I would choose McDonalds over the sell-side.” - David Tepper
 

Given that your not sure, IB > AM. Asset management is a good entry to....asset management and has no practical application other then other forms of asset management i.e. PWM, fundraising, etc. As an IB analyst you can always get into investment management at a fundamentally driven manager and can sell your expirence effectively for consulting, corporates and most other ocupacions.

If it was a career choice rather then a 2 year choice then it is slightly more complex given relative market positions going forward

 

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giddy up
 

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